Tips for Starting a Business

Startups and small businesses are often called the backbone of the economy because they employ more workers than large corporations and bring much-needed products and services to communities that need them the most. To get your company started, you will need a solid business plan, the right funding and the licenses necessary to run it legally.

Write It Down

It is a good idea to start by getting your ideas written down with as much detail as possible One benefit of writing this business plan is that all of your research is in the same place. For instance, if you are searching for the right real estate for your company, having a list of land development Staten Island NY contractors and lenders in the same folder as your company branding and your market research means that you just have to grab one file for meetings.

Find Funding

Some startups can be opened with little overhead and use initial profits to fuel further growth, but others will require a significant investment in equipment, location and supplies. You can apply for business loans, refinance a mortgage on an existing property or find commercial property loans to help you get the funding you need. Other options include investors, crowdfunding and SBA loan programs.

Get Licensed

Chances are, you will need a business license to legally operate your company as well as professional licenses depending on the type of work you will be doing. Contractors, accountants and lawyers are some professionals who will need specific licenses. If you are opening a restaurant or bar, then you may also need permits to prepare and sell food and alcohol.

The more research and paperwork you do before opening your company, the better prepared you will be for some of the challenges of finding a location, getting licensed and finding the right kind of funding for your company. This means having a business plan and one folder or file for your related research and documentation to show potential investors and partners that you are prepared.