While no two businesses are alike, they all follow certain guidelines when it comes to getting them up and running. A new startup is going to come with more than a few uncertainties no matter how well a person prepares, but preparation will still play a major role when it comes to success. Use this checklist as a way to address the biggest hurdles that need to be overcome.
Name and Plan
Companies can be either a sole proprietorship, partnership, Limited Liability Company (LLC), or an S-Corp. From there, choose a valid name and website domain to establish a presence for the company. Complete a business plan as soon as possible and ensure it lists the following information:
- The mission of the company
- How income is generated
- Who the ideal customers are
- Why the company has a competitive edge
- Starting resources/necessary funding
Tax IDs, Permits, and Bank Accounts
Business owners should obtain a Federal Employer Identification Number from the IRS based on the type of business they are (e.g., LLC, S-Corp, etc.) This number is used to officially establish a payroll. Companies will also need an official commercial bank account as well, which may be tricky to open. Some banks are notoriously lax about their requirements while others may need more specific information, such as company minutes, signatures, and notarized financial information.
The next step is to obtain either a federal or a state permit. These permits are required based on the type of business and the rules of the state. A gun dealership will need a federal permit while an insurance company may or may not need a state permit. If owners sell physical goods and live in a state with sale’s tax, they’ll need to obtain a Resale or State Seller’s Permit.
Licenses, Insurance, and Accounting
A business license isn’t typically governed at the state level but at the county or city level. Even the most basic of home-based businesses may need a license stating the owner has permission to conduct official affairs. Owners may further have to register with a State Agency to hire part- or full-time workers. Owners may need general business insurance, including workers’ compensation, to protect themselves against major liability claims.
Most insurance agencies can make recommendations based on the most likely threats against the owner’s industry. Finally, set up a record-keeping system that will make auditing financial details easier, as well as keep track of where income is going. Small businesses may want to start with general software like QuickBooks to keep records simple.
Tie Loose Ends Together
Preparing means having all the tools in place to do everything from pay employees to ensure permits are renewed on time. Owners can either delegate these tasks or design a system that ensures nothing slips through the cracks. Once owners have taken care of this minutiae, they can start focusing on how to distinguish their company from their competitors. Establishing a brand is the precursor to deciding on a market strategy. Once an owner has the right angle, they can decide if their business will benefit more from traditional advertising or if they need to expand to social media, GoogleAds, etc.
Each checklist will vary based on who is opening the company, what they’re planning to do, and how they plan to secure the necessary permissions. However, this list should be able to give everyone an idea of what needs to get done before launching their official enterprise.
Small businesses rely on networks of people to sell their products and services. By building a relationship with other people in your community, you can attract people to your small business, increase your profits and build up your business’s reputation. Of course, many people don’t know how to network, or if they do know how to network, they only know a few ways it can be done. These tips will help you build a network within your community.
Networking Can Happen Anywhere
Networking can happen inside and outside business hours, on lunch breaks, in lines and during random, everyday encounters. Get used to striking up conversations with strangers. If you’re able to mention your business during your conversations, all the better. Find creative ways to mention what you do, where you do it and who your customers are. The more people that know about you, the better.
You’ll Need an Elevator Pitch
An elevator pitch is a 30 second pitch that you can use to grab someone’s attention on the go. Your elevator pitch should inform people who want to know about the most important aspects of your business. Practice your elevator pitch many times until you can repeat it more or less from memory. If you produce a product, have pictures of your product always ready on your smart phone to be shared with anyone who is hearing your elevator pitch.
Your elevator pitch should be around 80 or 90 words, and should include a call to action at the end. What are you hoping to get out of your elevator pitch? Contact information? An appointment? A promise to call? Whatever it is that you’re trying to get from your pitch should be included at the end of the speech.
Carry Business Cards
Always have business cards on hand to hand out to people who you meet and people who solicit your information. Keep your business cards up to date with your title, cell phone number and office phone number. If your business card wasn’t designed by a professional, consider having it redesigned with your logo prominently displayed on the front of the card.
Become Active In the Community
People like to support businesses that support their community. Give back to the community by sponsoring events at local fairs and get-togethers. Attend town hall meetings in case something comes up that will affect your business personally. Donate money to local charities and participate in fund raisers for local groups like the band or social clubs.
Becoming active helps get your name out in the community. The more people have heard of your business, the more likely they are to stop in and buy products when they see your business location in the community. If your community has a local business owner’s association, consider joining. Not only will you have the chance to network while you’re participating in the group, but you’ll also get the added benefit of meeting other business owners who will also want to discuss what it’s like to own a business.
Keep At It!
Networking is something that most people get better at over time. Keep practicing while you’re out in the community to ensure that your business name is out there among your fellow citizens and peers.
Every community wants to grow its local economy and achieve greater prosperity. Every community desires to be a location where people want to live, engage in meaningful work, and pursue their passions. In short, every community wants to be a vibrant, safe, and livable place.
A growing body of research has revealed that the traditional economic development emphasis on recruiting or attracting businesses is no longer sufficient to grow economies in most localities. A new model has emerged in theory and practice: supporting local entrepreneurs as an economic development strategy.
Programs such as “economic gardening,” pioneered by the City of Littleton, Colorado; Energizing Entrepreneurship institutes; business retention and expansion programs; and Hometown Competitiveness all focus on helping local entrepreneurs become more successful and bring more wealth into the local economy.
Our definition of an entrepreneur is “someone who perceives an opportunity and creates and grows an organization to pursue it.” In our view, entrepreneurship encompasses not only high-tech enterprises seeking venture capital, but small business owners pursuing their passion to create a manufacturing, retail, or service business, or to start a nonprofit endeavour.
Our mission at Growing Local Economies is to help local communities become more prosperous by leveraging their assets to support local entrepreneurs. We can help you find the best solutions for your community by working with you to identify the local assets, potential partners, and technical resources needed to create and sustain an entrepreneurial support initiative.
As long as there are property buyers the intervention of real estate agency never ends. Before we bring to light the best real estate agents and REALTORS of the United States, let’s make sure that you get some basic idea about real estate agents and REALTORS and how they work.
The Terms Real Estate Agent and REALTOR:
- REALTOR is a term that represents a collective membership mark denoting a real estate professional who qualifies himself as a member of the National Association of REALTORS. Once the person goes through such qualification he is expected to strictly stick to the code of ethics.
- In some of the cases, these code of ethics surpasses or countermands the state law. This means that a registered real estate person is supposed to choose his ethics over law if required.
- A qualified real estate agent’s role in the society is to act as a bridge between potential buyers and sellers. A professional person must be capable of assessing the capacity of both his clients that is the buyer and the seller. He must have thorough knowledge about the properties he deals with.
- A real estate agent can never claim innocence and cannot ignore the facts and figures of a particular transaction.
- The term real estate agent and REALTOR are often used interchangeably, whereas they are two different terms. Both real estate agent and a REALTOR are legally permitted to handle property transactions.
- The main difference is a REALTOR is registered under the national association and is expected to strictly adhere to the code that the association prescribes.
- Now that you know how real estate agents work and how the professionals differ, let’s get to know some the best real estate agents in the United States.
Top 5 real estate professionals in the United States:
A lot of websites help you find the best real estate agent depending on the locality you choose. Depending on how optimally they pick clients, provide services and earn profits the list is always subjective in nature. These five professionals are in no particular order. They are just the best 5 if I have to honestly say.
Arana almost doubled his profits this financial year, with a $300 million turnover. He has got his hands tied up with the CEOs and CFOs of the globally recognized organization. No wonder he has doubled his profits in a couple of years. Arana believes that his ability gradually grew with time, experience and exposure to things.
The Altman Brothers are Josh Altman and Matt Altman. While most top notch real estate agents consider a $300 Million dollar a sale ‘the achievement’ of their lives, the brother consider it just as a thing on their bucket list. They do not want a ladder that touches the roof rather they want one that touches the sky.
When it comes to Ben who broke great deals this year, gives the credit away to Warner Bros and Sony. It is the place that taught him innovative sales techniques and nurtured his business acumen. He is claimed to be the first person to use a drone video as a part of his marketing strategy.
Ernie Carwell trade in a land that he calls the gold territory. He strongly believes that the properties in the Westside of LA can downturn but can hold its value the longest period possible.
Hugh Evans is some who loves to work from the background. Working in an industry that demands a lot of pompous show and endorsement, Evans broke all this belief and maintained a low profile until his achievements and business skills came out roaring loud. He currently has a listing worth $11 million
The real estate market saw a great decline in the financial year 2008-09, and the impact of the same lasted for a couple of years. The situation took a positive turn in the year 2012, but the situation is not as favourable as it was during the period prior to the global depression. Though the market shot up in the years 2012 to 2014 the positive signs are still prone to fluctuation. The only consoling fact is that it hasn’t gone below the neutral point in the graph.
The Position of the United States:
For most of the industries worldwide, the position of the United States is the deciding criterion. This obviously means that the depression that the United States faced in the year 2008-09 must have had an impact globally. However pushing aside these specific events of the past the position of the real estate in the United States is generally as follows:
- Housing ideas in The United States are quite different. Unlike the people of the western world who wish to own a house, the Americans can find solace even under rented roofs. So real estate agents do not involve only in property dealing but also have a hold on let-out concepts and renting.
- So this basically means that real estate in the United States works more with residential housing than the ones taken up for professional purposes.
- But sadly in the previous year, more than 37% of the properties were purchased for investment purposes.
- The home ownership rate in 2016 is pitiably the lowest in 50 years. This is one strong example that traces of depression are still prevailing in the real estate industry. Fall in real estate business will not leave the nation for good as it will subsequently take a toll on the GDP of the nation.
- The whole of the real estate industry is crying out, looking for a Samaritan who can help the nation recover from this lurking crisis. However, the decisions are still inside the closed walls of the White House and no one is able to predict the things that can happen under the presidency of Mr Trump.
Most of the countries on the global platform have forayed into business tie ups, which will impact real estate positively. However, most of the international forecasts state that the declining trend is not yet over. The real estate professionals around the globe find the very thought of it haunting. Thankfully these days we have the modern forecasts that can give an alarming signal a little earlier, so you that you are not put on the spot, off-guarded