Regardless of the type of product or service, small business owners must go through the same process to start a business. Steps such as creating a business plan or formalizing the company’s registration with government authorities should not be overlooked if you want to succeed.

At Itax Miami we want to give you five simple and useful steps to start a company that you should not miss if you want to achieve business success:

1. Define your idea:

You don’t have to invent a product or offer a novel service, many businesses start with inspiration. You can offer an existing service or product but with a different manufacturing material, marketed in a more accessible way or even a mechanism to be acquired at a low price. We recommend that you ask yourself the following questions: who does my product or service help, what problem does it solve, how much will others pay for this product or service, how am I going to distinguish myself from the competition?

2. Evaluate the market

Not all great ideas are profitable, much less become a successful business, even if the product is amazing, the business can fail if you do not know how to market it and meet the needs of the ideal customer.

Market research will help you to know the consumption patterns of your potential customer, it will help you to focus your business strategies to the ideal audience, it will also help you to improve how you sell your product and why to choose your product or service from the competition.

Talking to people close to you, such as friends and family, will allow you to receive positive and negative feedback to improve your offer.

Reading reviews of similar products on sales portals can give you an idea of how you can offer your products or how to differentiate yourself from the competition.

3. Create a business plan

A business plan is the foundation of your business. It contains the general vision of your business, products or services available and growth projection in the short, medium and long term.

This text will include business objectives, company launching, product lines, sales projections, marketing, financial plans, among others.

Having described in writing from the beginning what you want to achieve, will help you stay focused on the goals set, and above all, in future decision making.

A concise business plan can be a requirement when applying for a small business loan or line of credit.

4. Financing

Buying equipment and/or supplies, hiring employees, renting premises, fitting out the space, and covering any other business expenses that may arise, are some of the first expenses that arise when starting a business. Nowadays, there are several sources of financing, among them:

• Self-financing. 
• Friends and relatives.
• Loans.
• Investors. 
• Vendor financing. 
• Crowdfunding.

Evaluate the pros and cons of each option and choose the one that best suits your business needs.

5. Register your company

Once you have decided that your idea can be successful and you have the capital to start, you must take the step of registering your company legally.

In this step, the Itax Miami team can advise you according to the type of business entity you wish to register. 

Whether it is an LLC or a Corporation, we can help you establish yourself legally as an entrepreneur, with other services that will be necessary for your business finances, such as tax planning, bookkeeping and payroll. In addition, we help you manage licenses and permits, and obtain your tax identification number.

At this point, you should be focused on meeting the business goals and objectives you set in your business plan and making effective decisions for your growth.

Once you have legally created your business and obtained the licenses and permits, and you start selling your products or marketing your services, you are officially an entrepreneur. 

Do you need help for your tax return? Contact us, you can do it via Whatsapp, email [email protected] or phone call (+1) 786-5770191. Or if you want, you can contact us through our website (here)