Starting a business in Chicago or anywhere else is not an easy task. It’s very important for you to think about this step before you make any final decisions. Even after you sort everything out, the process itself is very difficult and it can be complicated. Therefore, here are some tips on how to start a business in Chicago!
Starting a business in Chicago
Chicago is an excellent place to start a business for so many reasons. It has a very well-established entrepreneur community. Besides running a business you’ll be able to find plenty of great entrepreneurs ready to share their knowledge. A good mentor by your side is a big plus when starting a business, especially if it’s someone who’s “in the game” way longer than you. On the other hand, there are some things you have to do on your own and we’ll help you prepare.
Here are a few things you should know before starting a business in Chicago:
- Create a business plan
- Define and choose your business structure
- Calculate and plan business costs
- Name and register your business
- Start marketing your business
Create a detailed business plan
A good and detailed business plan is required for any business. This basically acts as an ID of your business. It will give both you and protentional investors an idea of what your business is about and whether it’s worth investing in it. In order to create one that’s good, you need to determine what your business idea is first. After that, you have to break down all of the finances and costs and run both competitive and market analyses.
Define and choose your business structure
The next thing you need to think about. No matter what the structure is, you are still obliged to have to pick one. Your options are a limited liability company (LLC), partnership, sole proprietorship, or corporation. This will determine your taxes later on. It also may require registration with the Secretary of State, depending on what you choose. The most popular choice is usually small business entities also known as LLCs and sole proprietorships. This is mostly because it’s very easy and inexpensive to form them.
Calculate and plan all of the business costs
Another important step, also a part of the above-mentioned and very important business plan. This is absolutely necessary in order to evaluate all your costs and prepare properly. Don’t forget to calculate some “backup” money. You can use it in case something goes downhill. In order to finalize the costs, you need to calculate fixed expenses (like office rent and salaries for employees if you have them), variable expenses (ex. inventory), and one-time expenses (moving costs, office supplies, and equipment). If you have many bulky items like furniture and company vehicles that need transportation, you should let professionals handle it. You should also look up incentives and grant opportunities in Chicago that might help you out with your funding.
Name and register your business in Chicago
Naming your business seems harmless and easy, but it’s very important. So, you should take this one seriously. The name you choose should be something easy to remember and pronounce. Make sure it’s unique and original. You don’t want someone suing you and claiming you stole someone else’s trademark. The best thing to do in order to avoid such a thing is to check Chicago’s business registrations and ensure your company name is available. After setting up a name you should also register your business. You have to open a bank account, obtain a tax ID number (or an EIN number which stands for Employer Identification Number) from the IRS. You also need to apply and acquire a business license.
Start marketing your business in Chicago
Now that everything is set up, it’s time to market your business. It’s the year 2021 so make sure to keep up with the trends. First, make your presence visible online by using social media platforms and creating a website. This is the first stop for anyone who might be interested in your business, both consumers and investors.
Moving to Chicago
Now that you have all information on what starting your business in Chicago is like, you should prepare and relocate. Just like your business, your move also needs to be planned out well. Relocation is stressful but in order to avoid any inconvenience, hiring professional movers is a wise decision. It’s not just with relocation, they will help you with their packing and storage services too. Do your research and find a trusted professional moving company like Golans Moving and Storage as this will make your relocation process so much simpler and easier. Not to mention safer.
Packing and transport
You can move your business on a tight budget. However, packing and transport are very tricky to organize, not to mention execute. You should plan and prepare well. Considering this is also a business relocation, it requires so much more attention and planning. If you decide to do this on your own without hiring any help, make sure to pack properly in order to avoid any damages. Don’t forget to make a checklist, get all necessary packing materials, and organize the transfer and additional storage if necessary.
Hiring professional assistance
The reason we insist on this one is simple. We are very well aware of how hard, tiring, and overwhelming the moving process can be, especially when starting a business. And this is why finding help is a good call. Commercial movers have great experience and knowledge when it comes to this type of relocation and everything else that follows. You can never go wrong with hiring professional assistance and trusting them to handle everything on your behalf.
Ready, set, START YOUR BUSINESS
We hope you’ll find this guide helpful. However, we are sure that if you follow these steps, both you and your business in Chicago will do fine.