How to Start a Small Business in South Carolina
Many new entrepreneurs start a small business to control their professional destiny. Along with the rewards come many challenges beginning with the start-up phase. The State of South Carolina offers many resources to help you get started on your road to flexible work hours, unlimited income, and becoming your own boss. New business owners must obtain registrations and licenses from different departments of the state government. The South Carolina Business One Stop website helps consolidate the start-up procedures for new businesses.
- Difficulty:
- Easy
Instructions
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1
Register your business with the South Carolina Secretary of State's office. The South Carolina Business One Stop website provides a checklist of the items you need to register each type of business and offers registration directly through its site.
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2
File an application with the Internal Revenue Service to obtain a federal Employer Identification Number. You may apply for the EIN free of charge through the IRS website.
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3
Obtain a Retail License from the South Carolina Department of Revenue if you plan to sell items that require collecting sales tax. You should also register to pay use tax on company owned items that you purchase through either the Internet or a catalog without paying sales tax. Some businesses, such as stores that sell alcohol or lottery tickets, require additional licenses. Review the list of possible licenses provided on the South Carolina Business One Stop website to determine whether your business is subject to these additional permits.
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Acquire a local business license from either your city or county, if applicable. Most cities and counties will staff a business license office that can assist you with the registration process. The federal Business.gov website provides links to many of the city and county offices in the state through its website.
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5
Prepare a business plan for your company. Business plans, whether large or small, will assist your efforts in starting and growing your new business. If you do not need to obtain start-up capital from an outside source, a simple plan that documents your business type, products and services, financial data such as registration fees and salary costs, and marketing and advertising ideas will be sufficient for your start-up. However, if you plan to obtain financing from a bank, investors, venture capitalists, or the Small Business Administration, you will need a comprehensive plan. Visit the Business.gov website to obtain sample business plans.
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Select an office or store location and hire employees, if necessary, to run your business. Successful businesses operate from a variety of locations such as commercial buildings, homes, or simply online.
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Advertise your business using internet ads, newspaper or magazine ads, or on a local or statewide radio show. Word-of-mouth advertising and social media are two low-cost methods to build name recognition in the community and to drive customers to your business. Use social-media sites such as Twitter or Facebook as part of your promotion.
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Tips & Warnings
Join your local Chamber of Commerce or industry group to network and grow your company.
Most small business loans require that you personally guarantee the loan if the business fails.
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- Photo Credit South Carolina state contour against blurred USA flag image by Stasys Eidiejus from Fotolia.com
