The first thing you will learn when you take on a new business, is "You Don't Know What you Don't Know!" Maybe you have managed people, maybe you are the best Hot Dogger in the world, maybe you are a wiz at marketing... all great skills to take to your new adventure. But they have nothing to do with OWNING a business.
Be prepared to accept the fact that you are new to ownership, and it involves all kinds of crazy things you never considered. Most of them will cost you money--remember I said to have a large pile for both you and your business.
You will need to get a number of licenses.. from all kinds of agencies. I now know that to have a restaurant in city of Aberdeen, county of Grays Harbor, state of Washington, country of USA, I need to have Federal EIN, State UBI, County Health Department License and City business license. If I were back in Pennsylvania, I would need to include the Commonwealth.
I know I need to structure the business as a Sole Prop, Partnership, LLC, Corporation, and that will effect my bank account, income tax, liability etc. What does that mean to you?? Well, I said "I don't know what I don't know", and I sure don't know what you don't know.
If you are in Washington state start here . Other states.. you are on your own. There aren't a lot of tricks to get around this part of business, but you will need to learn to roll over and speak.
A new business adventure is the challenge of a lifetime. If it is on your bucket list--this is the best and worst of times to GO FOR IT! Hope we can share our trials and successes.
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