Starting a business can be so exciting! Whether you are looking to supplement your family’s budget with a side income, or want to earn a full-time income, starting a small business can be the answer. There are so many possibilities when it comes to creating a business, and it is easier than ever to get started. You can create a business that fits your personal needs and works within your available time. Are you uncertain about exactly how to start a business? Let me walk you through every step to starting your very own small business.
If you are like me, you have always wanted to be an entrepreneur. Your mind is constantly churning with possible small business ideas. Your problem is selecting the right business idea.
Or maybe you never thought you would be an entrepreneur, but your family could really use some extra income, and starting a small business seems like the answer. Your problem is coming up with a business idea.
You have finally done it! You just hit “Publish” on your very first blog post . . . or you added your first listing to your Etsy shop . . . or you signed up for your very first craft fair . . . or you just sold a handmade purse to your friend! All of these things are so exciting!
When the novelty wears off, you might start to panic. Do I now have a business? Do I have to pay taxes? Do I need to register with the IRS?
Your blog is starting to take off! Your Etsy shop is beginning to grow! You know you have a business on your hands, not just a hobby, so what’s next? Before you register your business, you need to choose a business structure. Believe me, it sounds scarier than it is. Let’s find out which structure is right for you.
I think starting a business is one of the most exciting things anyone can do! Who doesn’t want to make some side income and have more flexibility with your work and home life?
One of the not so exciting parts of starting a business is actually registering your business, and taking care of all the legal and tax nonsense. Don’t be intimidated. Put some time on your schedule to tackle this part of your business formation, and you will feel so good once it’s done. I promise!
There are so many fun parts to owning your own business . . . . business recordkeeping is not one of them! However, keeping good financial records is one of the best things you can do for your business. Not only will an efficient bookkeeping system make your life easier come tax time, but understanding your financial position will enable you to make better choices day to day.
Keep in mind that even if your small business is still at the hobby level, you still need to keep financial records. Unfortunately hobby income also has to be included on your tax return!
As a business owner, your focus should be on how to increase your business profits, NOT just how to increase your business revenue. This may sound like a strange statement because most often we only hear about business revenue. However, business profits and business revenue are two very different things, and business profits are way more important!