I'm hoping someone might be able to help me understand the steps involved in staring my own retail business. The shop will be in Maryland, it is myself and a partner, we are going to form an LLC. We have a comprehensive business plan worked up and have identified a potential location. We've been to an SBA seminar about start-up.
What is the next step? We want to file our paperwork for the LLC, however, don't we need to have our location specified? Everything seems to require location information. Should we secure the lease on the space first?
When do we apply for loans?
There is so much information available, but I can't seem to find anything that details the actual order of actions for our situation. I need flow charts!! haha!
I hate to sound like a broken record on this, but small business people need to take advantage of their local SCORE offices.
It's basically free counseling and small business advice from some of the most seasoned small business folks in the country.
Take advantage of it in your local area.
Sara,
You don't need to have a permanent location identified in order to form your LLC. While starting out you can use either a personal address or, better yet, open up a PO Box at your local post office. That way both you and you partner will have access to it.
Unfortunately I don't have a spreadsheet available on how to start a business (since there are thousands of types of businesses and thousands of ways of starting them!), but I have written an article that may be of some help to you and your partner (http://www.locationisland.com/resources_where_to_start.html).
I'm excited for you! Because of the incentives and programs now available to the entrepreneur, this could be one of the best times to start a new business.
I wish you lots of luck in your new endeavor...
Hi Sara -
It sounds like you've done a lot of research so far.
Now that most of your initial research is done, I think the Maryland Small Business Guide will be a helpful resource for you because it lists out the 10 steps you need to take to make your business legit in the state of Maryland.(i.e. when/how to register for an Employer ID Number, obtain permits, and determine on financing options)
Please let us know if this helps and keep us posted on your progress. Best of luck!
Nicole
siotw | Creator | 3/22/2010 - 6:36 pm
LocationIsland | Creator | 3/22/2010 - 6:36 pm
NicoleD | Former Moderator | 3/22/2010 - 6:36 pm
Join The Discussion
You must be logged in to join the discussion. If you already have an SBA Community account, Log In to join the discussion.
New users, Register for a new account and join the conversation today!