 How to Register a Business. GENERATE INCOME BY DOING SOMETHING YOU LOVE! When looking for employment or extra money, many people never consider starting their own business because they assume, first, they need a large sum of money to get a business off the ground. However, the ideal business is one you can start with minimal money. The object of starting a business is to make money, not spend money before you have made a profit. The second reason people are reluctant to start a business is because they think it entails a lot of red tape, however, it’s pretty simple to start, with only a few hundred dollars. 1. BUSINESS NAME AND BRANDING Carefully choose a business. Determine what your business will provide that is unique or needed in your community or elsewhere. This will help you determine a business name and logo. Avoid products and services that might not do well during financially hard times, such as high-end fashions or extravagant products; lean towards essentials and practical items. When pricing, be mindful of what people are willing to pay, but make sure your idea is feasible to make money. Make sure your business idea is not just an illusion of success. Tweak your start-up idea until you get the right balance between passion and business sense. 2. REGISTER YOUR BUSINESS It is important to find out if you need a license or permit to operate your particular business. To start a business for under $200, you want to select a business that does not require a professional license, which are needed for hair salon operators, real estate salespeople, general contractors, etc. For the protection of the public’s health and well-being, certain businesses require a license. (Check your city or town website to find out whether you need a license or permit for the business you want to start.) To be a legitimate business, register your business with your local municipality (which may cost about $100, depending on where you live). You need to provide the name of your business, the type of business, the business address, phone number, and the business structure (sole proprietorship, partnership, etc). If your business is structured as a sole proprietorship, you can use your social security number to report taxes. If you intend to have employees, at some point, you will need an EIN or TIN. (You can request this over the Internet at the U.S Small Business Administration (sba.gov). There is no cost to get either number, unless you hire a lawyer to request it for you.) 3. OFFICE SPACE, INVENTORY AND EMPLOYEES A business is basically the legal sale of any product or service to make money. You can sell products, services or information. To start a business for under $200, start on a small scale. Invest as little money into your business as possible. Avoid going into debt to make money, and do not deplete your savings to make money. The fundamental object of operating a business is to make a profit. If your passion is cooking, start a catering business, instead of opening a restaurant. Don’t go into debt, purchasing large quantities of supplies and equipment; initially, produce small quantities to sell, to test whether your product will sell. Avoid the overhead of leasing or buying an outside business establishment, such as an office or storefront. Do not spend money leasing or buying office or store space because gone are the days of brick-and-mortar start-ups. To keep start-up costs minimal, you need a business venture you can operate from home, online or through direct sales. Decide on a business you can work solo, to bypass the expense of a staff. For occasional help, look to family, friends, temporary workers and commission-based salespeople. Also, consider bartering your products or services for help. 4. IN BUSINESS WITH A CELL PHONE Today you can use your cell phone for business, to not only communicate with potential customers and business contacts remotely, but to collect payments, make product videos, handle social media, and take photos for your blog. It is relatively simple to start a small business today with a cell phone and/or a laptop, which most people own. Internet access makes it possible nowadays to start a business with little upfront costs, because business owners do everything from design their own advertising to operate their own invoice system. With a PC or laptop, a person can realistically do basic accounting, sales transactions, inventory tracking and advertising. Flyers and business cards can be designed from a laptop and ordered from an online printer. 5. A WORLD OF MARKETING EXPOSURE The Internet is a mega-information system that provides a wealth of resources for business. Use social media for marketing your business, such as Twitter, Instagram, Facebook and LinkedIn. Also, utilize your computer to generate a website for your business, which can be a great marketing tool for small businesses. Whether you start a business full-time or part-time, now is a great time to generate income by doing something you love! Start small, invest as little money as possible to get your business off the ground. Continuously learn as much as you can about your field of business and enjoy being your own boss! To determine an ideal business idea, read “How to Hear God to Prosper,” at TheTalk2Prosper.com. © VC Edwards 2016, All rights reserved. Related posts: 100 Small Business Ideas How to Make Money from Your Tax Refund 15 Relaxing Activities that are Productive How to Determine Your Ideal Career |
