9 Steps to Start a Business in North Carolina
14 June, 2019
Are you hoping to start a business in North Carolina and need some helps in knowing all about the steps that would help you do so? Well, this article would help you with just that.
Step 1: Plan Your Business Idea
Not all the startups plan the same way and not every entrepreneur is a planner. Regardless of if you are a planner or not, it is vital that your first step towards opening a company in North Carolina should be organizing your business idea and accepting all the aspects of how it would work out for you.
In short, you should not waste your time thinking about funding in the first step when that is what comes later on. In fact, if you try to look for funding at this stage without even having a proper business idea and plan, no one would take you seriously and you might prove yourself to be someone who is not serious.
Hence, you would have to create your business plan as the very first thing before you can move to the next step. Do not forget to choose a great idea that would work based on your location and the demand in the market there. Also, ensure that your business plan has all the vital details to show everything that you have in mind for your business and where you hope to see it in the next 3 years at least.
Step 2: Register Your Business
Once you are ready with your business plan, the next thing that you need to look into is to register your business with the state. By doing this, you would be able to secure the brand name for your business. Along with this, you would be able to protect your personal assets such as your car, house, etc., all at the same time.
There are many business entities that you can choose from when registering your business with the government. But LLC is one of the most popular one since it has a lot of benefits that a corporation has and a sole proprietorship has. Along with this, the LLC does not carry the disadvantages of the corporation like the double taxation, etc., making it a much better option than all.
To have your company registered with the North Carolina state government, you can take the help of top agencies like IncParadise where you can have your company incorporated and registered.
Step 3: Comply With The Tax Code
Regardless of if you are hiring a lawyer, doing it yourself, or taking the services of a professional incorporation service provider, you would have to be compliant to both the federal and state tax codes for you to be able to legally conduct business in the state without being fined or going to jail. Normally, this is not a trouble for many startups since they get help from where they start their journey and follow the rules. It is just a reminder that you should always be ahead of all the tax needs.
You would have to fill forms in a year and even pay some fees for it on an annual basis. To know more about the taxes that you need to pay, check out the government website or contact your lawyer.
Step 4: Obtain Proper Permits & Licensing (Where needed)
The regulatory environment in North Carolina is a business-friendly one. But there are many things that you might have to consider based on the location of the business or the kind of business you are in. In short, you would have to look into it and get the needed licenses and permits if needed. For instance, if you are opening a bar, you would need the liquor license to run the business and if you are starting a business in a place that needs you to have a permit to run the business there.
To know more about the licenses or permits that you might need, you would have to visit your nearest government agency to learn about it and apply for it accordingly.
Step 5: Separate Your Business & Personal Assets
This is an important step for every company where you need to keep all your personal and business assets and expenses separate. That is how you can easily enjoy the benefits of the liability protection that you get from the LLC or corporation entity you have selected.
If you do not keep them separate, in case of any legal event, your personal assets would also be considered to pay the debts. Moreover, your legal state of being an LLC or corporation would also be removed in case you are not successful in keeping your personal and business assets separate. And to keep the separate, you would need to take some steps as mentioned below:
- Open a business bank account: By having a business bank account, you would easily be able to separate the personal assets from the business one. It would also help you filing for your taxes. Just remember that you would need an Employer Identification Number (EIN) for opening a business bank account. The EIN is like the social security number but for your company. Once you have the EIN, look for the bank that offers you the most number of benefits and open your business bank account in it.
- Obtain a Business Credit Card: Just like a business bank account, the business credit card would help you in separating the business and personal expenses. IN fact, it would act like a benefit when you want to raise capital in the future.
- Designate an authorized representative: Another thing that you should do is get all the documents of your LLC signed by another member of the LLC. This would help you stay away from any liability that your LLC incurs.
- Keep all the Bookkeeping & Accounting up to date: Ensure that you sync all your credit and banking accounts with the accounting software you are using. It is the best way in which you which you can organize all the finances of your company.
Step 6: Pick A Perfect Location
There are many great choices in North Carolina when you are hoping to start your business there. Ensure that you pick the location that would do the best for your business like Fayetteville, Raleigh, Charlotte, Greensboro, Wake Forest, and Apex.
Step 7: Fund Your Business
Money is what runs anything in the world, and for an entrepreneur, there is just never enough money to run their dream. And for you to be able to get funds for your business from investors, you would have to manage your financial aspects very well. Moreover, if you feel you would never need an investor, it is just the beginning and you are wrong.
There would be a time when you need to expand and at that time, you would have to go out looking for investors and show all the financial aspects of your company to get an investment. Hence, you need to be prepared.
Step 8: Design A Business Website
In today's world, it has become important for every business to have a presence online. In fact, you do not need to make a website that would look like a dream. It should be easy to understand, should be able to share your message and easy to use. Take the help of a professional developer and designer so that you can offer the best presence online and create a brand for your business.
Step 9: Market Your Business
Once you have done all this, the next step is to market all about your business. If you know the steps you need to take to market your business, go ahead and do it. Or the best you can do is hire a professional so that your business can soar to new highs faster than you thought. Remember that marketing is an important part of every business and without it, your business is nowhere.
Start Your Business in North CarolinaNow that you know all the steps that you need to take to start your business in North Carolina, begin working on your business plan and follow these steps to ensure that you are on the right path.
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