Hi Jin,
I'm going to give you advice... some of which you may have done already...some not. The steps are imperative to beginning your business.
1.Think of a name for your business if you haven't already and prepare a business plan. The business plan should establish how much funding you have available for rental, insurance, supplies, signs,protective devices i.e alarm systems and most importantly for a new business advertising...business cards, newspaper ads, fliers, tv spots etc.
2. Talk to an accountant to familiarize yourself with the differences in an LLC, S Corp etc.. Once you are confident in the type of corp. register your name and file paperwork for you tax ID number. Most often you can do this at the town hall. Once you have filed with your state Jin you will begin to receive tons of wholesale information based on how you registered the service you will be providing, as well as rep. calls from various industries vying for your business even before your front door is open to the public. That is where you will make your decision as to which supplier you find most beneficial to your business.
3. Make an apt, with a lawyer. He/she will do all the necessary paperwork in order to legally file your business.
4. Location! The most important part of establishing a business. Check the demographics in your area and surrounding areas to be sure you are not competing with major art supply chains in your area. With the internet as well as brick & mortar chains such as Dick Blick, Michaels, AC Moore the market you are seeking is saturated. With that in mind I'd suggest trying to find something else you can offer above and beyond fine art supplies that is not offered at the major chains. When doing retail sales in a highly competitive market a "quirk" and or additional service provided helps to retain a business that may not otherwise survive.
5.Join your local Chamber of Commerce. They have a good of insight in small businesses, will offer business insurance as well as be a great source of networking for your new business. they also will provide you will information on small business loans if needed.
This should a good start for you Jin. There is a 5 yr make it or break it for most small businesses so well prepared business plan, a serious look at your demographic area and smart planning with your accountant and lawyer will make a large difference in your businesses success.
Best of luck to you in your new adventure! if you have any further questions feel free to ask!
~Dee
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