By Linda King, SBDC Consultant
Congratulations on deciding to become a new business owner! Not knowing where to begin or how to begin can be unnerving but the following key areas are essential for building a solid foundation for your new business.
1. Create a business plan. This is your guideline describing the various components of your business in detail.
2. Business structure. This is also known as your business entity. This can be a sole proprietorship, partnership, limited liability company, s corporation or c corporation. The legal and tax implications differ on each entity so make sure that you understand these differences before you make your decision.
3. Register your business. The forms for registering your business can be obtained at the County Recorder’s Office. An instruction sheet is provided with the forms explaining how this process works.
4. Obtain business license(s) and required permits. Depending on the type of business and where it will be located will determine if a business license is needed. The registration form can be obtained at Sonora City Hall. You may also need to obtain a license at the State of California or with the Federal Government.
5. Choose your location. Will you be leasing or purchasing a building, or will your business be home based? This decision must be made before you register and apply for the applicable permits and/or licensing.
6. Finance your business. Do you have the initial start-up funds to begin your new business? Many business owners think that they can “worry about this later” after their business is in operation, but this can be a costly mistake. Secure your financing before you start your new business.
The experience and knowledge of the Sonora Micro-Enterprise consultants will help guide you to make the best decisions possible for your new business. You can then concentrate on building and marketing your business.