CONDUCT MARKET RESEARCH
The best place to start and start smart is with market research. From finding customers, and trends to competitive market advantage. This is necessary for your business plan. This list from the Small Business Administration is a great place to start.
prepare a business plan
The most effective business plan summarizes the new business. There are many Free Business Plan Templates websites. There are also organizations that help write business plans as well as software should you prefer to do it yourself. The Small Business Administration site provides great examples.
Selecting a Business Name
Selecting a business name is vital to a new business. Researching the business you are in is important, to guarantee that the name you select is not trademarked. The California code of regulation for business names link is the best source for selecting a business name.
Decide on a Business Structure
Business structures determine your ability to raise money, the documents that must be filed, your personal liability, and how much you will pay in taxes. The Small Business Administration link is a great asset in deciding a business structure.
OBTAIN A TAX ID NUMBER
A tax ID number is important to paying federal taxes, hiring employees, opening a bank account, and to apply for licenses and permits. The Small Business Administration link will help in obtaining a tax ID number.
OPEN A BANK ACCOUNT FOR YOUR BUSINESS
A business account keeps you protected and legally compliant. This link lists all the documents you will need to open an account.
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FIND LOCATION AND EQUIPMENT
The location of your business is a vital decision; the choices you make could affect your taxes, legal requirements, and revenue. Opportunity Zones spur growth in low income communities.
City of Porterville offers information on their Porterville Incentives.
The State of California has many incentive programs offered as well.
INSURANCE
It is important for a business to have insurance as it provides financial protection against unexpected events, mitigates risks, and ensures continuity of operations.
Check out our local providers:
State Farm Insurance - Isaac Martinez
MARKETING YOUR BUSINESS
Marketing is important for a business as it helps create brand awareness, attract customers, and drive sales, ultimately leading to business growth and success.
The Small Business Administration provides you with marketing plan ideas.
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Loans & grants
Loans and grants can provide crucial financial support to small business owners, helping them cover startup costs, expand operations, purchase necessary equipment, hire employees, and weather unforeseen challenges, ultimately fostering growth and sustainability.
EMPLOYEE TRAINING AND DEVELOPMENT
CSET provides workforce development services that assist local businesses as well as free workplace safety training.
accounting & TAX PREPARATION
Accounting and tax preparation are important for a business as they provide crucial financial insights, ensure compliance with tax laws, facilitate informed decision-making, and optimize the financial health and stability of the organization.
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