How to start a small (tiny) business?

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JoeChick10
Posts: 29
Joined: Thu Mar 22, 2018 10:33 pm

How to start a small (tiny) business?

Post by JoeChick10 » Tue Aug 13, 2019 8:35 pm

I do some coaching work with individuals and have just gotten my first corporate client. Although revenues are very small right now (expect less than $2K between now and end of year) I think it makes sense to formalize the business so I can invoice, track financials, etc. Since it is just me and this is a part-time 'hobby', I'm looking for the simplest, easiest and most cost efficient method to this.

Below is my understanding of what's required:

1. Apply for a Federal ID # (my thought is to go for Sole Proprietor)
2. Open a Business Banking Account

Is this it?

Can you recommend a good option for business banking based on my situation?

Thanks!

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yangtui
Posts: 167
Joined: Sun Mar 30, 2014 1:32 pm
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Re: How to start a small (tiny) business?

Post by yangtui » Tue Aug 13, 2019 8:50 pm

business license/permit

insurance

Dottie57
Posts: 6593
Joined: Thu May 19, 2016 5:43 pm

Re: How to start a small (tiny) business?

Post by Dottie57 » Tue Aug 13, 2019 9:11 pm

Google business permit - let’s ofinfo.

HoosierJim
Posts: 600
Joined: Wed Mar 24, 2010 7:11 pm

Re: How to start a small (tiny) business?

Post by HoosierJim » Tue Aug 13, 2019 9:22 pm

Individual 401K - Here's a link to a Kiplinger article

If you are so inclined, you can contribute most or all of the side income.

Image

CFM300
Posts: 1561
Joined: Sat Oct 27, 2007 5:13 am

Re: How to start a small (tiny) business?

Post by CFM300 » Tue Aug 13, 2019 9:42 pm

Read this book. Your library may have a copy.

NOLO: The Small Business Start-Up Kit

In the meantime, this will get you started:

https://www.nolo.com/legal-encyclopedia ... 30077.html

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