Great businesses are built on great ideas. If you have one, it may be time to make a run at it.
Establishing a small business is a serious endeavor, and one you want to do correctly from the start. Before you get too far into the process, you should consult a small business attorney for guidance. Seemingly small missteps early in a business’s formation can have lasting legal repercussions. Get in touch with our commercial law team to schedule a free consultation.
Getting Started with a Business in Florida
- Develop your business idea – Creating a business plan helps you organize your ideas, goals and financial strategy. Writing a business plan involves clarifying certain aspects of the business, including identifying what service or product you will be selling and how it will be unique from others in the market. As part of the process, you’ll also need to determine the type of roles you need to fill and any partnerships you may need to establish. Importantly, you need to identify your financials – what type of cash flow do you need to remain profitable, and do you need any up-front capital to open your doors?
- Explore funding options – Once you’ve identified how much money you need to operationalize your business, you may need to secure outside funding or tap into personal savings. Exploring small business grants and loans as well as outside investors or business partners can help you raise the money you need to get started.
- Name your business and establish its structure – Select a name for your business (one that has not already been claimed) and determine the appropriate structure for your business – a sole proprietorship, LLC, corporation or non-profit. Discuss the pros and cons of each with a professional before determining the right business structure for your organization.
- Register your business with the State of Florida – For additional information about registering your business with the Department of Revenue and the IRS, you can review the resources here. You’ll also want to apply for an Employer Identification Number (EIN) for tax purposes.
- Protect yourself and your business – Establish contracts and agreements. Ensure you have the right insurance, licensing and permits. Set up business banking accounts and hire an accountant. All of these steps are intended to protect you in the event that problems arise down the road with your business.
- Market your business – Once your business is established, it’s time to promote it. Set up a website, develop a promotions strategy and spread the word.
Our team at Silverberg|Brito, PLLC is ready to help your business take off in Florida. For expert legal advice and guidance as you navigate your small business journey, get in touch with us.