Day 20: Start your own business
Greetings Everyone!
Welcome to day 20!
So far, we have focused on using referral links, and other peoples sites to create avenues to make a little extra money. But today we are going to focus on you.
A-lot of people dream of starting their own business one day, but don't know the steps, or feel that they don't have the money to do it. Procrastination is the biggest enemy, then comes dought.
First, we have to learn to rethink exactly what a business is. When most people think of a business, they believe it is usually a building, with a sign, and products, that sell to people. Or, they believe that it's an online store, with a logo, and products or services to sell to people. All these are correct. But the simple answer to what a business really is, is an idea on paper. You do not have to have a building or website to have a business.
You simply need to get a piece of paper, and jot down some ideas of what you would like to do. Create a catchy name, and then think about something that you love to do. Maybe, you like to sew and make cloths, so you can call your business "Jane's Sewing Closet". You do not have to actually start sewing the next day, and create a line of dresses. You are just brainstorming at this point. Actually, you do not have to ever really sew anything if you don't want to, because a business is just an idea on paper. I hope you all are getting the jist. Now, in order to start your business, you will need to only do one extra thing, and this is a must! You must separate your business from yourself.
For Tax, Banking, and business purposes, and to be taken seriously as a business you must file a SS-4 document with the IRS. This document is one of the only documents you need to create a business and start your journey to new heights.
Once you file this document online, you will receive a EIN number. You will now use this number, instead of your Social Security Number, to create business credit. I will get more into this later, as well as the business DUNS number.
Yes, it's a little more that you will have to do, but this is a start. You can do this today, and you will officially be in business, and can start taking business deductions today! What are business deductions? A blessing that will lower your Tax burden. But, we will also save that for another day.
I hope you all have enjoyed today's blog post, and we will continue with this topic in the next one.
Welcome to day 20!
So far, we have focused on using referral links, and other peoples sites to create avenues to make a little extra money. But today we are going to focus on you.
A-lot of people dream of starting their own business one day, but don't know the steps, or feel that they don't have the money to do it. Procrastination is the biggest enemy, then comes dought.
First, we have to learn to rethink exactly what a business is. When most people think of a business, they believe it is usually a building, with a sign, and products, that sell to people. Or, they believe that it's an online store, with a logo, and products or services to sell to people. All these are correct. But the simple answer to what a business really is, is an idea on paper. You do not have to have a building or website to have a business.
You simply need to get a piece of paper, and jot down some ideas of what you would like to do. Create a catchy name, and then think about something that you love to do. Maybe, you like to sew and make cloths, so you can call your business "Jane's Sewing Closet". You do not have to actually start sewing the next day, and create a line of dresses. You are just brainstorming at this point. Actually, you do not have to ever really sew anything if you don't want to, because a business is just an idea on paper. I hope you all are getting the jist. Now, in order to start your business, you will need to only do one extra thing, and this is a must! You must separate your business from yourself.
For Tax, Banking, and business purposes, and to be taken seriously as a business you must file a SS-4 document with the IRS. This document is one of the only documents you need to create a business and start your journey to new heights.
Once you file this document online, you will receive a EIN number. You will now use this number, instead of your Social Security Number, to create business credit. I will get more into this later, as well as the business DUNS number.
Yes, it's a little more that you will have to do, but this is a start. You can do this today, and you will officially be in business, and can start taking business deductions today! What are business deductions? A blessing that will lower your Tax burden. But, we will also save that for another day.
I hope you all have enjoyed today's blog post, and we will continue with this topic in the next one.
If you want to join us and keep up on our postings, please make sure to subscribe to this blog, as well as follow us on our other Social Media platforms listed below.
Snapchat: Shi_team
Comments
Post a Comment