Doing Business in Arizona: Everything You Need to Know
When doing business in Arizona, business owners must do several things in order to be considered in good standing with the state.4 min read
When doing business in Arizona, business owners must do several things in order to be considered in good standing with the state. Any company in good standing with the state of Arizona is legally permitted to conduct business within the state's borders, whether as a domestic or foreign business.
Make a Business Plan
The first step to starting any business should always be a business plan. There are enough moving parts involved in a business startup that even the most organized person will benefit from forming a plan ahead of time, and investors and partners will trust your intentions and abilities based on the quality of your plan . Some of the things you'll want to lay out in your plan include:
- Target markets.
- Market need.
- A mini-pitch and unique selling point or proposition (USP).
- Marketing plan.
Figuring out your target markets or market depends on what you're planning to sell or offer. Ask yourself who your product or service specifically applies to. Consider these demographics when determining your target market:
- Income level.
Understanding your market helps you reach the people in it. Certain age groups are best reached via social media, while others are best reached through television commercials or mailings, for instance.
"Market need" refers to what you're hoping to provide for your market. The product or service offered by your business should meet a need of some kind. If you're hoping to open a restaurant, maybe your target market doesn't have many options for the cuisine offered by your business in their area; therefore, you'd be filling that need.