I am so excited to be opening a business again. My past business was open for about four years and I specialized in event décor, flowers and event planning (mostly weddings). Before I opened the first business, I researched and spent tons of time creating a business plan. My new business kinda fell in my lap late this past August. It was a bit backwards because I had two paying clients and realized I needed to make a move. Within a week I had registered my business and was ready to open. I decided to take on my client’s projects and work a business plan along the way. Sure it is unconventional but so is life, right?
Here are five steps you can take to get your business started:
- Decide you want to open a business ~ Running a business, small or large, is not for the faint of heart. It takes blood, sweat and tears to be successful. Really consider all aspects of what your business will require from you and your family. That being said, this was an easy decision for me because I love the benefits of entrepreneurship.
- Choose a business name.
- Select a business structure. ~ I went with a limited liability company (LLC) and registered with the state I live in. Usually you do this before you apply for a business license.
- Apply for taxes and permits. These seem really complicated but are so easy…
- Register for an Employer Identification Number (EIN). This is used to identify your small business – kind of like a social security number for your business. It is a really quick process.
- Apply to your local city for a business license and permit (if needed). Check out the city website first. A call to the city can answer any questions before you go in.
- Register for any state and local taxes. For the local taxes, you will do this at the same time you apply for your business license. State taxes can vary but most likely you can register online.
- Celebrate!! You now have a business (at least legally) and as an entrepreneur you must learn to appreciate each milestone. Get together with friends for dinner, enjoy a pedicure or a day at the spa – and relish in your new venture!!
Venture 52 – Keeping with the New Year’s resolution spirit ~ and pursuit of forward positive thinking, becoming a better person, helping others, making a difference in the world, finding balance, etc. ~ there will be 52 projects featured that are inspiring me to do all the above.