Are you an entrepreneur looking to start a business in Arizona? If so, that’s an excellent choice! Small business are great for the economy! And, Forbes magazine rates Arizona as one of the 5 Best States in the country for economic growth! So if you’re keen on becoming an Arizona business entrepreneur, read on. We put together everything you need to know about how to start a business in Arizona to help you get started. Let’s get to it!
1. Do Something that Excites You
One big factor when starting a business in Arizona is to choose something you love. As the old adage goes, if you love what you do, you’ll never work a day in your life. So start your business doing something you are passionate about! Not to mention, start your business doing something you’re great at!
Remember, you’ll be concentrating on this business for a long time, maybe even decades, if all goes well. Therefore, choosing correctly will make the years more enjoyable (and profitable).
In 2020, Arizona entrepreneurs focused on these five businesses:
- Towing company
- Roller Skating Rink
- Clothing Boutique
- Home Pool Business
- Drive-In Movie Theatre
2. Choose a Name to Start Your Arizona Business
The name of your business is important for a few reasons. Firstly, it should appeal to your future customers. Also, it should be a name no other business uses (for legal reasons). Choosing a name that has an online domain available is also helpful. Plus, you need to follow Arizona’s business naming requirements. Lastly, check with the Arizona Corporation Commission (ACC) to make sure the name you choose is available.
3. Decide on Your Business Entity Type
Depending on the business you want, you’ll also need to decide what type of entity to make. For example, types of business entities include:
- Sole Proprietorship
- Nonprofit Corporation
- Limited Liability Company
Remember there will be several steps to make it happen, depending on what you choose. For example, you need to file the Articles of Incorporation if you start a corporation. Similarly, a nonprofit would need a document called an Article of Organization.
4. Choose a Location to Start Your Arizona Business
Your new business location is crucial if you plan to open a storefront. You want as much foot traffic as possible! But you also don’t want to spend too much money on your rent! Keep in mind that if you plan to start your business from home, you still need licenses and permits.
5. Register Your New Business with the State
This critical step is complicated and, in some cases, you may need an attorney. Two of the steps involved include:
- Choosing a statutory agent. This is a person who can accept legal documents on your behalf.
- Apply for an Employer Identification Number (EIN) with the IRS
6. Set Up Your Business Accounts
Every business should have its own accounts. (One exception is a sole proprietorship. But it’s still a good idea to have different accounts.) Starting a business in Arizona is risky. So it’s smart to reduce the crossover between your personal and professional accounts. The three essential accounts you’ll need include:
- Business Bank Account
- Business Credit Card
- A Business Accounting System. (Unless you’re an expert, hiring an accounting firm is a good idea.)
7. Buy Insurance for Your New Arizona Business
Every business needs to be insured in Arizona. Always better safe than sorry! Although the type of insurance you need depends on the company. There are three types of insurance that most businesses will need, including:
- General Liability
- Workers’ Compensation
- Professional Liability
For a small business, general liability insurance is best. If you have employees, you’ll also need workers’ compensation insurance. Lastly, a professional liability policy is good for advice and service businesses.
8. Stay Organized With Self Storage
If you sell things or use equipment, renting a storage unit is a great way to keep your business organized. Indeed, some business owners actually started their business in a storage unit! For example, you can store your overstock, equipment, and files in a storage unit. In addition, many small business owners store their products in a storage unit instead of a store. (It’s much cheaper!) Starting your own business in Arizona, or anywhere else, is a big task. So making sure to save money where you can is a must! And self-storage makes that easy!
Storage Solutions has many entrepreneurs who rent storage units with us. Our facilities are clean, safe, and very secure. Also, we have on-site managers and 24/7 video security. In addition, we have extra-large front gates to make getting in and out easy and fast.
Questions about renting a storage unit in Arizona for your new business? If so, chat with us online or visit one of our Arizona self-storage locations in the Grand Canyon State! The on-site manager can answer all your questions and help you get started. Until then, Storage Solutions wishes you the very best of luck with your new Arizona business! Good luck!