Start a new business

The recent pandemic has been a tough time for many people, but it’s also an opportunity to start a business. The economy is changing, and it’s time to make a change with it. First, interest rates are low, so if you’re looking to raise capital, it’s easier than ever before. Second, many businesses have closed down or gone bankrupt as a result of the pandemic, so there are plenty of available resources for sale at discounted prices. If you’re considering starting your own business in Yuma, now might be the perfect time to do so.

Ensure You Have Permits and Licenses in Place

You can file a Certificate of Formation to set up a limited liability company or LLC with the Arizona Corporation Commission or use an online formation service to handle the paperwork for you. Establishing an LLC allows you to take advantage of favorable tax rules, limited liability protections for your personal assets, and additional funding and operational flexibility. Check the state’s rules before proceeding.

Make sure to acquire the necessary permits and licenses for the business you plan to run. You can obtain permits and licenses online through the state’s business portal or in person through Yuma’s City Hall.

Secure Your Business Loans and Finances

You should engage a certified public accountant or CPA to help determine what type of funding makes sense for your business. Funding depends on your business’s current finances, future projections, and other factors.

An accountant can also help prepare you for the process of securing funding and using it effectively. If you’re looking for a way to make the most of your startup capital, consider these tips:

• Hiring employees. Employ workers who are excited about your business concept. They are more likely to help you build a loyal customer base and get the word out about your company.
• Creating a business plan. A business plan covers every aspect of starting and running a successful business. This will help you stay on track and provide valuable information when seeking investors or loans.
• Marketing yourself. Attend conferences and speaking engagements where people can learn about what you do and why they should buy from you instead of someone else.

By following these tips, you’ll be well on your way to becoming operational.

Get an HR Degree for Your Entrepreneurial Dreams

As you consider your next career move, think about returning to school for an online human resources degree. Your course program may include leadership, business communication, employee relations, compensation, and benefits. If you’re an entrepreneur with a dream, know that you can’t do it alone. You’ll need the right people on your team — and you’ll need to motivate and train them to take on any challenge that comes their way.

Start That Business Today, and Achieve Success Tomorrow

Once you have your papers in order and you’ve sorted out your finances, you’ll be able to take advantage of all of the opportunities for business growth in Yuma. Returning to school for an HR degree could ultimately help fast-track your entrepreneurial dreams and goals. Visit Desert Financial and Tax Services for your income tax preparation assistance when your business is up and running.