Updated: Jun 21
Starting a business/new startup can seem daunting and exhausting, but it doesn't have to be.
Here are 5 steps to take when the fires of desire boil over and you decide to make that leap.
Come up with a kickass name and form an LLC
Be creative and come up with something that makes someone want to know more. Or be straight to the point about what you're doing. Doesn't matter - just come up with the thing, go to your state's Secretary of State site and find the Limited Liability Company (LLC) forms and fill it out.
Just don't do something like, Tim's Tubular Taco's, or anything like that. Alliterations are a thing of the past.
Next you need to apply for a federal tax id or EIN
This lets the IRS know that you're a legit business entity for tax and filing purposes. More importantly, it allows your the opportunity for a whole new world of business tax deductions (more about this in a later blog).
Click this link to register for your EIN. https://sa.www4.irs.gov/modiein/individual/index.jsp
Take your newly formed LLC and EIN and open a business checking account
If you'll be a local business, use a local bank. They're more likely to work with you on financing deals down the road than one of the big guys. If it's all online, it doesn't really matter. It's just important to keep your personal money and business money separate.
Get you a QuickBooks Self-Employed plan
Expenses are going to come and you're going to need a way to organize to save yourself a headache come tax time. QuickBooks, in my opinion, is extremely easy to use and helps a ton with staying organized financially. They have pretty cool cashflow forecasting tools and a tax checklist that comes in real handy. *Note* I'm not being paid by QuickBooks for this - I just use it and find it extremely helpful.
Create a website for your business
This is much easier to do nowadays than in the past. No code is necessary. There are sites that walk you through step by step, have tutorials within their site, etc. I prefer Wix, they're great for absolute nomad beginners but have some very cool and intuitive features for SEO, Google Ads, etc.
If for some reason you feel unable to perform these tasks and get it started, there are companies out there that provide assistance and do it all for you. Mathews Capital is one of those companies
and we'd love the opportunity to help if you think you need it. If you do - click below.
There you have it. Once you finish these 5 steps - you'll be a legit business. Now pat yourself on the back and get to work - opportunity awaits!