This month is “Start a Business” Month on the Mompreneur Advice blog. It’s the first month that I’ve dedicated to a writing about a single topic and it’s been really fun! Here’s some related articles:
- The Reality of Being a Small Business Owner: 17 Things to Consider
- 10 Great Home Based Business Idea’s For Moms
- At Home Small Business Ideas: The Basics
- Why Start A Business? Here’s 9 Reasons…
Now, it’s time to dive deep into the exciting world of actually starting your home business! Today we’ll be discussing what is needed to start a small business. I’ve narrowed it down to the 5 most important things you’ll need to start a small business to get you started.
Also…Congratulations on deciding to start your own small business! You’ll be working for your self and creating something lasting for you and your family which is a really exciting step in creating the life you want!
Now, let’s get started!
Here’s what is needed to start a small business:
1. A business license
2. A Tax ID number
3. business insurance
Business Insurance is a MUST for any business dealing with the public where accidents can happen or people can get sick and sue you. Business insurance protects your business from such mishaps. It also can cover your business vehicles, protect your business from Worker’s Comp claims and provide health insurance for your employees among other things. Business insurance isn’t very expensive and is something you should consider getting ASAP to cover yourself and your personal assets along with your business from lawsuits. I recommend Allstate for business insurance as they seem to have the best service for the best price. You can also find business insurance through a local insurance broker.
4. a business bank account
When starting your own business you’ll want to keep all your personal expenses separate from your business expenses from the beginning. When tax season comes around (which it does every year!) you’ll be happy you kept everything separate. Also, when your business grows and you need additional funding from banks and loan agencies you’ll be required to have a separate business bank account.
5. business cards
This is the fun part of starting your own business! Designing and printing your business cards! One thing to double check before printing (so you can avoid an embarrassing mistake I did when first starting my first business) is: DOUBLE CHECK YOUR INFORMATION on your card before sending your PDF to the printers.
When I printed my very first business cards I was SUPER excited to get them in the mail. It was such a proud moment as a new entrepreneur! What a let down it was when I realized I printed a totally wrong phone number on them….oops! Thank goodness I caught this before giving them to anyone! Haha… can you image all the phone calls that would have went to that poor soul who’s number I put on them?
I like to do all my printing with Moo.com. They print the most beautiful and stylish business cards and offer free shipping on orders over $75.
So there’s what is needed to start a small business!
Affiliate Further Reading:
Check out Starting a Business All-In-One For Dummies! A previous edition of this book was my go-to resource when I was starting my first business. I always find For Dummies books to be super easy to read and very well put together with accurate information.
Have anything you want to add to the list? Comment below!