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Business
Essentials
�2005 by Debbie Solomon
We all know that starting your
own business
is a reality that is now easier than ever to
accomplish.
The phenomenon of business on the interent is
nothing
short of intriguing. More and more people are
starting
their own businesses from home because of the
power
the internet provides.
There is so much to choose from and the options
are endless.
However there are many aspects that many people
seem to overlook
that is essential to business.
The main essentials are the legalities that are
involved in starting your own business. I
realize how boring
this must seem, but in all actuality, once you
start putting
all these legalities together, you begin to
realize the formation
your business is taking. To SEE your business on
PAPER is
one of the most satisfying accomplishments you
can make.
I must add that it is imperative for everyone
to do this. Whether you are an independent
distributor
for an affiliate program or you have your own
product you
are marketing on the internet, it is still YOUR
business, and
legalities are of the utmost importance if you
want to be serious
about a successful business of your own. I don't
want to
damper your parade, but joining a program and
promoting it
on the internet is NOT a professional business.
This is just
something you are doing to make a couple extra
bucks and no
one will ever take you seriously.
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4. You need to obtain an Occupational
License. Most
states require you to have your fictitious name
information
prior to this, so you may want to have that information
on hand
first. An Occupational license is alittle different in
every state,
so you may have to do some leg work on this.
Some states require a county and a city occupational
license. So it is important to ask that question.
Normally
City Hall takes care of your City Occupational License,
then
you can inquire about the legalities of a County License
at
that time and they will tell you where to go. The normal
cost
for an Occupational License is anywhere from $30 to $50.
It is
very easy to get the details of obtaining your license.
Just call
City Hall first and they will tell you what you need to
do.
5. Open a Business Account. You will need all the
paperwork
above in order to open a business account. Many clients
will
want to make a check out to your business. Plus if you
have
a merchant account it will go right into your business
account
for quick reference. It is much easier to keep records
of sales
with a separate business account.
6. Medical Insurance. This is the biggest bonus
of all.
Because you go through so much to make your business
legal,
now you know there are some perks. There are many health
insurance companies that have Group Insurance for 1
person
businesses. Normally they call it Group 1 Insurance. If
you have
a business account, all the above paperwork, you are
well on your
way to some GOOD health insurance. Some companies
require
you be in business for one year, but you will find some
that do not.
Individual insurance is HARD to get and very expensive.
Plus there are so many limitations of coverage, it is
not worth it.
With Group 1 Insurance, it is like having insurance
through
another company as far as the benefits go. It is not
that expensive,
and the personal benefits of knowing
you have good insurance because you legally registered
your
business, is well worth some of the aggravation you may
have
to endure.
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7. You may also want to go to these websites
to see
what is required from the government. This is a
lengthy
subject and legal requirements change for each
type of business.
If you still have questions, the IRS provides
help by email.
Small Business Info:
http://www.irs.ustreas.gov/prod/bus_info/sm_bus/index.html
IRS Site: http://www.irs.gov/
8. If you are selling a physical product, it is
important to
obtain a Tax ID number. You can also inquire
about this
with City Hall on the steps you will need to
take.
9. And the most important of all. Your Taxes. I
am not going
through all the legalities of this, but here are
some important
factors to consider. You MUST file taxes every
year on your
company. Some states require you to file
quarterly. Do what
you have to do, because it is essential. My
suggestion is
to get an Accountant at file time. You do not
need a CPA.
At least not in the beginning. There is too much
room for
error if you try it by yourself. You would not
believe what
I learned the first time around with my
accountant. I found
out I do not have to file Quarterly, because I
am a sole
proprietorship and I have no employees. One very
important
aspect....Keep record of ALL YOUR EXPENSES. Even
the cost of your ISP each month is a necessity.
NOW, are you still ecstatic about starting your
own business?
Did you know so much was involved? Or did you
think you
can have an online business and NOT do this?
Everyone has their own opinion on this, however,
if you want
a Legal, Professional and Successful Business,
put it into
writing. Get your proper Licenses, Accounts and
Insurance.
You will be surprised of the advantages you will
incur by
becoming a professional businessperson.
ABOUT THE AUTHOR:
Debbie is the Creator of The HomeSource Arena,
which is The Leading Source in Certified Home Employment,
and owner of The Online Exchange Ezine, a Top Rated,
world renowned Ezine. The only Ezine that will give you
FREE Access into an Exclusive Members Only Club, just
for subscribing for FREE to The OnLine Exchange Ezine.
Please visit her site at:
http://www.marketingtrendz.com
mtrendz@cs.com |
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