If you’re thinking of starting a business in the Queen City, you have picked a great place. With so many fantastic networking groups and resources for entrepreneurs in Charlotte, it’s no wonder so many professionals flock to this city to grow their own small business.
Despite the abundance of resources at your fingertips in Charlotte, starting a business can still be a difficult and stressful endeavor. To make things easier, we’ve outlined 10 steps to take to successfully start your own business in Charlotte:
- Brainstorm For Ideas
Many entrepreneurs have had an idea in the back of their minds for a long time, while others only know that they want to start a business and don’t have an idea yet. Take this opportunity to brainstorm ideas. Think about your hobbies, interests, and what you’re passionate about. Does your idea for a product or service solve a problem for consumers? Is there a need for such a product or service in Charlotte?
- Write Your Business Plan
A business plan isn’t just for convincing investors to fund your startup. A well-written business plan is also key to keeping your business on the right path and allows you to see your business’s shortcomings before you open it.
- Use Available Resources to Your Advantage
Charlotte has so many great resources for those who are hoping to open their own business and also for those who have established businesses in the Queen City. For instance, Charlotte Business Resources has their own podcast series to help local businesses in Charlotte grow their business and help startups get off the ground.
- Research Your Ideas
Before you open a business, it’s critical that you have done the research and tested your idea. While you may think that your idea is sure to be a success, doing a little research can uncover some major flaws in your plan that you didn’t anticipate. Make sure that you fully understand your market and know what the competition looks like.
- Choose Your Location Carefully
Where you decide to open your business is critical to its success. Choosing a location that is right off a busy highway and that has ample parking space can land your business tons of customers. However, choosing a location in a sketchy part of town that is difficult to get to can sink your business.
- Decide Which Form of Ownership is Right For Your Business
One of the most important decisions that new business owners will face is what kind of legal structure their business will have. LLC? Sole proprietor? S corporation? This decision will affect many aspects of your business, including how much you will pay in taxes and your how insulated your business will be from legal liability. This article is a must-read for those deciding on a legal structure for their business.
- Give Your Business a Name
Of course, you have probably thrown around a few ideas for your business’s name during the brainstorming process. However, now is the time when you need to make a decision. Your business’s name needs to be memorable and fit the services that you offer.
- Obtain A Tax Identification Number/ Register For Taxes
It may sound complicated, but this process isn’t that difficult. The IRS will provide you with a tax ID number for free, and this is required for most businesses.
- Secure Funds Needed to Open
This is where all of your careful planning will pay off. The business plan that you wrote will be instrumental in convincing investors to back you financially. There are many ways in which you can finance your business and it’s critical that you do your research to decide which financing method is right for you.
- Acquire a License and Permit
Finally, you need to make sure that your business is legal. Obtaining all necessary licenses and permits can be achieved by going to your state’s official website. At this stage, it might be worth consulting with a lawyer if you have any concerns.
Follow These Steps For Business Success in Charlotte
Starting a business isn’t without its risks, but you can give your business a better chance in Charlotte by following these 10 steps. If you are looking for ways to keep your costs low as you grow your business, consider a virtual office from YourOffice Ballantyne. Virtual offices give you the prestigious business address and reputation of an established corporation without the additional costs. Contact us today or stop by for a tour to see how we can help your small business reach its goals!