Starting a business is a great first step to becoming fully self-sufficient or following a personal passion. Make sure your business secures all of the tools necessary to thrive, even during its fledgling stages. With proper planning and completing the necessary registration forms, you can start a business in Arkansas and bring your dream to fruition.
Prepare a business plan. Show an understanding of the particulars of the industry you plan to enter. Seek advice from other business owners in your industry if possible. The business plan is not only a helpful resource for your own organizational purposes, but it will be essential to fortify grant and loan applications. Visit the Small Business Administration website for tips on writing a strong plan for your new company (see Resources).
Choose a location. Decide where your business will be located. This information will be necessary as you register your business. You may start with a home address if you do not have an office or external location.
Find money. Look for grants and loans if you do not already have the necessary startup capital as per your business plan. Check your county’s Chamber of Commerce and organizations like a local Small Business Administration for loan and grant opportunities. Use your business plan as a reference for filling out loan and grant applications. Submit the business plan to potential lenders and benefactors in print form if required.
Name your business. Check the Arkansas Secretary of State website for the availability of your desired business name (see Resources).
Decide on a legal structure for your business. Choose from incorporation, limited liability company (LLC) or partnership structures. Complete the appropriate registration form, which you can acquire or submit online from the Arkansas Secretary of State website (see Resources).
Wait for your business to receive its Employer Identification Number (EIN). Use your EIN the same way you would your own Social Security Number to pay taxes and document accordingly on business paperwork.
Obtain any necessary licenses or permits associated with your business. Visit the United States Business website for a licenses and permits utility if you are not sure which ones apply to your new company (see Resources).