Business Setup
If you’ve decided to build your own internet business from home instead of getting a traditional job, you may be ready to start making money. Business arrangements are not the first thing on your mind. Instead, you’d rather start building that money-making website or blog. You really can do that. You may not need a business bank account tomorrow, so you can start working on the money-making process before you start setting up the systems you need to handle money after you make money.
However, you should quickly turn your attention to setting up your business. In certain situations, before you can open a business checking account, you may have to go through steps that will take several weeks. So you don’t have to wait long before starting this process.
Here’s an example of some of what you’ll need to do:
- Choose a company name.
- Try setting up a dedicated phone line for your business.
- Find a local certified public accountant who can advise you.
- Determine what kind of business model is right for you. You may want to discuss this with your CPA or business attorney to determine whether you should operate your business as a sole proprietor, limited liability company, or some form of corporation.
- Apply for an Employer Identification Number (EIN) from the IRS.
- Register your business with your country.
- Get a state sales tax ID in the state where you register your business, if necessary.
- Get county and city business licenses if you register as a sole proprietor.
- Manage some form of bookkeeping.
- Open a business bank account.
- Get a business credit card (optional).
- Set up a separate PayPal account for your business.
- Prepare your computer to keep your information safe.
Each of these steps will take very little time to complete. Gets everything done, although it may take you a few weeks. So in addition to setting up your money-making website or blog, set aside time each week to organize your time, your office, your projects, and set up your systems to receive and track exactly the money you’ll be making.
If you have decided to take the step of working from home or building a new business, you are well on your way to financial independence. But start off right. If you’d like more information on how to complete these steps and more, please visit the Homework Lab for specific suggestions and downloadable checklists.