How to start your business in 5 steps

Are you thinking of starting your own business? Let us help you! We know that the process can feel difficult and overwhelming, but with these tips your new adventure into the entrepreneurial world should be much easier.

Step #1 Do some market research.
Before you start, you have some preliminary market research to do. You need to know how large is your market and how competitive is your industry?  Think about your business location. Choosing a location requires planning and research. It involves looking at demographics, assessing your supply chain, scoping the competition, staying on budget, and understanding state laws and taxes. If you’re in Oregon please visit Business Xpress. They are a cooperative of state agencies that help first time business owners to answer all of these questions. You can also use the Oregon Business Wizard, which is designed to help you start and operate a business in Oregon.

Step #2 Make a Plan!
After doing all the preliminary work, now you need a business plan! The more you know about your business the easier it will be to put your plan in motion. You need to know what the purpose of your business is and what your goals are as a business owner. Business News Daily explains in great detail how write a business plan. Please click HERE and go through the steps they’ve set out.

Step #3 Register and Define Your Business!
Now that you have a business plan you will need to choose a business structure. You have to decide if your business will be run with a sole proprietorship, if you’ll have a partnership, or if it will be an LLC. Click HERE to learn about the types of business you can have. When you are ready to register your business you can check name availability HERE. If the name is available you will have to go through The Oregon Secretary of State’s Corporation Division to register it. You can get the necessary forms HERE and information on fees.

Step #4 All the Legal Stuff
You will need to learn about your tax obligations as a business owner. The Business Information Center provides information about Oregon and federal income taxes. Most businesses will need to apply to the Internal Revenue Service for a federal Employer Identification Number (EIN). You can apply online through the IRS. Many occupations and business activities require licenses, permits or certifications from state agencies or boards. The state of Oregon offers a searchable online License Directory, a comprehensive directory of over 1,100 licenses, permits and certifications. And don’t forget to protect your idea. Learn about registering patents, copyrights, trademarks and service marks with the state of Oregon and the federal government.

Step #5 Call Lara Media!
With our help you will be able to connect to the hundreds of thousands of Latinos living in the Pacific Northwest. We can help you build a strategy that will resonate with the Spanish speaking audience and we can also help you implement it as well. Don’t let this huge chunk of potential customers unattended. Look at our menu of services. You can use our translation services, take one of social media trainings, or we can create an entire advertising campaign for you. Contact us and let us start this new adventure with you!