Take Control Of Your Life & Become Your Own Boss 

Here are 8 Steps to Starting your Own Business 

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1. Market Research- First figure out what your passion is. If it’s selling merchandise, or services make sure that you research what you want to sell and the need for it in the market.  

 

   2. Write your Business Plan- This is very important if you plan to get funding for your business. There are several companies out there who can assist you with this, or you can also do it yourself by researching how to write a successful business plan if you want to save money. 

 

   3. Fund your Business-  You can do this in many ways. You can invest in yourself and save up money from working and put that savings to the side for your investment. You can get funding for your business by loans. Keep in mind if you go the loan route that you need to check out your credit score and make sure you meet all requirements. You can also apply for grants. There are several grants open to first time businesses owned in many fields. For open grant information you can go to 3rdEye Creative Living Business Grant's & Resource's page by clicking on the button at the top. We try to keep you up to date for open grants for new and existing businesses so make sure you sign up to our email list for new grants as they post. 

 

   4. Pick a Business Location- Will you operate your business from your home or will you operate your business in a separate location. 

 

   5. Choose your Business Structure- There are several business structures you can put your business under: 

 

Sole Proprietorship, Partnerships, LLC, Corporation (C Corp) (S Corp) (B Corp) (Non Profit Corporation)

You can go to https://sba.gov to get more information on Business Entity types so you will be able to find out which one would fit your business structure. 

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   6.  Business Name- Try to figure out what a catchy name would be for your business that coincides with your business. 

 

   7. Register your Business and Obtain an EIN-  Next you would go to your state's business filing agency and do an entity name check to see if that business name is available. If it is you want to go ahead and proceed with obtaining your EIN (Employer's Identification Number). For small businesses registering your business can be as simple as just registering with your local and state government. Most businesses do not need to register with the federal government to become a legal business / entity other than just filing for your EIN. Small businesses do sometimes register with the federal government for trademark protection or tax exempt status. You can visit https://www.sba.gov/business-guide/launch-your-business/register-your-business for more information on protecting your product and business name. 

 

   8. Obtain ALL State and Local License Permits- If you are needing state and local permits to operate your business this is  a VERY important step to avoid fines! This step will keep your business in legal compliance. 

 

   9. Open up a Business Bank Account- For this you will need all of your business documents showing you are the owner to your business, Identification etc.

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Last make sure you get your business certified through your State, especially if you fall under these categories. 

 

State:  Minority Business (MBE),  Women Business Enterprise(WBE),  Emerging Small Business (ESB), &  Service-Disabled Veteran Business Enterprise (SDVBE) 

 

Federal: Airport Concessionaires Disadvantaged Business Enterprise (ACDBE), Disadvantaged Business Enterprise (DBE)

 

Getting these certifications can open the door to many opportunities are very important to have if you plan on applying for Government Contracts or Government Grants. For these Certifications you would need to visit your States Certification Office for Business Inclusion and Diversity (COBID). If you would like more information on the Diversity Certification process visit https://certify.sba.gov/

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For those of you who would like up to date information on Local and State Business Grants to help with the opening of your Business whether you have a Small Business or want to open a Brick and Mortar click on the link above to take you to our Business Grant & Resource page. I will try to update our Business Grant's & Resource's Page as the grants come in so make sure you subscribe so that you can get the latest grant information for your area. In the meantime, between time 3rdEye Creative Living would like to send Love, Peace, & Blessing to all. And we will see y'all in the next Article! 

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