Question

explain 7 steps that you are required to register your famiky convenient store.

Answer 1

STEP 1: Plan your Business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

• What are the startup and ongoing costs?
• Who is your target market?
• How long it will take you to break even?
• What will you name your business?

STEP 2: Form a legal entity

Establishing a legal business entity such as an LLC prevents you from being personally liable if your convenience store is sued. There are many business structures to choose from including: Corporations, LLC's, and DBA's.

• There are 6 options that are: sole proprietorship, partnership, one Person Company, limited liability partnership, private limited company and public limited company.
• A sole proprietorship is the easiest business structure to start with and this is exactly why it is a popular choice amongst those wanting to start a grocery store. Opting for this structure would mean less legal compliances, making it easy for you to handle the store on your own.

STEP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It's really easy and free!

STEP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. Open a business bank account. This separates your personal assets from your company's assets ,Get a business credit card This helps you separate personal and business expenses by putting your business' expenses all in one place.

STEP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

STEP 6: Obtain necessary permits and licenses

Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.

Certain other state permits and licenses may be needed to operate a convenience store. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits.

Most states require retail businesses to obtain a seller’s permit. A seller’s permit enables states to record and collect taxes from goods (and sometimes service) sales

Convenience stores may also wish to look into applying for a resale certificate, which allows retailers to purchase goods intended for resale without paying sales tax.

If you sell food, you will need licensing from a local health department. Here are some tips for faring well on a health inspection.

STEP 7: Get Business Insurance

Insurance is highly recommended for all business owners. If you hire employees, workers compensation insurance may be a legal requirement in your state.

STEP 8: Define your brand

Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.

How to promote & market a convenience store: putting up billboards in the city or using bright and visible signage around your own store can help to get customer  attention. Similarly, you should embrace social media as a cheap way to engage customers

STEP 9: Establish your Web Presence

A business website allows customers to learn more about your company and the products or services you offer. You can also use social media to attract new clients or customers.