Myrtle Beach is one of the best places to start a business in the whole country. Other than being a world-famous vacation destination in South Carolina with more than 60 miles of beaches and extensive sights, food, and events, Myrtle Beach is also a business haven, as the U.S. Census reports that it is the second fastest-growing metro area in the country.
The ever-growing metropolitan area is supplemented by South Carolina’s numerous policies that help businesses thrive. If you want to set up shop in Myrtle Beach, we’ve listed some crucial steps to research when starting your business.
Refine Your Business Idea
If you’re determined to make it in Myrtle Beach, you have to make sure that your business will fit in the current economic landscape. For one, your business should be able to fill a hole in the market or offer more affordable products and services compared to similar enterprises in the area. To start, you should conduct market research to gain insights into Myrtle Beach’s economy. This way, you can gather information on potential customers and other competitors — helping you determine what business strategies to use and further refine your business idea to capture a specific niche in the market.
Create a Business Plan
After you’re certain of what you want to offer in Myrtle Beach, you should then create a business plan to cover all your bases — from something as fundamental as your business name to things as complicated as your actual budget. Additionally, your business plan will include everything about your products and services, like how you want it to be developed and how you want it to be marketed. Moreover, you should also be able to map out your business’s target timeline and organizational structure in your plan. By making an extensive business plan, you can focus on doing everything in your power to make your new endeavor a success in Myrtle Beach.
Choose the Right Business Structure
Most businesses start as a sole proprietorship, which is basically the default business structure. And sometimes, business owners choose not to change their business structure as being a sole proprietorship means nominal costs and significantly less paperwork. However, it carries a lot of risks, like not being able to separate your personal and business finances. This can be troublesome as creditors can come after your personal funds if your business incurs any debts — and vice versa.
This is why many entrepreneurs opt to form a limited liability company (LLC), which has now become the most common entity for businesses in the U.S. LLCs in the state of South Carolina enjoy several benefits, such as flexibility, a clear separation between personal and business assets, and the ability to avoid double taxation. Setting up your LLC here in Myrtle Beach can be done through 5 simple steps:
- Find an available name in South Carolina.
- Choose a registered agent to handle all the legal documents and receiving tax forms and notices.
- File your Articles of Organization with the Secretary of State in order to register your South Carolina LLC.
- Make an LLC operating agreement to outline the ownership and operating procedures of your business.
- Obtain an Employer Identification Number (EIN) to identify your enterprise for tax purposes.
Apply for Permits and Licenses
The most daunting part of setting up a business is getting the permits and licenses that you need in order to move forward. There’s no one catch-all business license that ensures you comply with various state licenses, requirements, and permits. For instance, the iconic Myrtle Beach establishment Waikiki Village Motel qualifies as a rental property and needs health, environmental, and food and service permits to operate. To stay on top of this, be sure to create a list so you can get the licenses your business needs before it can operate.
Starting a business in Myrtle Beach is no different to other areas in the country. But with Myrtle Beach’s booming economy, you’re sure to find success in The Grand Strand of South Carolina if you come prepared.