Start-up small businesses have been performing well, in the last decade globally. Therefore, you can try your innovative and unique concept in this market environment. Even foreign companies open their branch in Miami, New York, Los Angeles, San Francisco, Las Vegas, Provo, Seattle, and Denver. The attraction of each city is different.
Austin tops the list for the best start-ups because the workforce is educated, creative and in abundance. The state has no laws regarding personal or corporate tax, which allows new business owners to invest in this savings in their exciting ventures. On the other hand, Denver is supportive to start up business because of easy transportation access, lively & educated community and striking landscape.
Chicago is increasingly getting recognized for its tech proficiency. Foreign investors can travel to the US easily because of the Waiver Visa Program. It helps business owners or executives to get ESTA visa in a couple of days.
The reason to start business includes developing your career and working towards financial independence. You got an innovative concept but turning it into a successful business is challenging. Hardly 2/3rd of small businesses survive for more than two years and ½ survive for maximum 5 years. If you are determined to take the plunge then ensure to follow the necessary steps for a strong start-up business foundation.
Tips to help start a small business in the United States
Do your research
Run your innovative business concept through a confirmation process. Identify its potential to succeed.
Answer some questions
- Is there a need for your innovative products or services?
- Who needs it?
- What is the competition like?
- Will your business fit in this market environment?
Make a plan
A business plan helps to navigate from start-up phase to establishment to business growth.
The traditional business plan is long and thorough. It is best for those seeking financial support from banks or investors.
If you don’t look for financial support then a simple single page plan is fine. It gives a clear picture of your business goals and ways to achieve it. You can enhance the plan according to future development. A written plan is better than nothing.
Choose business structure
A small business structure can be a sole owner, partnership, LLC, or corporation. Many factors ranging from a business name to responsibilities to filing taxes will get affected by the kind of business entity chosen.
Pick & register a business name
Check if, the chosen business name is currently in use or not. If it is not, then get it registered. As soon as you choose a business name even register an ideal domain name.
Get permits and licenses
Start-up business includes plenty of paperwork. Apply for necessary permits and licenses as per the location and type of business.
Hire talented employee team
Take time and outline positions needed to be filled. Job responsibilities will be allocated according to each position.
If you are outsourcing work then work with a lawyer and get independent contractor agreement drafted before starting your search for an independent outsourcing firm.
If you are solo entrepreneur going alone on a small start-up business then comprise a personal support team. It can include a family member or mentor or coach, who will guide you through bumpy roads.
Promote small business
Have a unique marketing plan to start attracting customers. Make sure to learn ways of business promotion for success.
Success is not obtained overnight but work hard consistently on the plans to improve your chances for success.