The First 6 Steps to Establishing a Home Based Business
Please read my disclaimer before you read on…
Home Based Businesses is where it is at. Be your own boss! Work in your pajamas! Make your own hours! Let’s do this…
Physical location
You could use your home address however, if you’d like a little more privacy, you could use options like UPS or USPS to get a mailbox. There are costs to these alternative options. Here’s an article that has more information on those options and more.
Phone number
Do we use land lines anymore? Many cellular services do provide an option to have a second line on your personal phone. There are free services out there but when it comes to a low cost solution, here is my recommendation.
Business Formation
The Secretary of State is where you would go to form your business entity. There are different types of business entities that you can establish: Sole proprietorship, partnerships, S-corp, C-corp, LLC. LLC’s are popular amongst small businesses as it allows you to protect your personal assets in the event of business liabilities, allows for simpler tax filing and allows for better tax breaks than if you were to choose a sole proprietorship. Click here to see the pros and cons of each business entity. Changes to the business can always be made with amendments.
EIN
An EIN is an Employer Identification Number. It is used to identify your business entity. Click here to register for an EIN with the Internal Revenue Service (IRS).
Business checking account
You need somewhere to put your business monies. You will most likely be required to provide documentation acquired in steps 3 and 4. Check your personal bank or credit union for business services.
DUNS Number
The D-U-N-S Number is used as the starting point for a business entity. Dun & Bradstreet establishes your PAYDEX Score which is the business equivalent of a FICO score. You will most likely need two legal documents that contain your business address to complete registration. Click here to register for a DUNS Number.
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Whatever your situation is, if this is something you are looking into doing, please feel free to reach out. This article was written during the pandemic and there have been many people that have lost their jobs. I’m gonna bet that there have been more businesses established during the pandemic than ever before.
I have a Free download I’d like to share with you that gives you many different business ideas. Once you’ve established the business you may need a Customer Relationship Management (CRM) system. Keap is a great system for this and I am a partner who can help you.
If you have thought about a local services business like Home Cleaning, Lawn Services, Power Washing, or the likes, then head on over to this business article.
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