There is no end to the great business ideas out there. Combined with your boundless entrepreneurial spirit, the sky is truly the limit.
Small businesses make up more than 99 percent of all companies in America. Whether you have a great product, a service that can help others, or a unique store or restaurant that adds interest and value to your community, your success hinges on the foundational and organizational aspects that you set up at the very beginning. These are the areas that can support your growth and continued prosperity.
Small business tips for new business owners
If you are starting a new business in Annapolis, we’ve got some great tips to help get you started on the right foot.
1. Obtain your business permits and licenses
It doesn’t matter what kind of business you are starting. It could be a hot dog cart or a book store, but you need a license to operate. The type of license you apply for will be specific to your business structure; for example, you may be a sole proprietorship, a partnership, a limited liability company, or a corporation.
Each business type has its pros and cons, so it’s crucial to ensure you are making the right choice. You may need to speak to an attorney or a CPA to get the inside scoop on what each type means in terms of your taxes and how you operate.
Register your company through the Maryland Business Express portal. This site offers a step-by-step guide on how to register your business online.
2. Develop a business plan
A business plan gives you a blueprint from which to develop and build your company. At the outset, it acts as a forecasting tool. It can also be beneficial if you are looking for investors or applying for financing. Your business plan should also include exit and succession strategies should you decide to dissolve or sell the company.
A business plan helps you determine the feasibility of your idea, and it also highlights challenges and competition you may face in your market. The more you know about what you’re getting into, the higher the potential for success.
3. Set up your location
Whether you need a brick and mortar outlet or if you are initially working from home, you should have a dedicated workspace that gives you everything you need to maximize your efforts – and your budget. A flexible office space or a coworking membership gives you access to fully-equipped office space, state-of-the-art office equipment, business-grade internet, and lots more besides.
My Annapolis Office provides you with everything you need at an affordable monthly price. Even if you don’t need office space, per se, we offer virtual office packages that give you a professional business address, telephone number, and on-demand services like meeting rooms and administrative support.
Starting a business in Annapolis is a very exciting prospect. If you are flexing your entrepreneurial muscle for the first time, we’d love to help. Drop by for a tour and let us show you what we can do for you.