| More and more individuals are stepping out on | | | | information. This will also help out when tax |
| their own and starting a home based business. | | | | time comes around and can help keep the IRS |
| Unfortunately, many make the wrong decisions | | | | off your back. |
| or go about it the wrong way. In this article | | | | |
| I'll go over three easy steps that are a | | | | A good bank for small and new businesses is |
| necessity when beginning your own home based | | | | Synovus. They have very reasonable rates and |
| business. | | | | are ranked among the top banks for small |
| | | | businesses in the nation. |
| The first thing that you need to do is either | | | | |
| incorporate, become a sole proprietorship or | | | | Finally, you need to decide whether your |
| form and LLC (Limited Liability Corporation). | | | | going to have an online presence or not. |
| Usually when you go into business for | | | | Honestly, your crazy if you don't have your |
| yourself you'll form a sole proprietorship. | | | | own website for your business. More and more |
| This simply means your the only member of | | | | individuals are shopping online and this |
| your company. | | | | trend is expected to rise dramatically in the |
| | | | coming years. |
| When forming an LLC you can also be the sole | | | | |
| member or you can also have partners who have | | | | You can get your own website address and |
| a stake in the company. Usually employees are | | | | hosting for next to nothing. Yes you may have |
| hired as well on a small scale. Corporations | | | | to hire someone to set the site up for you if |
| on the other hand usually have a board of | | | | you don't know how, buy products and services |
| directors, stockholders and thousands of | | | | for your site and possibly open a merchant |
| employees. | | | | account, but it's easier than it sounds. |
| | | | People take the plunge and open up shop |
| When your just starting out with your home | | | | online everyday and you can too. |
| based business you'll want to go with either | | | | |
| a Sole Proprietorship or and LLC. This can | | | | In closing, make sure you take the right |
| easily be done online at They'll take care | | | | steps when starting your own home based |
| of everything. | | | | business. Doing things the right way the |
| | | | first time can save you a lot of headaches in |
| Make sure to either have them apply for an | | | | the future. Nothing worth doing is easy; if |
| EIN number or get one yourself. An EIN number | | | | it were we'd all be millionaire |
| is like a social security number for your | | | | entrepreneurs. |
| business. You can get one for free at | | | | |
| irs.gov. | | | | One last thing, so many small businesses fail |
| | | | within the first 5 years after opening shop. |
| Now, once you have your company formed you'll | | | | Don't let this be you. There is one piece of |
| need to open a business bank account. It is | | | | advise I got from watching Donald Trump and |
| very important to do so because you want to | | | | it is, "Don't ever give up, ever". I've taken |
| keep your business accounting information | | | | this to heart and so should you. |
| separate from your personal accounting | | | | |