{"id":17562,"date":"2024-09-21T02:15:07","date_gmt":"2024-09-21T02:15:07","guid":{"rendered":"https:\/\/heyerinc.com\/2024\/09\/21\/how-to-start-your-southeastern-fl-small-business-part-two\/"},"modified":"2024-09-21T02:15:07","modified_gmt":"2024-09-21T02:15:07","slug":"how-to-start-your-southeastern-fl-small-business-part-two","status":"publish","type":"post","link":"https:\/\/www.heyerinc.com\/blog\/2024\/09\/21\/how-to-start-your-southeastern-fl-small-business-part-two\/","title":{"rendered":"How To Start Your Southeastern FL Small Business, Part Two"},"content":{"rendered":"
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The next generation might not know what Benjamin Franklin was talking about when he said \u201cA penny saved is a penny earned.\u201d<\/p>\n

That and so many other cliches we take for granted related to money. Lucky penny\u2026pennies on the dollar\u2026penny for your thoughts\u2026see a penny pick it up, all day long you\u2019ll have good luck.<\/p>\n

Why? Because penny abolitionists want to get rid of them<\/span><\/a>. Yes, I said penny abolitionists \u2013 they\u2019re real (even former President Obama is one). <\/p>\n

A big reason for this? The cost\u20143 cents for every penny made. What do you think? Do we really need the penny anymore? Well, to make change for 99-cent bargains and other penny-riddled price tags, I suppose.<\/p>\n

So, why the penny talk? <\/p>\n

Because this is a good moment to think about payment systems and pricing in your Miami Metropolitan business. How would the elimination of the penny affect that? And if you\u2019re starting a business, it\u2019s an even more important possibility to consider from the outset. <\/p>\n

If you already run a small Southeastern FL business and have to make that shift, plan ahead for how to round prices. If you haven\u2019t adjusted prices for inflation, this might be the perfect excuse to do that. Make sure to keep pricing fair and transparent for your customers. <\/p>\n

Of course, you can forego the cash route altogether and opt for digital payments for your services. Plenty of businesses do that. And if you\u2019re at the beginning stages of business ownership, you can pull this off more easily now than making the switch later. It\u2019s one of the many things you\u2019ll want to consider in your planning list.<\/p>\n

Now, last week I talked about the steps to follow for starting a new business and stopped about halfway through because there was so much to cover. So I\u2019m picking that thread back up this week to talk about business structure types, requirements for filing the legal documentation, and operational setup.<\/p>\n

Here\u2019s part two\u2026<\/p>\n

How To Start Your Southeastern FL Small Business, Part Two<\/strong><\/span>
\u201cIf you’re not embarrassed by your first version, you launched too late.\u201d \u2013 Gary Vaynerchuk<\/i><\/span><\/p>\n

Since I covered some of the preliminary business planning considerations in my last note, we\u2019re moving into the formal business startup process today. <\/span><\/p>\n

So let\u2019s dive into the good stuff.<\/span><\/p>\n

Legal Requirements and Business Structure<\/u><\/span>
The legal requirements for starting a business are going to vary by state, so search online for your state\u2019s specific rules. <\/span><\/p>\n

Generally speaking, you\u2019ll need to choose a business entity (more on that below), choose a business name, check to see if that name is available with your state, register your business name with your state, <\/span>register for a federal EIN<\/span><\/a>* (Employer Identification Number), open a business bank account (you\u2019ll need an EIN to do this, plus it will come in handy for paying all of those registration fees), and check into any state-mandated business licenses or permits required for your type of business.<\/span><\/p>\n

*Note that not every business needs an EIN. If you don\u2019t have employees, many sole proprietors and single-member LLCs aren\u2019t required to get one. But they are free and it provides for easier scalability down the road. <\/span><\/p>\n

All of this will take some time and patience. Be prepared to fill out multiple online forms and be sure to save all of your registration documents in a safe place. Fortunately, most of it can be done online these days.<\/span><\/p>\n

But the first step is to decide about your business structure (also called business entity). This is a great opportunity to consult with someone like me who can walk you through the advantages and disadvantages of each of the business structure types, as it relates to your venture. <\/span><\/p>\n

So give me a call to have that conversation: (786) 693-9358<\/i><\/span><\/p>\n

Before we talk, here are the basics of the most common <\/span>business structure types<\/span><\/a>. Your choice here determines what taxes you\u2019ll pay and how you\u2019ll pay them.<\/span><\/p>\n