Starting a business isn’t easy, but it’s incredibly rewarding and more than possible for those willing to put in the work. If you’ve chosen Arizona as the state you want to set up your business, you’re already on the right path. This is an incredible state for all kinds of businesses, so you should feel secure in your decision. However, if you’re feeling somewhat lost and confused, this blog can help. Here are some important tips you need to pay attention to before jumping right in.
Think of an idea and create a plan
Maybe you’ve chosen Arizona as a location because you love the state but aren’t sure what kind of business you want to start, or how you want to transform your love for an industry into a fully-functioning and profitable side hustle. Well, before you move there it would be good to get a few things figured out. Come up with a detailed business plan that will get you started on the right foot (don’t worry, this can all change further down the line, but you need to have a place to begin.)
Get your taxes in order
One of the first things you should do when moving to the state is to complete your EIN application in Arizona. This is essential for paying your taxes and ensuring that your finances run smoothly. It might be tempting to worry about taxes after you get your business set up, but planning ahead will help you to avoid unwanted surprises. You may also want to consider investing in accounting software or hiring an accountant, especially if you struggle with budgeting.
Choose a good location
Arizona is a big state, which means you’ll have plenty of choice when it comes to finding a suitable business location. You’ll need to consider whether your business will be better suited to a bustling city or a more rural town. Remember, real estate will cost more in a city center but you may also get more clients through the door. Rural locations may be better for those who do a lot of their work remotely and want to save money.
Get the right licenses
The good news is that the state of Arizona won’t need you to get a general business license, but that doesn’t mean that you won’t require any permits at all. Some local areas may require you to get a license depending on what type of trading you’re doing and where. Always check before you set up shop – this is one of those situations where it’s certainly better to seek permission instead of forgiveness!
Don’t forget about insurance
Nobody wants to think about things going wrong, but every so often the worst can happen and, in these situations, small businesses suffer. Getting public liability insurance can save you some serious cash if someone gets injured on your property or as a result of your products, so think about spending a little money now rather than a lot later.
