Did you know that Arizona was recently nicknamed the Silicon Desert?
With its booming, bulletproof business economy, thousands of first-time business owners are flocking to the state. If you ever considered opening a retail business, tobacco shop, or liquor store in Arizona, now is a perfect time.
But what does your business need to really succeed?
It’s a bit of a loaded question. Unfortunately, there isn’t an end-all-be-all process for guaranteed business success. However, there are a few proven strategies that can dramatically improve your chances.
As an industry-leading point of sale (POS) system provider, we’ve worked alongside some of the most successful business owners/managers in the United States. We’ve seen the path that these retail shops follow to create massive profits. In this article, we’ll share all the expert steps/strategies that you must follow to open a business in Arizona.
How to Open a Business in Arizona: 7 Simple Steps
Arizona has outperformed the national average for business growth rates and has been resistant to major economic downturns, including the COVID-19 pandemic. During previous recessions, Arizona experienced an increase of new business!
As the state continues to flourish, so do the economic benefits of starting a new business in Arizona. But before you open your doors, there is a lot of preparatory work that needs to be done. Out of the thousands of business owners and managers that we’ve worked with, there is one major thing that you can do right now to create a successful launch for your business.
You need to invest in a modern and advanced POS system purpose-built for your unique business and industry. Unfortunately, not all POS systems are created equal. Many popular POS vendors overcharge and underdeliver.
POS Nation is different from the rest of the POS system providers on the market.
Keep reading to learn more about the steps your new business can take right now to streamline business operations, create massive profits, and more!
1. Create a Business Plan
Your business plan is one of the most important documents that you need to draft from outset. Moreover, the quality of your business plan influences your ability to attract top-tier investment opportunities, expansion opportunities, partnerships, and more.
The best business plans include the following elements:
- Executive summary and company details
- Mission statement and value statement
- Market and competitor analysis summaries
- Management policies and hierarchy chart
- Marketing and sales strategies and tactics
- Funding projections and investment details
2. Register the Business
Next, register your business.
There are three required steps that you must follow to register:
- Complete Arizona LLC Online Filing ($50)
- Submit Publication Requirement Fee ($30-$300)
- Complete LLC Name Reservation ($45)
NOTE: Arizona’s Publication Requirement is fairly uncommon. This requirement mandates that your business be published in an approved newspaper in your local county within 60 days of your business formation. The newspaper announcement must be listed in the paper for three consecutive weeks to meet the requirement.
3. Obtain Business Permits
There are a few factors that determine the types of permits that you need to obtain. In most cases, permitting is influenced by county and municipality. Additionally, the U.S. Small Business Association requires certain types of businesses (liquor, tobacco) to obtain federally-mandated permits. For example, if you’re planning on opening a new liquor store, you’ll need to obtain a liquor license through the Alcohol and Tobacco Tax and Trade Bureau, as well as the Local Alcohol Beverage Control Board.
4. Apply for Incentive Programs
Arizona offers a variety of incentives and special tax programs to help new business owners. In fact, the Arizona Commerce Authority tax program addresses depreciation, angel investments, quality job opportunities, lease excising, and sales tax exemptions.
Here is a list of other incentive programs and resources:
- Arizona Step Grant
- SBIR/STTR Resource Center
- Arizona Small Business Development Center
- Arizona Small Business Association
5. Secure a Business Bank Account
Your business banking should be set up in accordance with your local regulatory standards, but in general, best practices recommend keeping your business and personal expenses separate.
Contacting a local accountant or speaking with your local bank representatives can help determine your best course of action for the rest of your business' financial activities. Some of the top business banks in Arizona include Alliance Bank and U.S. Bank because of the small business programs available.
6. Build and Activate a Marketing Plan
Building your marketing plan is the first step in increasing your business’s reach and sales performance. Updating and continuously working on your marketing plan is also extremely important for scaling your business.
Your marketing plan should include the following at a minimum:
- Marketing and sales milestones
- Advertisement and marketing budget planning
- Target market demographic details
- Marketing strategies and tactics
- Customer loyalty promotions and other special offers
7. Invest in a Point of Sale System
The secret to proper inventory management and managing your business’ sales performance and promotions is your POS system.
At POS Nation, we’ve seen POS systems result in two different situations. Either your POS system delivers reliable payment processing along with other managerial benefits, or your POS system causes frustration and lacks valuable features. We believe that your business should be up and running from day one with no processing or inventory issues (along with improving your day-to-day operations).
The POS System Your New Business Needs
Now that you know how to open a business in Arizona, it’s time to start ringing in sales.
Does your business really have all the tools it needs to start accepting customers? If you haven’t invested in a POS system for your business, now is the time!
However, with so many different POS systems on the market, finding the right software/hardware for your business is no easy task. Fortunately, we’ve created a simple resource to help point you and your business in the right direction.
Download our free guide: The Retail POS System Buyers’ Guide.
In this guide, we’ll give you a breakdown of the most important POS system features, as well as the key questions you need to ask vendors to determine whether or not they align with your unique system requirements.