The Ultimate Guide: To Starting A Business
More and more entrepreneurs emerge each day. We live in a time where a college degree barely affords you $40k a year. We are forced to juggle multiple hustles to make ends meet. I applaud entrepreneurship. I started my own business when I was 19. I left my job as a relationship banker at Bank of America, cashed out my 401k (stupid I know) and began my first online business in 2010. Some people dream of starting their own business, and I say:
Follow Your Dreams!
However, many people are unsure about where to begin. I have put together a guide that will help you establish your business step by step.
1) The first thing you need to do is establish a business name. Once you find a name, you can look it up for free on your states corporate database to check for any duplicates. Verifying if your potential business name is available or not will save you a lot of time and avoid many headaches.
2) Create a business plan (article coming soon!)
3)Decide how you want to structure your business. A Limited Liability Company (LLC) is the best option when starting off, especially for small businesses. An LLC offers personal liability protection for the business owners. Some businesses do not need to be registered. Visit the Small Business Administration website to verify the requirements and fees based on your state.
3)Apply for a Tax ID or Employer Identification Number (EIN). Applying for a Tax ID number is one of the most straightforward steps and can be accomplished online by visiting the IRS website.
4)Apply for any necessary permits. Applying for permits may sound like it should be the first step; however, some licenses require a business name and Tax ID before applying. For more permit information visit the Small Business Administration website.