Take the time to research everything and I mean everything. From what type of business entity you want to whose your target audience. In other words, know everything you could possible need to know about your niche before starting.
2. Write a business plan.
Knowing what you want is half the battle. Writing down a clear and concise business plan will further more help you better achieve your business goals because it includes methods on how to attain your goals as well as gives you a timeframe. Be as detailed as possible about how you plan on making a profit with your business. It helps keep you on track.
3. Invest in your business.
Whether it’s saving money you make from your 9-5 or taking out a small business loan. It’s easy to start with little or no money but having more money will get things up and running faster.
4. Pick a location or digital platform sell your services or products.
Consider long term and short term advantages of all your options. You want to be prepared and make as little mistakes as possible because in business mistakes can cost you more money then your prepared to spend.
5. Choose a business structure.
The most common forms of business are the sole proprietorship, partnership, corporation, S corporation and Limited Liability Company (LLC). When picking which one is right for your business consider the cost, where you live, the possible liability you would have from someone using your product, and what advantages you’d gain from choosing that structure. Just be mindful that you want it to be a good fit and if it no longer is you can make changes when necessary.
6. Choose a business name.
Conduct a trademark search and come up with a catchy name that has meaning. I suggest something easy to spell and easy to remember. Sometimes the perfect name is your name if you want to be the brand. If your a credible person people will associate your name with your product and sales could skyrocket. You just never know. When in doubt test your possible name ideas out with others and get their feedback.
7. Get federal and state tax ID’s
You need to get an EIN number from the IRS in order to pay taxes. The application is easy and short process. It’s also free to do on the IRS website and they issue you a number immediately or you can hire a service and they can do it for you.
8. Get a business bank account.
Select a bank to handle your business account. It’s important to separate personal and business finances. Most businesses start out with business checking accounts. Then, next a savings that yields high interest rates. If you are considering a business credit card shop around and get the best rate. You should always know what your spending your money on, consider rewards, when introductory offers end and be sure your getting the best deal before settling. I’ve heard credit unions are the way to go because they don’t require a large minimum balance.
9. Track your expenses.
Track your expenses, mileage, meetings, food, clothing, and speaking engagements. There are apps that link to your bank account to help with this and even products like Quick Book.
8. Do your taxes with a CPA.
Sometimes you got to know your limits. If your expertise is not taxes don’t use Turbo Tax. Please hire a professional because they can help you maximize the benefits of obtaining an LLC. Let them help you
9. Trademark logos, names and slogans.
Protect your creative properties. Don’t let anyone eat off your back. You worked hard to build your brand and be authentic get your credit so that if any copycats try and take your ideas and use it as there’s you can legally fight back because you have proof that it belongs to you.
Put your best foot forward get all your legal documentation together and start conducting yourself as a business. When in doubt consult a lawyer. I want you all to leverage your business and get rich. I hope that you continue to build wealth because we should normalize women being millionaires. 🙌🏾