3 things you need when starting a Michigan business

On Behalf of | Jun 26, 2022 | Business Law |

Starting a business in Michigan is a brave and potentially profitable choice. You need to have faith in your idea and your ability to run the company. You need outside support or personal experience to provide something of value that others will happily purchase.

The exact steps that you need to take will vary drastically depending on the business you intend to run. A new dentist will have different concerns than someone opening a franchise gas station. However, with a few notable exceptions, most businesses will need the three items below.

Proper licensing

Whether you need a professional license as a real estate broker or a sales tax license for a retail business, find out what you need from the state to legally operate your company as planned. Verifying the necessary licenses and having them in place before making other investments is typically a smart step.

Business insurance

Whether you intend to run a day care service out of your house or build a small manufacturing facility, you need insurance for your company. There is liability coverage to consider, as well as business interruption coverage. Adequate insurance will help minimize your risks as an owner.

A business plan

Before you try to convince a commercial landlord to rent to you or a bank to give you a business loan, you will need a business plan that shows how you intend to turn your idea into a profitable company. Once you have all three of these necessary items, you can then move forward with filing business formation paperwork and looking for the right employees.

Taking the appropriate steps will help you start a Michigan business while minimizing your risk in doing so.

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