Starting a hotel as a business can be a challenging but profitable undertaking. Starting a business is just the first step on a long journey as an entrepreneur. If you’re not comfortable designing or producing your own letterhead or business cards, have it done professionally. As a small business owner, it is up to you to make yourself and your company accessible to potential clients and your customer base.
Be clear about why you’re going into business — having clear goals will help you stay motivated. If you intend to seek financial support from an investor or financial institution, a formal written business plan is a must. Even if you don’t anticipate seeking financial support, a simple business plan can give you clarity about what you hope to achieve and how you plan to do it.
The partners are jointly responsible for running the business and if it fails all partners are jointly responsible for the debt. When you want to list out businesses that yield instant revenue on a daily basis, you’d have to mention hairdressing salon business.
We’ve broken the process of starting a business down into four basic steps, which are discussed in greater detail via the following links. Visit the U.S. Small Business Administration website for free detailed business plan and other small business start-up information (See Resources).
If your proposed business name is available, register it with the county clerk, have it trademarked at the state and federal levels and secure a domain name. The sole proprietorship makes no legal distinction between personal and business debts, and it does not require a separate income tax return.