You have an idea for a new company and are excited to get started. However, as a minority, you know that getting your store off the ground could be a challenge. There are many resources available to you that can help you put your dreams on track. Here are a few steps to opening your organization.
Set Up a Plan
Take a moment to evaluate your plan and make sure that it is viable before you get started. Research other companies in your area that offer the same product or service. Deliberate whether you can alter what you have to offer to be unique from them. Once you have narrowed down your focus, write out a plan. You should document when you intend to open your doors, the items you want to sell, how you plan to spend your funds as you work towards your goal, and the profit you anticipate bringing in. Organize all this information into one report then keep it nearby. You will need this when you go to the bank to inquire about small business loans.
File Your Paperwork
Contact the state that you live in and request the forms that you need to establish your company and get your sales tax identification. If you intend to have a storefront, you may need to get permits to allow the renovations you plan to make. Determine the type of organization you want to be, such as a sole proprietor, a partnership, or an LLC. Research any other certifications and licenses that you must have before you can open your doors. Apply for these several weeks in advance at about the same time that you request your small business loans. It can take the organizations involved some time to get the paperwork processed.
Get Financing
As a minority business owner, it can be a challenge to get funding for your company. However, there are options, especially from the SBA, available to you that are specifically devised for you. Contact your bank or research online to see what they are. Question what requirements they will need to evaluate your application. They will evaluate your credit and review your plan before they approve you. Like the permits and licenses that you applied for, give yourself plenty of time to obtain your small business loans. They can take a while to complete and may stall if the information is incorrect and must be fixed.