Year after year, Atlanta continues to perform well as an industrial hub, boasting headquarters for multiple Fortune 500 companies and data centers. Wondering how to get your small business off the ground? Here are some helpful tips that will transform your dream business into a brilliant reality:
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Write Up a Business Plan
Before you start looking at finances and other factors, it’s essential to have a plan for your venture. Do a deep dive into whatever sector you are trying to enter, then take that market research and craft a business plan. Investors and potential employees want to see that you have a goal and several methods ready to achieve it. Whether you are looking to open a bakery or launch a creative agency, you need to put in writing how you intend to run and grow your company.
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Acquire Funding
The next step toward opening your business is figuring out its finances. Ask yourself if you have enough on hand to get started or if you need to work with a venture capital investor or ask for a loan. If you need to borrow or raise capital, there are a few options you should know about.
- SBA Loans: The U.S. Small Business Administration offers loans to growing ventures across the country. For the best chance of acquiring a loan, make sure to have a business plan, expense sheet and five-year financial projection at hand. These loans are desirable because they allow business owners to retain complete control of their businesses while receiving generous support from SBA.
- Venture Capital Investors: You can also make an appointment with a venture capital investment firm and present your business plan. If they decide to invest in your business, you work together on a contract with terms. This option offers “rounds” of funding, often at company milestones, but it also means sharing control with a firm.
- Crowdfunding: Unlike investment firms, crowdfunding does not require a part of your company; instead, you offer crowd funders a gift in exchange for financial support. Maybe it’s a physical item such as a gadget if your business involves technology or their name on a plaque at your brick-and-mortar location.
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Select a Location to Grow
Where do you want to start your business? Atlanta is full of opportunities for growing businesses, whether ITP or in its metro area. If you want a physical store location, look for leases near other businesses that complement yours. For example, if you plan to open an organic juice bar, you might want to seek a spot next to a fitness center. Mixed-use developments are another great option since they are full of diverse offerings in housing, retail and dining.
Looking to launch an online business? Simply adding an Atlanta address to your website is a great way to gain virtual traffic and start selling out! People are able to see that your business is based within a booming economic center and they will be intrigued.
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Secure a Name/Register
Now that you have finances and a location locked in, choose a name for your business. It is important to pick something unique and thoughtful that fully represents your business. You will need to find a website URL and register your business at the state and federal levels, so be sure to have multiple options ready in case one (or two!) is already taken.
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Complete Necessary Applications
The final step before you open your business is to obtain federal and state IDs. These allow you to hire employees, apply for a business bank account and pay taxes. You also need to apply for permits and certifications that are required for your business type, including restaurants, retail, dry cleaning and more. Finally, set up a bank account to quickly transfer funds and pay your employees.
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