All you need to know to start your business without previous knowledge.
Many people have the need to grow financially and make the decision to create their own business to achieve their financial goals, however, they are unaware of the steps they must follow to create a company.
The most important thing when taking the first step is to define the business idea, investigate and write a marketing plan, to begin the creation process.
Running a successful business can be hard work that requires knowledge, dedication, and discipline. Here we offer some recommendations so you can knock it out of the park when you take the initiative to get started.
Recommendations for a successful business
Create a business plan: Establish the objectives and goals of your company. Create a plan that includes market or target audience analysis and work on a marketing plan. Study the budget and make a projection of income and expenses.
Identify your market: It is important that you identify a market or target audience and investigate their needs and desires. Knowing your ideal customer will make creating products and services that meet their needs easier.
Training and advice: Study the market and receive advice to learn more about the business. Constant training guarantees personal and professional growth.
Physical facilities: Think of the facilities where you want your business to operate. A good location that fits your needs. Study the costs of rent, maintenance and security. Wherever your business is located can influence sales.
Customer Service: Customer service is the key to success. Listen and give quick and effective solutions to your customers. A satisfied customer gives good references and recommends you.
📖Read why customer service is the key to success here
Organized Finance: Hire trained personnel to help you with finances and understand your income and expenses. Remember this is also a requirement to comply with the tax and legal obligations of the country.
Work environment: Create a positive environment where your employees feel good. Promote teamwork and pay attention to the needs of your collaborators.
Innovative spirit: Stay informed about the technologies of your industry, to continuously improve your products and services. You must adapt to market changes and understand the needs of your customers.
Marketing and advertising: Promote your business, make a content and marketing plan for social networks and other advertising mediums that help you promote yourself and attract customers. You can also create a website where you use valuable information from your company.
The previously mentioned is not a list that should be followed “by the book”, but it is a guide that will facilitate the investigation process to create any type of business.
Now, the most important part: The procedures to create a company may seem long and tedious, but prior research will allow you to make the right decision. Below, we indicate some of the requirements you must consider if you want to take the first steps as an entrepreneur in the United States.
General requirements to create a company in the United States
The requirements to create a company in the United States may vary depending on the type of company and the state in which it is incorporated. One recommendation is to consult with a specialist to comply with all the necessary procedures. Here we will give you quality information to start your investigation.
Business Structure: You must decide the business structure, you can choose a corporation, a limited company, a sole proprietorship or a limited partnership, among others.
Register your Company: An application must be submitted at the Secretary of State and pay a registration fee, which will be set according to the laws established in the state where the company should operate.
Protect the name of your company: In the United States there are four (4) ways to register a business name and each serves a different purpose. It is important to note that some documents may be required, depending on the business structure and the state where the business is located.
Tax ID number: The company must obtain a tax identification number (EIN), through the Internal Revenue Service (IRS).
Licenses and Permits: Depending on the type of business, additional permits must be processed to start operations. These authorizations will also depend on the type of business and the state where it will operate.
Business Bank account: Where the company will receive payments, make transactions and be able to have control of its finances.
Employees: The business must be registered at the Department of Labor and comply with state labor laws.
Assurance: Protect your company and assets from accidents or eventualities.
When deciding to create a company in the United States, you must evaluate what would be the best option to incorporate. These are some of the most common:
Types of Companies in the United States
In the United States, taking into account the created commercial structures is important, because they affect the value of the taxes to be paid, the necessary documentation, the responsibilities, among other factors.
Here we mention the most common types of companies in the country.
Sole proprietorship: The owner is legally responsible for all decisions and operations of the company.
Societies: Simple structures for two or more people to lead a business together. There are two common types of partnerships: limited partnerships (LPs) and limited liability partnerships (LLPs).
Limited Liability Company (LLC): A Limited Liability Company (LLC) is a type of legal business structure that combines the flexibility and tax advantages of a partnership with the liability protection of a corporation. The owners are called "members" and are not personally responsible for the debts or liabilities of the business.
LLCs can be owned by one or more people and other companies or foreign entities. In the case of the company's legal action or bankruptcy, the company assumes responsibility, not its partners or shareholders. Examples: A Beauty Salon, a law firm, a dental clinic or a restaurant, ETC.
Corporation: It is a business organization that can be public or private and is characterized by being a legal entity separate and independent from its owners, with its own legal personality and limitation of liability for its shareholders.
Corporation or Non-profit Corporation: (Non-profit, for charitable, religious, educational purposes, among others)
📖Read more about business types here
If you have finally achieved all the previous steps, we recommend you continue working to improve as a business and be open to constant evolution. A company must be at the forefront of technology and use it for its growth.
Universum, the best solution for your business
If you have a supermarket, a barbershop, a pastry shop and/or any other retail business, Universum is the solution to optimize it. With our POS system and the benefits of our equipment and all-inclusive monthly plans, you will be able to take control of your business and increase sales. In addition to this, you can also offer your customers different forms of payment, such as cash, debit and credit cards, and EBT cards.
Learn about this and other benefits of our processing services by contacting our sales agents at +1-978-416-9964 or visiting our web page: www.universumsolution.com
Don’t forget to follow our social media:
Facebook, Twitter and Instagram