30-Day Challenge to Get Your Ducks in a Row
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In This Article: Why It’s Important to Get All Your Ducks in a Row
Once you realize that you have a good business idea that will succeed, it’s time to get your ducks in a row. Set up your business so that everything is legal and above board. While it can seem confusing and too hard to legitimize your online business, you’re going to be glad you did because it’s going to save you a lot of problems in the long run to have everything legal.
In this 30-day challenge you’re going to learn the steps to take to turn your side hustle into a legitimate business. These are some of the topics being highlighted:
- Choosing a name that you can legally use
- Registering your business name
- Setting up your finances and accounting system and process
- Choosing your business structure
- Obtaining your federal tax ID number
- Understanding the laws regarding employees versus contractors
- Getting the required permits and licensure
- Protecting your intellectual property
- Protecting your family and partners
- Opening a business bank account
- And so much more …
After you get everything set up, it’ll be easier to renew each year, keep track of your income and expenses, and meet all the legal requirements placed on you by the federal and local governments so that you can do business.
First the Truth The first day you charge money for something is the first day you’re in business. But if you’ve been moving along, making money perhaps as a hobby without going through the legal hoops, you may be losing sleep worrying about getting it done or getting into trouble with the law.
Second Don’t worry. You got this. You can legitimize your business now, and it’s not that hard to accomplish. Just slightly confusing if you’ve never done it. After you do set everything up right, you’ll be able to sleep at night knowing it’s all legit and appropriately done according to the law. Keep in mind that the information given is regarding the USA; however, most countries have similar rules and regulations. Although, some of the terminologies may be different in other countries.
Third Despite rumors to the contrary, most tax and permit authorities don’t really want to make your life difficult. The worst-case scenario you have to pay a fine for not getting your business license on time or a fee for being late with your quarterly taxes. If you are just starting out in business, then there is no time like the present. Don’t be fearful, stop worrying.
In most cases, you’re not going to get into so much trouble or owe so much money that you’d go out of business. Do keep in mind that you can still pay your federal taxes using your social security number by sending quarterly taxes to the IRS without buying a single business license or permit. The IRS only cares that they get their money. Just include your tax ID or social security number, use one of the forms they provide, and start doing that now.
Stay tuned for the next episode – Going Legit in Your Online Business:
When Your Hobby Side Hustle Turns Into a Real Business
About the Author Brandy Speer
Welcome to your future success! I am excited that you are here in this place that supports women in getting stuff done. You see, real success is not just about the bottom line – it’s also about health (a lot about health)… about happiness and having a clear sense of purpose. I personally know how hard it is to “keep your eye on the prize” But, what often drives us is when we know what we want and how to get it – Now, that’s when the magic happens! As a result of my 20+ years of experience and success in business. I achieved a personal transformation that enables me to bring to you clear, concise, and cost-effective strategies, along with tools and resources that will help you build a sustainable business success. You’re passionate skilled entrepreneur – We are here as your source, to help you reach your dreams and goals faster. So, let’s create some magic together and get stuff done!