Turning your business dream into reality can be a challenge. Knowing the right steps to take, and having the proper resources, can help save time and money. The following is a guide for entrepreneurs looking to start a business in Chicago.
Photo Credit: Jake Trussell, 1871 Chicago
Think of a new product or service based on an unmet need. Take an existing product or service from one market and offer it in another where it isn’t available. Look into an up-and-coming franchise operation.
Take the time to find out if your idea is viable. Who will buy your product or service? What’s happening in your industry?
If you intend to obtain a loan for your business, apply for a small business grant, pitch your business idea to investors, or enlist the support of business partners, you need a business plan; then you need to act on it.
Legitimize your business by registering your legal and assumed business name, business entity type, and by obtaining your federal and state tax identifications; City of Chicago tax registration occurs during your City of Chicago business license application. Please note: you may not conduct any business until you have received your City of Chicago business license certificate.
Read More: Register and License Your Business
Before opening your door for business, actual for “brick-and-mortars” or virtual for "click-and-orders", you will need to setup your business finances, record-keeping, insurance, as well as the logistics to operate your business.
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