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What's Happening

Announcements:
$30 Billion for Small Businesses
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Access to Capital Event, August 2, 2010
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Articles:
EPA & Small Business Conference
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Workshops:
How to Start & Stay in a Small Business September 18, 2010.
Workshop Details

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Process to Start a Business

There are a lot of steps to take when starting a business. Taking the time to do your homework will not only get your business off on the right foot, it will increase your chances of success. The Raleigh SCORE website offers many resources to assist you. Starting a business can be a fun and invigorating experience or it can be stressful. You get to choose your experience. How to Start a Business in North Carolina - Booklet, developed by UNC SBTDC [Small Business and Technology Development Center]

Consult with a SCORE Counselor

Raleigh SCORE offers free consultation to assist you in starting your business right. Set up an initial consultation appointment and Raleigh SCORE experts will make sure your business starts out in the right directions. You can request an appointment for one of the many Raleigh SCORE locations and work with counselors at the time most convenient for you.

Consult with an Attorney & Tax Advisor

Business attorneys and a tax advisors might charge you a consultation fee, but it will be money well spent to hear their advice. Find an attorney and tax advisor you trust and who work well with you and your business. You might have to try out a few to find the right fit, but you will be glad you have them when problems arise.

Develop a Business & Marketing Plan

The specifics and complexity of your business plan will depend on your own desires as well as the type of financing you wish to seek. If you will be seeking financing, your lender will require a great deal of detail. If you are bootstrapping (self sustaining), you'll have a little more flexibility.

Business Planning:

  1. Do a lot of research. You will want to make sure you are not entering a flooded market. You will also want to see what your competitors are doing and find ways to differentiate your business from theirs.
  2. Take a Raleigh SCORE workshop on "How to Write a Business Plan" conducted by a SCORE professional, ready to assist you with your specific needs.
  3. Look at free business plan templates on the Internet. SCORE offers a template gallery filled with document outlines to help you get started, including a "Business Plan for a Start-Up Business" template.

Decide On A Business Entity

There are many options when choosing a business entity for your new business: Sole Proprietor, Limited Liability Company, S-Corporation, Corporation are just a few of your options.

To help you decide which entity is best for your company you can:

  1. Take a Raleigh SCORE workshop on "How to Choose A Business Entity" conducted by a highly skilled attorney, capable of answering all your tough questions.
  2. Schedule an appointment with an attorney and a tax advisor. Chances are you will have to pay a consultation fee, but it will be worth it to get your business off on the right foot and avoid foreseeable mistakes.
  3. Read the IRS website on Business Structure.
  4. Nobody knows your business like you. Do a lot of research. Search Google or your favorite search engine for "Business Types" or "Business Structure". Remember to select reputable websites to glean your information from.
  5. Once you have decided on a business entity type, visit the NC Secretary of State, Corporation Division and file the appropriate paperwork. Note: A good attorney will be able to take care of this for you, if you don't wish to deal with the paperwork technicalities yourself.

Licenses, Taxes & Permits

A qualified attorney can package all the necessary paperwork items together for you and take the technicalities off your plate or you might enjoy going through the details to better understand the process yourself.

Business License

No matter what entity you select, you will want to check with the city in which your business will be located and obtain a business license.

  1. Raleighnc.gov houses the details for apply for a Raleigh Business License.
  2. If your business will have an assumed name, you will need to register the assumed name with the Wake County Registrar of Deeds.
  3. The North Carolina Department of Commerce has a lot of Business license and permit information you won't want to miss.

Taxes

  1. Determine if you will need an IRS Employer ID Number (EIN). Apply for it through the IRS, if you need one.
  2. You'll also need to visit the NC Department of Revenue and make sure you complete the appropriate forms and file things like Sales and Use taxes, and Employee Withholdings on time.

Inspections & Permits

Depending on your business or where you wish to locate your business, you might need a permit.

  1. If you are running your business out of your home and do not live in a business zone, you will need a "Home Occupation Use" permit. For Raleigh residents, raleighnc.gov has forms and additional information.
  2. Check with your city for required inspections and permits. Raleigh Inspections and Permits.
  3. If you will be selling alcohol in NC, you'll want to visit with the NC Alcoholic Beverage Control Commission.
  4. Keep in mind, this list may not cover your specific needs. Your attorney will be able to assist you.