How To Open a Business in Revere
Step 1: Gather Information
The first step of any business venture is gathering information. We’ve listed several organizations and offices that you can contact with questions regarding your business and its commercial environment. In particular, our business liaison stands ready to answer any of your business-related questions at (781) 286-8181.
Step 2: Create a Business Plan
Before starting to build your venture, you need a plan. A formal business plan is an invaluable tool to help your business succeed. A requirement to obtain certain loans, a business plan addresses the critical goals and challenges of a new business venture and enables entrepreneurs to set benchmarks, evaluate progress, and demonstrate to potential investors that the company has longer term profit-making potential with positive cash flows. To help you with your start, we’ve compiled a guide on how to construct a business plan below. We also offer personal assistance via our business liaison, which can be contacted at (781) 286-8181.
Step 3: Register your Business Name and Legal Structure
Ready to finally give a name to your venture? Before you get to far ahead, there are important legal issues to consider before naming and incorporating a business. Depending on the type of ownership, different requirements will need to be addressed. Also, before choosing your business name you must ensure that no other company in the Commonwealth is already operating under that name. This is a critical step, and the City is prepared to help you ensure that this is done perfectly. Please see the contacts below for assistance.
Step 4: Explore Incentives
Developing your venture requires money, and we offer several business assistance programs so that every Revere business has the opportunity to grow and prosper. These programs, listed below, are available both as you select a site and work to improve your existing location. To find out further information on our programs that can benefit your business, please see the contact information at the top of the page.
- Storefront Improvement Program. Public grant to leverage private investment in the physical and aesthetic improvement of commercial properties.
- Small Business Loan Program. Short and long-term, fixed rate, low-interest loans to qualified borrowers.
Step 5: Assemble Financing
When developing a new business, it is essential that you assemble financing that meets the short and long-term needs of your business. We recommend you contact a local bank or lending institution to explore financing opportunities. In case you’re unsure, we provide a list of financial institutions known for providing financial assistance to small businesses below.
Step 6: Select a Business Site
Ready to start looking at sites for your venture? Location is a key factor in the success of your enterprise. However, you must consider your needs, budget, and target clientele when choosing a site for your new business. For commercial properties, the City of Revere offers personal assistance to find the perfect location for your business. For help in selecting your site, please see the contact information on top of the page.
Step 7: Complete Zoning and Permitting Requirements
Don’t forget to complete zoning and permitting requirements before buying, leasing, or developing any new space! These can be complicated, but the City staff is happy to guide you through it. Please contact any of the City departments below for information on permitting and licensing requirements to operate a business in the City of Revere.
Step 8: Arrange to Pay your Taxes
Don’t worry, we’re here to help you through your business’ taxes too. Several types of taxes may be levied on your business by local, state, and federal government. As you start your business, it is important to be aware of your tax obligations at each stage of your development process. We list some of the tax requirements below, and additionally we can provide assistance if you contact the City Clerk, also listed below.
- When starting a business, you must register with the Commonwealth of Massachusetts as a taxpayer.
- All businesses—with the exception of sole proprietors who do not file employment, excise, alcohol, tobacco, or firearm tax returns—must apply for a Federal Employer Identification Number (EIN) with the Internal Revenue Service (IRS).
- You may also be responsible for paying local taxes.
Step 9: Address Employer Responsibilities
You’ve completed your legal requirements, found a business location, assembled your financing, and now you’re finally ready to hire employees to help run your business. However, a new set of responsibilities arises when a business hires employees. We describe some of the requirements below for your convenience.
- You must submit your state income tax withholdings to the Massachusetts Department of Revenue.
- You must also report the hiring of new employees or independent contractors within 14 days of their hiring.
- Your business is responsible for contributing unemployment insurance to the Commonwealth’s Division of Unemployment Assistance.
- All employers in Massachusetts are required by state law to carry Workers’ Compensation Insurance.
Step 10: Ribbon Cutting!
Congratulations, you’ve done your due diligence and your business is ready to open its doors! Purchase a huge ribbon and giant ridiculous-looking scissors! The opening of a business in Revere is an important event both for the proprietors and the surrounding community, and thus an event that should be celebrated. The Mayor and City officials are eager to to honor your accomplishment and your new place in the community, and will attend ribbon-cutting events or other business opening ceremonies as their schedule allows. To invite the Mayor or other City officials to such an event, please contact the Mayor’s Office at (781) 286-8111.
Forms & Applications
Business Liaison; Director of Signage & Storefront Programs