If you wake up one morning and decide that you want to start up your own business from home, or you fancy working on some freelance jobs on the side of your full time hustle, you need to be aware of a few things.
First, when you’re looking to earn a bit of extra money on the side, you’ll want to find a type of work which doesn’t take up too much of your time, and which you already possess the skills for.
Sites such as Upwork are great places to find freelance jobs in your field, and it will give you the experience you need if you want to eventually start up your own venture from your coffee table.
After you have thought about the type of business you want to run, you are going to need to start thinking about how you go about starting a small business without anyone’s help. Here are some of the things you will need to do to get you started.
1.Don’t dwell on the name
Although you’ll want to pick a name which suits you and the type of business you want to start, you don’t need to do this straight away. Stop worrying about finding the perfect domain name and social media accounts, because you can always change these later on down the line when you have established yourself. You can even name the business after yourself for the time being until you are up on your feet and find a name that you love. For example, I just use my own name as a business name.
2.Employer Identification number (EIN)
An EIN is the tax number which you will use to identify your business. Many people who are starting out in business might not think about all the legal stuff, but this is a crucial step if you want to start running a business legally. You’ll need it to work for clients, doing your taxes and much more. Think of it as your business’ social security number.
3. Register your trade name
The business you run will determine the type of name you choose. If you offer solutions for ecommerce, you may want a flashy name, but a blog or photographer can get away with their own name. Once you have the name, it must be registered with the government as a business name.
4. Get your business license
The last step you will need to do before you start to trade is get your business license. It is a requirement by law that you have a license to own a business in many places. It will only take you a few minutes to fill out the form, and you will need to use your EIN to identify your business.
Once you have filled this out and been approved, you can get going and start your business with a cup of coffee in hand.