How to Start a New Business in the US?
Starting a new business in the U.S is not as difficult as it may seem. However, the process involves a lot of planning and making important financial decisions. Additionally, you will need to complete a series of legal activities at the same time. But if you do not know what you are getting yourself into in the first place, here are some tips to help you get started.
Can You Start a Business in the United States without a Visa?
Foreign nationals do have the ability to start their own businesses in the U.S. But you will need to qualify for a visa such as the E-2 or L-1 in order to get started. You will come across various individuals who have acquired visas because of their existing businesses in the U.S.
As long as you have the capital and a business plan at hand, it is highly unlikely you will have any problems acquiring any of the aforementioned visas. However, you need to be careful and will still need to meet their requirements. Once you’ve qualified and if you’ve managed to meet these requirements, it will be easier for you and your family to seek citizenship in the U.S as well.
Come Up with a Viable Business Plan.
There is no way you could possibly start your new business in the U.S without a business plan. You will have to take advantage of all the tools at your disposal to create one. Apart from guiding you on how to start your business, it will also map out how you would run your business successfully. Not only is it an essential roadmap but the document projects 3-5 years ahead.
Scout for a Business Location.
Choosing a business location is one of the most difficult decisions that a business owner has to make. Not only does it require precise planning but you will have to research and look at several important factors at the same time. This includes studying the demographics, planning your budget, scoping the competition and assessing your supply chain. It is equally important for you to understand the laws and regulations that apply in certain locations. These laws can vary from state to state but you need to protect your best interests by abiding by each and every one of them.
Finance your Business.
You will need capital in order for your business to begin operations. Essentially, these finances play an important part at keeping your new business operational on a daily basis. If you do not have the required finances, it would be wise to consider other alternatives including looking into a variety of loan programs. However, it is important for you to study each program to ensure you can pay it off in the long run.
Outline the Legal Structure of your Business.
When starting a new business , you will have to decide what form of business entity you wish to establish. There are many forms of business like partnership and sole proprietorship and they affect the income tax return form you need to file.
Register your Business.
It is worth noting that naming a new business is an essential branding exercise. If you decide to name your business as anything apart from your personal name, then you will have to register it with the appropriate authorities. You can register your “Doing Business As” name through the state government or the county clerk’s office.
Acquire a Tax Identifier Number.
An Employer Identification Number is referred to as a Federal Tax Identification Number and is used to identify a business and its operations. There are many ways by which you can apply for an EIN which includes registering through the IRS. But you will have to check in with your state to determine whether you need a charter or a state number.
Register for State/Local Taxes.
Apart from business taxes which need to be fulfilled by requirement of the federal government, you will have to pay some local and state taxes as well. As mentioned earlier each state and its laws can vary. The same can be said about its policies and tax laws. If you have the required knowledge you will be able to avoid a lot of problems in the long run.
Obtain Required Business Permits and Licenses.
The only way you can run your business legally is by acquiring the required state and federal permits and licenses. Depending on your operations and nature of business, the permits or licenses which need to be acquired can vary. For example, businesses selling firearms or alcohol will need a permit. This makes it important for you to see which one impacts your business and how you can comply accordingly.
Keeping these factors in mind, you will find it easier to start your new business in the U.S. However, if you’re facing difficulties it would be wise to find a seek assistance from a professional who could assist you with the process.
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