Business Life Cycle: Creating a Business
Do you want to begin the journey of creating a business but don’t know where to start? You’ve come to the right place. Experienced business law attorney, Ben Wallace, knows exactly how to make your business owner's dreams come true. Not only can we help you start this adventure, but we can also make sure that your interests are protected in every dispute or problem that you may encounter. But first, let’s talk about what it takes to make a successful business.
Creating a Business — The Process
Step 1: The Idea
Before jumping into starting your business, do you have an idea of what the business will be? Are you opening a nail salon? A restaurant? A boutique? The options are endless, but make sure that you have a concrete idea.
Step 2: The Plan
After deciding on your idea, you need a business plan outlining your goals and how you will achieve them. Do research on successful competitors in the area. What are they doing that is making them successful in that industry? Include things in your plan about possible scenarios. What will I do if this happens? How will I differentiate my brand from other similar businesses? These are all important questions to think about and include in your plan. Often, a bank will ask for your business plan if you request funding. Make sure that this plan is thorough and will address questions that the bank has and that it will address potential future problems.
Step 3: The Entity
Next, you should decide which type of business entity you would like to form. Read about the different types of business entities here to see which one would best suit you and your business idea.
Step 4: The Name
Now, you need to register the name of your business. The state of Georgia has its own rules and regulations regarding business names; make sure that you read and follow these rules. You can protect your business name by registering a trademark, which you can do through the U.S. Patent & Trademark Office.
Step 5: The Numbers
EIN
Next comes the numbers. You need to apply for an EIN, which you can do online through the IRS website. An EIN is your employer identification number; it just lets the IRS be able to identify your business.
Getting an EIN is not required if you are a sole proprietor or the owner of a single-member LLC without employees. In these situations, your social security number will be used to also identify your business.
Bank Account
Getting a bank account for your business helps to separate your personal and business finances. This allows for you to easily see the income and expenses of your business.
Financing
It may seem daunting to raise capital for your business, but there are many funding options. Many small businesses and startups apply for grants as well as many different types of loans. SBA loans are a very popular way that small businesses fund their operations. The SBA is a federal agency that works with lenders to get money to small business owners. The SBA offers many types of loans to suit different business needs.
There are so many ways that you can finance your business. From finding investors to seeking out loans, you can do it. It is a challenging process, but we know how to help you.
Accounting
You need to set up an accounting system. Whether you are the one keeping track of the business’s finances or not, someone needs to be watching them. From monitoring business growth to paying taxes, accounting is a crucial part of creating a business that is successful.
Step 6: The Licensing
To create a business in Georgia, there are some licensing requirements. Depending on the type of business, there may be different permit and license requirements. Generally, you will need to acquire a business license and/or sales tax number. For more information on what you need to run your business, contact your local clerk, research what the Georgia Secretary of State says, and visit the website of the SBA.
Step 7: The Insurance
In order to properly protect your business, you need to make sure that it is insured. Some types of insurance, such as workers’ compensation and professional liability insurance may be required. In Georgia, workers’ compensation is required by almost all employers. Check out your state laws and see what is/isn’t required for your business.
Even if it is not mandatory that you acquire insurance, we recommend that you get insured. In the event of a fire or catastrophic event, we want you and your business to be safe.
Step 8: The Employees
Next, hire employees! You want your business to be run by a strong team, so make sure that you hire people that embody the ideals and passion that you want your company to represent. Also, make sure that you are following labor laws and accurately reporting your hires/wages.
What's Next?
Now that we’ve gone over the general process for creating a business, let’s go more in-depth into what makes a successful beginning.
A Passionate Leader
The success of a business hinges on its leader. Are you passionate about the business you want to create? Are you willing and ready to handle that responsibility? If you are, make sure that you have a supportive team behind you. We can be that for you.
If creating a business has been your dream, we can help you achieve that!
Help From Wadkins & Wallace
The process of starting a business is very challenging, but Wadkins & Wallace is here to help. We have experience helping people successfully begin their journey of becoming business owners, and we can help you. Call us today at (706) 221-9451 or contact us here for help with creating a successful business.
