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RECOMMENDED RESOURCE LINKS
Introduction to Investing: Investor.gov
Investing for Beginners: Nerd Wallet
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Also see, Investing.com
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OUR GOAL IS TO TREAT YOU, THE WAY WE WANT TO BE TREATED!
We understand the challenges of starting and growing your own company. It can be a bit overwhelming at times. However, to make the process easier for you, we have done most of the research, gathered the most beneficial and effective resources and tools available to assist you.
Continue to invest in yourself, family and your own business. No matter how hard it gets or how long it takes. It will all be worth it in the long run.
From one entrepreneur to another. The moment you decide to work for yourself. You are not only starting and building a business. You are now in school. There are a lot of things you will learn along the way in your new journey.
Don't be too hard on yourself, no one has all of the answers for the creative entrepreneur. Why? Simply put, all businesses does not operate the same. What works for one, may not work for the other. There will be trial and error. Mistakes will be made, but you learn from it. Can we say, schooled? Lesson learned. What is the lesson? Learning from your mistakes. Take another approach and keep it moving!
Online and Offline Networking
Business networking is a marketing method by which business opportunities are created through networks of like-minded business people. Many business people contend business networking is a more cost-effective method of generating new business than advertising or public relations efforts. This is because business networking is a low-cost activity that involves more personal commitment than company money.
MAKE YOUR BUSINESS NETWORKING MORE EFFECTIVE BY FORMING BUSINESS RELATIONSHIPS!
- Online Business Networking
- Face-to-Face Business Networking
- General Business Networking
- Business Networking in The ICT Domain
MAKE THE CONNECTION & CLOSE THE DEAL
QUICK OVERVIEW: HOW TO STRUCTURE YOUR NEW SMALL BUSINESS
Get Organized and Start Your Business Today!
Register your business – Don’t overlook it; it’s not only the law, but it also affords several benefits. For instance, it will enable you to open a business bank account, write off business expenses, and help you leverage competitive pricing agreements with wholesalers. Registration involve several steps, not all of them necessary, but important to be aware of:
Register a “Doing Business As” Name - If you are operating an online store under a name other than your own, you may need to register a “Doing Business As” name, also known as a DBA, trade name or assumed name. You can do this directly with your local government. If you’re not sure whether you need to register a DBA, check with your local government office.
Choose a Business Structure – Many small businesses operate as sole proprietorships, meaning there is no legal difference between your business and you, as an individual. You’ll also file your business taxes on your personal income tax. No formal action is needed to form a sole proprietorship. Often, online marketplace business owners file for incorporation or become an LLC to help separate their business and personal finances and gain legal protection as a business entity. Consult a lawyer or legal expert to help you determine the pros and cons of incorporation and how to register.
Obtain Licenses and Permits – These are a necessary part of doing business and are required by your state and local government. Even online and home-based businesses cannot operate legally without them. Use SBA’s License and Permit tool to find out what’s required.
Get a Sales Tax ID or Permit – You’ll need a sales tax ID in order to collect and pay sales tax. The law about collecting sales tax online can be confusing and is explained here. Many online marketplaces offer tools to help you calculate sales tax, but as of now, it’s your responsibility to pay it. In order to collect sales tax, your state may require you to obtain a sales tax permit. You can find SBA’s links to state tax resources here.
Get a Federal Tax ID: Cost: FREE!– If you have employees or are structured as a partnership, corporation or other types of organization, you’ll need to get an Employer Identification Number (EIN) from the IRS. It’s the business equivalent of a social security number. You can apply for an EIN from the IRS online.
While these are some of the main legal steps you’ll need to follow, there are other important considerations, including:
- Pay estimated taxes
- Maintain good records so you can maximize your tax deductions
- Separate your personal and business finances – Open a business bank account(this will help you facilitate PayPal transactions) and apply for a business credit card
- Engage the experts – Consult a tax specialist or accountant. They don’t have to be on retainer, but can provide great advice as you get started in business. Local resources including Small Business Development Centers, and Women’s Business Centers, offer free training and counseling to small business owners.