Georgia is the classic South with antebellum mansions, magnolia trees, trickling fountains and mint juleps served in vine-draped gardens. But, Savannah has also comfortably eased into the present with a host of art-driven institutions, from the lauded College of Art and Design to Art Rise Savannah, which supports local artists. In addition, Savannah is one of the best places to start a business for your kid because it is more open to entrepreneurship. To start a small business here is not difficult at all because the city of Savannah has provided a team of Business and Development Liaisons who are there to help you through the process. But this article will provide the necessary steps that you need to follow to get started and help make the process easier as you will be able to be at a better position due to the knowledge that you acquire.
Before getting into the processes, you need to know why it is best for you to open a business for your kid in Savannah.
- The environment is great and strategically suitable for any business. savannah is known for its arts and culture, fishing and watersports as well as its sightseeing and golf. The city is home to multiple programs, centers, and schools that are designed to help new businesses get off the ground and survive.
- There are community organizations that are geared to helping entrepreneurs. These organizations help with networking, mentoring and advocacy. It is great when you and your kid can get support from the community because business will not improve if the community does not support you. You need all the advice and mentoring to make the right decisions in your business.
- Finally, here in Savannah, the city makes local business and the local economy a top priority. This is because Savannah has one of the largest and busiest ports in the United States.
Steps on How to Start a Business
1. Select the type of business
Before embarking on anything, your kid needs to decide on the kind of business that they will like to do. This can be based from what they are passionate about, what they can do or what they will like to do. Some business might not be in demand in your city so you need to do some research on the kind of business that is best for your kid and can easily get moving. It is important that your kid has the desire for the business because that is the factor that will keep them committed to the business and make sure to see it through.
2. Create a business plan
You need to create a business plan with your kid that will serve as a roadmap for your kid. This will serve as a guide which will be used to get your business so that you and your kid can determine the level of your progress. You will have to ask your kid what is his plan and vision for a period of time. the question may be “where do you want your business to be in the next one year?” or “how much do you want to earn in the next three months?” the key of the business plan is to make it “adaptable” one that will generally include the business description and includes the marketing, finances and management strategies.
3. The legal structure of the business
Depending on the type of business or services your kid offers, you will have to choose the best type of business that suits you. You could choose to register it as a home run business or partnership or LLC. All of these have their advantages but the best is choosing the LLC which protects your kid from being personally liable for anything that happens within the course of business. So, if a customer’s wishes to hold your kid responsible, they will sue the company and not them personally. Unlike like other structures, these do not protect your kid from being personally liable. Although they are lesser complex structures for the purpose of you protecting your kid, you could choose the LLC structure.
In addition, check with your local authority or city authority to check for laws regarding child labor or kids being employed or doing business in the city or state. It is best to do these inquiries to avoid issues in the future.
Financing your business is often dependent on having a sound business plan that identifies start-up capital needs and cash flow requirements. Once this information is in hand, your next step is to find out which financing options are best for your kid. Your kid cannot obviously finance him or herself alone, there needs to be assistance somehow. How they are assisted depends on the agreement between you and your kid. A possible source of finances could be their savings if they have any, family and family friends. For a small business, it is best to start little and grow. Your kid could be loaned this money and as the business progresses, this could be paid back from the profits made.
5. Choose and register your name
A name is very important because it is the first thing that potential customers come in contact with. You and your kid could chose a name that is catchy and expresses what your business or service is about. After choosing a name it is now time to register it so that no one else uses the same name.
Registering your business name is legally required by the State of Georgia and is important to the branding of your business in the City of Savannah. When doing business in any name other than your kid’s personal name, it is important to register your “Doing Business As” (DBA) name with the appropriate authorities. Savannah businesses must register the business name with the State of Georgia Corporations Division and the Chatham County Superior Court Clerk’s Office.
6. Getting a business license and permit
All businesses operating in the City of Savannah must obtain specific local permits and licenses that are dependent on the type of business activity. The City of Savannah’s Revenue Department can advise you about the appropriate permits and licenses you may need to start your business. Here are a few of the basic requirements, but it is your responsibility as the business owner to ensure you have obtained everything required to operate your business in the city.
Selecting a location for your business is among the most important decisions business owners must make. From home-based businesses to identifying a suitable commercial space, the significance of location should never be under-estimated. It is important that you get all the facts right before getting any property for your kids business. Make sure to contact the city prior to leasing, purchasing or otherwise committing to property in order to confirm that your proposed business use is permitted in the property’s zoning district and that the building structure meets applicable building and life safety code requirements. Other key factors in selecting a business location are proximity to customers, ease of access for shipments and supplies, and the cost of renovation or new construction.
Once you have set up your business, you will have to let everyone become aware of it. Depending on the business, there are various forms of advertising like the newspapers, flyers etc. the modern form is through the social media outlets like Facebook, Pinterest, Instagram etc. this is one of the fastest and effective ways to get people across the city and beyond to get to know about your business.
In conclusion, it is a good thing to help your kid start a business. They get to learn a lot of things through the process of taking care of the business. These skills are life-long and will help your kid throughout their life.