Start your business today with these basic steps. Small Businesses are the foundation to America’s economy. We live in a world where jobs are scarce, and the skill level required for getting a high paying job is higher than it’s ever been in US history. The price of living is sky rocketing in the big cities, but the wages for your average job are not matching the price of living.
Right now is the best time to start a small business in “America”. “Magnate Lifestyle”
The reality is you’ve been thinking about starting a powerful business for a while now. So, stop procrastinating and start your business today. It’s no secret that many people accumulated mass wealth through business ownership. Also, the Internet is booming, and there are plenty of low-cost commercial spaces available for lease since the 2008 crash.
These days you can offer products and/or services via the “Internet” and even work from home. You can start your business full time, or part time while you work a 9-5. But before you can run a profitable business, you will need to follow these powerful basic steps to get started “Today”. We did all the necessary research for you to start your profitable business “Today”!
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Step 1 – You must decide on what type of business you want to start:
There are plenty of businesses you can choose from such as selling cars, designing clothes, selling insurance, and selling auto parts. Also, you can start a construction business, landscaping business, pool cleaning business, dry cleaning service, car wash/detail service, and much more.
If you don’t want to start a brick and mortar business at this time. You can start a profitable online blog business, or start an online e-commerce business selling products/services via the internet. The best way to decide on what type of business to start is to find a solution to people’s problem and align it with your personality. Thus, When you love what you do, you’ll find ways to monetize it.
You Can Become A Lyft Driver:
Some drivers make more than $800 just driving Friday nights and weekends.
Partnering up to drive with Lyft as an independent contractor means that you’re self-employed. As far as the Lyft is concerned, you’re the owner of a separate business. When you’re an independent contractor, you won’t get a W-2 form from Lyft as a driver, but you likely will receive one or more 1099 forms. They may even pay your corporation under your EIN Number. These days Lyft has a rental car program that will help you get started even if you don’t have a vehicle at this time.
Since you’re an independent business owner, just about any money you spend on your gig as a Lyft driver will be a tax-deductible business expense. The first thing that probably comes to mind is your car. There are two ways to take a deduction for the business use of your car:
- Deduct the actual expenses of operating the vehicle for business, including gas, oil, repairs, insurance, maintenance and depreciation or lease payments.
- Take the standard IRS mileage deduction. As of 2016, the rate is 54 cents per mile driven for business use.
There are lot’s of businesses out there that you can choose to start. Once you decide on what type of business you’re going to start, you will need to…
Step 2) Decide on your “Business Formation” set up:
The business structure you choose will have legal and tax implications. Learn about the different types of business structures and find the one best suited for your business. Below are the different types of business structures you can choose from:
Sole Proprietor: A sole proprietorship is the most basic type of business to set up. You alone own the company and are responsible for its assets and liabilities. Not recommended if you want to protect your business and personal assets.
L.L.C(Limited Liability Company): An LLC is designed to provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. Recommended for “Small Businesses”.
Incorporation(C-Corp): A corporation is more complex and generally suggested for larger, established companies with multiple employees.
General Partnership: There are several different types of partnerships, which depend on the nature of the arrangement and partner responsibility for the business.
The business structure you choose depends on what type of business you’re starting, and how large you want your business to grow. Most people incorporate their businesses to protect “Personal Assets”.
Apply for your EIN:
An Employer Identification Number “EIN” is also known as a “Federal Tax Identification Number”, and is used to identify a business entity. An EIN is your business “Social Security” number. You can even buld corporate credit with this number.
You will need to get an EIN, if you plan to hire employees or plan to form a partnership, LLC, or corporation.
Your business formation set up will cost you a small fee, but at the end of the day, its well worth it. This is a very important step when starting your business. Click on this link to Incorporate for the Exclusive: New Corporation or LLC.
Once you decided on your business formation, then follow these next basic steps below…
Step 3) You will need to obtain adequate funding for your business:
Starting a small business doesn’t have to require a lot of money, but it will involve some initial investment.
You can use your own money to start a business, or you can get funding from commercial business funding companies, personal loan, angel investors, credit cards, banks, credit unions, family, friends and much more…
When a small business requests a loan, one of the first things a lender looks at is your personal and business credit history. So, before you even start the process of preparing a loan request, you will want to make sure you check your personal credit score to verify that your credit is good, and up to date. You can find out your credit score by running a personal credit check.
If you have average to bad credit, then you should contact Lexington Law – Trusted Attorneys immediately so they can help remove unwanted credit problems, and help bring your credit score up. Lexington Law are trusted attorneys that specializes in credit repair.
Business Funding Basic Steps:
Now, don’t get discouraged about funding your business, you can always use your own money to start your business. There are lot’s of low-cost businesses you can start(Especially Online) today. But the goal is to at least get started today, and set up a strong business foundation with these powerful basic steps. Next you must…
Step 4) Decide on your business name, and create a powerful business “Logo”:
You must make sure your business name stands out, and is associated with your products or services. It will be beneficial to make sure nobody else is using your business name already. Choosing the wrong business name can affect potential growth and profit.
You can go to The Logo Company to design your logo for your business. You can also create your business cards and marketing products with The Logo Company below…Next you will have to follow these next basic steps below……
Step 5) Decide if your going to work from home, or lease a commercial space:
Many people these days start their businesses from home to cut cost, and for convenience. But if you’re selling products and/or services that relies mostly on walk in traffic. Then you might want to think about leasing a commercial space.
You can talk to your local real estate agent/broker, google commercial space websites, and/or drive around your city to look for empty available commercial spaces that’s up for lease.
The phone number to the owner, broker, or management company for the space is usually on the front door or window. For more information about commercial space you can check out Davinci Virtual Office Spaces.
Once you decided on your office space, then you must…
Step 6 – Set up your business phone/fax line:
You will want to get an 888, 877, 866, or 800 business phone number to look professional to your potential clients/customers. You can contact your local phone company, and set up a business line, or you can google business phone companies on the internet that offers business phone/fax services.
Step 7 – Obtain the necessary permits and licenses to operate your business:
This step will depend on the type of business you plan on launching. You can go to your local city finance department to obtain a business license and sellers permit or you can do it online by visiting corpnet.com. The licenses and permits you need from the state, county, or city will depend on your business activities and business location. Your business license fees will also vary.
Failure to obtain or renew the correct business licenses and permits can result in fines, notices, and forced closure of your business. Once you obtained the necessary permits and licenses, then you must follow these next basic steps…
Step 8 – Set up a business bank account:
You will need a business bank account to start doing business transactions. It will be best to go through the first 7 steps before opening a business bank account. You can go to your local bank, or credit union to set up a business bank account. You can open a business account using your business name and EIN number. It will be very important to only use that bank account for all business-related deposits, withdrawals, and transactions.
Most banks will need you to have your business paperwork set up first, an initial cash deposit, and proper identification to open a business account.
You can go to chase.com to open your business bank account. Once your business bank account is opened, then you must follow this last basic step…
Step 9 – Set up your domain name, choose a hosting service, and create your business website:
To me a website is one of the most important tools you will need to become a profitable trustworthy business. A business without a website is like car with no engine. When creating your website and setting up your domain name, you will need a solid reliable company that will host your website.
After you choose a company that will host your website. You can choose to build your website from scratch yourself, create a website with ready-made templates, or you can hire a professional web designer/developer to create your website for a fee.
Choosing the right domain name and hosting service will be very important to your business web presence. Your domain name should be simple, obvious, and as short as possible.
We highly recommend going with web hosting service to set up your domain name, and host your website. They’re one of the best hosting sites in the industry. They can also assist you with starting your website from scratch.
Create and send modern, professional powerful email newsletters to your audience with Aweber’s email marketing tools. When it’s time to set up a lead email campaign for your current or future business website go to: (Click On Pic Below)
Once these basic steps above are fully completed, then you will be ready to launch your business to the public. Come back to our website daily for more business tips, leadership advice, business mogul profiles, etc.
Once you start your powerful business today, you can purchase business office furniture, and office tech products for your business at www.flashyculture.com