I want to start a company making things and I already have some ideas cooking up but I have no idea how to start. Everyone says "just start a llc" but how and what do I need to start because I'll probably have to know how to do everything all by myself because I'm quickly learning everyone I would have considered is content working wage slave jobs instead of trying something out so I'm kinda stuck learning everything needed to run a small business or even start one. Any input for conversation is appreciated
Business questions
- Thread starter leone edaté
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In addition to that, when considering creating a business, remember that where you are matters a lot in terms of what the rules are. Every country, and even each state in the US, have different rules on what is required to start and run a business, so you're going to need to research what the requirements are in your specific location.
In a lot of places it will probably seem quite daunting in terms of what you can and can't do, and how, but many places have advisory services you can turn to in order to get you going in the right direction, and there may even be groups of business owners who can give you advice and support.
In a lot of places it will probably seem quite daunting in terms of what you can and can't do, and how, but many places have advisory services you can turn to in order to get you going in the right direction, and there may even be groups of business owners who can give you advice and support.
I am not a lawyer/accountant/tax prep - so do your own research - but in most US states it's not very hard - High level for what I had to do:
Find your states website for registering a LLC, fill out the form, have and pay a $100 or so and have an LLC.
Use that to get an EIN from the IRS (another form, free iirc)
Take those two things to a bank or credit union, get a bank account and only buy things from there for your business to make accounting easy.
Renew your LLC yearly for your state (free for me). File your taxes (LLC's are a pass through entity so it's just your income at the end of the day).
There are usually local small business associations that can help guide you too. It's also not expensive to have someone do your taxes if you're unsure (as long as you kept good records!)
Use a payment processor like Stripe or PayPal(bleh) to do all the sales tax and remittance stuff so you don't have to think about it.
I agree on profitability - I don't make much from BlueSCSI as I don't (personally) sell many per year. Logistics, packaging, inventory, customers, etc all take time and effort that takes away from me doing what is fun - building things.
Find your states website for registering a LLC, fill out the form, have and pay a $100 or so and have an LLC.
Use that to get an EIN from the IRS (another form, free iirc)
Take those two things to a bank or credit union, get a bank account and only buy things from there for your business to make accounting easy.
Renew your LLC yearly for your state (free for me). File your taxes (LLC's are a pass through entity so it's just your income at the end of the day).
There are usually local small business associations that can help guide you too. It's also not expensive to have someone do your taxes if you're unsure (as long as you kept good records!)
Use a payment processor like Stripe or PayPal(bleh) to do all the sales tax and remittance stuff so you don't have to think about it.
I agree on profitability - I don't make much from BlueSCSI as I don't (personally) sell many per year. Logistics, packaging, inventory, customers, etc all take time and effort that takes away from me doing what is fun - building things.
I too would want to recommend to start making something and worrying about the paperwork side as a next step. To add one more bit; if you're not in the US and so want to register as a business there, Stripe's Atlas program might be worth a closer look.
Good luck!
Good luck!