How Do I Begin To Open My Own Business?
Understanding the steps needed to start a small business is instrumental in becoming a successful, healthy vending business owner. Starting a business involves research, startup and long-term planning, financing decisions and going through the legal steps that are required in your state. Wondering what qualifications you need to start your own business? The US Small Business Administration (SBA) recommends incorporating these steps for beginners.
Research and plan
First things first: ask yourself if your business idea is one that fills a need. Once you’ve conducted research and determined that your business idea is viable, you’ll want to create a business plan. Think of your business plan as a roadmap for how to structure, run and grow your new business. You can modify it as you go along, but it’s a helpful element to starting a business.
Finance your business
Your business plan is the foundation of your new venture. Financing is the next step. Understanding the financing that will be required to start your small business and keep it running is essential. When it comes to financing, here are a few points to consider:
- Startup costs
- Cash flow
- Break-even point
- Small business loans
- Personal financing
Learn more about financing a small business.
Choose a location
Your business location is essential to the success of your small business, and one of the most important decisions you’ll make. The right location affects the amount of traffic your business gets, and ultimately, your success. When it comes to healthy vending, a zero-commission placement can significantly affect your revenue and overall earning potential. That’s why Healthy YOU Vending’s location procurement experts are in place to help find the best locations for your vending machines, whether that’s at a business, military base, school, hospital, car dealership, hotel or other location. (Take a look at these organizations that proudly feature Healthy YOU Vending machines.)
Structure your small business
Deciding on a legal structure for your new business will impact your registration and local paperwork requirements, tax responsibility, personal liability and even daily operations. Common business structures include sole proprietorship, partnership, LLC, S corp and C corp. You’ll also want to:
- Choose a business name that reflects your new business then protect that name and make it legal by registering it. Your business name can be a DBA (doing business as), entity or trademark.
- Check with your state or city about qualifications to start a business. This includes required licenses, permits and registrations such as an employer identification number (EIN) or business permits.
- Open a business bank account to keep your business income separate from your personal income.
- Claim your website name. Healthy YOU Vending can help you establish your internet presence with your own customized website.
Build a support network
Healthy YOU Vending provides best-in-class, initial and ongoing training, coaching and support. That’s right, our business support doesn’t end once you invest in healthy vending machines. We’re here for you every step of the way with education and support.
- Healthy YOUniversity. Get your new business off to a strong start with a two-day, intensive training at Healthy YOU Vending’s corporate headquarters in Utah.
- Lifetime Coaching. Have questions about your new healthy vending machine business? Simply pick up the phone and call one of our experienced healthy vending business coaches.
- Online Support Center. Find everything you need to operate your Healthy YOU Vending business 24/7/365. Get information about tracking shipments, securing great locations, product resources and more.
- Location Procurement. We can assist new Healthy YOU Vending operators in procuring qualified locations for your healthy vending machines in your geographic area.
Starting a business takes commitment, determination and knowledge! With Healthy YOU Vending, you’re never in it alone. Learn more.