Thank you for staying the course this far. That shows you are serious about building your side business or full-time business. This is the last article in this series. We started a few weeks ago with the article “4 Steps to Starting a Side Hustle” then the last two articles “How to Find Time for Entrepreneurship” and “What Business Should I Start?” laid the foundation. We discussed brainstorming ideas and research. The last two steps are making a plan and taking action. So, let’s dive into how to make your side hustle idea a reality.
Below are the steps to make your idea a reality. Make a plan to accomplish each item on a set day.
Build The Foundation
By now you already have a good idea what your business will be but now we want to hone in one why you want to start it. Is it to have more time with your children? Or save for a future goal like a home? Find your why and keep it close to you. That will help you to make intentional business decisions in the future.
Consider Branding
At the start this may not be the most important but it’s definitely something to consider. Consider who your audience will be then choose your name. This provides an opportunity to choose a name that will appeal to your audience. Other factors such as brand fonts and colors can be chosen based on your audience. You may also consider if you will want to trademark that name in the future. Also consider how you plan to reach your target audience.
Purchase The Business Domain
This is needed to create a website and a business email address. Even if you don’t plan on having a website right away it’s a good idea to purchase the domain so that no one else can take it. Also, before you file with the state you know that your business name is secure.
Choose Your Business Entity
If you need help with this step please see the article on my blog Choosing a Business Entity.
Register Your Business With The State of New York.
Obtain an EIN Number from the IRS
Open a Business Bank Account and deposit a small amount to get started.
Use your business account to pay for all future business expenses
CELEBRATE!
You are officially in business!
If any of the steps feel confusing don’t worry. Start with the linked article “Choosing a Business Entity” and if you have more questions sign up here to email me with your questions. We’re here to support you along the way. You got this!
Until Next Time,
Crystal
Crystal Chantel is an accountant with well over a decade of experience in tax, finance, audit and accounting in New York and Florida. Each week in Money Talks, she’ll share her advice to help individuals to navigate their financial challenges! Looking for more advice? Check out her blog where she offers personalized business, tax, and self-care tips for Ma Bohne Readers! Just click the link above and send in your questions!