RESOURCES TO OPEN A BUSINESS IN REEDSPORT
Good day, and welcome to the City of Reedsport! We are extremely happy that you have decided to open a business here, and we’d like to do everything we can to help you succeed and make money. The City of Reedsport’s Economic Development office has put together this “How to Open a Business in Reedsport” guide to help you navigate the City’s requirements (as well as county, state and federal regulations) for operating a business within Reedsport’s city limits.
We strongly advise that new business owners do not sign a lease for a retail space with a commercial property owner until you have read through this guide. We cannot emphasize this strongly enough. Choosing a property for your business before understanding what will be involved in customizing it to your needs and maintaining compliance with city, county, state and federal regulations can literally cost you thousands of dollars in unplanned expenses. If you have any questions or concerns about this, please contact the City Manager or the Planning Department in the City of Reedsport. We would be happy to discuss the particulars with you.
[accordion-wrap type=”normal” mode=”toggle”] [accordion title=”What to Do Before Coming to the City” icon=”fa-leaf” active=”false”]Your business will have the best chance to succeed if you do your homework prior to renting a commercial storefront. Hours spent studying your proposed business idea can save you money in the long run and can give you the proper information to avoid unsound business decisions. We recommend taking the following steps prior to looking for a home for your business.[/accordion] [accordion title=”Create a Business Plan ” icon=”fa-leaf” active=”false”]A business plan serves two primary purposes: it helps a business owner analyze whether or not their great idea can bring in more revenue than it costs to produce, and it explains the business idea in great detail to potential investors or commercial lending institutions (like banks, for instance).
For more information on business plans click here.[/accordion] [accordion title=”Develop a projected budget for year 1 of your business (and beyond)” icon=”fa-leaf” active=”false”]Developing a projected budget allows you to demonstrate your business’ potential profitability to potential lenders or investors. If you plan on taking out a business loan to get started, be aware that a commercial lender will almost certainly want to see your startup budget before loaning you any money.
Most business schools and small business advisers recommend that you put together a projected budget for the first two to five years of your operation, and the farther you can project out, the better. But at an absolute minimum, we suggest a projected budget for your first year so you can measure your startup costs against your projected revenues.[/accordion] [accordion title=”Make sure you’re properly capitalized” icon=”fa-leaf” active=”false”]Many businesses take out small business loans from banks, credit unions, or other commercial lending institutions to get themselves off of the ground. A general rule of thumb here is to make sure that you have enough operating capital on hand to run your business comfortably for a year assuming you make $0 in your first year.
For more information on commercial lenders available in Reedsport contact the Economic Restructuring Committee (please add in any other contacts, realtors you feel are necessary).[/accordion] [/accordion-wrap]
Register your business with the feds and the state.
Registering your business with the federal government and the state of Oregon is required by law. Complete the following tasks:
Choose a business organizational structure (i.e. S-Corporation, C-Corporation, Limited Liability Company, Sole Proprietorship, etc.) – The choice you make here can have an impact on multiple aspects of your business, including taxes, liability, ownership succession, and others. We recommend that you consult both legal counsel and an accountant before deciding the type of business entity to form.
Check to see if your desired business name is available on the Oregon Business Registry – Go to www.filinginoregon.com/businessnamesearch and see if your desired business name is registered with the state of Oregon. If it is, you’ll need to choose another name.
Register your business with the State of Oregon – Go to www.filinginoregon.com/cbr and register your business with the State of Oregon. This will provide you with an Oregon Tax Identification Number for your business.
Register your business with the federal government –Go to https://irs.ein-gov-forms.com/. This will provide you with an Employer Identification Number for your business.
Business Licensing: City of Reedsport City of Reedsport – Business Licensing
State of Oregon – How to Start a Business in Oregon The Oregon Business Guide (from the Secretary of State’s office)
State of Oregon – License Directory A comprehensive directory of over 1,100 state licenses, permits, and certifications, including driver & fishing licenses, arranged by license type.
State of Oregon – Business Registration Services Search the registry for available names for your business.
Business Oregon The state agency responsible for attracting and growing business in Oregon.
Business Oregon’s Finance page Loads of information on available financing and assistance programs from the state.
Oregon Liquor Control Commission Does your business sell alcohol? Get your liquor license and server’s permits here.
