How to Start a Business in USA Essay Example | Topics and Well Written Essays - 1250 words

How to Start a Business in USA - Essay Example In order to successfully implement a concept of retail pharmacy business, this paper strives to identify some basic steps which are required before any such activity could be started in USA. This paper will demonstrate how to start a business in Chicago, Illinois and also acts as a basic guideline for an individual who has yet to go through an actual implementation process. This paper is based on the research carried out to reveal the steps which are necessary to be taken when starting a retail pharmacy business in Chicago. Importance of intellectual property: The importance of intellectual property (IP) should be recognized thoroughly by a start-up business owner. IP is actually a legal concept and is sadly, poorly misunderstood by many people who wish to start their own businesses and think that this concept can only be appropriately applied by those people who are legal experts. Every enterprise, company or business organization should pay attention to IP. IP can help the owners a t every stage of business development â€Å"from product development to product design, from service delivery to marketing, and from raising financial resources to exporting or expanding your business abroad† (World Intellectual Property Organization, n.d.). in order to maximize the benefits, business owners should know how to use the IP system. It is worth mentioning that in case IP being used belongs to others, then rights have to be acquired to use it by obtaining a license so that forthcoming disputes and litigation could be avoided by the novice individuals intent on establishing personal businesses. IP is also important to a business because it helps in copyright protection and get fair economic awards on grounds of a business’s individual creativity and product sales. Government requirements: Retail pharmacy is recognized as one of the mainstream profitable businesses in entire USA. But, area requirements should be deeply understood and assessed before implement ing and operating any business concept, According to Woodfield (2012), State of Illinois Business Portal suggests that before starting up a business in Chicago, certain city, state, and federal requirements have to be fulfilled by an individual. Though he owner of a business has to get him/herself registered with the city, still â€Å"there are also state and federal hoops to jump through before you can open your doors† (Woodfield, 2012). However, the retail pharmacy business concept is exempted from obtaining Chicago city license. For that purpose, license from the Illinois Department of Financial and Professional Regulation is to be obtained by the owner (Cequea, 2012). First, a strategic and clear business plan has to explicitly written down to be shown in different registration offices later on. As Chicago distinguishes itself by being the third most populous city in USA, so the business plan should also contain a map for showing the official authorities as to how one wis hes to make one’s desired business concept stand out among the rest. Chicago area-attorney and accountant, among other official authority members, have to be consulted first by an individual who is novice to the Chicago business scene. Afterwards, Federal Employer Identification Number (FEIN) should be applied for in order to get the business registered with the state of Illinois. Then one must get registered with federal government for tax purposes. The government regulations