*Business questions>>>Small Business Questions

I am considering opening a retail paper crafting store. Where do I begin?

Question:
I need advice in inventory (how to contact wholesalers, how much do I begin with, etc.) and where do I go to purchase display racks. Any other information would be very much appreciated.

Thank you.
Mary Ann

Answer:
I work at setting up small businesses, and I need to let you know that what your listed (inventory, wholesales, etc) are not the things you need to do first.

First, you need to come up with a business name and open up a business entity. This will tell the government that you're opening a business, make you legal, guarantee that no one else can have your name, and give you an EIN/tax number.

Once you've done that, go open a bank account under the name of your business. Once of the biggest mistakes small business owners do is to use their personal money to start the business. Open the bank account, get a business credit card, and a business loan. (You will probably need a business plan to qualify for the loan.)

Once that is all done, find out the specifics of where you'll get your supplies from.