How to Open a Business in South Carolina
Whether you want to run a retail business or operate a franchise, opening a business in South Carolina takes some preparation. You'll need to explore the market, determine if you need a business license, choose your business structure, create a business plan, fund the business, and open your doors for commerce. It takes time and effort to own and operate a business, but most entrepreneurs wouldn't trade their own company for the highest-paying office cubicle in the world. Learn how to open a business in South Carolina, and become your own boss.
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Things You'll Need
- Business idea or concept
- Computer to research the market
- Lawyer
- Accountant
- Startup capital
Instructions
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Explore your business idea. Research the competition and the market. Develop a strategic business plan. You'll need your written business plan to apply for loans or startup capital and to consult with accountants and lawyers to create your corporation.
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Depending on the type of business you intend to operate, you may need special licenses or permits. Daycare centers, restaurants, salons and many other businesses need special permits from the health department. Consult with the South Carolina small business department about specific licenses or permits required in your industry, if any.
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Find a lawyer and discuss whether or not you should operate as sole proprietor, Limited Liability Corporation (LLC), or corporation. Each type of business has its advantages and disadvantages for both legal and tax matters. Corporations and LLC's provide some protection for the owner's personal assets in the unlikely event the company is sued, but you may pay higher taxes, have to complete more forms, or comply with various tax laws. Once you have your business plan, you can contact a local business attorney and discuss your needs with her. She will be able to advise you as to the best corporate structure to meet your needs.
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Meet with several accountants and find one who you can work closely. A business accountant can advise you on the tax ramifications of each type of business structure, help you comply with retail sales tax or other tax requirements, set up your books for you, track income, and prepare state and federal tax returns. The accountant will become an integral partner in your business, so it's important to find one who you like and trust.
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For help starting a small business in South Carolina, the local chapters of the Small Business Association (SBA) can help new business owners successfully prepare to launch a business. Whether you're open a fast food franchise or a stationery store in a strip mall, there's a lot to learn, from finances to management. The SBA and SCORE, a volunteer organization consisting of retired business people who advise new entrepreneurs, can provide insight and support for those opening a business in South Carolina.
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Tips & Warnings
Consult an attorney for the best business structure for your needs.
Make sure you understand retail tax law and tax collection if operating a retail business or food services business.
Find an accountant you like - you'll be working closely with him!
