Here are some FAQ for you to learn more…
- What type of business do you wish to open?
There are different business undertakings a business owner might include themselves in. It all boils down to exactly what understanding one has, or wants to acquire. Are you a restaurateur? Technician? Plumbing professional? House health/ help? Do you have experience managing or working at such establishments? Do you require official education from an organization? Will you work as a sole proprietor, or a partner/ member? Research limited liability corporations (LLCs) in addition to sole proprietorships and collaborations. S corporations are another option, but they are for business with shareholders, and might not be right for your certain business application.
2. What sort of licensing and/or authorizations are required?
Each business will have different licensing requirements; all of it boils down to what the business owner eventually chooses to do. A restaurant would need food security licensing in addition to basic business licensing, and if alcohol is on the menu – there is another permit the entrepreneur would have to lawfully offer alcohol on the properties. Repair oriented companies would require a minimum of business license to fix, however if they sell parts as well, they would have to have “retail” listed on their business license in addition to “fix”. Health care services require at least formal education and licensing as an LPN, RN, or among several other healthcare associated licenses. Make sure to examine your state’s laws to ensure exactly what is necessary to run your kind of business.
3. What training/ education/ accreditations are needed to legally run this business? We touched upon this in licensing/ permits, however there is much more involved than the needed licensing. For instance, one can not operate a vehicle accident repair business without the understanding of performing those kinds of repairs. There are schools that can be attended to discover what should be learnt how to successfully run nearly any kind of business. Nevertheless, there are also companies where experience is enough to operate successfully without needing any formal education (yard care, house cleaning just to name a couple). Also, there are certifications for training in nearly, if not all, care industries.
4. Does this business need a storefront?
Retail establishments will undoubtedly need a shop. Remember, retail business will have a much bigger preliminary investment than a service based operation. That initial financial investment is inventory. Some service companies may not require a shop to run, as much of the service performed could effectively be on-site. If a shop is required, be sure to consider delivery or on-site service if it is feasible for your operation.
To learn more about starting a new business, you may check out sgbusiness.info for some business ideas.