Start Home Based Business

Get A Fictitious Business Name

This is a list of the final steps you will need to do before you start a home based business. You need to file a fictitious business name (DBA), doing business as.

You file it with the Secretary of the State for the state you live in.  Once you have filed it, you are basically in business.  You have the title of your business.

What Do You Need To Do To Get One?

You need to call the Secretary of the State for your state. Ask for the forms that you will need to file your fictitious business name.  They will mail them to you.  You will need to fill them out, get them notarized, get a money order for the fee and send it back to them to be filed. 

The fee is $7.00 in the state of MO, but can range from about $7.00 to $100.00 to get one, depending on your state.  About a week later they will mail you a copy of your registration.  And you are registered.

This is only a name.  It is not protected.  To protect your business name you will need to trade mark it with the Patent and trademark office at: http://www.uspto.gov/

Your name is also protected if you become incorporated.

Take Care Of Your Taxes

It is always best to make sure you have qualified persons handling your business activities.  But it is also good to know a little bit about it yourself so that you can have an idea about what is going on with your business.  Call your state IRS, they will have all of the applicable forms you will need. 

Plus they can help you with free government publications about this subject.  You can obtain these publications by calling 1-800-829-1040.  Some of them are free and some cost a few dollars or visit their web site at: http://www.irs.ustreas.gov.

Make sure you get a Tax ID number from your state.  This will make it possible for you to pay the applicable taxes from your customers that are due from your business sales. Call your states IRS and they can direct you to filing for you State Tax ID number.

Keep good records of all of your business expenses…

Hire a qualified Account/CPA

Get A Separate Bank Account

This is simple.  Even if you are a sole proprietor and your business activities are all covered under your personal Income Tax.  It is still best to have a separate bank account.  Good record keeping is a form of organization.  You want all of your personal and business activities organized. 

Make sure you separate your personal records from your business records.  Set up a Federal Tax ID# or EIN and get a separate business credit card.  This makes it easier at tax time to keep track of your personal and business records if they are separated from each other.

Other Necessary Licenses

Depending on the type of business you have, you may need a business license or permit.  Call your local government office and ask them if you need any licenses to do business at your location.

Here is a list of licenses you may need to obtain depending on the type of business you start.

Business

Liquor

Cigarettes

Food

Get A Business Lawyer

A lawyer is a must. They can help you with every aspect of starting and running your business.  They can help you with writing a contract and any legal questions and problems you might have.  They will be able to make sure that any legal problems would be handled in the proper manner.

Get Commercial Business Insurance

This insurance is for people that are in business.  This insurance can cover you if someone is suing your company.  It kind of works like car insurance: If someone sues you, it will protect you.  It will protect you up to the amount of coverage you have taken out.  They will fight to protect you, just like car insurance does.

Contact a commercial insurance agent.  They will be able to answer any questions you may have on this subject.

Set Up Your Inventory

Setting up inventory depends on the type of business you are a part if.  You may or may not need to have inventory.

Market! Market! Market!