Starting a new business can be a thrilling experience, but also a daunting one. There are so many details to think about and so many things to do. Some of them may not be as apparent as others.
Take the dog supplement business as an example. You love your dogs, and you provide the best possible nutrition regimen for them. At first glance, a dog supplement company may seem like a blissful extension of something that already comes naturally to you. However, taking this passion into the business realm is an altogether different experience. Your preparation needs to include less visible areas as well as the obvious ones.
Investigate the Supply Chain Process
Launching a new product venture has never been easier than now, but that also means that competition is fierce. As you plan for your business, you may need to consult with industry experts, including a design team, manufacturing facilities and plastic bottle packaging suppliers. Working with professionals to get things right at the outset can help you stand out in a crowded marketplace.
Understand Required Permits and Licensing
An Employer Identification Number, or EIN, is fundamental. You will need this number for everything from doing your business taxes to qualifying for wholesale access and pricing. In addition to your EIN, be sure to check out these things:
- Look into your local business licensing regulations
- Verify the zoning compliance of your location if you are opening a brick-and-mortar shop
- Check whether internet sales require licensing for each state in which you plan to sell
- Become informed about meeting sales tax requirements
Learn About Regulatory Oversight
Regulatory oversight is stiff. The Food and Drug Administration and other organizations regulate the manufacturing and marketing of pet foods and supplements. Requirements exist regarding safety, sanitation, labeling and even the types of marketing claims allowed.
This is an exciting new step you are taking as an entrepreneur. Planning for the less visible but essential aspects of your business venture will help keep you on the path to success.