Do you want to start a business in Nebraska? In this article we provide you with a step by step guide on the steps to be followed in starting a business in Nebraska with registering business, licenses, and permits, and much more
Nebraska has a massive manufacturing industry with a large agriculture sector producing top-selling products like corn and soybeans. The domestic industry includes the production of beef, pork, maize, soybeans, and sorghum. Freight transport, rail and truck, manufacturing, telecommunications, information technology, and insurance are the major contributing sectors to Nebraska’s economy.
A diversified economy, Nebraska has different industries in a variety of sectors including manufacturing, finance, telecommunications, and information technology. With a huge market for small businesses, the government offers an array of opportunities for new businesses. Here’s a complete guide on how you can start a successful business in Nebraska.
Here is a Stepwise Guide on Starting a Business In Nebraska
If you want to legally start a business in Nebraska, follow the steps mentioned below:
Step 1. Choose a Business
The very first step is to choose a business. Explore market demand and your resources and decide on which business would be most appropriate for you. You can also, check our article on top business ideas in Nebraska for more food for thought.
Step 2: Register Your Business
In Nebraska, the Secretary of State monitors the registration of trade names and business names. You need to register with them in order to start a business here in Nebraska. However, if you are planning to start a choose corp. or an LLC as your business structure, a registered agent is a must to process it. You can check with Incfile, recommended highly by professionals.
Step 3: Get Tax Identification Number
Federal Employer Identification Number (FEIN) acts as a tax ID for a business. The IRS issues Employer Identification Numbers. It is a unique identification number that identifies your business. Visit IRS official site and enquire whether you need it or not and also ask anything you want.
You can also get EIN electronically via Email from a registered agent. You can check more about this service from Incfile.
Step 4. Business Plan
Start with a detailed business plan. Nebraska has several businesses, and it’s going to be competitive. A business plan will help you to stay ahead of your competition. Jot down the goals, targets and how to wish to proceed with your new business.
Step 5. Financing Your Business
The state has a healthy platform for new businesses. There are investors and venture capital firms to whom you can pitch your idea. If you choose to fund your own business, go for a loan with a long-term payback period and low-interest rate.
You can also check the following business loan and guarantee programs:
- Small Business Administration (SBA) Loan Programs
- Business Loans from Northeast Nebraska Development District.
- Business Loans Southeast Nebraska Development District.
Step 6. Check for a Relevant Website Business Domain Name
Nowadays, you must have a website if you are serious in starting a profitable business. It is advised to find a relevant domain name before you finalize your business name. You can check below whether the desired domain name is available or not:
Step 7. Business Permits & Licenses
There are local licenses applicable in different cities of Nebraska. Like you will need a sales tax license to sell products. Nebraska also has special permits and licenses specific to different businesses. If you are planning to start as an LLC, there might be a requirement of multiple business licenses and permits. It is advised to get the job done by professional vendors like Incfile.
Step 8. Business Bank Account & Accounting Software
A separate bank account will help you to manage your financial transactions better. Also, you can apply for a credit account for vendors with your EIN. Next up, set up a good accounting software which would help to maintain all your transactions at one place.
Step 9. Business Insurance
The state has no mandatory insurance applicable. But it’s better to go for a professional liability policy to sell and a worker’s compensation insurance to legally hire an employee. If you are planning on hiring employees, please contact the Department of Labor and know more about covering your business.
Step 10. Promoting Your Business
Promotions play a major role in new businesses. Taking the business to the potential audience is important initially. It’s better to hire an agency for planned promotions and marketing.
Best Places To Start A Business In Nebraska
Choosing the right location is going to determine how your business runs. Here are some of the best places in Nebraska to start your business:
Completing all the steps one by one in a planned manner will help you set up your new business within a short span of time. Hopefully, this guide will assist you in establishing your dream business successfully.