You may have a million-dollar idea you’re ready to put out into the world. Don’t get too ahead of yourself. You want to be prepared to take the necessary steps to make it a success.
Not to mention, starting a business in the Long Island area requires more than you might think. There are certain requirements and funding necessary to get it off the ground.
Before you go lease out an office or retail space, take a look at these stepping stones towards building a successful small business.
Create a Business Plan
No one ever started a business without making a plan first. It’s how you’ll project revenue over three to five years and is also important when applying for business loans to secure funding for your business venture.
An effective business plan will consist of elements such as, but not limited to.
- An executive summary.
- Market analysis.
- Competitive analysis.
- Breakdown of products, services, and pricing.
- Description of infrastructure.
- Marketing and sales strategies.
A User-Friendly Website
Your website is a crucial element when establishing your brand and building trust as an industry leader. It’s the first thing people will see when they search for your business online.
As a small business owner, you’re going to have your hands full with a mountain of responsibilities.
It’s best to hire a Long Island website design company to create an effective site from the very beginning. It’ll be a pain to try and figure it out, only to have certain elements not be done properly.
Register Your Business With Long Island City
For your business to be legal, you’ll need to file it with the city of Long Island. There are different types of businesses to choose from such as an LLC, sole proprietorship, limited partnership, and several more.
If you’re not sure which best suits your business needs, speak with a business advisor to guide you through the process. Also know that as your business grows, you can always change your business entity in the future.
Obtain Your EIN
An EIN, also known as Employer Identification Number, is what you’ll get from the IRS when you register your business. It’s similar to how a social security number identifies a person. An EIN is how the government identifies a business.
This will allow you to set your business up to file for its annual taxes.
Apply for the Necessary Permits and Licenses
Depending on what your business niche is, you’ll need to make sure you’re set up with the necessary permits and licenses. For instance, if you’re opening up a restaurant, you’ll need to acquire a permit.
Certain counties or municipals require different permits, so you’ll need to check with your town to ensure you have everything set up accordingly.
Get a Business Bank Account
Along with your EIN, you’ll need to associate your business with a new bank account. It’s important to keep your personal and business finances separate. If there is ever a legal instance you encounter, having a separate account will protect your personal assets.
Now that you have all of your fundamentals in place to start your business, it’s time to acquire funding. This could come in the form of a business loan, which is why your business plan is incredibly important.
Or you could pitch your business to outside investors. These are people you’d consider key stakeholders who will want to have some type of return upon their investment.
You can also take a look at your personal budget and savings. Starting a business in Long Island is going to require some of your personal money be put towards your larger goal.
See what you’re realistically able to pitch in towards your business and configure this number in your projected financial analysis at the end of your business plan.