Tampa's start-up and small business community is booming, and it seems like everyday there is a new company launching or Tampa business opening. Unemployment is down and GDP growth is up throughout our region, and as mroe and more companies come to Tampa, you'll see more and more companies starting.
If you've been inspired by the new businesses and are starting to think about launching the next big thing in Tampa, we've got some help for you. We put together a checklist of things to knock out as you take the first steps to starting your own business.
Follow along if you're wondering what it takes to bring your business idea to life.
- Determine the best business type and legal structure for your business.
- Develop a detailed business model with budgets, estimated profits, marketing tactics, and finance plans.
- Apply for a Federal Employer Identification Number (FEIN) from the IRS.
- Open a company bank account.
- Figure out how you want to fund your business and what your start up expenses are. Do you plan to bootstrap your business with your own funds or try to secure a loan?
- Check for any special zoning limits or operating restrictions for your business.
- Look for the best office locations, retail space, or warehouse storage for your needs.
- Obtain the proper licenses and permits to operate your business. This includes a State Seller’s Permit so you can collect sales tax.
- Set up a bookkeeping system to record profits and expenses. Consider finding an accounting vendor to help with your taxes and even your monthly books.
- Research how much materials will cost to run your business. Include a section in your budget for miscellaneous expenses and unexpected costs.
- Line up suppliers and vendors to provide resources for your business.
- Research business insurance to make sure your employees, property, and company are covered. Find the best policy that works for you.
- Determine how many employees (if any) you need to hire, and set budgets for their expected salaries and benefits.
- Research health insurance policies if you plan to offer it as a benefit for your employees.
- Determine what makes your business different from your competitors and why your products or services are better.
- Place ads for employees, attend hiring fairs, and talk to prospective hires. Schedule interviews and select your best options.
- Set aside time to train your employees, taking into account the learning curve that comes with your business.
- Register the domain of your business so you can build your website. Choose an existing web template or contract out your website creation and content management.
- Set up social media profiles to promote your brand.
- Develop a marketing strategy with a set budget to bring new people into your business.
- Set goals for growth and profits so you can track your success over time.
- Evaluate your business model constantly to make sure you’re setting yourself up for a smooth operating process and financial success.
This list is just a starting point. But, this is a good base checklist to follow if you want to get closer to realizing your dream as an entrepreneur. Also be sure to check out Tampa Bay Wave, one of the largest business incubators in the South, and where the website you're reading this on was brought to life!
If you use these tips to launch a new business in Tampa -- let us know! We'd love to cover your new venture in 813area.com!
