05 Jan Take Advantage Of The New Tax Bill…5 Steps To Starting A Business
The new tax law is going to reduce the tax rate from 39.6% to 25% for certain business structures, including sole proprietors!
I am a huge fan of starting a business as a sole proprietorship under certain circumstances. If you have limited funds, are unclear on the type of business you intend to operate, and/or tend to suffer from paralysis analysis; then a sole proprietorship might be perfect for you. It will allow you to complete the process in about 30 days at a cost of less than $150 bucks in most states. You can easily set up a corporation in a few days, once you are ready to do so.
Set up a virtual office address using UPS. There are also business incubators offered by companies like Regus which allow you to set up a business address, receptionist and more. Prices generally range from $50 to $100 per month. Search for your city here: https://www.regus.com/
Set up a sole proprietorship using an assumed name certificate. If you are in the Chicagoland area, then you can use this link: https://cookcountyclerk.com/service/assumed-business-name-registration If you are outside of Chicago, then type “your city + assumed name registration” into Google and locate the appropriate links. Note: If you have the funds to set up a corporation, then by all means feel free to do so! You can do it yourself, or hire a CPA or attorney. You should expect to spend a few hundred dollars PLUS filing fees.
Ok, so this is actually a few small steps combined, but I’ll keep it as simple as possible. Decide on a domain name and reserve it at www.godaddy.com From there, head on over to www.namechkr.com to see which social media handles are available for your business. Ideally, you want a consistent social media handle across all platforms. You can build out your site using www.wix.com or www.wordpress.com. Both platforms have a free option, but I would urge you to use the paid option. The free options have noticeable branding and it’s an amateur move to use those – trust me on this one. Set up a free account with www.mailchimp.com to handle your contacts.
Set up your EIN number here: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
Set up your DUNS number here: www.dandb.com
Be prepared for lots of upsells when you apply for your DUNS number. Just stay strong and stick with the free option.
Set up an account with Google G Suites to run your backoffice and to establish branded email addresses. Even if you haven’t made a single dollar, you should look the part. That means your email address should be the same as your domain name! No Yahoo, Gmail or Outlook, ok?
Want to see me walk you through this process using videos and email? Sign up here to join our free 5 Day Start Your Business Challenge: www.bit.ly/join5daychallenge