Main Street Finance

3 Things You’ll Need to Start a Small Business

By admin

The focus of much of the presidential election season has been around the economy and more specifically, which candidate will be the best for Small Business. So much of America is built on top of small businesses that employee millions of people. Almost every company currently on Wall Street was one a small business on Main Street.

If you’re one of the millions of American’s currently living on main street that dream of entrepreneurship, then you’ll want to take note of the three things you’ll need to start a small business:

An Idea – If you want to start a small business the most important thing that you have is the idea of what your small business will do. Will you offer a service, a product, or a combination of the two? Who will you sell to? How will you beat the competition? The key to success for small business is knowing how to make a profit off of the time you put into your business and what ever your idea is will greatly impact how you make that profit.
A Business License – You can’t be a small business without a license from your state. Depending on what state you live in, applying for a business license is usually quick and simple and costs $100 or less. You’ll have options of being a Limited Liability Corporation (LLC), C-Corp, S-Corp, or other business classification. There is a lot to consider when deciding the classification of your business, but we’ll leave that for another conversation. What is most important is that you do get a business license to operate in your state.
A way to accept payment – You’ll want to make sure to setup a bank account and if you have good credit and capable of managing a credit card without running up debt, you’ll want to also apply for a credit card. More important than having a credit card yourself is being able to accept credit card payments yourself. Very few small businesses could survive without accepting credit cards. If your business idea is viewed by banks as risky, you can often find the ability to accept credit card payments from companies like HighRiskPay.com.

Once you’ve completed the three items above, you’ll be set to get started with your Main Street Small Business. With hard work, a solid product or service, and an understanding of your market, your business could some day be traded big on Wall Street.

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