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6 Steps to Starting a Small Business in North Carolina

First, you had an idea for a small business. Now, you want to set that idea in motion. If you are looking to start a small business in North Carolina, here are the first steps you can take to make your idea a profitable reality.

Steps to Starting a Small Business in North Carolina

Small businesses account for the majority of new job creation in North Carolina. They are an integral feature of the state economy and can be easily established in a few steps.

  1. Create a business plan — Clearly identify the objectives of your business and why it will be successful. Search out examples of business plans if you are unfamiliar with the process.
  1. Decide on your business structure and register your business name — Register the name of your business and the type of business (nonprofit, private corporations, LLCs, etc.) In order to operate legally, you will need to be registered as a business in the State of North Carolina.
  1. Get license requirements — Obtain any necessary licenses required for operation. Be sure to adhere to county and federal requirements, as well.
  1. Obtain the necessary tax information — In order to move forward with opening a business, you must be registered with the State and Federal taxation departments. Once you have your tax ID number, you are one step closer to opening for business. You can use this business tax information to identify your requirements.
  1. Identify sources of financing (apply for small business loans) — If you are starting a small business in North Carolina, you may need financial backing to support your first or second year of operation. This money will cover expenses such as property leasing, salaries and product stock. Find a bank that will lend to your business with a reasonable interest rate and a short repayment term to minimize the cost.
  1. Learn about employer reporting requirements and responsibilities — You’ll need to register as an employer, and for unemployment insurance and worker’s compensation insurance. You’ll also need to apply for federal and state withholding numbers.

The Right Bank for Your Small Business Needs

First Bank* offers the comprehensive range of financial services you need to start a small business in North Carolina. With dedicated service to our community since 1935, we are committed to helping your business thrive.

Visit a local branch today to learn about our business banking options.


*Member FDIC.

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Sources:

BLNC: http://blnc.gov/start-your-business/planning-checklist

SBTDC: http://www.sbtdc.org/pdf/startup.pdf

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