Start Your Own Business: A Step-by-Step Guide for Mom Entrepreneurs
Are you a mom who’s been dreaming of starting your own business? Or maybe you’re already running a side hustle, but you want to get it registered and official. Either way, this blog post is for you!
Starting your own small business is a big accomplishment. It takes hard work, dedication, and a lot of planning. But, once you get your business up and running, it can be so rewarding.
Not only will you be your own boss, but you’ll also get to watch your business grow and thrive. And, as a mompreneur, you’ll be able to set your own hours and work around your family’s schedule. Which are the main reasons I decided to become a mompreneur.
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In my blog post Everything You Should Know Before Becoming a Mompreneur I walked you through everything you should consider before becoming a mompreneur. Make sure you read that if you are not quite sure what business you’d like to start yet.
In this blog post, I share everything you need to know on how to officially start your business. So, if you’re ready to become an official mompreneur, then check out my step-by-step guide.
Oh, and one more thing. Block all those sideline naysayers in your life. People will always disapprove of things. That is just a reflection of how they feel about themselves. That has nothing to do with you. If you are sure you got a good plan going, all you need to do is believe in it and take action. The rest will follow. I am cheering for you girl!
Register your business.
The first step in starting your own business is registering it with the state in which you live. You’ll need to choose a business structure— sole proprietorship, limited liability company (LLC), or corporation—and then file the necessary paperwork with your state government. Just head over to Google and search for ”How to file for a business in …….” (EX: Florida). And usually, it’s the first or the second website. Just make sure it’s a state official website.
Fill out the required forms, and everything they ask for. You will find a lot of companies that will offer the service of helping you file for a business. You can choose to do it on your own, or you can use a service like LegalZoom.
Apply for a Federal Tax ID
Once you registered your business you can apply for a Federal Tax ID: Also known as an Employer Identification Number (EIN), a federal tax ID is necessary for businesses that will have employees. Even if you’re just hiring part-time or freelance help, you’ll need an EIN. It’s quick and easy, and it’s free!
Apply for State Tax ID
Depending on the state in which you’re doing business, you may also need to apply for a state tax ID. This is usually required if you’re going to be selling products or services that are subject to state sales tax. You can find out more about whether or not your business needs a state tax ID by contacting your state’s Department of Revenue.
Apply for licenses and permits.
Depending on the type of business you’re starting, you may need to apply for licenses and permits from the state or local government. For example, if you’re opening a restaurant, you’ll need to obtain a food license. If you’re running a home-based business, you may need to apply for a permit to operate your business from your home address. Make sure you check with your local government.
Open a business bank account.
Once your business is up and running, you’ll need to open a business bank account so that you can separate your personal finances from your business finances. This will make it easier for you to track your expenses and income, and it will also make it easier to prepare your taxes come tax time.
Get Business Insurance
Insurance is important for any business, but it’s especially crucial if yours is customer-facing or involves handling other people’s property (think hair salon, pet sitting, etc.). Business insurance protects you financially in case something goes wrong—for example, if someone gets injured at your place of business or if damage occurs to property that you’re responsible for (like rented office space). There are many different types of insurance policies available, so be sure to talk to an insurance agent about what coverage makes sense for your particular business.
Get organized from the start with accounting software like QuickBooks. Once your business is up and running, it’s important to stay organized—especially when it comes to your finances. That’s where accounting software like QuickBooks Self-Employed & TurboTax Self-Employed Bundle comes in handy.
Promote your business online with Google My Business
Google My Business is a free tool that allows businesses of all sizes to manage their online presence. With GMB, you can create and verify your business profile, post updates about your products and services, answer customers’ questions, and even track how customers are finding your business online. Best of all? It’s completely free to use!
File your taxes
Filing your taxes may not be the most exciting thing to do, but it is important to stay on top of them. Whether you file them yourself or you have a bookkeeper that files them for you, it is crucial that you file either each quarter or year (depending on your business structure).
Taxes are used to fund government programs and services, and if you don’t pay your fair share, everyone else has to make up for it.
In addition, if you don’t file your taxes on time, you may be subject to late fees and penalties. So take the time to file your taxes correctly and on time, and you’ll be doing your part to support your community.
I know it is a lot of information to digest all at once, but I encourage you to focus on each step individually, and you will be okay. By taking things one step at a time, before you know it you’ll be well on your way to achieving your dreams! I am rooting for you momma! You got this.
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