If you’re thinking about starting a business, forming a business in NC (North Carolina) is a great idea, in part because the state has a favorable regulatory environment and below-average labor costs.
Regardless of the state, though, business formation can be a tricky endeavor, so it’s important to understand the steps involved.
1. Perform a Self-Assessment
First, of course, you need to evaluate your ability to succeed as a business owner. Think about whether you have innate leadership abilities, are comfortable making tough decisions, and have the financial resources to support the uncertainty that comes with business formation.
Think also about whether you have the skills to succeed in your target industry, such as whether you’ve managed, hired and fired people before and understand marketing fundamentals. If you don’t have a business background, consider how you will acquire these skills.
2. Evaluate Your Business Concept
Once you come up with a new idea for forming a business in NC, think about your target customer base: Why will they choose you over the competitors? How will they know about your product? How much will they pay for it? Who are your competitors? Understanding more about the market in which you want to do business can help you create a sound business plan.
3. Choose the Right Business Advisors
When you start a new business, you will need a team of professionals to support you. Friends, family and other business owners can provide informal advice, but you will also need:
» Lawyers, such as Concord business attorneys
» Insurance agents
» Advertising firms
» Other professional service providers
Ask people you know for referrals and make sure you feel comfortable and can trust the professionals you hire, as they can make or break your business.
4. Obtain Necessary Licenses & Permits
Depending on the type of business you create, you may need to obtain state, local and/or federal permits. Additionally, certain industries require permits and licenses, such as electricians, architects and nursing home operators. On top of that, you’ll need to make sure you comply with zoning regulations and rules governing signage size and location.
Concord business attorneys can advise you on the regulatory requirements with which your business must comply, or you can contact Business Link North Carolina, an organization that provides resources for business formation in North Carolina.
Starting a business can be complex. We can help you from not being overwhelmed. Contact us today for a free consultation.