Being an entrepreneur is heavy work — you need to make lots uneasy finance and legal decisions. Starting a business in Georgia you take a challenge, but you’ll find the state’s business climate soft-and-warm with various streamlined incentives and services. There are a lot of things you should learn before starting a business like legal structures, licenses, and registrations, etc. This mini-guide provides insight into what first steps you should do to open a business world of Georgia.
Things to learn before starting a business
Establishment of new business isn’t a simple process — this will require all your willpower, analyzing skills and patience. Planning a business is the first important step before you start doing something. Follow this step-by-step instruction to learn how to successfully launch your own company!
- Pick a project name — don’t mix it up with your company’s name! Your project name this is like a code name, you need it only during the early period when you can’t think up a good name for your brand. This will save a lot of your time on something more important. But remember that your company needs a name and you can change it in any phase of your project. Two things you should remember before you’ll officially pick a name:
Try to think up memorable and easy to pronounce name;
Check if your draft name is unique and unregistered;
- Try to find a business partner. Many people believe that partnership brings a lot of troubles, so they prefer to stay away from this. But think what world would be now if John Lennon didn’t meet Paul McCartney, or Steve Jobs decided to run the business without Steve Wozniak. These cases show us the best side of the partnership where partners complement each other very well.
- Write a well-structured business plan. This document will help you with defining and raising money, and also will lead you through first stages of a business process. SBA.gov recommends that your business plan should consist such key paragraphs:
- Executive summary. Write down a brief speech of what you want to say about your brand.
- Brand description. Describe qualifications, goals, and the mission of your company.
- Market analysis. Do the deep research on your industry, market, competitors.
- Define the structure of your business and management process.
- Service/ product. Describe in all possible details the products/ services you’re offering.
- Marketing and sales. Think about your sales and promotion strategies.
- Funding request. Accurately calculate the sum that your company will need for next 3-5 years.
- Financial Projections. This section includes some supply information.
- Appendix. This is an optional section with resumes and permits, and it’s up to you include it or not in the plan.
- Register your business structure. Due to how you are going to run your business, and tax liability purposes, you have to pick the type of your business structure: LLCs, Corporations, a Sole proprietorship or General partnership.
Register a business in Georgia
One of the most important steps to open a new business in Georgia is to get all required licenses and permits for your business. Don’t hesitate to contact your local government to get to know what state, federal, local licenses and permits your company needs.
Speaking of federal resources, the U.S. Small Business Administration (SBA) provides a list of federal licenses and permits for a small business. Also, USA.gov offers online federal government services with general assistance on licensing/ permitting for a business.
Information about Georgia requirements you can always find on the GeauxBiz, or you need to contact your local county/city government where you plan to conduct business operations.