Wed 05 Aug 2015 | By:

5 Best Practices for Starting a South Carolina Business

5 Best Practices for Starting a Business

A business is not some trial-and-error run that you can repeat if you make mistakes the first time you do it. As an entrepreneur, it is part of your responsibility to start your business on the right footing.

Every startup has best practices, and yours should not be any different.

Whether you’re learning how to incorporate in South Carolina or looking to comply with licenses, permits, and regulations requirements, this guide will provide 5 of the best practices in starting a business in South Carolina.


1) Have a Solid Business Plan

Write a Business PlanWhen you find out that a business plan is necessary when starting a business, do you get nervous? It can be an intimidating idea at first, but once you know what a business plan can do for a business, you’ll be ready to take on the task.

A business plans lays the foundation of your business, eliminates or minimizes possible risks, and provides you with a clear goal on how to run your business. There are many resources on how to write a proper business plan, so keep calm and write that business plan!

Planning for Success Quick-Links


2) Take Advantage of Free Startup Resources

Free Resources to Start a BusinessA savvy business owner gets the cake and eats it too! There are tons of free startup resources. You only need to look around you to find what you’re looking for to help your business soar.

Here are 3 resources that you can use on how to start a business in South Carolina. The other resources mentioned in this guide are also extremely useful.


3) Incorporate in South Carolina with the Right Business Structure

How to Choose a Business StructureIncorporating in South Carolina is relatively easy as long as you keep certain points in check. One such point is choosing the right business structure.

The type of business structure you choose will be the starting point of all your operations when you begin your transactions, so choose right the first time.

Use the resources below for an informed decision on how to officially set up your business.


4) Create an Operating Agreement

Create an Operating AgreementWhen starting a business in South Carolina, you need to create an Operating Agreement.

An Operating Agreement pretty much covers all the ground rules of your business and your dealings with other businesses/partnerships.

From how you operate your business, what functions should each member perform, to employee proceedings, your Operating Agreement makes operations much more clear.


5) Continue Learning as a Business Owner

Continue Learning as a Business OwnerThe quest for knowledge is always the key to success that is why as a business owner, you have to continuously learn and absorb new information regularly.

It’s not enough that you remain stagnant once you have officially started your business. You should read books about business, learn the latest news about business trends and take advantage of free resources online.


Wrapping Up and Moving Forward

Each set of best practices varies from one industry to another, but the 5 we just talked about are the best place to start. Starting a brand new business is challenging, but it can also be very fulfilling once you realize that you are actually going to be several steps closer to owing your own future!

About Liesha Petrovich

Liesha is a small business owner of 20 years, host of Startup Savant, the owner of a karate dojo in Maine, and creator of Work Mobly. During free time she's with her family and working on a Doctorate in Entrepreneurship.