Step By Step
It’s a New Year and you have arrived at the decision to build your business from the ground up. This is a good place to start. The foundation you build on will be your business structure. As mentioned in previous post there are several options for your business structure. You will find links that discuss these options below. For this post we will look at the Sole Proprietor.
As a Self Publisher it would be quite reasonable to want to be the sole proprietor of your own self publishing business, because after all, you want to do it yourself. Here are the steps to take to begin the process.
First,and foremost and perpetually after, you should be asking yourself questions. They will be questions like:
· What am I doing?
· Why am I doing this?
· What is the point?
· What will the business be called?
· Will the name of the business help people know what I do?
· What is my product?
· Who is my market?
· How will I know if the business will succeed?
OK -times up! you have pondered these questions long enough. You will revisit some of these questions quite often and perhaps some day be able to answer them!
Second, after you have established the name of your company you will need to open a business account at your bank.
This is needed in order to file important papers establishing and registering your business with either or all of the following; Town Clerk, County Clerk, City Hall. It’s always helpful to ask each entity if there are other entities you should visit and forms you will need to fill out.
Third, you will need to register your business with the State where your business is located. While you are working through this process you will be required to fill out the forms for collecting local and state sales tax.
Let’s review. You have a;
· Business name
· Business location
· Business bank account
And you have;
· Registered with the Local Officials
· Registered with the State Officials
· Registered with IRS
· Authority to collect sales tax
So now you see when you go into business as a Sole Proprietor you are not really on your own. You have friends at the bank, your local town, county and state office and soon at the IRS. Don’t forget to keep your business accounts and all business related expenses, information, property and transactions separate from your personal life. This will make things much easier for you when you come to file your annual tax forms with your friends at the IRS. Here is the IRS link.
Somewhere along this timeline, perhaps before you begin the process, you may want to recruit the aid of legal, financial and spiritual advisers. You will find that as you take this step by step your business will eventually become a reality and then you will be ready to sail.
These are great links for more detail about what was briefly covered here. Check back soon and keep up with our progress! Also sign up to win a free autographed children’s book “What Would I Do?”