If you are wondering what to do with your idle land and are interested in growing plants and looking at the possibility of starting a business, consider the benefits of a greenhouse business.
Today, setting up a greenhouse business is not that complicated because you can get the right kind of help and advice from experts. First, you can find a business consultant and business lawyer to help you with the paperwork. Then, you can visit a professional precision irrigation and greenhouses company like Netafim.com and work with an expert in the field. They can provide you with the right type of greenhouse structures you need and tools and equipment for your business.
Starting a greenhouse business
While you can seek expert help, knowing the steps in starting a greenhouse business is beneficial so you will not get lost in the discussion. Understanding the steps will help you follow the procedures, ensure that the company is registered correctly, and comprehend the requirements for business compliance.
- Start the process with a comprehensive business plan. Creating a comprehensive and well-thought-out plan is key to your business success. The business plan is the blueprint of what you intend to do and your goals, how you will proceed, and what you must do to achieve success. It should also include plans for business expansion. Finally, the plan must consist of all the details for setting up and operating the business.
- Decide on the business structure. You can establish your business as a sole proprietorship, partnership, limited liability company (LLC), or corporation. The legal business entity will depend on whether you are the sole financier/owner of the company or other financiers. Most entrepreneurs start with establishing an LLC, as it will protect you from being held personally liable if someone sues your business. Simultaneously, decide on your business name.
- Register the business for tax purposes. You need to register for federal and state taxes before you can open the greenhouse business. But first, you have to apply for an Employer Identification Number (EIN), which you can do online.
- Secure a business bank account and business credit card. It is not a good idea to mix personal and business accounts. Open a separate bank account and credit card for your business. Doing so will protect your assets in case of legal problems. Likewise, a different bank account makes tracking your business expenses easier and helps computing business taxes faster.
- Set up a business accounting system. You can either hire a bookkeeper to manage the financial side of the business and outsource the other accounting functions, including the filing of taxes.
- Get the necessary licenses and permits. You need to secure the required licenses and permits to avoid heavy fines. In addition, ensure that you meet all the local at state business licensing requirements.
- Obtain a certificate of occupancy. When you operate a greenhouse, you need this certificate, which confirms that your business meets all the government regulations, zoning laws, and building codes.
- Get the required insurance. You will need business insurance, such as General Liability Insurance. In addition, since you have employees, you should have Workers’ Compensation Insurance.
These are the steps to set up your greenhouse business. However, it might be too much to accomplish for one person, so seeking professional help to facilitate the process is your option.