Congratulations on deciding to turn your hobby into a business!
Before celebrating you starting a business and becoming a new business owner, let’s make sure we check some important things off a list!
When to start your business
You need to start your business as soon as you start charging for your services. It doesn’t matter if you are charging $25 if you have money coming in the government wants to know and wants a portion of it! This will make it so you can get a contract to protect yourself as well!
Many people want to wait until they’re in a ‘better place’ to start their business. The truth is it’s best to register your name and DBA as soon as you decide you want a business. Amongst other things you can start writing off what you spend and allows you to say you’ve been in business for longer. This can be important down the road if you need business investors or a loan! You can even back date the start of your business up to 30 days!
How to start a business
Starting a business can be so overwhelming! It is so tough to know where to start when you decide you want to pursue starting a business! When you look online everything is written in a way that can make you feel lost and confused. We have created a list of what you need to do to start taking on PAID clients & customers!
Although all businesses are different the business startup is all pretty basic as far as becoming a legal entity goes!
- Filed your business with your state? This can be as a Limited liability company (LLC), Sole proprietorship, Partnership or C Corporation
- Gotten an Employer Identification Number (EIN or FEIN)? If not you file online here!
- Gotten business insurance?
- Insurance for your equipment is also important if you’re a photographer
- Filed for a Doing Business as (DBA)?
- This isn’t an absolute must if you plan on working under a name that is your legal business name.
- You also need to choose a tax designation if you are not filing as a Sole prop or Partnership!
- Gotten a resale certificate? This is for PHYSICAL products being sold, NOT services!
Don’t forget to…
- File license renewals if your state requires it
- See what type of taxes your business will need to pay
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