How to Get Your Jacksonville Business off the Ground and Running
Getting out of the rat race and starting your own small business can be a wonderful way to get the most out of life.
Business owners get to the boss, call the shots, and reap all the benefits of their own success. For this reason and more, they often are found to be some of the most satisfied people in the country.
If you’re looking to follow in their footsteps and open a small Jacksonville business, you’ve come to the right place. But, just because opening a business can be a great way to live doesn’t mean there aren’t challenges and obstacles.
Getting familiar with the process of opening a business in the sunshine state and within Jacksonville specifically can help you to determine what steps you need to take to achieve your eventual goal.
Read on, and we’ll walk you through all the basics.
Getting Organized First is Essential
You have the perfect Jacksonville business in your mind, and you can’t wait to get started. You’re ready to run to the bank and get started right away. However, you’ll want to put a pause on all of that for just one second and ensure you get as organized as possible ahead of time.
Proper planning is everything when it comes to small businesses. If you take the time to craft a document known as a business plan, you’ll have put yourself in a much better position to follow through on your dreams and create a new successful enterprise.
A business plan is a document made up of a large number of details about your future business. It will outline the service or product that you are offering to customers. It will also explain how providing this product or service allows you to stand out from competitors.
It will also break down, as specifically as possible, the audience you have in mind for your Jacksonville business. Who in town are the most likely to become your reoccurring customers? The more specifically you can identify them, the better you’ll be able to market yourself to them.
This will be important in all outreach that you do, from where you place ads to how you think about your enlisting of SEO services Jacksonville.
It should go without saying that your business plan will also need to cover your financial situation. You should be able to lay out exactly how much money you’ll need to get started on your business and where that money is going towards.
You should also lay out a path that would explain how long it might take you to get to profitability as a company. If you have this understanding in place, you and your potential investors will have something to base your actions on.
That’s a whole lot better than just operating from a place of gut instinct.
Registering Your Jacksonville Business
The next thing you’ll do after crafting this plan is to actually get your business up and running. This is the moment you’ve long dreamed of and an undeniably exciting event.
Your business will become a real entity the moment you register it with the state government of Florida. It isn’t too difficult to do this, and it’s not too expensive either, though the final cost will depend on the kind of business you decide to register for.
You’ll want to pick out a name first, which will need to be a name no other business in Florida is currently using. You’ll also need to decide what kind of business structure you’re hoping to register as.
What makes the most sense for your business? You might register as a joint partnership, a sole proprietorship, an LLC, or several other options. There is no right answer; it all depends on what is best for yourself and your business.
If you don’t know which to choose, you might want to sit down with a business professional and have them walk you through the benefits and drawbacks of each option.
To register your name with the state of Florida, you’ll pay a $50 fee, and that will be that. The requirements for each business structure are a bit different, so you’ll need to look into the details depending on which you go with.
Dealing With The IRS
No business owner enjoys paying taxes, but it’s a part of life that we can’t avoid. You’ll also need to take the time during all this filing to reach out to the Internal Revenue Service and inform them about the existence of your new Jacksonville business.
When you file with the IRS successfully, you’ll receive an EIN, which is a long identification number assigned to your business. This number will be used when you file your business tax return, but it also will be asked for when you apply for a loan, open a business bank account, or do a variety of tasks for your business.
For this reason alone, it can be worth it to apply for your EIN as early in the process of creating your business as possible. This will ensure that you have it ready when you need it most.
Apart from the IRS, you’ll also need to register with the Florida Department of Revenue. They’ll provide a Sales Tax Permit for you, which you’ll need to legally conduct business within the Sunshine State.
Starting a Florida Small Business
Jacksonville is a wonderful place to start the next phase of your life. If you’re thinking of opening a Jacksonville business, the above information can help you determine what you need to do to make your plan into something real and tangible.
Need more business advice and information? Keep scrolling our blog for more.