It’s time to see where we’ve been, so we’ll know where we’re going. We have already assumed that you have a product or service to sell. Let’s assume that we are going into the retail or gift industry. They are not the same according to the state code, but they are similar in content. Now you will have to give your company a name, and register that name at the local county office in your state, assumed name division. You will also need to obtain an EIN (Employee Identification Number) from the IRS. Both of these items can be obtained online at http://www.irs.gov for the name registration. That is where you will select the business structure that we spoke about in my first post regarding Sole Proprietorship, Corporation, LLC, etc..and http://www.simplefilings.gov-tax.com for the EIN (Employee Identification Number) online application.
If you are working out of your home, you may not want the general public with your home address, in which case a post office box number is in order; however, you will not be able to use your post office box number when filing for a DBA. Also! It is important to get a dedicated phone line for your business, as it is not a good idea to use your personal phone line as a business phone.
Also! You will need a database to keep track of your products. You can create one with Microsoft Access or even enter them onto a spreadsheet, but I don’t recommend that, as there are business, finance software programs that will be far more effective at managing your business, such as Quick Books. This finance management program will organize and keep track of your products, your customers, your profit an losses, it will do an amortizations’, and even generate reports, and help you with projections for the next few years; something that you will need for your business plan.
I said that you can start a business with little to nothing, and that is what we have done so far. 1st you have created a product from nothing, 2nd you have found your niche, 3rd you have perfected the product, 4th you have created a surplus, and 5th you have paid less than $100.00 in license fees to start your business.
You can begin “branding” yourself at any time. Put your name out there-business cards, t-shirts, social media, customized items etc., and we’ll discuss the next step in my next post , and don’t forget to leave a comment, concern, or critique in the comment section at the bottom of this post. Thank you, Have a creative, and productive day today.