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THINKING ABOUT STARTING
Q. I'm thinking of starting a business. What steps should I take?
A. Taking a class or seeking expertise from the SBDC helps shore up your skills. It’s also wise to ask yourself :
- Am I a risk taker?
- Do I understand basic financial and marketing principles?
- Am I resourceful and organized?
- Can I support myself and/or my family during the early stages when cash may be short?
- Do I have a strong support system to help me through the start-up process?
- Am I knowledgeable and experienced?
Q. Why do I need a business plan?
A. A well-written plan is a template or guide for your business that ensures you stay on track with business goals, objectives and strategies. Writing the plan is process that reveals critical data about your business and how you expect it to operate. It should reflect your concerns and priorities.
A thoughtfully and well-conceived plan starts best with some counseling. Our course, Building the Ultimate Business taps into your dedication and our expertise to help you start writing a cogent and thorough plan.
While SBDC counselors do not write business plans for clients, they will provide both assistance and assessments. Their recommendations help solidify your entrepreneurial goals
Q. What form of business do you recommend for a new business?
A. Advantages and disadvantages are inherent within sole proprietorships, partnerships, corporations or limited liability corporations, The one you choose depends upon:
- Financial status
- Number of employees
- Risk involved
- Type you choose
- Your tax situation
Q. What kind of registration and licenses are required to start a business?
A. County and local government may each have their own requirements, but here’s a check list including federal and state governments:
Local — A business license from your city or county is usually required.
State — In Florida, go to (www.sunbiz.org). If your business isn't a corporation and your full name isn't included within the name of the business, you'll have to register under what's called a Fictitious Name Registration. Forms can be downloaded from: (www.dos.state.fl.us/doc/fic_form.html). You should also file for a Sales and Use tax number. Some businesses (such as food/beverage establishments) also need specific licenses.
Federal — You will need an Employer's Identification Number (EIN). It’s also worth calling the IRS for their "Going Into Business" tax kit. (www.irs.gov)
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