Easy-to-Start Businesses for New Entrepreneurs
Starting your own business is a great way to gain financial independence while doing something you truly love. There’s no need to settle for the nine-to-five grind. That said, becoming an entrepreneur requires passion and perseverance. You’ll have to put in some effort before you’re up and running. Read on for a quick guide to getting your very own company off the ground.
Decide on a business model
When selecting a business model, do your research. Ideally, you will opt for a low-risk business that doesn’t require a lot of investment upfront. Accion Opportunity fund recommends trying home-based businesses. This will spare you the significant expense of commercial rent that a brick-and-mortar business requires. It also gives you greater flexibility in terms of location. Day trading is one business you can do anywhere.
Get the necessary education
Depending on the path you pursue business-wise, you may need to get additional educational credentials. Even if a four-year degree isn’t needed, added knowledge or professional certifications can help. For example, if you pursue day trading, you need to learn about markets. Mv3Trader helps people learn the art of day trading, giving them the tools they need to set up their very own business.
Establish a limited liability company
Once you’ve decided on a business model, write a business plan to get organized. This outlines exactly how your company is run. You can then register your business as an LLC. This will offer tax advantages, protect your personal liability, and simplify your bookkeeping. Look up your state’s guidelines for LLC formation—for example, the requirements to start an LLC in South Carolina are different from those to found one in California.
Open a business bank account
Once you’ve registered your LLC with your state, you should receive a confirmation notice. You can use this to open a business bank account. This is beneficial as it allows you to separate your personal and professional financial transactions. It also makes your business more credible. Finally, having separate accounts will simplify your bookkeeping and tax filing when the time comes.
Calculate your overhead costs
Your business bank account will also be used for business expenses. Before you commence operations, tally up a list of all your overhead costs. These could include tools like computers and software. Get Sling provides an easy guide to calculating your expenses. You can then look for external funding to cover these costs. Sources of funding could include government grants, angel investors, and crowdfunding, among others.
Get the tech tools you need
Once you have the startup capital you need, you can invest in the necessary equipment your business requires. As a day trader, there are a few essential items you’ll want, including a computer, fast internet connection, day trading brokerage account, and charting software. You don’t want to skimp on these basic items. It’s worth paying for top-quality products that will perform well and last you a while.
Figure out your tax obligations
Finally, for the not-so-fun part: Figuring out your tax obligations. If you earn money as a business, you need to report that income and pay the appropriate taxes. Keep in mind that tax obligations vary depending on the type of income. Day trading profits are one example. This quick guide provides an introduction to day trading taxes, what you can expect to pay, and how to file.
If you hate the idea of sitting in an office every day, it’s time to think about alternatives. Starting your own business is a great way to break free from the hamster wheel and become your own boss. Consult the guide above to help you get there.