According to the Small Business Administration, more than 600,000 businesses are started each year in the United States.
Small businesses are the foundation of the U.S., which can indeed be seen by the significant number of new business owners created each year. Perhaps you could be the next one.
But how long does it take to start a business? What is the process to get you started?
Read on to learn the answers to all of your questions and more.
How Long Does It Take to Start a Business?
The timeline to starting a business can vary depending on the type of business, how complex the business idea is, and the location.
If you are looking to start a business in your home, with no bank loan, no employees, and no products, you could potentially have your business started in a month or two.
On the other end, if you’re planning to open a business in a specific location that manufactures products and has many employees, you could be looking at over a year to get started.
However, if you can find a location that doesn’t need any renovations, you could possibly start a retail business within six months. Buying an existing business could speed up the process, but hiring employees and getting a bank loan will add to your business timeline.
Factors That Will Lengthen Your Timeline
When learning how to start a business, you will discover there are many different factors and start-up tasks that will need your attention.
The two factors that will add the most to your small business timeline are finding a location and getting a bank loan.
When you decide on a city or town, you’ll then need to research all of the zoning laws, negotiate on a lease, and begin renovations. That is, if you were able to find an available space, which can be the trickiest part.
When applying for a bank loan, you must create a business plan, which includes all of your financial statements, marketing plans, and explanations about your management and operations.
The preparation of your business plan can take a significant amount of time, as can the process of the actual bank loan application.
Other Start-Up Tasks to Consider
When you are first starting out, it’s essential to learn the right steps to start a business so you don’t miss anything that could be detrimental later on.
You’ll need to create a business name and a domain name. This name will be on every document, your business’s website, and all advertising and marketing materials, so it’s important to choose one that you’re ready to see everywhere.
Along with this, you’ll need to create a business website, get a business telephone number, and look into local business licenses and permits.
You’ll need to apply for State Business Registration, get your employer ID from the IRS, and purchase and receive supplies and products if you’re selling physical items.
These tasks are essential, and there are many more you’ll have to complete. Though it may seem overwhelming, these tasks will not take a very long time.
Keep organized, and you could get your business started in no time.
Ready to Look Into Starting Your Business?
So, how long does it take to start a business? It depends on your particular business, ranging from a few months to over a year.
Make a checklist and complete your tasks in an efficient way. You may get your business started this year!
If you’re looking for more business advice, browse through the rest of our website and collection of articles.