While the current global situation of the coronavirus pandemic is something unseen before, entrepreneurship is not dead. The global economy will adapt and everyday commerce will bounce back to business once again. We are in the new norm and what can we do other than adapt the best way one can. Which makes starting a business during these times challenging and full of possibilities!
Once Stay-At-Home orders go away, people will find themselves doing the normal things they were used to before COVID-19, though with extra care and social distancing. People will go out to eat, to the movies, to buy flooring for their home, to get their cars fixed, buy new clothes and even buy an AR Rifle or two. People will want to buy, touch and see even more after being quarantined for such a long time…creature comforts don’t go away quietly.
So what better time to start a business!
Let’s Learn How To Start A Business
Starting the business is essentially the same as one would do before COVID-19, though with social distancing and cleverness.
Best Way To Start
To learn the technical aspects and bookkeeping of starting a business it is best to follow a general checklist that the IRS provides. The checklist serves as items you will need to understand the expenditures, employee salary and taxes involved in owning a business.
Below are steps on how to begin building your business from idea to conception.
Market Research
But first you should do market research on the type of business you want to run. In your area are there any competing businesses? Who is your clientele? Understanding these aspects can help determine your business viability.
Business Plan
Write a business plan. By writing out the foundations of your new business, this will help how you run and grow your idea. It will also clarify your business goals and give clarity to possible investors that would like to invest.
Startup Money
Fund your business. Your business may need start up capital to get on its feet. Borrowing, finding investors are a couple options raise the appropriate amount your business will need. Your business plan will help determine how much is the right amount.
Location
Will your type of business be needing a storefront or will it be online? If it is the latter, your business will need building permits to remodel your project site. Learning the location setup will affect taxes, legal requirements and revenue.
Business Structure
By choosing the right legal business structure will help determine business requirements, how much taxes you’ll be paying and your personal liability.
Choose Business Name
I’m sure if you’re like everyone else, this is probably the first step in the business plan. Make sure the business is not taken and is unique and representative to your type of service.
Register Your Business
Once you’ve selected your business name it’s time to make it legal. If you are in Florida, here is where you register SunBiz.
Federal & State Tax ID
Use you employer identification number (EID) to open your business bank account. This number is identifies your business like a social security number. In Florida you will need tax ID if you have: employees, operate your business as a corporation or partnership, or operate as trust, estate or non-profit organization.
Apply For Licenses / Permits
The type of business you run will determine if you need a license or not. Permits to sell may be needed depending on what you sell, also, if you’ll be renovating or building at your location you’ll need appropriate permits for each project. During the pandemic take advantage of electronic filing a building permit online as now online services should be taken advantage more than ever to start your business.
