It’s a great time to start a business in the Golden State! After a long period of economic hardship, California’s economy seems to be in a turnaround.
If you’re thinking of starting your own company, California welcomes you with open arms. Before you begin, realize that owning and operating your own business involves lots of hard work — but it can also be very rewarding!
Here are five tips to start a business in California:
Create a business plan
Just like you wouldn’t begin a road trip without consulting a map, you shouldn’t start a business without formulating a business plan. It’ll help keep you organized, as well as assist you in obtaining financing.
Running a business involves so many different tasks that it can be extremely useful to have a solid, clear business plan you can refer to. Don’t know much about creating a business plan? No problem: there’s great business-planning software out there that’ll guide you through the process.
Find the right location
If you’re working from home, then you need to create a workspace. If you’re opening a store somewhere, then you need to do a bit more. You’ll have to research various locations throughout the state and figure out where your business is most likely to thrive.
Once you’ve found an area you like, you have to find a specific storefront to lease. It can be a pretty big undertaking. Fortunately, the state of California has helpful online resources.
Chances are you don’t have all the money your new business will need. You’re probably going to have to secure a business loan from a bank. Or you can try going the venture capital route — another way many companies get start-up money. Your business plan will play an important role in this process, since lending institutions will want to see it.
Incorporate your business
Protect your personal assets by incorporating your business. Incorporation is available to anyone, even a business of one. There are many different types of incorporation, and which one is right for you depends on the specifics of your operation.
Incorporation can seem a little daunting to the uninitiated, but don’t worry: once again, professional help is available. You might feel in over your head at first, but incorporating often makes financial and legal sense.
With the ninth largest economy in the world, California has a place for your new business, whatever it may be. By following these tips, you’ll be setting yourself up for success. Now get out there in the California sun and start greeting those customers!