I’m sitting here putting together a binder of all my business documents, and decided to stop and write a blog post just to document what I’ve been doing over the last couple of weeks.
Just Start
Where do I start? Well, as I mentioned on a previous blog post, I started an Etsy sticker shop, which has really been a lot of fun so far. I have some other fun shops online, but they are not as involved and hands-on as my Etsy shop. I initially started those shops because it was easy to throw up some artwork and get excited if someone else thought it was good enough to buy. It was a great feeling, so I wanted to share more and decided to expand to Etsy.
Own It
I feel a bit more ownership with my Etsy sticker shop, and it honestly inspires me to grow even more. So, with that being said, I noticed that my finances started to get a little murky. With my Etsy shop, I was incurring some upfront costs, and was putting the charges on my personal credit card. I wasn’t able to quickly delineate my personal and business expenses, so I decided to just make an official business.
I’ve started a business before so, I knew what do. Once you do something once, you just repeat the steps with minor tweaks to make it more successful. Also, I already had the initial basic business requirements to set up “shop”, such as an idea, name, website, social media accounts, etc., so when I say “official”, I am talking more so about legal stuff.
Small Steps
I didn’t set up a legal business entity all in one day, but over the course of a week or two.
The steps I took (so far) to officially start a business are:
- Determined what business structure I wanted.
- I am familiar with LLCs, so I stuck with that business entity
- You should research which business structure is best for you before going any further
- Applied for EIN Number with the IRS
- I just applied online.
- Note: It’s FREE, so just read and follow the online instructions. I got my EIN number within minutes.
- Registered my business online with my state.
- I’m sure you can do this online in most if not all the states.
- The cost for this will vary.
- Go your state’s official government website and click on the “business tab” for more info.
- Do a name search with your state to ensure your business name is available.
- It took about 2-3 days for me to get an approval. They will let you know if you need to update any info to approve your application.
- Opened a Business Bank Account
- I made sure I had my approved business documents (tax ID number and registration)
- I googled the “best business accounts for small businesses”.
- Compare and go with whichever bank checks most of your boxes, and has the least amount of fees.
- Opened up a Business Credit Card.
- I basically googled for a couple of hours and settled on an American Express business card.
- I’ve used American Express for years, so I’m familiar with them, but do your own research and go with the credit card company that works best for your business.
- Created a Business Binder
- I printed out all my business documents and organized them into a binder.
- I started my business binder when I applied for my EIN, but I’m mentioning it because keeping business records is a very important step.
Is that It?
It doesn’t stop here. These are just some of the steps that I’ve taken so far. Maintaining a business is a discussion within itself, so I’ll talk about that another day.
Don’t Overthink. Just Do.
I’m just glad I started because many times, things are not as hard as they seem, and I end up suffering from “Analysis Paralysis”. Basically, analysis paralysis is when you over-analyze or overthink a situation, so that a decision or action is never taken. I’m known to do this at times, but I’m learning to just do things anyway, and correct myself as I go. For example, I didn’t fill out my business application perfectly the first time, but I just corrected it and kept it moving. I’m learning how to pivot as needed, so, I will definitely circle back to this topic.
It’s a Journey!
I hope this post inspires you to start whatever it is that you want to do. Nothing is overnight, and you learn as you go. Just take one small step and see how far you go.
I’m hoping you will learn with me, as I document my business journey. Let’s see where this thing goes!
xo,
Che
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