Start Your Business
Starting a business can be confusing and frustrating. Your success depends on having the right information at the right time.
North Carolina has a network of state, federal, and non-profit resources ready to assist you in establishing your new business: everything from writing a business plan to obtaining financing and more.
-
Select a Business Structure
-
Apply for an EIN
-
Develop a Business Plan
-
Obtain Funding
-
elect a Location
-
Get Licenses and Permits
-
Develop a Marketing and Sales Strategy
-
Bookkeeping and Financial Management
1. Select a Business Structure
When starting a business, one of your first steps is to determine which business structure would be best for you. The legal structure you choose can impact your tax position, your personal liability, how many people are involved in the business and other important factors. The following resources can help you select a business structure:
Assistance in Selecting the Business Structure that is Right for You
The NC Department of Commerce provides local assistance when selecting – or revising – your business structure.
Choosing a Business Structure
Provides brief descriptions, an online tutorial, the pros and cons, and a side-by-side comparison of the most common business structures.
Local Assistance with Starting a Business
The North Carolina Small Business Center can help you determine which business structure is best for you.
North Carolina Business Portal
The
Carolina Business Portal provides tools and resources to help you plan, start, or expand your business.
2. Apply for an EIN
An Employer Identification Number (EIN) or Federal Tax Identification Number is used to identify a business. Most businesses will need an EIN for a variety of reasons such as filing taxes or obtaining permits or licenses.
Employer ID Numbers
The Internal Revenue Service (IRS) makes it easy to learn the federal requirements for your business including specific licenses, Employer Identification Number (EIN), and registration.
3. Develop a Business Plan
While writing a business plan can seem like an agonizing and difficult task, it is a critical component of starting a business. If you plan to seek funding of any type, a business plan is a requirement. Fortunately, there are several resources to help you with this task.
Sample Business Plans
This site is composed of actual business plans written by entrepreneurs in North America who are seeking financing for their business.
Small Business Center Templates
The SBCN provides templates for your business plan. Counselors are available to work with you one on one or you can attend a workshop for assistance in building your business plan.
SBA Business Plan Template
This template is designed to help you build a business plan. Review and complete each section of the template. At the end of the program you will be able to generate and save a formatted business plan which can later be further modified or presented as a final product.
SBTDC Business Plans
The SBTDC offers several business and financial plan examples. These links provide information for a sample company along with worksheets to complete your plan.
4. Obtain Funding
There are a variety of financial resources that may be able to assist with your business expansion. In addition, there are also incentives such as tax credits that you may be able to use in your expansion. Explore the options that are available to you.
Capital Opportunities for Small Businesses
The SBTDC's Capital Opportunities for Small Businesses provides information about financial resources available to small businesses in North Carolina. The SBTDC publishes this in an effort to support the growth of North Carolina’s economy and to educate and serve the small business community. Each funding source is briefly identified and accompanied by a list of contacts. This 135-page report also describes recent developments that may affect the availability of funding or the eligibility of small businesses to access capital.
Download complete Capital Opportunities (pdf)
Fueling Your Business in NC – A Guide to Financing for Small Business
This guide is a companion to SBTDC’s Capital Opportunities and was developed by the NC Rural Economic Development Center.
5. Select a Location
Location, location, location! Finding the right place to run your business is critical. There are also legal restrictions to be aware of regarding location of a business.
Basics of Zoning Laws
Business.gov provides a plain English guide to zoning laws that can affect where you locate your business.
Choosing a Location Checklist
The following checklist includes several questions you should answer before making your ultimate decision on where to open your business.
Demographic Data for Business Location Assistance
Demographics data such as age, income and ethnicity can help entrepreneurs figure out where to market and locate their businesses. Check your zip code now.
Piedmont Triad Demographic Analysis
Find population, demographics, and workforce statistics for the Piedmont Triad.
Selecting a Location
Learn how you can best select a location for your new business.
Search Buildings & Sites in the Piedmont Triad Region
The Piedmont Triad Partnership provides a tool so you can review available commercial sites and buildings in the area.
6. Get Licenses and Permits
The State of North Carolina has no single business license that will ensure compliance with all regulatory requirements. Identifying all the licenses, permits and/or other regulatory approvals required for your business activity is a crucial step in the planning process.
City, county, and state governments often require business owners to obtain permits and licenses to run a business. Depending on the type of business, there may also be additional, special permits or licenses required. For more information, visit these resources:
City and County Links to Obtain local Business Licensing Requirements
Contact your local city and/or government office to obtain permit and licensing requirements for your business.
The Directory of North Carolina Business Licenses and Permits
This link will take you to the NC Department of Commerce’s online Directory of North Carolina State Business Licenses and Permits. This electronic publication contains information regarding licenses required by N.C. State Agencies and Occupational Licensing Boards. You may search the Directory by Keyword or Table of Contents.
Business ServiCenter Consultants
The NC Department of Commerce Business ServiCenter Consultants can assist you in identifying state licensing requirements for your specific business activity and provide a wealth of information about service providers, resources and programs available to you in North Carolina.
NC Department of Environment and Natural Resources (NCDENR)
The NC Department of Environment and Natural Resources (NCDENR) oversees the required environmental permits, licenses, certifications, and approvals.
Secretary of State’s Corporations Division
The Secretary of State’s Corporations Division provides information on uniform compliance with the statutes governing the creation of corporate entities.
North Carolina Business Portal
This portal provides tools and resources to help you plan, start, or expand your business.
7. Develop a Marketing and Sales Strategy
Creating a marketing plan or strategy is critical to your business success. Creating a marketing plan will help you understand who your target market is and how best to reach that market.
Local Assistance to Develop a Marketing Plan
To run a successful business it is critical to have a thorough understanding of your market. Local Small Business Centers will have contact information for agencies and organizations at the local level that can assist you in obtaining the information you need to develop your marketing plan.
Marketing Plan Templates
It is strongly recommended that any business develop a draft of their marketing plan before meeting with any service provider. The SBTDC offers 2 outlines to get you started on your marketing plan.
Sample Marketing Plans
This site offers many sample marketing plans. Finding a sample plan for a similar company can be a great place to start.
SBA Marketing Tools
Good marketing is critical to the success of your business. Marketing has many dimensions, including market research, customer service, advertising, targeting, packaging, pricing, e-marketing, and others. Investing in a good marketing plan will generate excellent returns. The SBA provides a wealth of information on marketing your business.
SCORE’s 60-Second Guide to Creating a Marketing Plan
A marketing plan is an essential tool for business. Developing one will help you think about what makes your business unique and how to get the message out to desired audiences through a variety of channels. In just 60-seconds, you will learn why creating a marketing plan is so important.
8. Bookkeeping and Financial Management
Properly managing your business means establishing an accounting system and a reliable way to record business transactions. The following financial resources will help increase your chances of success:
Basic Bookkeeping Tips
For many small businesses, the most common bookkeeping errors are also the easiest to fix. Use the following tips to help keep your business on sound financial footing.
Free Courses in Finance & Accounting through the SBA
Knowledge about the finances of your business is essential to its success. Several free online courses are offered by the SBA to help prospective and existing entrepreneurs understand basic finance and accounting principles. These self-paced courses are easy to use and understand.
Local Assistance to Understand Your Finances
Visit your local SBCN to find bookkeeping and accounting classes available to you. Many courses are offered to you at no charge.
Top 10 Bookkeeping Mistakes by Small Businesses
Bookkeeping is a significant part of any business endeavor. While it is typically not one of the more glamorous jobs, bookkeeping is at the heart of a company's success, and errors can cost the company significantly. Review an article on 10 of the most common errors that you want to avoid.
