Kankakee Times

According to a report from March 2023, women owned over 12 million businesses in 2018, employing over 10 million workers and generating more than $2 trillion in sales and $388 billion in annual payrolls. With these impressive numbers in mind, starting a business may seem like a daunting task for many women. However, if you are a woman in the 79th District looking to start a small business, there are resources available to help you get started.

The U.S. Small Business Administration provides a comprehensive guide called "10 Steps to Start Your Business." This guide outlines the key steps involved in starting a business, including market research, writing a business plan, funding your business, choosing a business location, selecting a business structure, and registering your business.

Market research is an essential step in understanding potential customers and competitors in your area. By conducting thorough market research, you can identify opportunities and find a competitive advantage for your business.

Your business plan serves as a roadmap for your business, outlining how it will be structured, run, and grown. It is a crucial tool for convincing investors and partners to work with you.

Funding your business is another crucial aspect. If you don't have the necessary capital, there are various options available, including raising funds or borrowing money.

Choosing the right location for your business is also vital. Whether it's a physical store or an online business, the location can impact taxes, legal requirements, and revenue.

Selecting a suitable business structure is essential as it affects registration requirements, tax obligations, and personal liability.

Choosing the perfect business name is no easy task. It should reflect your brand and be unique to avoid any legal issues.

Registering your business is a legal requirement to protect your brand and ensure compliance with federal and state regulations.

Obtaining federal and state tax IDs, such as an Employer Identification Number (EIN), is necessary for various business processes like opening a bank account and paying taxes.

Obtaining the necessary licenses and permits to operate your business legally is crucial. The requirements vary depending on your industry, location, and other factors.

Opening a business bank account helps you manage financial matters more efficiently, including legal and tax obligations.

Now that you have completed all the necessary steps, it's time to open your business and focus on managing and growing it.

In addition to the resources provided by the U.S. Small Business Administration, there are other organizations and chambers of commerce that can assist women entrepreneurs in the 79th District. The Illinois Department of Commerce & Economic Opportunity offers a step-by-step guide and various programs, including grant applications, trainings, and business information centers. The Women's Business Development Center in Chicago is also a valuable resource for women-owned businesses.

To inspire aspiring women entrepreneurs, Carly Fiorina, the first female CEO of a Fortune 20 company, offers words of encouragement: "Do not be afraid to make decisions. Do not be afraid to make mistakes."

Starting a women-owned business may seem challenging, but with the right resources and support, it can be a rewarding journey. This Women's Small Business Month, take advantage of the available resources and turn your entrepreneurial dreams into a reality.

To learn more, click on this link: https://rephaas.com/2023/10/12/resources-to-start-a-women-owned-business-this-womens-small-business-month/