It is common to hear people start small businesses because they want to offer what they specialize in or are passionate about.
This is a good reason. However, there is a lot to operating a business than one may expect.
In addition to being passionate about the business, it is also vital to consider what it takes to support a business, such as finance, administration, human resources, marketing, sales, and product development. These areas will be covered another time. For now, Gigi Instructive will give you some basic resources and insight to help guide you before you flip the sign to “Open”.
Utilize Free Community Resources
- Small Business Development Center, (SBDC), https://idahosbdc.org/
- This link is for Idaho. However, SBDC are available nationally. Internet search the location in your city and state!
- They offer dependable, no-cost coaching that helps you work on your business, not just in your business.
- U.S. Small Business Administration, (SBA), https://www.sba.gov/
- Since 1953, the SBA has worked to ignite change and spark action so small businesses can confidently start, grow, expand, or recover.
- SCORE, https://www.score.org/#
- SCORE is the nation’s largest network of volunteer, expert business mentors, with more than 10,000 volunteers in 300 chapters.
- In Boise, Idaho, the Treasure Valley area- Zions Bank Business Resource, https://brc.zionsbank.com/
- The Business Resource Center is here to help you find answers and resources, develop strategies, solve problems and get guidance with business, marketing, sales, financing, management, growth opportunities and more.
- Do not be shy to call your local city, state, and federal governments to ask questions. They are a vital resource and can be very helpful with answering questions.
- Secretary of State
- Information on business entities
- Example with Idaho: https://sos.idaho.gov/business-services/
- State Tax Commission
- State Labor Laws
- Example with Idaho: https://labor.idaho.gov/dnn
- Patent and Trademark Office, for the US: https://www.uspto.gov/
- Secretary of State
Essential Tips Before You Open Your Door
- Use the aforementioned resources for guidance and support.
- Establish a business name and at a minimum, file it with your State as an entity.
- Research sole proprietorship, independent contractors, Limited Liability Corporation (LLC), S Corporations, and Corporations.
- Understanding on the similarities and differences to decide which will be best for your business.
- Legal and tax considerations enter into selecting a business structure.
- Secure a website domain with your business name.
- Obtain any permits, licenses or certificates needed for your business to legally operate.
- Obtain business insurance.
- Establish state and federal tax accounts needed for your business type.
- Obtain a business accountant.
- Obtain a business lawyer.
- Employees vs contractors- learn when to utilize each option.
These tips are the basic bones needed to start a business. They do not cover marketing, accounting, or sales operations. There is a lot to consider with operating a successful business. Gigi Instructive encourages you to utilize the resources available to help you succeed and enjoy the business that you are passionate about.