What resources are available for starting a business in Georgia?
From consulting, training, access to research and guidance for completing all necessary legal paperwork, here are some of our favorite resources:
While nearly 80% of the 17,261 small businesses started in Georgia in 2013 survived through 2014, the challenge of remaining solvent is great. Only roughly half of businesses in the United States are able to stay open for four or five years and the percentage of success goes down from there; just one-third survive ten years or more. Certainly there are many reasons businesses fail, many to do with the actual product or service, cash flow or understanding of the market. In addition, however, there are also a variety of procedural and tactical decisions and steps which must be made in order to build a business on a strong foundation.
Have a great business idea but not familiar with all that is involved in starting a business in Georgia? Thankfully there are numerous resources available to help.
The Georgia Small Business Development Center (SBDC), led by the University of Georgia, offers no-cost, confidential services to small businesses in our state. In addition to consulting, they provide continued education opportunities and a wealth of research and data relevant to many industries. Their website also has links to helpful tax calculators and information as well as government agencies, U.S. Small Business Administration literature, and many other assistance providers such as
and many others
The Georgia SBDC has 17 offices in the state and consulted with over 4,400 clients in 2013. Over the past five years, their clients have created nearly 1,400 new businesses which have created over 10,000 jobs, raised $500 million in capital and $7.9 billion in sales.
Here in Savannah, Kyle Hensel is the Area Director and is a tremendous resource to all business owners and entrepreneurs in the region. Kyle and his team are happy to guide you and your business any way they can and are also great at connecting businesses with each other.
Choosing a Corporate Structure - Due to the tax, legal and liability implications associated with each, knowing which business structure best suits you can be difficult; it is advisable to speak with an attorney. Learn more here:
Forming your Corporate Structure - Once you have chosen which corporate structure is best for your business, forming it is not very difficult. Download a copy of our free eBook or visit the structure-specific article for you. Learn more here:
Get Your Employer Identification Number - If your business will have employees, you are legally-required to have an Employer Identification Number (EIN). The EIN is essentially a Social Security number for your business. Learn more here:
Get Your Business License - Any company, individual or legal entity engaging in a for-profit business in Georgia must have a business tax certificate (also called a business license). Doing business without one can result in heavy fines. Learn more here:
Get Your Seller’s Permit - Many new businesses in Georgia are required to procure a sellers permit, something that the Georgia Department of Revenue (GaDOR) calls a “Sales and Use Tax Certificate of Registration.” Learn more here:
Have more questions about starting a business in Georgia? Let us know and perhaps we’ll address them in a future blog post.