Start a Business in High Point, NC: When it comes to starting a business, entrepreneurs must look for the place with the most potential. Whether a corporation, sole proprietorship, partnership, or LLC, having a business in High Point, NC, is a plus for any entrepreneur. In general, setting up any form of business in North Carolina, US, is the initial step to building an international brand.
Entrepreneurs across the globe are interested in starting and expanding their businesses in High Point, NC. With an urban population of 173324 (estimate), the city has a lot to offer to all emerging entrepreneurs. The main reason for this is the economic environment and flexibility of the business structure in North Carolina. Like most places in the US, High Point, NC also offers business structures for all types of entrepreneurs; no matter what business you want to do, there’s a perfect solution for you. If you want to start limited liability company (LLC) or a corporation, or a sole proprietorship, High Point, NC has a proper business environment for all.
In this article, you will read about how to start a business in High Point and why you should choose High Point to start and run your business. We recommend you check below the important facts about High Point, NC; these might help you.
On this page, you’ll learn about the following:
- High Point, NC Household Income Statistics
- High Point, NC Education & Labor force Facts
- High Point, NC Demographics
- How to Start a Business in High Point, NC
- Other Things to do After Starting Your Business
- Important High Point Stats for Starting a Business
- Reasons to Start a Business in High Point
- FAQ About High Point, NC
High Point, NC Household Income Statistics
|High Point Median household income||49649 USD|
|High Point households with dual income earners||51 %|
|High Point households $150K+ Income||9.5 %|
|High Point households $100K+ Income||22 %|
|High Point households $100-150K Income||12.5 %|
|High Point households $75-100K+ Income||11.8 %|
|High Point households $50-75K+ Income||15.8 %|
|High Point households $35-50K+ Income||14.4 %|
|High Point households $25-35K+ Income||13.7 %|
High Point, NC Education & Labor force Facts
|High Point residents with a bachelor’s degree (or equivalent)||21.6 %|
|High Point residents with at least a 4-year degree||32.2 %|
|High Point residents with a graduate degree||10.6 %|
|High Point residents with a high school diploma but no more||24.7 %|
|High Point residents with less than high school education||14.9 %|
|High Point residents with some college but no more||28.1 %|
|High Point residents with a Bachelor’s degree or higher (STEM fields)||43.4 %|
|High Point households that own (rather than rent) their residence||57.9 %|
|High Point residents 16 and older in the labor force||62.5 %|
|High Point residents unemployed||6.8 %|
High Point, NC Demographics
|High Point residents aged 0-9||12.5 %|
|High Point residents aged 10-19||14.5 %|
|High Point residents aged 20-29||13.2 %|
|High Point residents aged 30-39||12.6 %|
|High Point residents aged 40-49||13.5 %|
|High Point residents aged 50-59||12.7 %|
|High Point residents aged 60-69||11 %|
|High Point residents aged 70-79||6.7 %|
|High Point residents aged over 80||3.5 %|
|The average size of resident families in High Point, NC||3.16|
|Estimated population per square kilometer in High Point, NC||770|
|High Point, NC urban population (estimate)||173324|
|High Point, NC municipal population (estimate)||112434|
Now that you know what makes High Point of North Carolina good for business, let’s get started with the exact steps on how to start a business in High Point.
How to Start a Business in High Point, NC
Starting a business in High Point, NC, needs planning, financial decisions, legal procedures, and a handful of other things. Be it a corporation, sole proprietorship, partnership, or LLC in North Carolina, you must go through the following steps. These steps are general steps. They are subject to change depending on the structure of your business.Generally, starting a Limited Liability Company is easy to form. Read our guide on how to start an LLC before you start your own business. Here are the steps to set up your business in High Point.
Step 0: Decide on What Business to Start
This is the first thing you work on, the type of business you want to start in High Point. Depending on that, you need to make your business plan. Apart from the legal documentation and process, you must include the following points in your business plan,
- Through market research on demand trend
- Complete Budget plan – funding your business. If you’re planning to start an LLC, then take a look at the cost of LLC
- What competitors are doing
- SWOT Analysis – check what your Strengths, Weaknesses, Opportunities, and Threats are
- Your targeted buyers
Once you have the entire plan with you, you can continue working on the legal structure of your business. LLCBuddy will guide you through the legal process of forming an LLC for your business. It’s very likely that you have already done this step 0, so that we won’t go deep into this step, let’s move to step 1.
Step 1: Choose Your Business Structure
The very first step after you decide on what type of business you want to start is to choose what type of business structure you want to form. You can form an LLC, a sole proprietorship, a corporation, or a partnership. Each type of structure has different rules and regulations. For example, if you want to start a North Carolina LLC, there are different types of tax and fee structures. An LLC formation is similar to forming a sole proprietorship. On the other hand, forming a corporation is much more complicated. The tax and fee structure is completely different in corporation formation.
Step 2: Name Your Business
The next step in forming a business is to give it an appropriate name. Having a business name is not so easy task. You cannot pick a random name for your company. One has to follow proper naming guidelines before they name their company. Besides, before you settle a name, you must check if the name you are looking for is available to use. You can visit the official government site of North Carolina to do the North Carolina LLC name search before you pick the available name. Below are some of the naming rules you need to follow,
- You cannot name your business that has words or phrases like Bank, University, Government, or anything that can confuse people with a government sector.
- If you are forming an LLC in North Carolina, then you must include words like “LLC,” “LC,” “LLC,” “Liability Company,” and “L.L.C.” If it is an LLP, then you must include “LLP” in your business name.
- The name should reflect the nature of your business. Any name that can confuse people should not be picked.
- You can check if the name of your company is available. Through the business name search process, you can search if the desired name is available for use or not.
- You can reserve your business name for a certain time before you form your business in High Point, NC by filing a name reservation application.
The above-mentioned points are basic naming rules that all businesses have to follow while naming their company. As mentioned above, these rules are subjected to change depending on the structure of the business.
Step 3: Get a Registered Agent
A Registered Agent is a person who receives all types of legal and official documents on behalf of the business. Whether a suit against your company or formation-related documents from the state, a North Carolina LLC Registered Agent is responsible for receiving these documents at his/her official address. In general, anyone who has the right to conduct business in High Point can be a registered agent. However, there are some requirements to becoming a registered agent.
- The person has to be 18+ years of age.
- Must be a citizen of the North Carolina
- Must have a physical street address in the North Carolina
- Must have legal rights to conduct business in the North Carolina
Anyone who fulfills the requirements can be a registered agent. Also, anyone from the company, your spouse, any relative, or yourself can be a registered agent. But, it is recommended that you hire a professional registered agent to look after your documentation. You can choose from the best LLC services that also offer registered agent for LLCs.
Step 4: Register Your Business
The next step is to register your business under the Secretary of State, North Carolina. The Articles of Organization (or certificate of incorporation) of your company should be submitted online, by mail, in person, or by fax to the North Carolina SOS. You need to pay the state filing fee either by Credit Card or by check to the SOS while registering your business in the High Point, NC. Your North Carolina LLC articles of organization should have the following details about your business
- Company/Business name, address
- Registered Agent Name, address
- Member-managed or manager-managed (in case of LLC)
- Type of business
Depending on the type of business structure, you may have to add some more information to the formation document.
Step 5: Write the Operating Agreement
An operating agreement is a document that has all the structural information of your business. In most states, it is not mandatory to create an operating agreement. However, it is highly recommended to have one as an internal document. This document records information such as,
- About Business
- Members and management
- Capital contribution
- Profit Distribution
- Change of membership
In future, if any member wants to leave the company or you want to dissolve the business, then the North Carolina operating agreement has everything recorded, from clauses to contributions.
Step 6: Obtain EIN
EIN or Employer Identification Number is required to file taxes, open a business bank account, and if your business has employees. EIN can be obtained from IRS. It is a 9-digit number similar to Social Security Number. However, EIN is different from SSN. It is solely used for business purposes, especially for general tax filing. You have to fill out the form and submit it to the IRS website. It does not cost you anything to obtain EIN.
Step 7: Get Business Bank Accounts
Once you obtain the EIN for your business, you are free to open a business account in the US. Having a US business bank account can ease your business transactions in High Point, NC. It increases your business credibility and liquidity. It will also be helpful for business loans.
Step 8: Create Your Business Website
Business websites are as important as your business structure. It is necessary to have a catchy business website with all the information regarding your company. Along with the website, you need some more things. Things such as logos, business cards, business emails, domain names, and social media accounts are needed to promote your business. You can hire a professional business service to get all of these services under one roof.
Other Things to do After Starting Your Business
- Once your company is set in the High Point, North Carolina, you need to file your taxes and apply for licenses (if needed).
- Apart from the license and permits, you need to get insurance for your business. Such as General Liability Insurance, Professional Liability Insurance, and Workers’ Compensation Insurance are some of the insurances you need to get if you are about to start an LLC.
Important High Point Stats for Starting a Business
Before you start a business in High Point, it is required that you know some facts about the city. Following are some of the stats to consider before starting a business.
Education & Employment
High Point has a diverse population that comes from various educational backgrounds. There are students who haven’t finished their high-school education, whereas there are people who are more than just college graduates. Check the table (Education & Labor Force) for detailed data. From the data, it is clear that the city has enough educated and skilled people who can contribute to the labor force.
As we talk about the urban population density, the young population percentage in the city is approximately 13.2 (people in their 20s) and 12.6 (people in their 30s). This means that having any business that is new and tech-based might be profitable. The median age of the population in the city is 37.7. On the contrary, if anyone wants to start a business that is related to any old-age service, such as caregiver, primary old-age support, or something of a similar sort, then High Point has approximately 3.5 (people in their 80s and above) percent of old people. Check out the table (Demography) above for more information.
Another important factor to mention about High Point is the home value of owned properties. The average value of owned houses is 161357. Also, the percentage of people living in their own houses is 57.9. This reflects the real estate market of the city. For a metropolitan city, this is a considerable number.
It is inevitable that living in a big city is different from living in a town or a comparatively smaller city. It directly affects lifestyle and health. It is obvious that having health insurance is important, no matter which city or region you are residing in. But there are people in High Point who still do not have health insurance. The rate of people not having health insurance is 10.9. This depicts the lifestyle and overall health demography of High Point. As you plan to start your business in this city, you must consider this stat as well.
Income & Lifestyle
The income pattern of the people in this city is given in the table (Income) above. In High Point, a part of the population has a dual family income that reflects a better standard of living. As in, people have more than one source of income. The table above shows the income percentage of various slabs.
Recommended – How to Start Business In Elk Grove, CA
Reasons to Start a Business in High Point
High Point offers a bunch of business-friendly services for entrepreneurs. A proper business environment, skilled labor, tax advances, deductions, and much more are awaiting if you are interested in starting your business in High Point. Here are some of the reasons,
Stable Economic Growth
High Point or any other city in North Carolina has stable economic growth and an environment that helps any business to grow successfully. The economic structure of North Carolina shows not only balanced but also a sustainable condition of economic growth, which in turn triggers the businesses to flourish in the state.
Minimize Personal Liabilities of the Entrepreneur
If you’re considering starting an LLC in High Point, then it will be your best choice. An LLC protects your personal assets and minimizes your personal liabilities. This is one of the many reasons why having an LLC in High Point is a wise choice. Also, if you are opting for an LLC, the tax deductions will be more than having a corporation.
Federal and State Tax Relaxation
There is a series of federal taxes that an entrepreneur has to pay when operating a business in the US. Depending on the state your company is located in, the state taxes are being imposed. For an LLC, both of these taxes are much lower compared to other business structures. Along with tax impositions, some tax deductions (state-wise) lower the filing fees and other government charges. Check out the North Carolina LLC tax structure to know more about the tax structures for LLCs in the state.
Government Incentives for Entrepreneurs
Federal and state governments in the US ensure that entrepreneurs get a proper business environment in the state or city they are operating their business. The government provides a few incentives to the business holders in North Carolina or any other state. That means if you are operating any business in High Point, then North Carolina State will provide an incentive for creating jobs, contributing to the state’s GDP, and/or balancing the state’s tax structure.
Low Corporate and Other Business Taxes
Corporations and other business structures (except for an LLC) are liable to pay a corporate tax in North Carolina. Also, there is a Sales Tax that all businesses, including LLCs, have to pay. However, the rate of taxes is very low. Besides, as the businesses receive incentives, the tax burden gets lower.
Skilled Labour & Quality Manpower
In High Point, it is easy to hire employees for your business. They are not only skilled but also well-educated to help your business grow. As mentioned above, the 62.5 is the percentage of labour participation. Hence, it is clear that having a business in High Point will make a lot of difference to the existing labor force.
Demand for New Market and Industry
In High Point, North Carolina, there is an uprising demand for new industries and new markets. Entrepreneurs who are willing to start a business in any of the cities of any state are given enough opportunities to stay in business. Business licensing, tax deductions, incentives, and relaxation of business taxes are some of the benefits that encourage start-ups and budding entrepreneurs to start their own businesses in High Point.
If we follow the US Data, the median value of commute time for the residents to their work is approximately 20.7. If you are starting a business here, you must keep in mind that commutation can be a point to consider.
Intellectual Property Protection
The US government receives roughly more than 1 million applications for IPR every year. The federal government makes sure that there is no infringement of any patent or property rights. It does not matter which city in which state you are running your business. The rule of Intellectual Property Protection is the same for all. If you have a foreign business in the US, then you might get more benefits under the IPR act.
High Point (aka ) is ranked at 2 in terms of importance. Apart from the above mentioned reasons, there are some other benefits that businesses enjoy in High Point. For example, technological advancement, a stable political environment, renewable resources, sustainable non-renewable resources, and some more benefits make things easier for entrepreneurs to start and run their businesses. According to US Data, the percentage of young people in High Point is 12.6. Hence, it would be great to start a business that is related to tech here as you might get a good number of clients.
Next Read – How to Start Business In Griswold, CT
How Fast Can You Start Business In High Point North Carolina
Whether you want to start a business in High Point North Carolina or are already in the area, it is important to be aware of the various business licenses and permits available. This will help you get the right information and the right insurance coverage for your business. It is also a good idea to check out the local educational resources and networking organizations.
The first step is to determine whether or not your business requires a business license. You can do this by checking out the City of High Point website. The site will give you information on the process and requirements of obtaining a business license in High Point, North Carolina. This may include filling out an application, submitting documents, and paying fees.
Another important step is to determine if your business is eligible for a Home Occupation Permit. If your business is registered as a sole proprietor, you don’t need to fill out a business license application. If your business is a corporation or a limited liability company, you will need to fill out a business license application and pay the fees associated with it.
Another helpful tip is to check out the resources available at the Nussbaum Center for Entrepreneurship. This small business incubator is a great place to get tips and tricks for starting your own business in High Point, North Carolina. You will also have the opportunity to meet other entrepreneurs and find out about upcoming events and resources.
The city of Greensboro-High Point offers numerous resources to help new and established businesses alike. The city offers affordable housing, strong infrastructure, and a thriving business community. It also offers numerous incentives at the local and state levels. The city has a strong economy and a young and talented workforce. Fortunately, the cost of living is also very reasonable in Greensboro-High Point.
Depending on the type of business you are starting, the high Point NC Business License may have many requirements. For example, you may need to fill out a Home Occupation Permit application in addition to a Business License application. There are also several government agencies that you may need to contact to get your business license. The city’s website offers a link to these agencies, but you may also want to call them for more information.
Another good tip is to sign up for a business insurance policy. You can also get discounts on auto and home insurance. If you are planning on using your car in your business, you may want to look into a car insurance policy that offers coverage for business trips as well. Similarly, if you are traveling for work, you may want to consider taking out a rideshare insurance policy. The city of High Point offers 24/7 ATMs and deposit services.
There are many small businesses in High Point, but some do better than others. You will want to consider your business model, your budget, and the demand in your specific market. You may also want to consider investing in a small business loan. Some lenders require you to show a track record of success, a business plan, and an estimated budget for a year’s worth of operations. You may also want to investigate other funding options, such as angel investors.
FAQ About High Point, NC
In High Point, NC, forming an LLC will set you back $125. The SOS has received this state filing fee. Name reserve, DBA registration, and registered agent fees round out the remaining expenses. Since each state has a varied tax rate, so does the overall cost.
You need a seller’s permit to sell products in High Point, NC. This license costs nothing and is good for a whole year. Fill out a form on the City of High Point website to request this permission.
In High Point, NC, companies do do have to pay taxes. Depending on the kind of company, the tax rate may change. Additionally, North Carolina may allow you to deduct taxes from a certain item or service.
No company can instantly make you wealthy. But being a wealthy entrepreneur in High Point, NC, is not impossible. You may launch your own venture in the high-demand industries of food, dining, or coffee. These companies could be a smart way to generate money.
Yes, you may operate a company from your High Point, NC, home. However, not every form of company can be run from home. Whether you want to run your company from home in High Point, find out if you need a license.
The city of High Point is located in North Carolina. In High Point, NC, a business license is necessary. Before starting a company, a license must be acquired. The city of High Point is where the license is acquired. High Point provides a wide range of enterprises.
It’s challenging, but not impossible, to make money quickly in High Point, NC, or any other city. In High Point, NC, you may increase your income more quickly by operating a well-liked and in-demand company. Real estate, dining establishments, personal trainers, and construction companies are a few excellent examples.
Earning $18 per hour in High Point, NC, is not terrible. If you operate an LLC and own a small company, everything is in order. Starting and maintaining an LLC in High Point, NC doesn’t cost much money.
High Point is a fantastic city in which to launch a company. You must establish an LLC in High Point before starting your firm. You’re not the only one who is curious in how long it takes to form an LLC in High Point, NC. In High Point, you may quickly form an LLC.
It depends on the type of business you want to start. In High Point, NC, there might be government fees, license fees, and some other state taxes that you must be paid to start your business in the High Point, NC.
If you’re self-employed and live in High Point, NC, then you’ll need a business license. You can apply for a business license by completing the appropriate form and submitting it to High Point, NC authorities. You’ll need to include your business name, address, and the type of business you are engaged in.
You should relocate to High Point, NC, unless there is a very good reason not to. In essence, you should consider if High Point is a good fit for your firm before relocating there. You shouldn’t relocate if your line of work is unfavorable to High Point’s chances.
One kind of company entity that is not subject to corporation taxes is an LLC. Instead, the corporation distributes its earnings to the owners in the form of dividends, which they then tax. The proprietors of an LLC in High Point, NC, are required to pay taxes on their individual income.
Online businesses are the most affordable to start in High Point, NC. Online coaching or instructing doesn’t need a large initial investment. Starting an online consulting or teaching company in High Point, NC requires a strong WiFi connection.
Here are some original business ideas for High Point, NC entrepreneurs. You may begin by selling handcrafted home décor, DIY items, personal care items, and other items online. In addition, you may consider starting a dog-walking or pet-sitting service.
High Point, NC’s robust economy is the key factor in its wealth. For aspiring company owners looking to launch their venture in High Point, the city has a lot to offer. As a result, they will stand out more on the economic map.
If you’re in High Point, NC, you can start your LLC yourself. You’ll need to go to the Secretary of State’s website and fill out the form. Provide your name, address, and the type of LLC, along with the registered agent’s details.
High Point, NC presents challenges for business creation. You can do it, however, if you have the necessary tools and a strategy. You may begin by deciding on a name for the business before moving on to further procedures like completing paperwork and designating a registered agent in High Point, NC.
A registered agent may be anybody who is at least 18 years old and resides in High Point, NC. You may be your own registered agent in North Carolina if you match the requirements for such a position.
Honestly, there is no such business that can run itself in High Point, NC or in any city. In every business you must put your effort to run it. In High Point, NC, if you start a small business around a small circle or locality, then you might get some free time.
In High Point, NC, launching a small company is not as challenging as it may appear. High Point is a tremendously creative city with a plenty of tools to get you going. The city is an excellent spot to launch a company since it provides many options for business owners.
In High Point, NC, it is challenging to get finance for a company. High Point is home to numerous outstanding entrepreneurs that are in need of funding. The good news is that there are several of financial options available. The bad news is that financing is scarce and competition is high.
An LLC is advantageous in High Point, NC. The state provides a broad variety of advantages for businesses, which is why. It provides startups with tax advantages, quick company funding, employment advantages, and other perks.
You must get in touch with the local administration if you want to license a company in High Point, NC. They will provide you the necessary licensing and cost details. Depending on the kind of company you run in High Point, NC, there are different license fees.
The first step to earning money in High Point, NC with an LLC is to register your business. It is possible to register your business in person, via mail, or online. You may start selling your goods and services to earn money after your LLC has been registered.
A registered agent for your company in High Point, NC will receive all your documents on your behalf. Official documents, legal documents, and some other documents are to be received by the registered agent in their office in High Point, NC. You can be your own registered agent.
As of today, the world has more than a thousand unicorn companies. In High Point, NC, you can find unicorns as well. However, the number is moderately good compared to other cities.
In High Point, NC, the answer to this question is very individualized and relies on the individual. Some individuals may wish to invest for the long term, while others might only want to become rich soon. The choice of what is best for a person ultimately rests with them.
Taxes may be deducted by High Point, NC LLCs. Home office expenditures are the most frequent one. You may not be responsible for paying taxes if you work from home. You could have to pay a certain tax rate if you work from home.
It is unquestionably a better choice to start an LLC in High Point, NC than to establish another kind of company. Instead of owning an LLC, you might consider starting a single proprietorship. The rationale is that although having lower tax obligations, sole proprietorships are comparable to LLCs.
Find the location that is perfect for your work or company while you’re trying to decide where to live in High Point, NC. You may choose your neighborhood in High Point, NC based on the clients your firm is trying to attract.
The IRS may provide you with an EIN number if you live in High Point, NC and need one. Via the IRS website, you may get the EIN in a matter of minutes. If you own the business, you may even get the EIN number for it.
The first thing you need in High Point, NC, is a thorough business strategy. Every element, including the company concept, projected budget, kind of organizational structure, marketing strategies, and sales tactics, should be included. Then, you may effectively launch your company.
If you’re wondering why LLCs are so common in High Point, NC, the reason is very obvious. LLCs are affordable, simple to set up, and provide several tax benefits. In High Point, NC, startups and small enterprises like forming an LLC.
Start-up businesses might choose High Point, NC. High Point is quickly expanding and has a cheap cost of living. Finding a team to launch a firm is easy in High Point, which is a magnet for entrepreneurs. Getting a company off the ground is affordable in High Point.
Starting a business in High Point is not only easy but also profitable. A large portion of the US and even people from other countries are registering their business in the US for intercontinental brand building. Besides, North Carolina has a sustainable economic atmosphere that is enough to encourage newbies to start and run their businesses in High Point, NC.