Quick Tip – How to Start a Business
Quick Tip – How to Start a Business 👇
How to Start a Business
✨Health & Wellness Practitioners and Solopreneurs✨
Looking to start a business? ✔️
And ready to make it official? ✔️
Here are 5 basic steps you can take to set up your business:
1. Register your business name with your state. Do this first to make sure your business name is approved by the state before attaching it to an EIN.
For therapists and those with professional licensure, check out your state’s requirements for registering as a PLLC vs LLC.
2. Apply for an EIN (Employer identification Number) from the IRS. You don’t need to pay anyone to do this for you – it’s free! Link below:
3. Set up accounts with your local tax department, commerce department, and your state unemployment.
Utah makes this super easy with OneStop Business Registration! With this, you can register with the Utah State Tax Commission, Utah Department of Commerce, and Utah Department of Workforce Services all at the same time. Even if you are not planning on having employees anytime soon, it’s easier to register for everything up front (ask me how I know…). Link below:
https://corporations.utah.gov/online-business-registration/
4. Open a business bank account.
Once you have your EIN, you can go to your local bank and sign up for a business bank account. See my tip from last week for details on the Super Simple bank account structure.
5. Set up a successful bookkeeping system.
This may be a spreadsheet when you first start out. However, I don’t like manual data entry, so I always suggest getting set up with an accounting software that connects to your business bank account(s).
Whether you decide to DIY or hire a bookkeeper, you need to be monitoring your business finances every month at the very least.
If you’re looking to start a business and you’re not sure how to get started, please send me a DM, and I’d be happy to help!
Consider working with a bookkeeper/accountant/financial planning professional to help get you started.
If you currently don’t have a team to support you in this please feel free to reach out or comment below with “get started” so we can see how we might be able to help.
Also – If you know a business friend who might need to hear this information share this info with them or comment below!
Or schedule a free, no-obligation Discovery Call with us: https://hello.burnsidebookkeeping.com/public/appointment-scheduler/630cfb590890c351b5d20c25/schedule
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