Take every step of the way seriously when you’re building a business. Make sure that you’re well-equipped and very much ready. It won’t be a straight and easy path if you’re not willing to learn and adapt.
Here are the things that you must consider when starting a business in the US:
Pick a Good Location
Where will your brick and mortar business stand? This is one crucial question that you have to keep in mind in order to make your exhausted resources profitable in the future.
If you miss this step, you might lose all your investments and end up with more costs than income.
- Pick a location with a high-density population.
- Pick a location that brings high potential growth in the future.
- Pick a location that is not secluded from your city’s mainstream of businesses.
- Pick a location where your business will stand out.
These are important points to remember when picking the right area for your business. On the other hand, if you’re opening an online store, there’s not much to worry about as long as you acquire the best courier service that can reach most of your target customers.
Think About Your Future Competition
Having in-demand products is not enough to have a thriving business. You should also consider your future relevance in the market. Will your target customers really need another local clothing store when there are already 10 brands fighting for attention?
This is the question that asks another question: What can you offer the people that other businesses can’t?
Think about your present and future competition. This is the only way you can organize the needs of your business. Once you’re done with that, think of innovative ways that can place your business on top of the ladder.
Acquire a Non-Immigrant Visa
When opening a business in the USA, you may need to apply for a non-immigrant visa. Let’s have the E2 Visa as an example, so, what is an e2 visa?
E2 Visas are available for countries with an E2 treaty with the USA. To qualify for an E2 Visa, you either should be planning to start a business or investing a generous sum of money in the US. Click here to learn more about it!
Consult a Business Lawyer
Starting a business will require a lot of legal documents. This is the reason why opening a business for the “first” time will require professional assistance. Doing so can save you a lot of time and valuable effort.
Here are some legal documents that you’ll need:
- Company by-laws
- Minutes of the first meeting
- Non-disclosure agreement
- Employment agreement
- Business plan
Pick the right lawyer. A good business lawyer is a good listener and straightforward at the same time.
Apply for an Employer Identification Number (EIN)
You are an employer and you should apply for an EIN. This is a unique 9-digit number given by the International Revenue Service or IRS. It is similar to a Social Security Number, but it is not intended for working individuals. EINs are for businesses, partnerships, proprietors and other organizations.
Avoid Commingling Funds
You are commingling funds if you are joining personal and business assets or merging other several business accounts into one. Majority of businesses avoid this method. Why? It’s actually bad for business and here’s why:
a. It’s risky!
b. Performance tracking is made difficult
If you own several businesses and only one account, tracking the performance of each will surely be a difficult task — a taxing one. It’s better to have separate accounts for each business to make improvements more visible.
c. Prevents transparency
Transparency in businesses is very important, especially when it comes to funds. Your business partners surely would like to see where their money goes. However, if you are commingling funds, you are simply preventing transparency.
d. Legal problems can arise
Commingling funds is actually illegal in some levels in some states. Before you indulge in such decision, consult your lawyer.
Protect Your Employees’ Rights
Your employees are the ones earning you the income. You plan, they execute. This is the reason why you should protect your employees’ rights.
The more benefits your employees receive, the better they perform. This is one of the things that you must learn to do before you reach a tangible milestone. Pay them well; Better if above the minimum. Well, this depends on how much you make, but you must never cut their salary below minimum for not reaching your expected sales.
Deliver payment on time! This one is important. You are the employer and you are expecting your employees to be responsible. Thus, you must be responsible too. Stand as an example.
One Last Advice: Always Plan Ahead
Starting a business is no child’s play. You’ll always have to plan ahead.
For the entirety of your business’ operation, you should know all about the risks and rewards that will or may meet you along the way. In short, have a long term plan.