How to Start Your Own Business

Get a Federal ID Number

You can apply for an Employer Identification Number (EIN) Online. However, when you search for it online you’ll find businesses that charge a fee for this. In fact, many of these businesses stick “IRS” in their website address. Don’t be fooled by them, you can easily do it yourself here: Apply for EIN. Getting the EIN is not optional. You won’t be able to open a company bank account without first having your EIN. Plus, you can’t pay an employee without your EIN. For that reason, this is one of the first steps you must complete.

Get state sales tax ID number

Every state has their own rules about sales tax. For instance, in Florida where we are located, there’s no tax on services. Most of what our company sells is a service. However, if someone buys a trade show display from us, that’s a tangible product and it’s taxable. Consequently, it’s our company’s job to collect sales tax and pay it to the state. When you get your state sales tax ID that’s used in two ways. First, you’ll use it to pay sales tax that you collect from your customers. Second, you’ll use it to avoid paying sales tax in items you use to make some other product that you sell. For instance, if you buy coffee mugs and personalize them for your customers you won’t pay tax when you buy the mugs. Of course, you’d have to charge your customers sales tax when you sell them. If you are in Florida, you can click here to get your Resale Certificate.

It is also important to check with the state to see if you need to be licensed for your particular type of business. Additionally, check with both the city and the county where your business is located. Also, it is still important to check with the state, city and county even if the business operates out of your home.

Open a company bank account

It may seem obvious but you can’t just have a merchant account or a PayPal® account. In fact, you won’t be able to open a PayPal® account or merchant account without a company bank account. If you sell products online the PayPal® account or merchant account is what links your website to your bank account. Alternatively, if you don’t sell online you’ll still need either a PayPal® account or a merchant account so people can pay you. Naturally, not everyone walks around with cash or checks in their pockets. Additionally, by having a PayPal® account or merchant account, you are making it easier for people to do business with you.

Get a rewards company credit card

One of the great things about owning your own business is that many things become tax deductible. For instance, you buy an inkjet printer and paper for the business and you get a tax deduction. The only thing better than a tax deduction is cash in your pocket now. In our company we use a credit card that pays us 1.5% on everything we buy. Better yet, some credit card companies what your business and are willing to pay you to get their card. 

Obviously, when you are just getting started there are so many business expenses you can put on your company rewards card. However, in addition to getting 1.5% back on every purchase you can get paid to get the rewards card. 

We shopped around and the best deal we could find was getting paid $750.00 to get the company rewards card that we have. Plus, we get 1.5% on all purchases and that’s real dollars. If you’d like $750 for signing up and 1.5% back on every purchase click here: Rewards Card

Open a business PayPal® account or merchant account

We put these steps about How to start your own business in this order for a reason. You’ll need to have all of the other steps above completed before you can move on to this step. For example, PayPal® will require you to upload your Articles of Incorporation. Once you are ready, go here to get started with your business PayPal® account. Additionally, you may prefer a merchant account. For example, if customers walk into your store a merchant account might be the way to go. It is also possible that you may save money with a merchant account. You can sign up here: Merchant Account

Get a professionally designed logo, website & business cards

If you’ve been thinking about how to start your own business; do it right! What would you think if you saw a website for a dentist that looked like the dentist may have done it himself or herself? If it looks like a do it yourself project, it takes credibility  away from the business. Naturally, you’ll want to look like a successful, professional business starting with your first day in business. Obviously, you won’t look very professional if you try to do it yourself. Likewise, hiring the cheapest designer won’t make you look your best either. One of the benefits of working with a full service advertising agency is that we can create everything you’d ever need for your business. 

The minimum that a business would need is to get a logo design, website design and business cards. Naturally, not every business needs TV advertising or trade show displays. However, the minimum needed to start will be a logo, website and business cards. As your business grows we can help with other advertising services.

Find a location if needed

When you first began to think about how to start your own business you may thought about a location. Of course, if you are planning to work from home, you can skip this part. However, if you need a location, one option is to drive around and call the phone numbers you see on the real estate signs. Even if you have a lot of free time, this isn’t a good option. Obviously, you’d waste a lot of time calling about places that are too big, too small or too expensive. Do what we did! We hired a professional real estate agent that handles only commercial leasing and purchases. In that way, we saved a lot of time and money. 

As you’d expect, our agent only showed us properties that were the right size and fit our budget. Plus, he works for us, not the landlord. As a result, he did all the negotiation to get us the best deal possible. If you are in South Florida be sure to contact Jason Stagman by clicking here: Commercial Real Estate Agent