Starting a business in Florida is rather straightforward and can be achieved by following a seven-step process.
Step 1: Devise a business plan
Before proceeding it is wise to devise a solid business plan. A well thought out plan will eliminate surprises and help businesses owners stay focussed and motivated, it aids in securing funding, helps with the managing of the cash flow and helps businesses keep track of the progress of the respective business as time passes by. A well thought out business plan will incorporate a well thought out pitch, you should also incorporate a unique selling proposition, this is usually a short piece that clearly defines the core mission of the business. It is also important that your target market is listed, outlining whom you will sell or provide your service to. The next important factor that should be incorporated is the marketing plan, outlining what strategy will be utilized to market the business. Listing milestones are just as important, outlining the goals set for the business, helps businesses stay on track and also allows for businesses to track growth and accomplishments as time passes by.
Step 2: Register your Florida business
The next step of the process is to register the business with the state of Florida. Understanding upfront what business structure you will form is just as crucial though, whether it is an LLC, Sole Proprietorship, C Corporation or an S Corporation. Each of which has its requirements and benefits.
Step 3: Determine business licensing and tax obligations
The nature of the business will determine how complex the process will be. Most countries in Florida that businesses have a general Florida business license. There is also the issue that certain industries have special industry requirements.
Step 4: Separate your assets
Ensuring that you have a dedicated business banking and credit accounts are essential when wanting personal asset protection. As a wise business practice, it is advisable to establish the business as an independent entity, which allows for personal asset protection. Mixing your assets with those of the business will hold you liable for any lawsuits that the business should face in the future.
Step 5: Fund your business
The costs of starting a business vary, depending on the type of business that you plan on starting. The good news for businesses that do not necessarily have funding, is that there are plenty of funding opportunities available in Florida. Businesses can opt for angel investors, microloans, trade credit, crowdfunding and so much more. The needs and specifics regarding the business will determine which option is worth exploring though.
Step 6: Build your brand
Now that all the other details are completed, you need to start working on the business brand, this is after all the way your business will be portrayed and branded. Many businesses do not realize that there are two main factors to consider when it comes to branding is the business logo as well as the website. When thinking about the design for your logo keeping the following in mind is usually useful, be sure that the logo captures the essence of the business, be sure to stand out from the rest of your competitors, make sure that your logo is memorable and lastly consider hiring a professional,
Step 7: Market your business
The final stage is to market the business, you will need to ensure that people know what you plan on selling or what service you plan on delivering. To make sure that your marketing plan is successful it is advisable to identify your target market, understanding who your product or services will be directed at will determine the sort of marketing strategy that will be most effective. Ensure that you offer quality over quantity, trying to use all the marketing strategies can often result in failure, often opting to market on fewer platforms is not necessarily a bad choice, as the saying goes, less is more. Businesses should also be open to evolving, if something works why try and fix it, but in the instances where something is not working then do not be afraid to try something new. Another option to consider is leveraging software, as there are plenty of software that can aid with your marketing efforts.