There are many business fields that are increasing in popularity. We may need some business sense and also an artistic flare if we are attempting to provide something creative to users. We should start our own business because we enjoy taking photos. There are some business decisions and issues that we must address before getting started. While they may not cover all aspects of our business, these steps should get us going into the right direction.
- Register our business: No matter how small our business is, we should make sure that it is registered legally with local business authorities. Some cities don’t require us to handle registrations, but we still need them for various business purposes, such as applying for loans in the bank. We may also need to deal with extensive paperwork and fees, if we want to register our business. Before we open our door for business, we should check existing city and state requirements.
- Check information on sales tax: If we plan on getting even one cent from a customer, we will be asked to collect sales tax. We should know how much tax the local government requires us. Some businesspeople think that they it is not necessary for them to pay for sales tax during portfolio building or early months after the initial launch of the business. In reality, no matter how little we make, the local authority will ask us to pay for specific amount. The second we take money from customers, we will be required to pay sales tax. Obtaining ID for sales tax should be very easy to do and in many cases, registering at an online state-owned tax website will provide us with instant sales tax ID.
- Open a new bank account: It is essential to have a separate bank account for our business purposes. Opening a dedicated business account is very easy and the bank may only require business license and DBA form. It is a good idea to choose a bank that provides business loans with acceptable interest rates. Having a business account is essential for various purposes, such as accepting payments from clients or applying for loans with the bank.
- Apply for business insurance: It is essential to get insurance for our business and at a minimum, we should obtain liability insurance to cover ourselves. It may be necessary to get additional insurance coverage if we have other assets that we wish to protect. We should make a list of vehicles and equipments to find out whether they need to be protected.
- Set up marketing plan: A new small business requires solid marketing plan. We can’t explain it only in a single paragraph. The plan needs to help us design our marketing strategies and plans for our public relations and promotions. If we have never written it for ourselves, we should be able to find examples online. There are guidelines and templates we can choose to improve our business plan.
