Do you want to start a business in Maryland? Find here a startup guide on the steps to start a business along with top profitable small business ideas in Maryland that can be started with low money.
Known for its beaches and ports, tourism plays a major role in Maryland’s economy. Manufacturing remains a highly diversified sector in the state contributing over 20 percent of the total GDP. Currently, Maryland primarily manufactures heavy, chemical products, machinery, apparel and exports different agricultural products.
Multiple businesses have grown over time around tourism, agriculture, and manufacturing. The state has a very stable economic environment for growing companies. Business-friendly laws and tax policies have hugely helped new businesses to prosper in Maryland. Here’s a complete guide on how you can start a successful business in Maryland.
Here are the top 15 small businesses you can start in Maryland
1. Pet-Sitting Business
You will have to offer animal care services from your home with added services like pet training and exercising. There is a good demand for pet sitting business in Maryland.
2. Fishing Business
Maryland is famous for its fishes. There are several species of fish available in the state like blue crab, oysters, striped bass and menhaden which you can export.
3. Bed & Breakfast Business
Tourism is very popular in Maryland. Several tourists visit the state every year often looking for alternate options than hotels. If you have a rentable property, try a bed and breakfast business.
4. Start a Blog
If you have a flair for writing and some knowledge in a specific field, consider starting a blog. This is perhaps the most legit online business you can start from home with nominal investment.
5. Vending Machine
To make good money out of the vending machine business, the most important step is to find a proper location. This business is very popular in Maryland.
6. Meditation Services
Start a meditation center offering professional mediation services. People can practice different forms of meditation.
7. Dairy Farming
Start a dairy farming business to offer specialty dairy products. You can sell the farming produce directly to customers or export them to other states.
8. Quilt Services
The business involves translating a customer’s ideas and aspects. You will have to use fabric and different materials to create designer quilts out of it.
9. Online PR Services
Online PR professionals help companies to enhance their image on the internet. You will have to promote the good side for your clients online.
10. Customized Tour Services
Several tourists visit Baltimore and the beaches of the Eastern Shore. You can offer customizable tour services to these visitors.
11. Online Recruiting Services
Several youngsters are looking for jobs in Maryland Washington. You can start an online recruiting agency specific to Maryland by providing a platform for fresh candidates.
12. Speaking Instruction Business
People often need professionals to improve their public speaking ability. You can offer speaking instruction classes to help people become better communicators.
13. Recording Studio
The recording business will include services related to dubbing, recording music, adding sound effects and voice-overs. You can also tie up with companies for ads, animations and more.
14. Online Photo Editing Business
A growing business all around the globe, people often look for editing experts. Experts edit their photos online with specialized editing and retouching.
15. Photography Business
The photography business has evolved over time. It’s a high paying job in including specialized services.
How To Start A Business In Maryland
Follow the given steps to legally start a business in Maryland.
Step 1. Choose a Business
The first decision to take while starting a business is choosing a business idea. Check the above-mentioned ideas or if you have something in your mind, select and finalize the business.
Step 2. Planning Your Business
Once you finalize your idea, you soon need to start working on it. A well-detailed business plan is important. This will help you to work on all the possible threats to your new business.
Step 3. Financing A New Business In Maryland
With a very healthy business climate in the state, Maryland has a bunch of venture capitals firms and angel investors. You can go for funding or can choose to finance your business. There are a lot of business loans available at low-interest payback rates.
Step 4. Naming Your Business
Try to go for something meaningful and easy to remember. Register your name and buy a website domain with the same.
Step 5. Business Registration
You have to register your business up next. You can either go for an LLC, sole proprietorship or a corporation. Registering as an LLC will offer you added tax and legal benefits.
Step 6. Business Permits & Licenses
To sell goods legally in Maryland you have to register your business with the Comptroller of Maryland. To hire an employee, you have to register with the Comptroller of Maryland for employer withholding.
Step 7. Federal EIN & Tax Filing In Maryland
Now you will have to file for a Federal EIN to be eligible for separate taxes. Also, you will need a sales and use tax license from the Comptroller of Maryland to legally sell goods in the state.
Step 8. Set Up Business Accounting Method
First, open up a business bank account with your EIN. The Federal EIN is compulsory to process payments. Now choose a reliable business accounting software to handle all your transactions at one go.
Step 9. Business Insurance
To sell services, you will need a professional liability policy. Also, you have to get workers compensation insurance if you hire employees. Business insurance is regulated at the state level in Maryland.
Step 10. Business Promotion
Putting the word out is important. You need to take your business to the potential audience. If you can afford, hire an agent who can help you promote your business.
Best Places To Start A Business In Maryland Baltimore
Choosing the right location is going to determine how your business runs. Here are some of the best places in Maryland Washington to start your business:
This is a complete hands-on guide on how to start a successful business in Maryland from home with a minimal investment.