Trying to launch your business in Arizona? Make sure you get all the facts before your grand opening. Don’t miss this guide to starting a business in Arizona.
Arizona beckons people from across the United States with its unforgettable natural landscapes like the Grand Canyon. The 275+ mile long gorge alone attracts nearly 5 million tourists every single year.
This vast state boasts stunning deserts as well as pine forests and mountains. All this varied nature means there is something for everyone.
t’s no wonder then that many savvy entrepreneurs consider starting a small business in Arizona. Do you firmly fall into that category? Check out these 6 helpful steps to starting a business in Arizona listed below and become an integral part of the Grand Canyon State.
The 6 Essential Steps to Starting a Business in Arizona
Starting a business in Arizona does not take a college degree or years of training. All you need is a decent idea and a whole lot of passion. Sound like you? Begin by following these six easy steps to starting a business in Arizona.
1. Create a Business Plan
The most important step in starting a small business in Arizona is creating an actionable business plan. This step allows you to flesh out your idea so you can figure out how to make it a reality. A business plan acts like a roadmap outlining where you hope to take your business and how you plan to get there.
2. Choose a Type of Business Entity
Before you register your business with the Arizona government, you need to decide what type of business entity you will choose. There are four primary types of business entities in Arizona: sole proprietorship, general partnership, limited liability corporation (LLC), and corporation.
3. Register Your Business Name
If you choose to start a sole proprietorship or general partnership, you must next register your business’s name with the Arizona government. You will need to renew it every 5 years. An LLC or corporation must submit a completely unique name, so be sure to check your name’s availability before registering.
4. Apply for an EIN
Every business must also apply for an Employer Identification Number for tax purposes. A business’s EIN functions like an individual’s social security number. It identifies your business to the IRS, allows you to open a bank account, and attaches to your tax returns.
5. File All Business Permits and Licenses
Depending on your industry, you may need to file for additional licenses or special permits before opening for business. A common example is an Arizona Transactional Privilege Tax License, or TPT, needed by almost \ every business in Arizona. Any business conducting retail sales, renting properties, or serving food and beverages must have a TPT license.
6. Invest in Great Business Management Software
Most successful modern entrepreneurs use some kind of management software to streamline every aspect of their business. Not only does it help with the day-to-day operations, but it also allows you to hone in on your marketing strategies to see what works.
The very best business management software connects your strategy with intuitive technology to get a customized account of engagement across all your platforms. Take the MRP Prelytix software for example. Learn more about your business and its potential through their account-based marketing and management system.
Get Ranked with The Best of Arizona Businesses
Now that you know the key steps for starting a business in Arizona, what do you do once you open for business? Providing great service goes a long way to keep customers coming back and to attract new customers by word-of-mouth.
It might even lead to your nomination as one of the Best of Arizona Businesses in Ranking Arizona What’s better advertising than earning a reputation as the best of the best in your industry? Make getting ranked on the coveted Best of Arizona Businesses list a high priority after starting your small business in Arizona.