At HalalSearch, we want our Muslim brothers and sisters to succeed in all endeavors. Which is why we are creating this directory for Muslims to list their businesses with us so that they can reach wide audiences. With that being said, we decided to dedicate this small piece to help up and coming business owners to get started.
(Disclaimer: This is not business advice. Starting a business is always
risky and the business owners assume any and all of it without holding
HalalSearch.org accountable for their actions).
Step 1: Conduct Market Research
Gather as much info as possible about your target market, your competition, the demand for the product or service you are about to sell and determine if you will be able to compete successfully given the listed parameters. Ideally you should be able to conduct surveys at a small scale to determine feasibility of your idea before launching.
Step 2: Write a Business Plan
A business plan outlines a roadmap for your operation and it helps you lay thing out in a structured fashion. You can find many templates online for a good business plan so make sure to create one as it can potentially help highlights some ‘gotchas’ which you may have overlooked in step 1. Plus a business plan is mandatory when it comes to seeking investors for your new business.
Step 3: Getting Funded
With a business plan, you will be able to identify the financial needs of your business. If you are unable to raise this sum on your own, you will need to look into your options to borrow these funds to get yourself started.
Step 4: Location. Location. Location.
Finding a suitable location for your business plays a huge role in it’s success. You must find a place that can be found by your audience and that caters to their and your needs. The choices made on this front can have legal, revenue and tax related implications so choose wisely.
Step 5: Business Structure.
You must determine if your business is going to be a solo endeavor aka sole proprietorship, a partnership, a LLC, a C, S or B-corp or some other organization. This choice will once again have implications on your registration requirements, taxes and liability.
Step 6: What’s in a Name?
Step 7: Registration
By now, you have all the info needed to register your business. You will need to look into both federal and state laws (depending on where you are planning to do business) to register your operation. Be sure to check out your state’s official websites.
Step 8: Federal and State Tax ID
As a business you will need what is called an employer identification number (EIN). This number is the unique federal identity for your business and allows you to pay taxes among other things. Again, depending on your location, you might need a state tax ID as well. Check your local laws for applicability.
Step 9: Permits and Licenses
Depending on the nature of your business, you might need various licenses and/or permits to keep your operation running in compliance with local laws. Make sure to check and see what applies to you and acquire the necessary permits and licenses.
Step 10: Business Bank Account
A business
checking account will help you keep your business and personal finances separate. This will be very crucial when it comes to legal and tax related aspects. These are easy enough to setup and with all the above documentation in order, a bank can help you set one up in no time. Make sure to check out specials on Business Accounts as you may also be able to score some perks and benefits from the bank when opening a new business account.
Now that you know what’s needed to get things up and running, get out there and follow your dreams. Good luck!
Inspired by: https://www.sba.gov/business-guide/10-steps-start-your-business
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