Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9

Important Information: We’re here to help, click here for important information on our coronavirus response.

Back
Scroll to top

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.

———-

Sources:

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

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

Trending Topics

Local Banks Near Me

When looking for local banks near you, look no further than your neighborhood First Bank. With locations across North Carolina and South Carolina, you can count on us for all of your banking needs. When you bank with...

Savings Account Interest Rates in South Carolina

Whether you’re searching for savings account interest rates in South Carolina, looking for an account with a higher rate of return, in the market for a long-term savings strategy with tax advantages, or looking to...

Small Business Loans – Albemarle, NC

If you are thinking about opening a small business in Albemarle, North Carolina, First Bank can provide you with a small business loan to get you started. Albemarle offers lower utility rates, real estate, construction...

Find the Best Checking Accounts in South Carolina at First Bank

For residents in South Carolina, finding the best checking account can be crucial to managing your finances. But with so many banks in the area, it can feel overwhelming to choose the right option. At First Bank, we are...

Best Savings Account – North Carolina

Finding some of the best savings account in North Carolina may seem like a difficult task. After all, there are hundreds of North Carolina banks offering savings accounts. How do you go about determining which account is...

Get a Flexible College Savings Account at First Bank in Albemarle, NC

Nestled in the Piedmont region of North Carolina, Albemarle, NC, is home to sprawling hills, streams and forests. Whether you’re attending local Stanly Community College or you’re planning on leaving the quaint...

Loan for Small Business – Wilmington, NC

If you live in Wilmington, NC, and are looking for a small business loan, consider First Bank. We were recently rated one of the best in-state banks by Forbes. At First Bank, we are dedicated to providing small business...

Need Online Payroll Services Nearby? Trust Your Local First Bank

Going green isn’t only good for the environment. If you’re a business owner, turning your business into an eco-friendly venture could help you save money and attract more customers. By cutting costs in certain...

Best Small Business Bank – Albemarle, NC

If you’re looking for the best small business bank in Albemarle, NC—the search stops with First Bank. As a local bank, First Bank has a reputation for being an instrumental part of small businesses. Our...

New to Working From Home? Here’s How to Do It Safely

To help mitigate the threat of COVID-19, businesses and employees are finding themselves taking part in the biggest “work from home” experiment ever tried. If you are one of those business owners or employees, here are...