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How to Start a Business in Lake Nona, FL

So, you have finally mustered up the courage to work on your brilliant brainchild that you have been fostering for many years. You always wanted to have a business of your own, and had a brilliant plan at the ready, but just because the going was tough, you couldn’t actually put it to reality.

You might be excited about stepping up into the industry, but you would be rather shocked to know that nearly 13 percent of all Americans are starting their own business every year. This means that you are going up against very tough opposition, and you need to have all details covered in this regard.

To assist you in this quest of yours, we have come up with interesting information on how to start a business in Lake Nona, FL. While the primary goal of the business is to educate you regarding the different rules and regulations pertaining to starting a business, we will also be focusing on how you can ensure that your business model is better and more relatable. We have arranged the tips in steps, based on the timeline you will be following. This one-step guide to starting a business will surely give you a taste of what the real world has and what you need to do to be successful with your own business.

If you need help in forming your business in Lake Nona, FL please call us at 407-344-1012, or email us at info@freedomtaxfl.com.

Business Plan

Before you actually jump into starting your very own business in Lake Nona, Florida, you need to have a business plan at the ready. Your business plan should be authentic and should account for the fact that there is stiff competition in the market from both new startups and current firms. Basically, you need to come up with something new and inspiring. Now, your business plan has a very important role to play in your overall success, so be very careful while creating it. Some of the key points that you should include in this plan include:

  • USP: With so many brands operating out there, you need to come up with a brand that offers something new to the masses. What you offer to the masses will thus become your USP. Your brand’s USP or Unique Selling Point is an important part of your business and how you’re going to run the marketing and promotional campaign. As much as you talk about the brand being better than others, it should have a distinct USP that consumers should be able to perceive and comprehend. The USP will help pull customers towards your brand and will help create a positive reputation. The best thing for you can be if consumers start relating to the uniqueness that you’re bringing and start recognizing you for that.
  • A Target Market: As much as we talk about positioning and segmentation, you need to have an approachable target market once you start your business. Whatever product you are selling or marketing should have a reachable target market, which forms a significant amount of the population within the region. Your target market wouldn’t be of any use, if it is too small to make a difference in your revenue stream.
  • Marketing Plan: Marketing your business is probably the second most important aspect of a startup after launching it. How do you plan to market your business? Do you plan to go to the bottom of the pyramid, or do you play on the promise of exclusivity? These are all questions that you should have an answer to, before you start operating your business in the market.
  • Milestones: No business or individual in the world can work without goals, which is why it is very important for you to also outline your goals and define what you are aspiring to achieve, and in what time period.

Business Structure

Now that you have a fair idea of what makes a business plan and what you should have in it, we move on to the structure that you can choose for your business. While most owners and entrepreneurs are decided on what form of business to choose before they step into the sphere, others are not so sure. There are a lot of questions regarding the options people have here, and not many know the answers to these questions. Here, we list some of the most popular and common forms of business structures to end the confusion.

  1. LLC: An LLC or a limited liability company is perhaps the most popular among all business structures. The reason why an LLC is the most popular is that LLCs come with a certain form of protection for their owners. People that operate an LLC know that they would not be held accountable if the business does go bankrupt, and the bankruptcy of the business is not linked to their own. This is amazing, and is the reason why so many people opt for LLCs.
  2. S Corporation: S Corporations are a much more formal form of LLCs. These include up to 100 shareholders and have a proper board of directors looking after the affairs.
  3. C Corporation: C corporations are similar to S corporations, but they don’t have a limit to the number of people you can have under you. C-corps also have double taxation, which is why they may not be the best option.
  4. Sole Proprietor: Definitely one of the paths that most people go on, when they are undecided with what to do. Sole proprietorship does not require the presence of any partner or any other person whatsoever and you can start it by yourself.

License and Tax Obligations

Your license and tax obligations depend on the nature of your business among many other factors. Your tax, permit and license requirements can either be complex or simply straightforward. Most localities within Florida, including Lake Nona, FL, require businesses to have a Florida business license. There are also numerous documentation processes required to be fulfilled, based on the industry you are going to operate from, which is why this can vary from case to case.

You need to become compliant on the following levels to settle the claim for permits, licenses and other tax obligations.

  1. Federal: You need to get all Federal permits and licenses on time for the business to start. You can easily get information on all federal licenses and permits, which can aid you with the process. IRS is the place to go to for information related to federal taxes.
  2. State: If you start a business in Lake Nona, FL, you come directly under Florida state. The Florida Department of Revenue has put forward a good guide on taxes within the state. The guide would be a good place to start with, for you. You can also check out the license portal for the state online to start off with any permits or licenses that are required by your business.
  3. Local: If you’re thinking of starting a business from Lake Nona, FL, then you will have to comply with the requirements of the municipal business corporation. To get further information on this, you can get in touch with the local chamber of commerce operating within your state.

Opening a Bank Account

One of the most common mistakes that we see out there when it comes to startups is business starting to run from the personal bank account of an owner. Your business is going to have a lot of needs, so the stupidest mistake you can make is to start your business without any solid reserves and hoping things will get better over the period of time. You need to have proper reserves on your side and your business should not be made to start based on your personal bank account.

To start a solid financial footing, it is extremely important that you keep both your professional and your personal expenses completely separate. If you have already suffered a slip up here, then don’t worry, as you can always get the desired changes done before it is too late for you to do anything. There are numerous benefits of having a business bank account, and you can enjoy all of these if you have one. Not having a business bank account is quite detrimental and may leave you ruing the benefits you could have had gained.

So, remember that you need to have your own account separated from the business bank account. A couple of things that you should have in your mind while searching for a bank account are:

  1. Before you go looking for national banks, it is important that you first go on the lookout for credit unions and banks operating within Florida. It is necessary that the bank you choose provides you the terms you want. Local banks often tend to have brilliant customer services, which couples up with the additional perks to provide an amazing experience for all members. Considering the perks on offer, you can surely do a little research on the local front to see the rate and other stuff you may be getting from them.
  2. After you have looked at the local banks and still feel that you want something else then make your way to national banks. Get the information from them and compare the two to see which one is more beneficial.

Finance your Business

Financing your business is another important part of starting a new startup. You cannot really get a business up and running without the initial investment in your pocket. While you may have settled all details regarding permits, licenses and bank accounts by now, you need to have some money to keep in the account.

There are numerous resources you can use if you live in Florida, for funding your business and getting the required expertise. Some of them include.

  1. The Small Business Development Center in Florida provides businesses with free financial advising regarding what they should do to get the reserves they want. They hold free of cost sessions to get you familiar with the investment scene in Florida. While, they cannot be considered as a direct funding resource, they surely do provide a lot of brilliant insight into what you should do to get the required investment in the region.
  2. The SBA releases a special resource guide every year that includes information for both North and South of Florida. The guide has special instructions for starting a business in Lake Nona, FL as well and includes authentic information on what you should do to get the required finance for your brand.

Build a Brand

Now that you have taken care of all the essentials, we get to working on building your brand. There are numerous factors that influence your brand image, but the most important one is your website and logo. Both, your website and your logo should be designed comprehensively and should exude the elegance that you want them to. When you are ready to design both of them, keep the following things in mind:

  • Capture the Essence: When we talk about the design for your website, or the logo for your brand, it is important that you capture the essence of your brand and don’t let go of it. Starting a business in Lake Nona, FL, isn’t a walk in the park, so if you have done the hard bit, you need to put pen to paper now and get the design right.
  • Make it Memorable: You need to make the design as memorable as you possibly can. The design should speak to your audience. It is best that you hire a professional to achieve perfection here.

Market your Business

With your business and brand both set, it is time for you to gear up and get on your mark in the marketing front. All your endeavors will amount to nothing if the marketing isn’t worth it. So, put your creative mind to work and start thinking of fancy promotions and creative marketing tricks that echo your brand identity and USP.

If you need help in forming your business in Lake Nona, FL please call us at 407-344-1012, or email us at info@freedomtaxfl.com.

Robert AcevedoHow to Start a Business in Lake Nona, FL