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The Ultimate Guide to Starting a Business in Arizona

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Deciding to start a business can be terrifying. The endless list of administrative steps and unanswered questions is enough to discourage entrepreneurs. But don’t let this fear keep you from your dream of starting a business in Arizona.

To start, congratulations on choosing the Grand Canyon State to throw down your business roots. Arizona is home not only to the famous Grand Canyon, but also to over 500,000 small businesses. Arizona’s small businesses employed 44.5% of the private workforce and created nearly 40,000 jobs in 2015.

Are you ready to finally begin your entrepreneurial adventure? If you excitedly answered yes, we’re here to help you. Here is a step-by-step guide on how to start a business in Arizona.

How to start a business in Arizona in 8 steps

You probably have a lot of questions when it comes to how to start a business in Arizona. Check out the steps below to see if we can help you.

Step 1: Choose your business entity

When you’re first starting a business in Arizona, it’s easy to feel overwhelmed by the different types of business entities available to you. The business entity you choose can have serious legal and tax consequences in the future, so you know it’s an important step. Fortunately, we’ve narrowed your research down to the three most common business structures. Note that there are others out there if you don’t think any of the below work for you.

Sole proprietorship

This business entity is technically the default option for single-member businesses, like those that offer freelance services. Typically, no paperwork is required to operate one. However, there are certain characteristics to this business structure you should be aware of.

First, filing as a sole proprietorship means that you and your business are one and the same, legally speaking. That means that you are legally liable should any debt or legal issues arise. Your personal assets and business assets will be the same when filing taxes.

Limited liability company (LLC)

Forming an LLC does offer some attractive advantages over a sole proprietorship. For one, you do gain some liability protections. Should you ever get targeted in a legal dispute, in most cases the opposing party can only sue the company and not you, the individual.

Another benefit of forming an LLC is that they are allowed pass-through taxation. However, LLCs are required to pay full self-employment taxes, an expense that corporations have methods to mitigate.

Note that LLCs can operate as a single-member business or can be formed with multiple business partners.

Corporation

A corporation enjoys liability protections similar to LLCs. If you have plans to aggressively grow your business, a corporation may be the right business structure for you.

However, this advantage does come with more paperwork and costs compared to an LLC or sole proprietorship. Forming a corporation can get complex, especially because you need to write bylaws, form a board of directors, and file special forms with the IRS.

Step 2: Choose a business name

Your business name acts as your brand’s first impression on your customers. That’s why you want to choose a business name that is unique and easily distinguishable from other businesses.

Conduct an online business name search

Verifying your desired business name’s availability will help you avoid any legal mishaps with other companies when starting a business in Arizona. Here are a few steps to take before you can register your business name:

  1. Do a Google search.

  2. Search the U.S. Patent and Trademark database.

  3. Search your desired domain name on Name.com or GoDaddy.com.

Business name requirements

This may be news to you but your business name has certain requirements depending on your chosen business entity.

When you’re forming a limited liability company (LLC), your business name must end with “limited liability company” or “LLC.”

Alternatively, if you’re forming a corporation, your business name must include the word “corporation,” “company,” “incorporated,” or “limited.”

Reserve your business name

After verifying its availability, you may reserve your business name for up to 120 days. This is helpful for securing your business name even if you’re in the planning stages of starting a business in Arizona. Reserve your business name by filing an application with the Arizona Corporation Commission. Please note that it costs $45 to file online or $10 to mail in your name reservation form.

Step 3: Write your business plan

When learning how to start a business in Arizona, it’s critical that you have a solid business plan in place. Your business plan will be your guide to planning, running, and scaling your business, so it’s important that you not rush this step—it might actually help you answer questions you have about how to start a business in Arizona. Also, lenders tend to approve business loan applicants who have prepared a comprehensive business plan. Here are a few things to consider when writing your business plan:

1. Products and services

In this section, you’ll want to describe your product or service highlights. Plainly state what exactly the product or service you are offering is. Using your market research, describe how your business addresses your customers’ needs. After all, the most valuable business ideas are those that solve problems.

2. Market analysis

Before starting a business in Arizona, it’s critical that you analyze your target market’s size and demand. Also, consider your competition. How can you deliver a product or service that is different or better than your competitors? How will you use branding to differentiate yourself in a saturated market?

3. Financial planning

How well your business performs depends on how thoughtful you are with your business finances when first starting a business in Arizona. A good financial habit is to always record your expenses. Expenses can quickly accumulate when starting a business: filing paperwork, business insurance, marketing, payroll, and more. Consulting a business attorney or an accountant will help you better manage your business finances and prepare for tax season.

Writing your own business plan can be daunting, especially when writer’s block kicks in. Our business plan template or a business plan software can help you get started.

Step 4: Register your business in Arizona

You have your business name, you’ve chosen your business entity, and you’ve written your business plan. Now, it’s finally time to make starting a business in Arizona official by registering your business with the state.

Select a statutory agent

In Arizona, a registered agent is called a statutory agent and their responsibility is to receive business-related tax and legal documents on your behalf. Retaining a statutory agent is a requirement to register and operate your business in Arizona.

Hiring a professional statutory agent does have its advantages but you can appoint yourself, a business partner, or even a trusted friend as your statutory agent. Just verify that that individual is over 18 years old, a resident of Arizona, and is always available during normal business hours.

Create an eCorp account

Starting a business in Arizona is more convenient now that you can register your business online with eCorp, Arizona’s web-based application to “manage the life cycle of your business registration.” After you create your eCorp account, you will be directed to the online registration process.

File registration papers with the state

The type of paperwork you need to file when registering your business depends on which business entity you choose. Sole proprietors may have to file a DBA with the state, as we’ll discuss below.

Forming an LLC requires you to file the articles of organization. Forming a corporation requires you to file the articles of incorporation. You can complete the filing process online with the Arizona Corporation Commission after you create your eCorp account.

Please note that you will be charged a filing fee when submitting your application ($50 for LLCs or $60 for corporations).

Filing for a DBA in Arizona

When your company is operating under a business name different from your legal name, you usually are required to file a DBA (or “doing business as”). In Arizona, they use the term “trade name” instead of DBA and filing for a trade name is not legally required.

If you’re starting a business in Arizona, you may apply online with the Arizona Secretary of State to register your trade name. Please note that a $10 filing fee would apply and it may take two to three weeks for your application to be processed.

Obtain your federal employer identification number (EIN)

When you file your personal taxes, you use your SSN. When filing your business taxes, you use your employer identification number, if you’re an LLC or corporation. Sole proprietors with no employees can file their business taxes using their SSN.

However, we recommend that you apply for an employer identification number because you’ll need it when hiring employees and, in some cases, when opening a business bank account.

Step 5: Separate your personal and business assets

When operating your business you’ll want to avoid piercing the corporate veil. You can avoid doing this by separating your personal and business finances. A business bank account can create a barrier between the two, which will be a life-saver for:

  • Tax purposes: Avoid the nightmare of reviewing business expenditures for tax write-offs when your business and personal expenses are muddled together. Keeping them separate can expedite the process.

  • Personal liability: If you’ve formed an LLC or corporation, your business is a separate legal entity equipped with some personal liability protections. Separating your personal and business assets ensures that your personal assets are mostly protected during any legal disputes.

Also, you might want to consider finding a business credit card. Many entrepreneurs starting a business in Arizona may find business credit cards useful for keeping business expenses separate and building their business credit scores.

Step 6: Secure funding

Securing and generating capital is a huge part of learning how to open a business in Arizona. That’s why we recommend that you have a firm handle on your finances from the beginning. Fortunately, if you need some funding to get your business off the ground, there are several financing options available to small business owners:

Business loans

Usually, your first stop for a business loan is with your bank. However, if you’re starting a business in Arizona with no business experience, you might run into a roadblock here. Even with a thorough business plan, lenders may be hesitant to finance your first business. If this happens to you, rest easy because there are other loan options to explore.

An SBA loan is an attractive option because their loan products are targeted to small business owners. The SBA, or Small Business Association, doesn’t loan the money, but they do guarantee the loans, which are mostly issued by banks. While the loan terms will vary with your business requirements and your credit history, you can be approved for up to $5 million with interest rates as low as 7.75%.

Equipment loans

Depending on which industry you enter, your business may require specialty equipment that you can’t afford to purchase, or rent and maintain. Fortunately, there are equipment financing options that will help you secure the tools you need to operate your business. Like with any loan, the details of your loan will depend on your business history and credit score.

Bootstrapping

If you want to self-finance your business and rely on your own cash reserves, then bootstrapping may be an option to consider. Many people who self-finance their companies enjoy having full ownership of their business and usually have the financial discipline to run a lean business. However, a smaller budget may stunt how rapidly your business grows and scales.

Step 7: Obtain your licenses and permits

The state does not offer a general business license for those starting a business in Arizona and you may need to obtain licenses and permits specific to your business. Since it can be difficult pinpointing which licenses and permits you need, we recommend that you consult your local county office. If you have specific questions about how to start a business in Arizona, they’ll be able to give you the most precise information.

Apply for a transaction privilege tax license

According to the Arizona Department of Revenue (ADOR), a transaction privilege tax (TPT) is a “tax on a vendor for the privilege of doing business in the state.” If you’re starting a business in Arizona, we recommend that you review this list of businesses subject to the TPT before you apply online for your TPT license:

  • Retail businesses

  • Restaurants and bars

  • Commercial real estate businesses

  • Amusement businesses including sports arenas, movie theaters, and arcades

  • Property rental businesses

  • Contractors

  • Metal and non-metal mining

  • Transportation businesses

  • Job printing businesses

  • Publishing and telecommunications businesses

  • Utility businesses

  • Private rail cars

Please note that the cost for a TPT per location is $12. Tax rates themselves vary depending on the type of business you’re running, and the city and county in which you’re operating.

Step 8: Review an employer’s responsibilities

You will quickly learn that transitioning from an employee to a business owner will include additional responsibilities like:

  • Hiring employees

  • Accounting and payroll

  • Obtaining small business insurance

  • Customer service

It’s important to understand all of your responsibilities as an employer when starting a business in Arizona so that you’re prepared to run a smooth business operation. While switching between many hats can get exhausting, you can hire employees to offset some of these responsibilities as your business scales.

Starting a business in Arizona: Your next step

Starting a business, even in the great Grand Canyon state, can be an overwhelming venture. In the beginning, it’s normal to have a lot of questions about how to start a business in Arizona. You’ve made it to the end of this guide and now we have a question for you: When will you start?

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

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How to Grow Your Small Business Startup: 4 Essential Steps

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Around 90% of startups fail. And while some of those failures can be attributed to bad luck, many others were the result of poor decisions at the early stages of building the company. 

But while that statistic may seem discouraging, it can also provide motivation to those entrepreneurs who are willing to follow the best practices of launching a startup and push through the various challenges that will inevitably come up during the process.

With the help of a few simple (but fundamental) strategies, you can separate yourself from the majority of other startups and give yourself a real shot of making a product that will break through and make a difference.

To help you get started, let’s look at four crucial aspects of launching a startup that you should consider.

Start with the “Why?”

The number one thing you should do when launching a new company is to ask yourself a simple question:

Why is this solution necessary? 

There are millions of startups globally, and the majority of them would fail to provide a viable answer. Some just want to break into a hot market because they think that will increase their chances of success. Others believe they have a unique idea without knowing whether there’s any demand for it. 

But in most cases, ideas that might seem reasonable at first glance crumble when their purpose is questioned even a little.

So, if you want to avoid pouring your heart and soul into a project only to find out that it was a waste of time, it’s a good idea to spend a fair amount of time thinking about the core purpose of your product and the effort it will take to launch it.

Most of the successful startups you might have heard in recent years started with a very clear idea of the purpose behind the company. It can be a feature that no other product in the market can offer. Or, it might be a unique process for solving a problem that will change the industry forever.

Most of the time, there’s at least a clear answer to why the startup needs to exist in the first place. If you strip away the gimmicks and the additional features, you should still be left with the core idea of what you can offer that no one else can.

Take Care of Your Employees

No matter how you decide to finance your startup, you won’t be able to go forward alone for long. And that means that at some point, you will need to figure out how you’ll take on employees and ensure that they are happy and protected.

Then, there are various state and federal regulations that determine how much paperwork you’ll need to file out, what protections you’ll need to offer, and countless other details that someone outside of the HR world has probably never dealt with.

Because of that, startups can benefit from using HR outsourcing services that can take over the entire process. The team at SnackNation recommends using services like Bambee or Workday, which provide comprehensive solutions for companies of all sizes.

These companies can offer HR consulting, benefits administration, performance management, payroll, bookkeeping, and various other services that can be a hassle to manage on your own when you’re just starting a new company and have a lot on your plate already.

Plus, it ensures that you implement the best HR practices of today and that your employees are taken care of. And that will make attracting the top talent you need for growth that much easier.

Use a Proven Website Platform

Launching a startup is impossible without a strong web presence. And that inevitably starts and ends with your website. But if you don’t have experience with building and designing websites, the entire process can be a bit overwhelming.

The good news is that with a platform like WordPress, you can have a website set up in a matter of days if you want something simple. But at the same time, the platform offers robust customization capabilities and it can get a bit confusing when picking the right ones. That’s why it’s a good idea to curate your own WordPress toolbox that includes a wide variety of powerful themes, plugins, add-ons and WordPress resources that you know would always work for your website. 

In the end, you want to find fast hosting, install robust security features, and provide a seamless User Experience (UX) to all of your site’s visitors.

Designing a site from scratch can be appealing. But WordPress can give you enough versatility to get any features you need while remaining user-friendly enough to keep costs down and provide you with a simple way to get started.

Maintain Focus

As a startup owner, you will probably never run out of avenues you could pursue. Whether it’s the new shiny marketing tool or a promising networking opportunity, there will be times when you’ll want to do everything at once because that’s what could give the company the best chance of success.

But in reality, maintaining focus and clarity in terms of priorities might be the most practical choice for your startup in the long term.

By only focusing on a few things at a time, you will allow yourself to really give them time, tweaking your approach until you find what’s working. Moving on to something else is easy, but then you might miss out on incredible opportunities because you were too quick to dismiss something without giving it a real shot.

So, whether it’s a marketing approach or adding features to your product, always weigh the potential benefit against the resources it would require and against how it would impact what you’re doing right now.

Sure, at some point, you will need to cut your losses with projects that didn’t pan out. But it’s a good idea to stick with them for a bit longer than you might want to, especially if you know that it’s a sound strategy that could deliver big if you would just find the right approach. 

Final Words

Launching a successful startup is a dream that drives millions of entrepreneurs worldwide. But only those that follow sound business principles and are disciplined in their decision-making can expect to see success.

The strategies listed above may not be flashy, but they represent essential parts of running and scaling a startup. And sometimes, taking care of the less flashy details like HR management can set you up for exceptional results in the future.

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Starting a new online business during the pandemic: Two COVID-era tales of renewal in Miami

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The pandemic forced more than three-quarters of small businesses across the U.S. to temporarily close up shop in the spring of 2020, and thousands have since shut down for good.

But the COVID-19 pandemic also led to a record number of people trying to start their own businesses: 4.5 million filed new business applications in 2020, according to an analysis of U.S. Census Bureau data by the Economic Innovation Group.

That’s the highest number ever and a 24% increase from 2019.

 

And the momentum isn’t slowing. The Census Bureau says 492,000 new business applications were received in January 2021, a 43% jump over the previous month. Many more informal businesses are believed to have been created, often as side hustles, but never registered.

Few cities saw more aspiring entrepreneurs than Miami. Although new business creation was not distributed evenly across racial and socio-economic lines, green shoots of entrepreneurship popped up across the metro area, helping to bring a dose of resilience to the local economy.

[At the same time, untold numbers of existing small businesses — restaurants, neighborhood shops, salons — decided to establish a digital presence, allowing them to find new customers and take orders from beyond their immediate area.

In all, the number of digitally connected microbusinesses in Miami-Dade County rose 6.7% from 2019 to 2020, according to data from GoDaddy’s Venture Forward project, which studies the economic impact of these small online businesses. The Miami metro area, which includes the neighboring cities of Fort Lauderdale and Pompano Beach, has more microbusinesses per 100 people than any other large metro area in the country.

These everyday entrepreneurs make a big impact on their communities, with each new one leading to the creation of two additional jobs, Venture Forward data shows. Additionally, each new microbusiness per 100 people can reduce the unemployment rate by .05 percentage points.

And between 2016 and 2019, every microbusiness per 100 people that’s active online was associated with a $485 increase in a community’s household median income.

Here are the stories of two inspiring women entrepreneurs who took the initiative when the pandemic upended their lives.

Natasha Nails: Rethinking the press-on

It took a painful case of contact dermatitis, a type of allergy, following a visit to a nail salon for Natasha Williams to come up with an online business idea for the future of press-on nails.

The Miami native, who lives in Little Havana, has had her nails done since her teens.

But after her allergic reaction in March 2020, she was forced to switch to press-on nails that used hypoallergenic adhesive pads.

Unhappy with the appearance of what was available — they felt cheap and plasticky — Williams started buying clear nails and hand painting them with her favorite colors and designs.

Around the same time, the pandemic shut down the local economy. A well-known tap dance performer and teacher around Miami, Williams suddenly had a lot of time as lessons and gigs dried up.

By July, buoyed by the admiring comments she got from friends and strangers on the street, she realized there was a market for her creations, so she quickly built an online store and Natasha Nails opened for business.

At first, it was as much a hobby as a career plan. But soon she started asking questions and understanding the opportunity was real.

Why did women tend to apply press-on nails and leave them on and then throw them out? Given how easy they are to remove and reapply, particularly the adhesive-pad type, wouldn’t it be more fun and affordable to have collections of nails so they could match outfits or daily moods, the way they choose which shoes to wear or purse to carry?

“I want people to be able to mix and match, like ‘let’s see what I have in my closet to wear today,’” she says.

If she can popularize this approach, women may one day not feel obliged to suffer the daily inconveniences of wearing long nails.

“Just try typing all day with these things on,” she laughs, showing off long, olive nails. “You really can’t do much. And anyone who tells you differently is lying!”

While her new business doesn’t make enough money for her to quit her teaching, she spends about the same number of hours on both.

That includes 30 minutes each morning tending to her growing Instagram account — where she has amassed more than 5,000 followers who account for most of the orders on her website — and a few hours in the evening painting nails, including custom orders, and packaging up boxes for customers who opt for her monthly subscriptions.

Many challenges remain ­— particularly how to scale production beyond her ability to hand-paint nails while maintaining the artistic quality. But Williams is definitely a long-term thinker who hopes that, some day, her creations will be featured at major retailers.

“I don’t see obstacles as problems, but as challenges,” she says of the process of building a company. “You just have to follow the steps.”

Read more about Natasha’s story here.

Starting an online charcuterie-to-go

Like so many healthcare workers around the world, Maryam Kheirabi faced new demands when the pandemic hit. An oncology pharmacist with a Miami-area hospital, she suddenly had more hours, more stress and more fears of the unknown.

To deal with the growing pressure, Kheirabi decided she needed a new activity, something that would take her mind off her stressful job and give her a newfound source of fulfillment.

That’s when Fig & Brie, a charcuterie-to-go business, was born.

 

“I’m happiest when I’m extremely busy, and I wanted to create something beautiful for people to share,” she says. “In a way, I think the business got me through the worst days of the pandemic. It gives me hope, and hopefully it gives other people hope, as well.”

The idea came to her soon after the pandemic began, when she saw groups of friends eating from plastic containers full of snacks at a park across the street from her home for socially distanced get-togethers.

“How cool would it be to have a charcuterie box to go,” she remembers thinking. It would give people the option to pre-order a food board that could be delivered just when it was needed.

A native of Queens, N.Y., who moved to Miami with her speech pathologist husband in 2016, Kheirabi grew up being responsible for creating food platters for family gatherings.

“We Persians are very big on hospitality, and I never lost my love for creating beautiful, delicious things,” she says.

Once the first spike in COVID-19 cases began to ease in August, she started doing research, which included the creation of a variety of charcuterie platters for colleagues at the hospital.

A cousin in New Jersey agreed to help her secure a domain name and choose website-building tools.

“The rest was left up to me, but it was mostly dealing with aesthetics, which I love, anyway,” she says.

In early November, Fig & Brie officially launched, with a range of offerings, from a $20 “solo” platter to an $85 “soiree” box.

The seed capital was $2,000 that her husband, Francisco, urged her to take from their savings, with the understanding that they wouldn’t spend any more if the business wasn’t profitable after a month. She ended up spending $1,900 of it in that time, but by early December the business was making money.

Kheirabi’s digital marketing strategy initially was solely based on Instagram, in part because she wanted to grow slowly at first. But sales jumped more quickly than expected over the holidays, as friends and fans spread the word. One local real estate broker ordered platters as gifts to her clients.

It wasn’t easy, but she and her husband managed to keep up with demand while maintaining their jobs in healthcare. It helps that most orders come on Thursdays or Fridays, for delivery on Saturday.

Francisco does everything from taking photos to taste-testing to driving their only car around the city making deliveries. When he once asked what he would be paid for all his work, she quipped, “Sorry, but we pay in cheese.”

Her near-term goal is to have enough demand to hire a driver or two, and then to find a way to ship around the U.S. (That will require some innovation, to either find a way to keep fruits and veggies crunchy and fresh, or to come up with boards that meet her standards without those foods.)

Ultimately, she’d like to open a storefront in Miami and share her business model so women in other places could follow suit.

“I wouldn’t be doing this if it was only for the money,” she says. “That’s just icing on the cake.” The primary reward, other than enriching customers’ lives, is to empower women, including herself.

“We’re living in a time when women are standing up and taking charge of themselves,” she says. She even welcomes the competition from other female-owned online charcuteries in the city. “There’s enough demand to go around,” she says. “Women shouldn’t compete with each other. We should lift each other up.”

Related: Research shows that women have what it takes to make great CEOs

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New to Entrepreneurship: Here Are 6 Tips You Can Bank On

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Entrepreneurship is not a career, it is a life choice. Many people have mind-blowing business ideas. It’s almost enticing to jump right into starting up your new business. But as fun, as that sounds, the reality of running a successful business is a lot more complicated than that.

Most times opening up a business is usually a learn-as-you-go experience, but it doesn’t have to be this way. Here are essential tips that when implemented well can be the smartest decision you will ever make for your business.

Brand Your Business

What does the term branding mean to you? Most people perceive branding as the logo, colors, and visual component that you associate your business with, but it’s a little more than that. Branding is the entire identity of the business. It is what makes your business stand out in crowds.

In a fast-growing business world, it is important to create a strong brand for your business. This way it outshines your competitors, gets people’s attention, and makes it more recognizable. Branding gives you a chance to get some control over how people perceive your business. 

Build a Team

Manpower is a vital part of any successful company. It is significant for ensuring that operations are running smoothly and efficiently. Coming up with a good workforce is the secret ingredient for achieving a good relationship between your company and your customers. They are the face of the company and give an essence of the human touch to your business.

It can not go unmentioned that with improved technology manpower is rapidly being replaced with machines. That said, creating and maintaining a reasonable amount of manpower for your business can be a life-saver hack. Coming up with a team of educated and well-trained individuals will improve productivity, provide innovations, and maintain the relevance of your business in the market, something technology can’t provide.

Buy Raw Materials in Bulk

Depending on what your company’s end product is, consider purchasing the raw materials required at wholesale. Stockpiling the raw materials when they are at their lowest prices is a money-saving hack. Buying raw materials at a low enough wholesale price reduces the cost of production and in the long run, maximizes profits from your retail sales.

Consider finding a reliable wholesale distributor, this makes purchasing more efficient and you are assured of the quality of materials you will be getting. Ensure they supply within your geographical region, have prices you can afford and are trustworthy.

Advertise Your Business.

Promoting your business is a key aspect if you want to outshine your competitors and make your product or service known to your potential customers. Businesses have different ways of promoting their brands; they range from handing out flyers to postcards to brochures to advertisements in newspapers to online marketing.

Using social media platforms to promote your product or service is a no-brainer. It is the best way to get your name out there fast enough, while also providing solutions to about ninety percent of the population online searching for similar products. Some businesses opt to invest in a large indoor LED screen because of its efficiency in displaying stunning images. These types of screens are eye-catching, outstanding, and popular for their diversity in use, hence playing a major role in advertising brands.

As a business owner, take time to research which medium of advertisement will best suit your enterprise and proceed to invest in it.

Invest in Packaging

While most new business owners overlook the need to properly package their product you must seize the chance and stand out. packaging is the first touch that customers will have with your brand.

It is therefore important to create enticing packaging for your consumers that will draw attention to your brand. It is imperative to incorporate eye-catching shapes, colors, quotes, and packaging material that is unique to your brand. This will make the unpacking experience for your customers exciting and unique hence creating loyalty and enhancing customer retention. Keep in mind that with evolving people and markets, your packaging must evolve to keep up. 

Be Sure to Keep Records

For any business, accountability is key. Efficient record keeping will help to keep everything in order and help to analyze your company’s financial status, provide insight into what your real profit is, answer tax problems, or keep track of deductible expenses.

Precise record-keeping of finances and expenses throughout a business’s lifespan makes it easier for you to adjust your business plan accordingly to help solicit new business partners or investors. 

Even after a business picks up, managers are tempted to focus more on production and profits and overlook record-keeping, so don’t fall into this trap. 

Choosing whether to keep the record in soft copy or hard copy is totally dependent on the business owner’s preference.

Conclusion.

Let’s be honest, starting a new enterprise can be a little bit hectic because it requires a lot of planning, sacrifice, and money. That said if you have your business idea don’t wait for the right moment because it will never come. Take the leap and trust your instincts. All you need to do is apply the six tips explained above and you are good to go. Good luck setting up your new enterprise.

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