Do you have a great idea for a product or service?  Are you ready to become an entrepreneur but have no idea where to start? And money….are you concerned that you don’t have the funds to launch your idea? Starting a business is a lot easier (and cheaper) than you think! Below is a starter’s guide to launching your own business.

  • Think of a name and check with your state for availability - Choosing a business name is an important step in the business planning process. Not only should you pick a name that reflects your brand identity, but you also need to ensure it is properly registered and protected for the long term.
  • Chose business entity structure – The business structure you chose will have different legal and tax implications. Below is a quick overview, but check with your accountant or attorney to help you select the most advantageous business structure for you. (However, my opinion would definitely be to incorporate your business!)
  •  Sole proprietor - most basic type of business to establish. You alone own the company and are responsible for its assets and liabilities. You also assume all liability for your company.
  • DBA – if you’re a sole proprietor but don’t want to run the business under your legal name, you can file a Doing Business As (DBA) name.
  • Partnership – single business where two or more people share ownership. There are 3 general types of partnerships but essentially, each partner contributes to all aspects of the business, including money, property, labor or skill. In return, each partner shares in the profits and losses of the business. The liability of each partner varies based upon the partnership agreement.
  • LLC - A limited liability company is a hybrid type of legal structure that provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. The company is held liable and your personal assets are protected. This is the most common form of business structures.
  • C- Corp – A corporation (also known as C-corp) is complex and mainly for larger businesses with multiple employees. This entity is owned by shareholders and the company is subject to double taxation. 
  • S-Corp – An S-Corp is similar a C-corp but is taxed on a personal level (similar to an LLC) where the profits and losses pass through to a personal tax return.
  • Register with the state (if applicable) – Fees vary by state and by entity structure (as discussed above) but can start as low as $50. Check with your local secretary of state office.
  • Obtain EIN – An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity. Free of charge on www.irs.gov website.
  • Check with state for other licenses or business – Depending on the type of business you have, additional licenses, registration, and zoning may be required. Check with your state to ensure you are in compliance and for application fees.

It’s just that simple! You are now a registered business and can begin operation!
A few other cost saving tips are listed below to get you started with marketing your brand!
  •  Business cards – Utilize vistaprint.com to design and print business cards until you get a budget to hire a graphic designer. Costs as low $16.
  • Website – Buy a domain name to start building a website. Godaddy.com often has sales for domain names starting at $12
  • Social Media pages – It is absolutely free to use social media to market your business. The power of social media is huge!
  • Blog – Blogging is a free tool to market yourself as an expert in your field.

If you have any questions about entrepreneurship, tax implications of business structures, or tax benefits from the IRS, please feel free to contact me!

I hope this was helpful and gave you some of the tools you’ll need to launch your great idea!

“The way to get started is to quit talking and begin doing”
-Walt Disney


 


Comments

Thank you for your sharing.

Reply

Thank you for sharing this wonderful and helpful post. I have been planning and wanting to have my own small indie business. Probably an art/poetry cafe with nice ambient music, walls filled with the work of local artists, a shelf filled with books, and, of course, hot coffee and delicious food. That would be a nice goal to achieve in the future.

Reply
06/21/2016 7:02am

Hello me and my friend who works in childcaresales.com.au as business advisor, Numerous organizations began in financial subsidence have higher affinity of survival for some reasons going from less rivalry, modest work, and more bolster accessible for new companies.

Reply
07/22/2016 7:28am

What a useful post! Thanks for sharing it.

Reply
07/30/2016 7:08am

Incredible points. Sound arguments. Keep up the great work.

Reply
07/31/2016 2:31am

Below is a starter’s guide to launching your own business.

Reply
08/16/2016 1:43am

In the 1980's seller financing was common, then as banks dropped interest rates and down payment requirements, it fell from favor. Now, with solid buyers being turned down for loans and owner/investors earning next to nothing on investments with banks and the stock market, I believe home seller financing will gain new popularity.

Reply
08/16/2016 12:45pm

Hahahaha, what a comic this YouTube record is! We are still laughing, thanks to admin who had posted at this web page.

Reply
08/17/2016 6:12am

Yup, you are accurate Google is the most excellent in support of blogging, Google’s webpage also appear fast in search engines too.

Reply
08/26/2016 7:20am

This article examines how Business Property Relief (BPR) can be used to radically transform your IHT bill, even if you're not carrying on a business at the moment. It's the most powerful relief in the whole IHT code. An interest in a business or shares in a company qualify for relief at 100%, and any kind of business will qualify for the relief, so long as it isn't trading in shares or land etc., or a business of making or holding investments.

Reply
08/27/2016 4:04am

Hello me and my friend who works in childcaresales.com.au as business advisor, The greatest lesson learned in the course of recent years by a great many individuals is this: Don't be gotten so ill-equipped once more! In the event that you encountered work misfortune and a large group of related difficulties you know you absolutely never need to wind up in such a position again.

Reply
08/28/2016 6:10am

Do you want to start a business but don't know which one? This article will show you how to come up with awesome business ideas....

Reply

Your content is nothing short of brilliant in many ways. I think this is engaging and eye-opening material. Thank you so much for caring about your content and your readers.

Reply
09/10/2016 9:01am

I'm sure that if you have found your way here then you will have no doubt done an amazing amount of research on how to start your Internet Business Education. Now for some really great news - I know many great Internet Business Entrepreneurs, that are willing to share all of their secrets of success.

Reply
09/10/2016 4:39pm

Just pure brilliance from you here. I have never expected something less than this from you and you have not disappointed me at all. I suppose you will keep the quality work going on.

Reply
09/17/2016 11:46pm

SEO for Web page title optimization; When optimizing a business that has a local presence, it might be a good idea to mention the name of the place that the business caters to.

Reply
09/25/2016 3:50pm

We all like the idea of having control over our time, working when we want and how we want to, and doing things at our own pace. These are good reasons to start your very own business. Then again, you may wonder what kind of business you should go into.

Reply
09/26/2016 5:59am

Most people are not successful regarding search engine optimization because of one simple reason, which is; they do not understand search engine optimization. So today, I will tell you the secret to search engine optimization success.

Reply
09/28/2016 5:32pm

When it comes to overseeing a company, one of the biggest aspects of making sure that it's successful is to regularly complete various projects designed to move it forward. From hiring new employees to releasing a new product to moving to a new building, every part of your business needs to be addressed carefully. Project management is actually a specialization in many business degree programs, and today using a good project management tool is one of the best ways to make sure that you find success with it.

Reply
10/01/2016 2:18pm

If you're feeling uninspired, Free Article Ideas allows you to scan the top ranked pages for your keywords on Google, providing you with material you can use to do intelligent background research that quickly dissipates your writer's block.

Reply
10/06/2016 7:04am

We all like the idea of having control over our time, working when we want and how we want to, and doing things at our own pace. These are good reasons to start your very own business. Then again, you may wonder what kind of business you should go into.

Reply
10/15/2016 6:50am

In fact, I would go so far as to say, that your propensities are closer to perfection than anything else. Given the fact that plagiarism is anathema to you, what could possibly be the problem with web sites that check for it? In this article I'll share that with you.

Reply

Plagiarism is a menace which affects people from different walks of life. Plagiarism is equivalent to cheating and fraud. Stealing people's ideas and thoughts is a crime, which is as bad as stealing anything else. The individuals like writers,

Reply

This article will propose a broader look at available business opportunities and in fact will consider a unique, if not compelling look at an international business opportunity and more specifically a generalized network marketing international business opportunity.

Reply
10/25/2016 3:20pm

HOW IMMIGRANT SMALL BUSINESSES HELP LOCAL ECONOMIES GROW. 1. Executive Summary. Introduction. Part 1: Immigrants and Small Business.

Reply

A very awesome blog post. We are really grateful for your blog post. You will find a lot of approaches after visiting your post. I was exactly searching for. Thanks for such post and please keep it up. Great work

Reply
11/08/2016 5:25pm

Picking a web design agency and playing video games can have a lot in common. Okay, maybe they are two different things, but the principles are the same.

Reply

Are you up on the latest fashion trends? Does applying make-up come naturally to you? Do your friends always compliment you on how well you put an outfit together? If so, you might consider taking advantage of one of the best small business ideas for women - becoming a glamor consultant.

Reply
11/12/2016 6:13am

Branding is the biggest buzzword in business today. Branding, as my friend and branding guru Kim Castle defines it, is "the process of creating precise and pinpointed communication of your product, the value it stands for and the feeling your customer gets from it so that you can make an indelible mark or impression.

Reply
11/15/2016 7:11am

Starting a Business - It's easier than you think!! I don't agree with this post. I and my colleague Hayden we think that business is not this easy, there are a lot more consequences and threats that you haven't shared.

Reply
11/27/2016 6:33am

Hey what a splendid post I have run over and trust me I have been hunting out down this comparative sort of post for recent week and barely ran over this. Much thanks and will search for more postings from you.

Reply

Reply

Writing in a blog is commonly to do nowadays

Reply

A debt of gratitude is in order for sharing the information, keep doing awesome...

Reply
02/09/2017 4:48am


Alpha Monster Advanced by way of following the recommendation in this newsletter, you will find that you may bulk up your muscle mass successfully. Do now not waste it slow working out if you will now not get consequences you want! http://t-rexmuscleadvice.com/alpha-monster-advanced/

Reply

Reply
02/15/2017 3:10am

Really? Is it? I need to start a business really soon, didn't knew it was this easy. I will soon take cash advance in shreveport and get started with my business and the work, thank you

Reply
03/16/2017 12:40am

Reply
03/20/2017 5:21am

Well I really liked studying it. This subject offered by you is very effective for proper planning.

Reply



Leave a Reply