10 Steps On How To Start A Profitable Business In Rhode Island

The economy of Rhode Island has seen a major jump over the years. It is primarily based on services, particularly healthcare and education. Manufacturing plays a crucial role while tourism has remained a stable contributor to the economy for decades. The agricultural outputs include nursery stock, vegetables, dairy products, and eggs.

With time, different businesses have grown up on its own with the developing technology. The Internet has played a pivotal role where people in the state have now started their own businesses from home. If you are planning to start a business of your own from home in Rhode Island, here’s a complete guide on how you can start a successful small business.

List of Top Small Business Ideas For Rhode Island | Business Opportunities

Data Analysis

If you are good with numbers, start working as a data analyst from home. Companies now need experts who can analyze numbers for their companies. You can work for different companies at the same time by taking up assignments online via platforms like Upwork or Digiserved.

Travel Agency

Tourism in Rhode Island is a major contributor to the state’s economy. The abandoned factories remain top tourist destination which is now being used as condominiums and museums. As a travel agent, you can opt to sell services related to ticketing, hotel booking and more.

Freelance Proofreading & Editing

Software can’t do it all, so editors will always be in business. With content being generated everywhere, firms now need freelancers who can edit and proofread stuff for them. You can even add your own inputs and help small businesses with their editing jobs. Be it freelance writing, proofreading or editing, you can start working remotely with Upwork or Fiverr.

Catering Business

A great business to start in Rhode Island, you can turn your culinary skills into a full-time job. All you need is a few assistant cooks, some utensils and some servers to start your business. The investment to start a catering business is minimal and with some promotion, you can easily grow your business.

Customized Tour Services

Tourism-related services stand at over a $5 billion industry in Rhode Island. Several tourists visit the state every year. You can offer customized tour services to visitors with personalizable tour options as a tour guide.

Online News Correspondent

People now look for interesting articles online rather than following mainstream media. You can start to work for any news blog online, or can start your own website where you can cover news on any particular topic. Sites like The Examiner or HuffPost often publish guest posts and compensate contributors based on the revenue generated by the article written.

Buying & Selling Domains

Domain flipping has been there since the Internet arrived. Still, in practice, there are people making thousands of dollars by identifying and registering for potential Internet domain names. You can do this as a part-time job if you think you have the skills to understand what may trend later.

Pop Up Shop

Instead of starting a retail shop with a huge investment, you can always opt to start a business with a pop-up shop or two. It will help you to keep the running costs down. The investment makes sense and you can start a pop-up shop selling some particular goods.

Tutoring Services

Elementary school teachers in Rhode Island are the highest paid in the United States. There’s a huge demand for good teaching services in the state. If you are good at something, you can start your own tutoring services and charge students on a per class basis.

Microbrewery

Brew something good that others will pay to drink. With a small investment, you can opt to start your own brewing bar where you can craft your own beer. Experiment with flavors and start brewing to find your own authentic flavors.

Uber / Lyft

Do you have a car? Then why not start to make with it. App-centric taxi services like Uber or Lyft pay well. You can work for the hours you want and is a lucrative option to earn money. The works hours are flexible as there are no fixed timings or slabs.

Selling Refurbished Items

You can buy old laptops, mobiles or cameras or other electronic goods and repair them at a small cost. There’s a huge market for second-hand electronics in Rhode Island. Selling refurbishing and used electronics can be a hugely profitable business given the market.

Here is a 10 Step Guide on Starting a Business In Rhode Island

If you want to legally start a business in Rhode Island, follow the given steps:

Step 1. Choose a Business

Choose any of the business ideas from some of the top business opportunities you can start mentioned above.

Step 2. Business Plan

Starting with a detailed business plan will help you run on the bad days. The plan is a roadmap on how you wish to work on your business. It helps you to stay ahead of your competition. Include everything in it like your business goals, targets and what you are trying to achieve with your new business.

Step 3. Financing Your Business

If you have any unique idea for a business in Rhode Island, you can pitch it to the investors and venture capitalist. If you wish to fund your own business, there are multiple affordable business loans available at attractive low-interest rates.

Step 4. Naming Your Business & Domain Registration

Brainstorm names. Once you finalize one, go and register it with the US trademark department. It will make sure that no one else can get it other than you. Now buy an online domain with the same name. Check this guide to know more about naming a business.

Step 5. Choosing A Business Structure

Now can need to choose a business structure between a sole proprietorship, partnership, corporation, and an LLC. Forming a business is important to be legally operational. If you opt to form an LLC, you can enjoy added legal benefits and additional tax reductions.

Step 6. Federal EIN & Tax Filing

An EIN is needed to apply for double taxation. You need to apply for your Federal Employer Identification Number (FEIN) at the IRS. It will act as a social security number for your business allowing you to legally hire an employee.

Step 7. Business Permits & Licenses

Rhode Island has no license in specific application to businesses. Local licenses may specific to cities may be required. Check with your local county to remain free from any legal obligation. At most you may require a sales tax license to sell products and some special permits in case of some businesses like recycling plastic.

Step 8. Business Bank Account & Accounting Software

Apply for a business bank account with your EIN. It will help you to keep all business transactions at one place with a credit account for vendors. Now you need to set up an accounting method for your business. Choose a good accounting software to keep all your financials in one place.

Step 9. Business Insurance

The state has no specific mandatory business insurance. Though you may need professional liability insurance in case you opt to sell services in Rhode Island. Also, it’s better to keep a worker’s compensation insurance if you have an employee.

Step 10. Promoting Your Business

Initial promotions help your business catch up with the crowd. Taking your business to a potential audience is will help you find customers. Taking the word out will help you generate revenue. You may even hire an agency for planned promotions and marketing. Check this article to know more about ways of promoting a small business with low money.

Best Places To Start A Business In Rhode Island

Choosing the right location is going to determine how your business runs. Here are some of the best places in Rhode Island to start your business:

Cranston
Providence
Warwick
East Providence
Woonsocket
Pawtucket
Cumberland
South Kingstown

With business-friendly laws and a steady economic environment, Rhode Island offers huge scope for small businesses. Follow this complete hands-on guide to start a successful business in Rhode Island.