How to Start a Small Business in Orlando, FL
Starting a business is easy, but it requires more than you might expect. Here are six easy steps on how to start a small business in Orlando, FL.
1. Create a Business Plan
Before starting or growing a business, you have to have a clear plan about your goals and how you want to accomplish them. A business plan acts as a road map to help establish your business’s future.
Your business plan should cover questions like:
What are my short- and long-term goals?
• How will I measure success?
• What business am I in?
• What is the vision and mission of my business?
• Who is my target market, and what do they value?
• Who is my competition? What makes me different from them?
• How will I make money?
• What costs need to be covered before I can make money?
• What is my operating budget?
• Do I have the necessary talent? How will I manage the onboarding and training of employees?
• What does my end game look like? How/when will I leave the company?
Taking the time to address these questions before starting your company can help set up a foundation you can rely on.
2. Find Funding
You can’t create something from anything. Every business needs funding to get started and cover initial costs. Luckily, there are a few options for gathering that startup funding.
Bootstrapping means you take the most direct approach and pay for everything out of your pocket. You take any savings or investments you have and use them to pay for the necessary costs for your new business.
Family and friends
The people closest to you may be willing to help you cover necessary startup costs. Even with your closest friends, make sure always to have a written agreement to specify what they are investing in and any payment/repayment plan if necessary.
Companies like GoFundMe, Indiegogo, Kickstarter, or Patreon have made a new way to fund your business. They provide a platform for anyone in the world to provide you with initial capital.
New companies can post their business plan and information on a website. Investors can choose which ones to back or invest in, letting you get capital quickly outside of the traditional funding structures.
Small business grants
Small grants are provided by the federal government and administration and are available depending on your new business’s size, location, and market. Grants, unlike loans, have no interest and typically have no requirement for repayment.
Small business loans
Lending institutions like banks and credit unions can provide small business loans. Because it is a loan, the amount must be paid back with interest.
3. Identify Your Location
Every company must have a physical location as part of being called a business. It can be tempting to run your business from your garage or home, but that can complicate the separation between your personal and business life as you start to deal with clients and your business expands.
Instead of wasting valuable parts of your initial funding on leasing office space, consider using Davinci day offices or a virtual business address.
A virtual business address allows you to work from home while using a professional address anywhere in Orlando or the world. With a virtual address, you have the benefit of a prestigious address for your business license, business cards, and website without having to pay for an expensive lease.
Another option is to use Davinci day offices. If you don’t want to work at home, you or any of your employees can work one day at a time. This gives you a clean, modern workspace whenever you need it.
4. Register as a Business
You have to register your business to make your business a reality. This includes choosing a registered agent (a person or business that accepts tax and legal documents for your business) and getting an Employer Identification Number (EIN) from the IRS.
Depending on your business structure, you may have to form a corporation, LLC, or nonprofit entity.
5. Obtain Necessary Permits and Licenses
To avoid any additional conflicts, double-check with the federal permit and licensing requirements. Additionally, follow all state regulations and Orange County permits by obtaining relevant licenses and/or permits. For example, all restaurants must have a valid health permit.
6. Set up A Business Bank Account
Your business’ finances should always be kept separate from your own. This will help protect your identity, simplify tax preparation, and improve the image of your business. Business accounts are available at local banks and credit unions.
Choose Davinci Virtual Offices
Davinci is a good solution for small business owners in Orlando. Contact us with any questions you have about virtual offices or office space rentals. A Davinci Virtual representative will quickly get in touch with you to help.