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.
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Selecting a Business Idea
Finding the perfect business idea can be the stumbling block that prevents you from ever getting started. So many people want to start a business, but they are just not sure what to do. On the other end of the spectrum are people with so many ideas that they have a hard time picking one and getting started. Let’s walk through the process of finding the right Business Idea for you.
Hobby or Business
You have settled on a great business idea, or maybe you have already started dabbling in the business world. The big question is, are you a business right away? If you start a blog or an Etsy shop, does that mean you are automatically a business and need to file a bunch of paperwork? Maybe, or maybe not. Read on to discover if your activities constitute a Hobby or a Business.
Choose a Business Structure
If you have determined that you are a business, the next step is to choose your business structure. You will need to decide which business formation type is right for you before you register your business. Don’t worry, I’ll keep the discussion easy to understand and as pain-free as possible!
Register your Business
By this point, you know a lot more about starting a business than you ever thought you would. Well done! The next step in the process is to actually register your business, both with your state and then with the IRS. Let’s take a look at those steps so that you stay on the right side of the law!
The thought of setting up financial records for your business may not tickle your toes like it does mine, but recordkeeping is one of the most important aspects of running a business. Thankfully, with advances in online accounting and bookkeeping software, having a firm understanding of your business’s financial position can be relatively painless.
Begin Earning a Profit!
Seems obvious right? The whole point of starting a business is to grow that bank account. Many new business owners miss a key point about making a profit when they start their business, you don’t want to be one of them! Read on to learn some smart steps toward making a profit.
Congratulations! You have started an amazing business!