7 Steps to Start a Business in Orlando Florida
Being your own boss, and starting a business in Orlando Florida is the ultimate dream. The idea sounds easy, but starting a business and managing it can be demanding. Incorporating in Florida opens you to various pro-business opportunities. The setup procedures are easy and expedited, and the taxes are low. Follow these 7 steps to help you in starting a business in Orlando, Florida.
1. Formulate a business plan
The first step is to have a business plan to outline the nature of your business, products and services. Your goals, competitors and operating processes should be considered. If your business is self or shared financed with a partner, you won’t need a thorough business plan. If you seek funding through loan or venture capitalists, the legal procedure requires you to have a business plan. To incorporate in Florida, your marketing strategies should be included in the plan. This increases awareness on how to find you and what you sell.
2. Meet Legal requirements
Legal requirements are important as they help in protecting your personal assets from business debts and obligations. Starting a business in Orlando, Florida helps increase your credibility with customers, suppliers and business associates. The next thing to do is make a business logo and cards. This establishes your company identity and makes it easier for potential customers to locate you.
3. Get the relevant licenses, tax identification numbers and permits
An employer identification number (EIN) is required for corporations and LLCs if you are going to employee labor. Hire an account and attorney to help you in acquiring a business license and tax permit. Once you obtain these permits, you can carry out all business operations in Florida permissible by the law.
4. Get your business insured
Discuss what you need with an insurance agent and they will help you in getting the right type of insurance. Consider other government taxes and insurance requirements that apply to your business. Some industries have specific insurance requirements if you have employees. A few examples include unemployment insurance, OSHA requirements, federal tax, state and local tax, and so on.
5. Open a business bank account
You will be required to provide company details, your personal contact information and address. Doing business as or fictitious business name (DBA) is required if you have not incorporated.
6. Manage your accounts
You can acquire accounting solution services to account for all business payments received, invoices, receivables and payables, etc. Incorporating in Florida is generally favorable as the initial capital requirements are low. If you have a great business plan but lack funding, you can seek funds from banks and other loan program services.
7. Set up your workplace
Location matters. If you decide to start a home-based business, you will be required to meet city zoning policies for your area. If your business is on a larger scale, you will need to lease office space.
The business friendly government of Florida has made it easier for business-oriented individuals to thrive under the current economic conditions. Consult a business analyst today to help you in starting a business in Orlando, Florida. It’s never too late to be the boss.
5 Tips to Avoid Business Failure
The most successful business owners of the world have seen their fair share of failures. They failed, learned, unlearned and then re-learned to get to success. An often repeated statistical claim quotes that half of the new start ups fail within the first year of their operations.
Business failures can be an experience which might devastate an entrepreneur. Operating a newly started business in Orlando takes a lot of effort in terms of emotional energy and thinking power. This may be because the city is full of small and medium enterprises. A failure is the last thing you would want to face after putting in so much energy into something that you really want to do. There is a list of things you should do to avoid business failure.
Formulating a Marketing Plan
Florida is home to venture capitalist which is why the key to taking small businesses towards success is an efficient marketing plan. Starting a business in Orlando, Florida will require you to make a very thorough plan. Business turnover is dependent on the generation of sales. You will not have any business without your clients.
Making a marketing plan will push you to do your bit of research regarding your target market and industry. This research will support your marketing plan and will help you come up with sound strategies.
Investing Money in Marketing
Invest a large portion of your budget to marketing. Successful startups invest more than 6% of their gross sales into marketing when operating on a small scale. To generate revenue you have to make sales, and to make sales you have to have an effective marketing strategy. Identify your ideal customers and come up with the most effective ways to reach them.
Do you have a lot of existing competition? If that is the case, it is better to identify a niche market and put your focus on it.
For example, if you really want to go in retailing a clothing line but there is too much competition in the t-shirt industry, you could go for a complementary product. A niche that has not been filled by the already existing retailers in the clothing line would take your venture to success.
If you need more information about our business development services, please contact us at 407-344-1228. FreedomSBS is a marketing, graphic & web design, accounting, internet marketing, business development, and corporate law resource firm all in one! FreedomSBS is your one stop shop to start, grow and mature your business. Our services include: incorporation services, graphic design, logo design, web design, web development, internet marketing, search engine optimization (SEO), marketing consultations and corporate law resources. Our services are provided nationwide, but since our main office is located in Kissimmee, FL, we mainly help businesses in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, and Hunters Creek, FL.