While the basic steps to starting a business in Florida are laid out below, it’s worth remembering that just because you know a process or a step to take, this doesn’t guarantee that it will be easy or that you will complete it correctly first go. With this in mind, it can be worth working with an entity management firm who can guide you through every step, and expedite the entire process from beginning to end.
Step one
Create a business plan
Once you’ve determined what your new venture will be, you’ll need to craft a business plan that clearly outlines your goals, objectives and strategies. It should feature an executive summary, key metrics and targets among others.
Step two
Select a business structure
Helping to determine ownership, liability and tax implications etc, you can choose from a sole proprietorship, limited liability company (LLC), corporation or partnership. As each structure comes with its own set of unique responsibilities and requirements, you may wish to consult with an entity management firm for guidance.
Step three
Register your business name
Check whether your business name already exists by using the Search Records, and then register your chosen name with the Florida State Division of Corporations.
Step four
Register for an EIN
All businesses are required by the IRS to register for an Employer Identification Number, or EIN, which is required for tax purposes. Once registered, you must keep it updated with any changes to your business, by contacting the IRS.
Step five
Appoint a registered agent
Also referred to as an agent for service of process, a registered agent is who you have appointed to receive official documents on your businesses behalf, and all LLCs and corporations must appoint one. in Florida, you are permitted to act as your own registered agent, but for anyone new to the world of business, hiring a registered agent service is recommended.
Step six
Obtain relevant permits
Before starting a business in Florida, you must obtain all required permits from local governments and state agencies.
Step seven
Apply for a business license
Once you’ve got all of the required permits from the relevant authorities, you can apply for a business license, by providing proof of residency and insurance, and verification of good standing in Florida. An entity management firm can guide you through this and help ensure you’ve completed all necessary documentation for your specific type of enterprise.
Step eight
Set up a bank account, credit cards etc
You’ll need a business checking account and possibly a business credit card to help your business run smoothly, and at this point, you may also with to hire an accountant who can provide you with invaluable support and financial expertise to track your spending, generate reports and keep your books in order at all times.
Step nine
Secure funding
When both your business plan and your finances are in good order, you can seek funding from a number of different areas, including, bank or government sponsored loans, venture capitalists, a small business grant or even friends and family, to name but a few.
Step ten
Purchase insurance coverage
Once finding has been secured, you must make sure your personal assets are protected with an appropriate insurance policy. You may wish coverage to include general liability, damage to property, professional malpractice and worker’s compensation.
Step eleven
Hire a workforce
If you plan to hire employees, you’ll need to understand what is required to hire workers in Florida, and again, an entity management firm can assist you with this. They will help make sure you act within labor laws, and adhere to all rules and regulations surrounding income tax and reporting requirements, personal and business expenses, among others.
Step twelve
Start promoting and marketing your business
With a stylish new website, awell-defined brand, and a set of employees all raring to go, it’s time to get your business noticed! Whether you choose to market your business yourself, or hire an agency to help, this step is crucial and can determine the success and longevity of your business in the future.
Starting a business in Florida involves a series of steps that may appear simple, but which can easily trip up new business owners if not followed to the letter. To make sure your business gets off to a positive and financially secure start, sign up with an experienced entity management firm who can support you as you find your business feet.