The idea to start their own small business is very exciting to some people, and some of them go ahead with it. However, most new businesses fail. Let’s try to understand what are the main obstacles on this road.
So, what is the major concern raised by many business people looking for information on starting a business and on Georgia small business grants? Obviously, the most important question is financing, and the good news is there are a variety of opportunities available for starting a business in GA or and taking the existing one to the next level. The state and federal government provides loans and grants for business development. Thousands of small business owners or entrepreneurs have heard of these programs, but have no idea how to start this process and need some guidance.
Getting a business loan
For example, there are many programs that offer a “secured loan,” which means that the bank applies to the government for a guarantee on this particular business loan. There are also private funding sources and small business grants for start-up businesses. When your company has a corporate history of two or three years, the government and the banks are more likely to consider some type of loan.
Getting a small business grant in Georgia
But you can also raise funds to help you achieve your goals by applying for a grant. A grant is a sum of money awarded by a body or authority for starting a business in Georgia or helping a business succeed in a particular project, such as developing a new product.
Unlike a loan, they are generally not refundable and you do not pay interest on this amount, making it an attractive option for small business owners. However, grants are not quick and easy money. Only a limited number of subsidies is available, so it leads to a lot of competition for them and the application process can be tedious, often taking several months. Your company should also match the funding program’s requirements. In addition, you must prove that you have a good reason for needing Georgia small business grants. Grants should only be spent on the purpose that money was awarded for.
Grants for small business are awarded to companies by the local government or private organizations, as well as charities.
A business plan is the key to success
The first thing needed for getting a loan or a business grant in GA is writing a business plan. The State of Georgia provides free assistance on this crucial aspect through online and traditional small business development centers. The Georgia Department of Economic Development (GDEcD) offers a lot of useful information on business resources and advice on writing a business plan and other details of starting a business in Georgia. Visit http://www.georgia.org/, because this is a good place to begin with in the early stages of your business planning. Or you can consult an experienced business start-up firm to discuss all the steps in advance and prepare copies of all required documents.
What else do you need to do for your business?
No general operating license is required for starting a business in Georgia, but a license is required for each type of business, and they are issued by the state of Georgia. If you start a corporation, limited liability company, individual or general society, you will need to register your business name with the Georgia Secretary of State and file all required documents.
The new company name must be registered with the Secretary of State also, although this will not establish your exclusive rights to it. You will first check with the Secretary of State that it is not already in use. The tax identification number will be issued by the Georgia Department of Labor (GDOL).
Workers Compensation coverage is a part of every business and you need to take this into consideration. You are required by the State Board of Workers’ Compensation to provide it and more details can be obtained from them. There are no state funds for it, so it is available through various private insurance companies in Georgia. You need to shop around for the best prices and services.
Professional help for starting a business
Requirements for starting a business in GA are numerous and complex, and meeting them all without any assistance could be difficult. You can turn to professional help and this will allow you to focus on other aspects of your new business.
Get professional help of getting a small business loan in Georgia here:
US Small Business Administration
233 Peachtree Center Ave NE, Atlanta, GA 30303
Small Business Development Center
1450 Greene St #3500, Augusta, GA 30901
Small Business Development Center
125 Pine Avenue #142, Albany, GA 31701
University of Georgia Small Business Development Center – State Office
1180 East Broad Street, Athens, GA 30602
UGA Macon Small Business Development Center
4875 Riverside Drive #202, Macon, GA 31210