There are an endless amount of reasons why you might be considering quitting your day job and branching out on your own. Running a small business comes with many benefits, from deciding your own hours to the power of charting your own path forward.
There’s a reason that small business owners are some of the most satisfied people in the country.
However, if you’re hoping to launch your Florida small business, you’ll need to get familiar with how the process works within the state. What steps will you need to follow to ensure you’ll have a successful enterprise at the end of the day?
Read on, and we’ll walk you through what you need to know.
Creating a Perfect Business Plan
The first step to starting a business in Florida is to get organized. Not the exciting first step you were hoping for? That might be true, but there’s no reason to undervalue this step. Proper planning is everything, and without a proper plan in place, you put yourself at great risk.
Crafting an outline of your business in the form of a business plan will help make the entire process easier and less troublesome.
What is inside of a business plan? A wide variety of things, but overall it should give an overhead view of the business you plan to open and operate. That means you’ll want to include an idea of the product or service that you plan to provide to your fellow Floridians — as well as how you plan to stand out from competitors offering a similar product.
Speaking of those Floridians, your business plan should also break down who exactly your target audience is. Who do you see coming into your business and purchasing things? Again, you should try and be as specific as possible.
Doing so will also help the next element of your plan: how best to market your new business to these people. You’ll need to determine what will be most fruitful for you. Is it buying ads on television, sponsoring local events, or employing the services of a Miami SEO company?
You’ll need to do the research and determine what might best connect you to your intended audience.
Your business plan should also include important information about your finances. For example, how much money do you need to get together to launch? How long will it take to get to a place of profitability?
All of this will be essential to understand before taking any actual action.
Registering Your Florida Business
Once you have a proper plan in place, you’ll be ready to take steps to bring this new business into reality. This is where things can get really exciting, but there is also a lot of paperwork to get through.
That’s because you’ll be next registering your business with the Florida state government. To do this, you’ll need to have decided on a few things, prime among them your business name and how you hope to structure your business.
Your name will need to be unique, with no other existing companies in Florida using the name that you hope to employ. There is a $50 filing fee in the state of Florida when putting a name on the state business registry.
Then, that business structure. There are many different kinds of structures that you can employ for your business, from sole and joint proprietorships to corporations to LLCs.
LLCs generally tend to be the most popular for small business owners, but you’ll need to do your own research on what might be best for the kind of business that you hope to open.
Depending on which business structure you choose, there might be different needs and requirements in your application. Costs will vary. Ensure you get familiar with the details of the structure you’ve selected and follow through with the filing.
Ideally, you’ll have figured out what structure to organize while doing your business plan. However, if you skipped over that detail, now is the time to get it done.
Register With The IRS
Even though you’ll be registering within the state of Florida, you’ll still need to notify the federal government about your existence. When you file with the IRS, you’ll receive a number known as an EIN.
This identification number will be used when you fill out your federal tax return, and it will also be used when you apply for loans or open business bank accounts. Due to its many uses, you’ll want to obtain an EIN as early in the process as possible.
You’ll also need to register with the Florida Tax Department. That will include getting a Sales Tax Permit from the Florida Department of Revenue.
This is also a good time to look into the other permits you might need to obtain under Florida law. The permits you’ll need will depend on your location and the kind of business you do, so it’s a good idea to speak to a legal professional.
The last thing you want to do is not take care to abide by all local laws! This can really come back to bite you later.
Starting a Florida Small Business
Ready to quit your 9-to-5 and branch out into something a bit more fulfilling? The role of a business owner is calling your name. Starting a Florida small business has its challenges but can be well worth the trouble.
The above information can be hugely helpful in getting your new enterprise started within the state.
Need more business advice and information? Keep scrolling our blog for more.