Hawaii has the fastest start-up growth in the nation. Thus, it is a great place to start your business today. However, to help you get started, we have come up with a step by step guide that will help you start your own business and walk on the path of personal and financial independence. Let’s get started.
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First: Choose the Right Business Idea
Anubhav who has a start-up of his own and part-time offers Assignment Help Sydney says that the first step in starting a business is deciding the type of business you want to start. You have to look for an idea which is following your personal goals, interests and skills. This will keep you motivated when the going gets tough.
Second: Plan Your Business
The second and most obvious step is planning. All successful businesses are a result of careful planning. So, before you commit a massive chunk of money or other resources towards your business, you need to critically analyse the financial viability of your business and then create a game plan.
Third: Form your Business
Samdish who offers online assignment help says that you have to register your company as a Hawaii business entity. There are two advantages to registering your company as an LLC or a Corporation.
- Increased credibility
- Protection from personal liability if the business gets sued
If your business is small, you can consider registering as an LLC. This is because, in comparison to most other business entities, it is always easy to manage and start an LLC since they have a favourable tax treatment. In Hawaii, you can start an LLC for as little as $50.
In case you fail to register your company as a business entity, you’ll be held liable for the liabilities and the debts of your business.
Forth: Register for Taxes
Almost all the business houses require an EIM or an Employer Identification Number. This is also known as the tax ID. With an EIN, a business can be identified in its federal tax filings. Without having an EIN, you can neither open a bank account nor hire employees. Be aware of all the Hawaii taxes that may apply to your business.
Fifth: Create Business Banking and Credit Accounts
For your asset protection, you must use your business credit and banking accounts. When you mix your personal and business accounts, your personal assets come down under a risk in the case when your business is sued. This is regarded as the piercing of the corporate veil.
Yoshita who offers online do my paper service states that you can protect your business in two ways:
- Opening a business bank account: This will help you come at a distinction between your company’s assets and your personal assets. It also makes tax filling and accounting easier.
- Getting a business credit card: This is a great way to separate business and personal expenses. It will help you build a credit history for your company that can be later used to raise capital.
Sixth: Set Up Accounting
An accounting system is important. It will help you assess the performance of your business making it easier for you to conduct annual tax fillings. You must have good accounting software which will enable you to download your credit card and banking transactions, making accounting easy and fast.
Seventh: Obtain Permits and Licenses
Ashna who works with a platform where you can pay someone to write a paper online says that for a business to function legally, you must comply with the state, legal and local government regulations. In some cases, it will also involve getting one or more business permit or licenses.
For instance, if you are starting a restaurant, you will need business permits, health permits and signage permits.
Eighth: Get Insured
Getting your business insured helps you manage all the risks and focus straight on growing your business. The common types of business insurances that you can consider include:
- General Liability Insurance
- Workers Compensation Insurance
- Professional Liability Insurance
For all the small businesses, it is recommended to get a general liability policy. Even the home-run businesses need to get insured. On the other hand, the businesses that sell professional services or advice, such as an accounting or a consulting firm, can consider getting a professional liability policy. Lastly, in Hawaii, the businesses that have one or more employees, including the corporate officers or the LLC members, are required to have Workers Compensation Insurance.
Ninth: Define Your Brand
Ankur who works with a platform that offers the best online digital marketing courses says that to build the most memorable and strongest businesses, it is important to build a solid brand. Whenever you are developing a brand, you need to consider what your business stands for. What are the core values of your business? Both the clients and the customers wish to associate with a compelling brand since they only demand and want quality services and products. The name of your business is the cornerstone of a successful business and branding.
Tenth: Establish a Web Presence
Uday who recently did an excellent online SerpStat Review for a popular website says that having a professional website is important for the long-term success of your business. It does not matter today which industry you belong to, it is almost inevitable to not have an online presence. When you have a website, your potential customers can locate your business online and discover more on the products and services that you offer. It is also a good way to accentuate the credibility of your business.
You must also consider certain avenues for promoting your business online such as:
- Set your social media profile – Twitter, Facebook, Instagram, etc.
- Register for a local Google Profile.
- Create an account on the review-based portal – Google reviews, yelp, etc.
So, this is our step by step guide that will help you start your business in Hawaii. If you have any queries or questions, do let us know about it in the comment section below.