Getting Into Business
Believe it or not, this is the step that eliminates more than half of all people from doing anything. That is, getting started. Once you get started you have some momentum behind you. Than every time you do something you are continuing, not starting. It is easier to continue than to start. But, you do have to start first. So...
" LET'S GET STARTED!!!"
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********(DO NOT FOLLOW ANY OF THE STEPS LISTED IN THIS BOOK UNTIL YOU READ THE ENTIRE BOOK THROUGH AT LEAST ONCE. YOU WILL HAVE A MUCH BETTER UNDERSTANDING OF ALL THE PRINCIPLES LISTED BY READING THROUGH TO THE LAST PAGE AND THEN FOLLOWING THE PLAN!!!)********
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Most wealthy people in the world own their own businesses. In fact many financial experts, and self made millionaires also, have stated that it is nearly impossible to get rich working for someone else. So, now that we know that, let's get you your own business so you can join the ranks of wealthy people in the world!!!
STEP #1
CHOOSING A BUSINESS NAME
First you will have to choose a name for the business. When choosing the name, make sure that you plan ahead. As your business grows you may choose to advertise. Advertising costs can get expensive. For example it can cost anywhere from $6.75 to $25.00 per word, or more, to advertise in a national magazine. (These rates will vary from state to state and will also depend on other variables.) Obviously this can get expensive. Therefore you may want to keep the name short and simple.
You will also want to consider the fact that people who read your business name will judge your whole business and the service that you provide by the way the name sounds. Your name should deliver an instant favorable and desirable image of your business. That is why a professional name should take precedence over all other names.
After you have come up with the name, you will have to file it with the County Clerks' office. All you have to do is call the office and ask if it is necessary to file. In some cases if you are using your name as the business name, you may not need to file. For example if your name is Frank Marfeo, and you name your business Frank Marfeo Publishing, it may not be necessary to file. However, you must contact the County Clerks' office to make sure that this is the case in your area. If so, ask what is involved in your county. They can sometimes even mail the forms to your house. Now you're almost in business and you haven't left your home.
STEP #2
FILING FOR A FEDERAL TAX ID NUMBER
Once you've filed your name, you will need to get a tax ID number. This isn't a scary or painful process. In fact it's quite simple. You see, the IRS would love for more people to produce profitable businesses of their own.. This will only help to generate more taxes. Usually all that is necessary is another form and a small deposit. It may be required that you make a deposit based on your estimated income. If so, you may want to estimate the minimum because your deposit will go up as the estimate goes up. Just make sure that when handling anything that is tax related, you are certain to maintain accuracy and pay attention to detail.
You can obtain the proper form by contacting your local dept. of taxation. See if they can mail it to you. But, you may have to pick it up in person. Reason being that there may be a deposit required.
You will also be required to fill out a form stating what type of business you are running. Usually you are only required to collect taxes on sales made inside of your state. Out of state sales are generally not required to have taxes collected. That is one of the beautiful things about the mail order business. First, though, check with your local IRS office to verify this. You definitely do not want a huge bill for back-taxes coming to haunt you anytime in the future.
While on the subject of taxes, this will bring up one of the most incredible reasons to start your own small business. Many times all of the money that you spend on your small business will be deductible right off the top of your taxable income. Let's suppose that you needed to purchase a personal computer with a laser printer and a copy machine for your business. These costs would be considered tax write offs, in some way, against your taxable income. Keep in mind that different states have different laws regarding tax issues, and tax laws are constantly changing. Make sure that you check with your personal tax preparer to see how these tax laws affect your personal situation.
STEP#3
OBTAINING A PROPER BUSINESS ADDRESS
Once you've filed for your federal tax ID number you will need to make one more phone call. This one will be to your local business license office. Ask them if they grant home occupation permits. This is a permit that allows people to conduct certain businesses at home using their home address as the business address.
Your town may not grant home occupation permits. If they don't, you can go to a license hanging service. A license hanging service will let you hang your license on their wall and allow you to use their address as your business address. These services should be listed in your local phone directory under license hanging or business license hanging.
Most license hanging services provide their customers with another service also. This service is mail boxes. Mail boxes are where your business mail would be delivered if you didn't want it coming to your home. The reason many businesses favor mail boxes over Post Office boxes is that they are numbered, like Post Office boxes, but usually say suite or department instead. This address will give your business the impression of being much larger and well established than that of a company with a Post Office box.
STEP # 4
GETTING YOUR BUSINESS LICENSE
Once you have completed the three previous steps you will be ready to obtain your business license. Go to your local business license office with all of the paper work that you have accumulated throughout this process and they will take care of the rest. A small fee will be charged. This fee will vary depending on your area or situation, but will be minimal.
Before we close out this chapter, there is one last important point. Make sure that you make copies of all of your paperwork and keep them safely filed. If possible, get yourself a fireproof file cabinet and keep all of your important paperwork in it.
Let's review the four steps now:
- File business name with County Clerks Office
- Call local dept. of taxation for tax ID number
- Obtain a Home Occupation Permit or hang your license at a license hanging service
- Go to your local business with all of your paper work and get your business license from them.
(Don't forget to make copies of all your paper work!!!)
Now you're in business! Congratulations! I've seen similar publications that used several chapters to explain what has been explained in a few short paragraphs here. It may be short, but don't doubt its importance. Follow these steps and get ready to use your momentum. Isn't it easy to continue now that you've gotten started?
How does it feel to own your own business and be your own boss? Are you ready to take the next step in your training? I sure hope so. |
