|Written by geltdesigns|
You love making stained glass and you want to open your own stained glass making business. Opening a stained glass business requires more than just great stained glass making skills. Research from the United States Bureau of Labor Statistics shows that about half of all small businesses fail within two years of beginning operations. Proper planning can help your stained glass business overcome the odds, prosper and grow.
Name your stained glass business. Check that the name is not taken and will not infringe on the intellectual property of another person or business. Register your stained glass making business name with the state where your stained glass business is located to preserve and protect your business name.
Write a business plan for your stained glass making business. The business plan outlines your goals and how you plan to achieve business success. Determine whether your business will focus on architectural stained glass or creating a retail store. For example, will your stained glass making business concentrate on the making and restoration of windows for buildings? Or, will your business be more of a retail gallery that sells stained glass art for home decorations or stained glass making supplies to crafters? You will need to share your business plan when you rent space and secure financing. Be sure the business plan states how your stained glass business is different or better than those already in business. Explain why you are the right person to run your stained glass business.
Create a list of inventory needed for your stained glass making business. The inventory will determine the space needed for your venture and financing required for your stained glass making business.
Hone your stained glass making skills. If you do not have all the skills required to set up a stained glass making business, then determine where to take classes to learn the skills you lack. In the alternative, identify and hire employees who can fill the gap in your skill set.
Design the space you require for your stained glass making business. For architectural work, you will need studio space to make the stained glass windows and other items, storage space for your stained glass, tools and other equipment and office space. You may also want to include a gallery to sell retail items or to show samples of work done by your company. If you are creating a retail store, then you will need retail space to sell your goods, workspace to create stained glass items to sell, office space and, perhaps, classroom space to demonstrate how to make stained glass crafts.
Pick a location for your stained glass making business. Evaluate how the space fits your business plan and your space design. Check the rental or mortgage agreement and the local zoning laws to verify you can operate a stained glass making business on the premises.
Decide the extent of your Internet presence, if any. Verify your stained glass making business name is available on the Internet. Protect your business name on the Internet by registering it as a domain name and on popularÂ web sites including commercial web sites that allow you to open a store to sell your stained glass.
Decide the legal structure for your stained glass making business. If you operate as a sole proprietorship, there is no legal paperwork that must be filed. If you want to create a corporation or other legal form that limits your liability to the extent of your investment in your stained glass business, then seek legal counsel to help you form your stained glass making business.
Obtain financing for your stained glass making business. Obtaining financing can be difficult. Be sure to document all money you (or a family member) use to create your stained glass making business including any loan application and rental application fees. Determine whether the money used is a loan to be paid back or money invested for a secured interest in the stained glass making business. Prepare the documents needed to apply for financing from a commercial bank, venture capital firm or other financier including government programs sponsored by the Small Business Administration to secure further funds.
Register to pay state and federal taxes. Get an Employer Identification Number (EIN) from the U.S. Internal Revenue Service for your stained glass making business if you plan to have any employees. The EIN is the number the IRS uses to track taxes the business must withhold from employee paychecks and pay to the IRS. Register your stained glass making business with the state agency that collects state taxes.
Obtain all required licenses and permits for your stained glass making business. You can use the Permit Me tool on Business.gov to get a listing of federal, state and local permits, licenses and registrations you will need to run your stained glass business.
This article is intended as an overview and is not intended to give specific legal or business advice. Your facts and circumstances may change the legal and business analysis. See an attorney to learn how the law in your state, county or municipality applies to you.