What are the necessary actions needed to open your own business?
Me and a friend have had a business idea for a long time now. It is basically our dream. We just need some advice on how to approach this situation. Our plan is to open a hookah bar near a college campus because of the growing popularity. my main questions stem around opening a busness. What kind of permits or anything might we need? Then second, if someone with hookah bar experience reads this, what are the actions to actually start one? Any information about starting up a business would be greatly appreciated.
Henry2012-09-19T14:36:16Z
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Starting a business involves planning, making key financial decisions and completing a series of legal activities
Step 1: Writing a Business Plan This written guide will help you map out how you will start and run your business successfully. Go to http://sba.gov/smallbusinessplanner/plan/writeabusinessplan/index.html , http://www.bplans.com/ or http://www.score.org/template_gallery.html for instructions on how to write a business plan and sample business plans.
Step 2: Get Business Assistance and Training Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business. Go to http://www.score.org/mentors and enter your zip code. On the next screen, you will get information on the nearest SCORE chapter. Call them and arrange for a free meeting with a volunteer SCORE mentor. They will guide you through the process and you can meet with them as many times as you need.
Step 3: Choose a Business Location Get advice from a commercial real estate agent and a SCORE mentor on how to select a customer-friendly location and comply with zoning laws.
Step 4: Finance Your Business Find government backed loans, venture capital and research grants to help you get started. Any bank will require a business plan that shows that you can pay back the loan. You should have a credit score of at least 700. You will personally have to put up 30% of the funds as no bank is going to assume all of the risk. If you cannot get a loan, look at peer to peer lending sites such as http://www.kickstarter.com/ and http://www.prosper.com/
Step 5: Determine the Legal Structure of Your Business Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative. If you decide to become an LLC, you can do it yourself by going to your state's website and then to the Secretary of the State section. There you will find a downloadable form. Fill it out and mail it in, together with the filing fee and in about a week, you will be an LLC.
Step 6: Register a Business Name ("Doing Business As") Register your business name with your state government. Go to your state's website and then to the Secretary of the State section.
Step 7: Get a Tax Identification Number Learn which tax identification number you'll need to obtain from the IRS and your state revenue agency. http://www.irs.gov/businesses/small/article/0,,id=98350,00.html
Step 8: Register for State and Local Taxes Register with your state to obtain a tax identification number, workers' compensation, unemployment and disability insurance.
Step 9: Obtain Business Licenses and Permits Get a list of federal, state and local licenses and permits required for your business. Your local Chamber of Commerce can help.
Step 10: Understand Employer Responsibilities Learn the legal steps you need to take to hire employees. http://www.irs.gov/businesses/small/article/0,,id=172179,00.html
Step 11: Understand your environmental, health and safety obligations. Ensure that your business meets EHS (environmental, health and safety) regulations. http://www.osha.gov/dcsp/compliance_assistance/quickstarts/index.html
I feel fdm215 has a factor. MLK's dream is such a lot in the direction of being discovered now, and it makes me sooo very blissful that we've got a black president and that he used to be elected no longer on account that of the colour of his epidermis however on account that of what he stands for. But like she stated, persons are nonetheless surprised. I consider that if he does a exceptional task this time period (which I consider optimistic that he's going to) that it's going to be an excellent greater step closer to erasing racial limitations. Here's a query.....do you feel it's going to ever be viable for everybody to pass judgement on a character founded on who they're, no longer by means of their epidermis colour or history? Maybe no longer in our existence time, however it is easy to wish!