My first business was a bit of a disaster, and as a serial entrepreneur, I've learned a few things on what you need to do to (successfully) start a business (legally!)... so you don't go through what I did!
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Have you ever wondered what exactly you have to do to run a legit business?
It’s pretty simple: You trade something, like a product, service, your knowledge, etc. for something else — preferably, cold hard cash. There are three main things you need to keep in mind. Spoiler alert: I don’t always recommend registering your business if you’re just starting out 😲.
Contracts are necessary to protect yourself, but they also help improve your professional reputation. Make sure you’re using a contract that fits your business and that you update and customize for each client or customer project.
If you want to have a legit biz, you gotta stop getting paid under the table. It’s time to set up a PayPal account or a QuickBooks account and make sure you’re getting paid in a visible way.
You also need to let Uncle Sam know you're making money and save some for him, too! (I recommend how much to sock away so Uncle Sam doesn’t take you by storm at tax time in this video.)
Beyond charging for your goods or services, many people want to make their business more formal and reduce their personal risk. To do so, the last step is to get incorporated. This is just a fancy way of saying that your state approves you as a licensed business and you’re not some shady side operation.
Why do I say this is the last step?
Because when you’re first starting a business, you don’t need to jump through all the hoops only to find out you don’t want to take the biz any further than an occasionally paid hobby. You want to prove the offer and prove that you enjoy doing it, and then you can really make sure you’re protected.
Of course, getting your business incorporated and making sure your financials, contracts, and everything else is good to go can be… umm, overwhelming. But my course, Lawless to Flawless, teaches you the next steps you need to grow business legally and gives you total confidence that you’ve covered all your bases (the right way)!
Have questions on starting your business? Comment below!👇
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