Thinking about starting a business? Or, perhaps you have already begun the start-up process but want to make sure you are doing everything that needs to be done? The start-up phase of a business has many stages and no matter which one you are in, there are resources available to help you along the way.
Conceptual Stage: Thinking about Starting a Business
What type of business should I start?
If you think entreprenuism may be for you, but are not sure what type of business you would like to start, here is a link to articles and resources that can help: https://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business/establishing-business/business-types.
If you have an idea and are considering starting a business, many helpful resources can be found at the Small Business Administration (SBA) website. There are many things to consider before deciding whether starting a business is right for you. https://www.sba.gov/thinking-about-starting.
Can this type of business be successful in this community?
According to the SBA, “To run a successful business, you need to learn about your customers, your competitors and your industry. Market research is the process of analyzing data to help you understand which products and services are in demand, and how to be competitive. Market research can also provide valuable insight to help you reduce business risks, spot current and upcoming problems in your industry, and identify sales opportunities.” A valuable resource for data is the United States Department of Labor/U.S. Bureau of Labor Statistics: http://www.bls.gov/. Market research and analysis will also be a vital piece of your Business Plan.
What type of business structure should I set up?
You should speak to legal and financial experts regarding what is best for
you. You can click here to read articles explaining your options.
How do I register my business name?
You can register your business name through the State of Ohio Secretary of State website. This website contains forms, filing instructions, and articles to guide you through the process. You will also need to go to the IRS website for information on obtaining a Employer Identification Number (EIN) for your business.
Do I need any other permits or licenses?
Depending upon the type of business you are starting, there may be some permits and licenses you will need to apply for. These resources will help you understand the requirements for your small business.
What other laws may apply to my business?
There are many federal, state and local laws and regulations that may apply to your particular business. It is best to consult experts, however, there are resources available to get you started:
What type of insurance will I need?
The type and amount of insurance you will need depends on the type of business you are starting, and which business structure you choose. Here is an article to check out before you speak with your insurance agent.