Choosing to start a business anywhere in Arizona can be very profitable, considering the millions of tourists that visit the state every single year. No matter how broad or specific your business is, like a sports physical therapy seo marketing firm in Chandler, Arizona or a spaghetti and meatballs food truck in Sedona, you will certainly have a market in the Copper State. But you must first worry about getting started. Luckily, these tips are here to help.
The startup checklist
The Arizona Commerce Authority (ACA) is an organization administered by the state’s leaders in business and policy from both public and private sectors. In their endeavor to foster the progress of Arizona’s economy, they made a startup checklist to help guide business owners to start efficiently, legally and soundly in the state. Even prospective business owners who have zero experience in setting up their own company could easily follow this checklist.
It does not stop at the setup though. The checklist is also designed to guide you through handling employee relations and establishing a strong business strategy. Contact details for entities essential to your business (such as accountants, attorneys, and insurance agents or brokers) are included in the guide too. The checklist is free to download from their website, so you should definitely not miss out on this one.
Choosing your location
The location of your business matters in attracting both prospective customers and employees. Tourism might be one of the biggest industries in Arizona, so if you think your business will benefit a lot from a huge influx of tourists, you should consider setting up your company in cities like Scottsdale and Sedona that accommodate a steady stream of sightseers throughout the year. Alternatively, the big Arizona cities are also likely to suit your business needs. Some of Arizona’s biggest cities are Phoenix, Chandler and Tempe, with each of them having over 160,000 residents. Businesses located here have historically had some of the highest average revenue per business in the state.
Accomplish the necessary registrations and applications
When registering your business, you will have to choose what type of business entity you are. The four primary types of business entities in Arizona are sole proprietorship, general partnership, limited liability corporation, and corporation. Should you choose to start as a sole proprietorship or a general partnership, you need to register the name of your business with the state government and renew it every five years. For an LLC or corporation, you must check the availability of the name you want before registering, because your business name has to be completely unique.
Do not forget to apply for an Employer Identification Number (EIN) as well. This is like the business version of your individual social security number. Before you open your business, you may also be required to file for additional licenses and special permits depending on your industry.
Starting a business in any location can be challenging, but it can also be very rewarding. Maintain your passion, dedication, and confidence in whatever company you plan on running, and you are likely to succeed.