Entrepreneurship is on the rise, and Miami leads in the United States as one of the most entrepreneurial cities. We are excited to be in the midst of it all as it provides the perfect arena to fulfill our mission: to help small businesses thrive. Here we share our answers to the top questions we get from entrepreneurs looking to start new ventures.
Where do I start? What is the first step we should take?
Do your research. Run some experiments or talk to other people in your space. This can be a time-consuming part of the process but will impact your company in both the short and long term because it serves as your roadmap outlining what you are going to do and how you are going to do it. The research component ensures knowledge of your market, your potential customer, and especially your product or service. All working together! The SBA offers this outline to write your business plan.
How much money do I need to start my own business?
Your business plan should answer the following questions:
- How much do you need to get started (initial investment or start-up capital)?
- What are your working capital needs? Use this information to understand what type of funding you’ll require.
For example: Will you be funding yourself, or financing through friends and family? Will you require a business loan or seek investors? This is where all the research done during the business planning phase comes in handy as banks and investors will want to see a solid plan.
Can I operate my business from home, or do I need to lease office space?
Your idea may already come with a location, so your first ‘must-do’ is to understand your zoning. Reach out to the local business license office to understand the zoning and license requirements for your business type and location. If you can and are operating from your home, consider and apply your tax deductions.
What should I think about when choosing a name for my business?
This is a moment where you can have fun and be original. Most of the business owners that we deal with have a great deal of pride in their business name and often have good stories of how they chose it. You can then run a name search in your state’s division of corporations website to make sure the name is available.
Do I need a separate business bank account? What do I need to open one?
This is not only more professional when paying vendors but saves headaches at tax time and can help avoid legal issues as your business expenses are separated from your personal expenses. To open a bank account, you need the corporate documents filed at your state or a valid DBA name (doing business as) registration. Some banks will require all officers listed with the state for certain types of companies to be present at the time of opening the bank account. Keep this in mind at the time of incorporating as it might prevent you from opening a bank account if some officers are not able to be present.
Your business success starts from the very beginning, and these are just some of the steps. DCC Accounting helps clients navigate to help businesses thrive.