For easy business dealings, Forbes has ranked North Carolina (NC) as the first in the nation. Hence, making it an ideal choice of state for entrepreneurs who want to know how to start a business.
You can set the ball rolling with our step-by-step guide and get on the path to becoming financially free.
While we write this article bearing you in mind, you too can play your part by applying the points outlined.
Facts About North Carolina (NC)
It is no longer a surprise how North Carolina has grown to become a national leader in some business sectors such as the agricultural sector, financial sector, and manufacturing sector.
In 2019, the state’s gross product was worth $591 billion making it one of the wealthiest states.
Currently, there has been a distinction in the economic growth of NC’s urban and rural areas.
What Business Opportunities Can You Find In North Carolina?
There are several business opportunities worth your investment in North Carolina.
Hence, ensure you tap into the right opportunities and abide by the laws guiding the state.
The following are viable business opportunities in North Carolina.
#1 Auto Repair
This is a profitable business opportunity in North Carolina.
All you need is an available workshop where your clients can bring their cars for auto repair services.
#2 Winery
Making ends meet through this business opportunity is really workable as you can start sales from your home and gradually move on to making supplies for your clients.
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#3 Floral and Gift Shop
You could add this business idea to an existing gift basket business and watch it blossom.
#4 Janitorial Services
The profitability of this business extends to the whole of America.
Therefore, it is wise that you devise a professional way of rendering cleaning services to both commercial and residential buildings.
#5 Mobile Gaming
You can work your way through creating and changing game applications for android, java, and a plethora of other devices.
#6 Transportation
This business opportunity is an enormous umbrella where several other transportation businesses are housed.
You can either decide to establish a car rental business, a haulage business, or even a courier business in the transportation industry.
#7 Apparel Store
Basically, all that is necessary for this business idea to strive is the ability to nurture it.
So, whether it is apparel for men, women, or children, you will make it within a short time.
#8 Construction
It is safe to start your construction business if you have the basic knowledge.
#9 IT Services
If you go this business route, people will have to come to you to help them fix their systems if they pack up.
#10 Beauty Home and Spa
Here, you provide people with the most sought-after services they need such as pedicure, manicure, body massages, and skin treatment.
You would make a lot of earnings if you go a step further to lift the boundaries of what gender you offer your services to.
Do I Need a Business License in NC?
This is only important if you want to legalize your business.
So, if you must go for a business license, you must obey the Federal, State, and Local Government rules in obtaining such permits and licenses.
Note that these licenses vary by city.
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How Much Does It Cost to Start a Business In North Carolina?
To start a business in North Carolina, you will need to do some filming with the North Carolina Secretary of State.
It takes about 15 working days to incorporate a business in NC.
The state filing fee is $125 but here are the various charges for the type of business body you intend to register and establish.
| Type of Entity | Document Name | Fee |
|---|---|---|
| Business Corporation | Articles of Incorporation | $125 |
| Nonprofit Corporation | Articles of Incorporation | $60 |
| Limited Liability Company (LLC) | Articles of Organization | $125 |
| Limited Partnership | Application for Registration of a Limited Liability Partnership. | $50 |
How to Start a Business in North Carolina
Starting a business in North Carolina is promising only if you take the right steps to take.
Carefully follow our step-by-step guide and set your ball rolling.
Step 1: Choose the Right Business Idea
This is the first step toward setting up a business in North Carolina.
Look for a business idea that fits into your passion, goals, and your strengths. When you’ve exhausted all means to keep striving at your business, the aforementioned will help you pull through.
Look at some business trending ideas you can go with.
Step 2: Plan Your Business
For a business to be termed successful, it must go through a proper plan. This plan includes your financial commitment.
The following are things you must put into consideration when planning your business.
Step 3: Form Your Business
There are two major advantages associated with making your business legal. It gives your business the credibility it yearns for.
Also, it protects your business if it lands a lawsuit. Interestingly, you can set up an LLC in North Carolina for as low as $75.
Step 4: Obtain an EIN
An Employer Identification Number (EIN) is basically used for the identification of a business in its tax filings.
The EIN is so important that without it, you can’t open a business account nor can you hire employees.
Step 5: Create Business and Credit Accounts for Your Business
To protect what proceeds you make from your business, there is a need for you to distinguish your accounts.
In doing so, you won’t make the mistake of mixing up your company’s assets with your personal assets and then, it makes accounting and tax filing a lot easier.
Step 6: Source for Startup Funds
This is the most difficult step in setting up a business. To boost your business, opt for zero-sum finance methods and check for peculiar funding opportunities for startups in North Carolina.
However, be sure that the financial method you go for is one that you can clear the cycle of debt as soon as possible.
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Step 7: Get a Business Insurance
This helps you manage risks and concentrate more on the best way to nurture your business.
The common business insurance you should consider is general liability. works compensation, and professional liability insurances.
Moreso, there is unique insurance your business can go for at every level.
Step 8: Promote Your Business
Fact remains that brands that create a lasting image in the minds of the customers are the business they choose to patronize.
It is important you know the values you uphold and things you should do to build your integrity.
You can promote your business through organic ads across your social media handles and social media marketing.
Step 9: Give Your Website an Online Presence
Online presence is one way you will give your business the credibility it deserves.
Technology has made it so that for your business to survive in the long run, it must have online visibility.
Other avenues through which you can promote your business online are: registering for a google profile and creating accounts on review sites.
Final Thoughts
Apparently, the steps on how to start a business in all the states are the same. Ensure you follow these steps to establish a business able to stand the test of time in North Carolina.
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