Tips for launching a business in Northeast Philadelphia, PA

Northeast Philadelphia, PA is the site of a major innovation hub and home to the University of Pennsylvania and Drexel University. A strong concentration of highly educated professionals makes for a healthy startup ecosystem. These entrepreneurs have a lot to offer the rest of the country, but they`re spread across several cities and states.

The city`s startup community is thriving thanks to the collaboration between institutions like the University of Pennsylvania and Drexel University, along with organizations like Techstars, the Greater Philadelphia Technology Council, and the PhillyTechWeek. And while the city`s tech scene is well established, Northeast Philadelphia is still home to many startups that are trying to make a name for themselves.

To launch your business in Northeast Philadelphia, PA, follow these steps:

1. Figure out what kind of business you want to start. This can be a one-person venture or a multigenerational family business. For example, if you`re planning to create a business that requires multiple employees, you`ll need to set up a corporation or LLC. If you`re planning to run an independent business, consider registering it as a Sole Proprietor.

2. Determine if you need to incorporate. If you`re a sole proprietor, you`ll only need to register as a Sole Proprietor. If you plan to hire employees, you`ll need to file a DBA (doing business as) certificate and a PA Limited Liability Company (LLC) certificate.

3. Register your business. Once you`ve figured out which business structure to use, you`ll need to file a Business Entity Registration with the Department of State. You`ll also need to register with the Pennsylvania Department of State if you`re going to do business with the state. The process can take as little as a few hours or as long as a few days.

4. Open a checking account. You`ll need to have a checking account in order to get paid, so open one with your bank.

5. Get health insurance. If you work in the service industry, health insurance is required by law. It`s best to get coverage from the same company as your employer.

6. Get a business license. Before opening your doors to the public, you`ll need to get a business license. The license costs $200.

7. Pay the necessary fees. To get a business license, you`ll need to pay a fee of $200 and a monthly renewal fee of $25.

8. Create a business plan. A business plan will help you figure out how you`ll manage the business once it`s launched. It can also help you raise money.

9. Hire an attorney. If you want to set up a corporation or LLC, you`ll need to hire an attorney.

10. Register for taxes. The IRS requires that you file a Form 1040 by April 15th.

11. Pay your bills. As your business begins to generate revenue, you`ll need to pay your bills. You can also use your personal credit card to cover business expenses.

12. Don`t forget to save. A startup business doesn`t come with much in the way of profits. So it`s important to put aside a portion of your income every month to invest in the business.

13. Promote your business. Once you`ve launched the business, it`s time to promote it. You can advertise in local publications, through social media, and on your website.