I know at the end of this you’re going to think …”man this bald dude is boring… I just want to have fun and make some money”.
Unfortunatley there’s just a little more than a “show me the money” mindset in this game.
There’s something in internet marketing that we don’t like to talk about. Yep… millions and millions of online business owners out there and NO ONE wants to talk about the legal requirements of having your own business.
All businesses and especially home businesses can be a minefield of administration. In many government agencies they just don’t fit into one of their ‘little squares.’
Let me provide some non-legal, but, ‘been-there-done-that’ help, most of which was done the wrong way because I didn’t ask for help!
First - Online businesses, whether run from your home, your basement, the bar down the street or the back seat of your car, is a business; thus requiring you to be registered, have a license, etc.
But you’re not making any money yet? Doesn’t matter. If you’re offering something for sale you need to be licensed (one time sales such as Craig’s List are OK).
Second- Every state, county, city, country, parish, etc. have specific requirements about licensing a business.
The internet has really done a lot to make the process much easier. Most everything can be done online. In most areas it’s called a State Sales Tax ID.
Go to the Govt. listings for your city and you’ll find a wealth of info. Fees are generally under $100 for everything. They want to know the name of your business, the type of business, and what you’re selling.
Pretty simple stuff…BUT, give the name of your business some thought. How will it look as part of your URL? Would YOU buy something online from a company with that name? How about when your online success creates other sources of sales?
Does the name still make sense? (food for thought)
Third – Federal Tax ID. This is basically the same thing as a State, County, etc. sales tax ID. It’s kinda like a Social Security Number for your business.
It can be done online… check it out here, www.irs.gov if you live in the U.S. Just click on ‘Forms’, select SS-4. You can get the number instantly.
Fourth – Open a bank account in the name of your newly formed company (shop around; some banks make you keep high balances).
Get a credit/debit card. Buy all your equipment, supplies, online purchases of training material, ebooks, everything with your credit card.
Use this account as your money backup for PayPal, Aweber, web hosting, etc. At the end of the year it’s a snap to add up your business expenses/income. Your tax professional will love you for it!
Fifth - Probably the best advice I can pass along to any new business owner….use a professional accountant.
You are running a business. You’re an entrepreneur with an idea and a desire to be successful.
We all buy training materials, software, apps, hire coaches, etc. because we’re smart enough to know that we don’t have all the answers. Do yourself a favor, seek a professional help!
Remember, these are just a few things that I’ve come across in the past. I wanted to do my best to start you down the right road but please please please make sure you research this stuff also.
Talk soon,
-Jonathan
P.S. – If you have any questions or comments about this post or even have a few tips of your own you’d like to share with others, please leave them in the space below.
August 23, 2011 at 1:28 am
Awww! You mean it’s not just all fun and games?
Thanks for the reminder Jonathan…
But for those that might let this stuff hold you back – don’t! It’s easier than you think! Go to your local city hall (in most cases) and you can get a simple “DBA” (dong business as”) license for like $20 in most instances…
A lot can be done online and it’s relatively inexpensive – you can set up a tax id (employer id) easily and quickly online…
Cheers,
Coby Wright
August 23, 2011 at 5:14 am
Thanks for the comment Coby!
You got it down cold… especially the part of not letting it hold you back.
Talk soon,
-Jonathan
August 23, 2011 at 4:54 pm
This really answered my downside, thank you!
August 23, 2011 at 10:43 pm
Thanks… I appreciate it!
Talk soon,
-Jonathan
August 23, 2011 at 10:47 pm
Thanks! I really appreciate the kind words!
Talk soon,
-Jonathan
August 24, 2011 at 4:22 am
You can definitely see your expertise within the work you write. The sector hopes for more passionate writers like you who aren’t afraid to say how they believe. At all times follow your heart.
August 24, 2011 at 1:49 pm
Hi, this is a well written post. I just bookmarked your site. Kindly continue the amazingly good posts.
August 26, 2011 at 1:04 pm
Thank you
-Jonathan
August 28, 2011 at 2:34 pm
Well thank you! I just wan to share as much information as I can help ya along the way
-Jonathan
August 30, 2011 at 10:37 am
A really usefull post – Thank you very much I wish you dont mind me blogging about this article on my website I will also leave a linkback Thanks
August 30, 2011 at 11:53 pm
Hey! I’m at work browsing your blog from my phone. Just wanted to say I love reading your blog and look forward to all your posts! Keep up the superb work!
September 1, 2011 at 2:06 pm
Thanks! Glad you enjoyed it
-J
September 3, 2011 at 1:56 pm
Thanks.. and no problem!
-Jonathan
October 1, 2011 at 11:42 pm
Hey, Excellent weblog. Some truly wonderful posts on this blog, thank you for posting.
October 5, 2011 at 4:29 pm
Thank you!
Talk soon,
-J
October 5, 2011 at 4:21 pm
Thanks you! I appreciate it!
-Jonathan
October 5, 2011 at 4:32 pm
Thanks Jennifer!
Talk soon,
-J
October 5, 2011 at 4:34 pm
I appreciate the kind words Derek… thanks!
-Jonathan
October 7, 2011 at 5:31 pm
Phenomenal breakdown of the topic, you should write for me too!
October 8, 2011 at 5:00 am
I feel like I’m constantly looking for interesting things to read about a variety of subjects, but I manage to include your site among my reads every day because you have compelling entries that I look forward to. Here’s hoping there’s a lot more amazing material coming!
November 9, 2011 at 2:11 pm
Have to tell you this is one of the best blogs I have been on in a long time.
November 10, 2011 at 11:34 pm
Thanks for taking the time to comment Randi.
J.
November 24, 2011 at 5:47 am
I found you’re blog via searching the net and I have to say. A Enormous Thank you, I believed that the post was extremely enlightening I’ll come back to see what additional great information I can recieve here.
November 26, 2011 at 2:03 pm
Thanx Ozell, glad to help.
J.
November 30, 2011 at 5:58 am
It is highly helpful for me. Huge thumbs up for this site post!
December 1, 2011 at 6:50 pm
You’re the best. Thanks Rae.
Jonathan
January 25, 2012 at 3:57 pm
It’s much eaiser to understand when you put it that way!
December 1, 2011 at 11:09 am
When I originally commented I clicked the -Notify me when new comments are added- checkbox and now each time a comment is added I get four emails with the same comment. Is there any way you can remove me from that service? Thanks!
December 1, 2011 at 6:39 pm
Haven’t heard of that one before! Made a couple of adjustments for you. Let me know if that works.
Jonathan
December 6, 2011 at 1:44 am
Great post, will come back soon!
December 12, 2011 at 3:20 pm
Thanks Richard
J
December 13, 2011 at 12:52 am
Excellent writing! Thank you for this wonderful business source of information.
December 16, 2011 at 1:23 am
You’re so cool man, the post on your blogs are super great.
December 22, 2011 at 3:53 am
Awsome blog! I am loving it!! Will come back again. I am bookmarking your feeds also
December 23, 2011 at 1:20 pm
Love your blog!
January 3, 2012 at 2:42 pm
Fantastic blog! Great!
January 11, 2012 at 2:02 am
I simply want to tell you that I am beginner to blogs and actually loved your web page. Almost certainly I’m going to bookmark your website . You certainly have beneficial articles and reviews. Appreciate it for sharing your blog.
January 19, 2012 at 9:09 pm
Incredible points. Solid arguments. Keep up the amazing work.
January 22, 2012 at 4:42 pm
I enjoyed reading your nice blog. I see you offer priceless information. Stumbled into this blog by chance but I’m positive glad I clicked on that link. You definitely answered all of the questions I’ve been dying to answer for some time now. Will definitely come back for extra of this. Thank you so considerably.
January 22, 2012 at 9:17 pm
My pleasure Felicitas.
Thank you.
J.
January 26, 2012 at 2:08 pm
Couldn’t have said it better myself.
January 26, 2012 at 6:06 pm
Thank you for taking the time and spreading this information with all of us. It was really very helpful and informative while being straight forward and to the point.
February 2, 2012 at 5:42 am
I have recently started a website, the information you provide on this site has helped me tremendously. Thanks for all of your time & work.
February 2, 2012 at 3:20 pm
Glad to be of help Donovan.
Jonathan
February 8, 2012 at 10:54 pm
Many thanks for your submission, previously interesting and compelling. I found my way here through Google, I’ll return over again
February 12, 2012 at 8:06 pm
Awesome post
February 13, 2012 at 7:06 pm
This is really fascinating, You are an excessively professional blogger. I have joined your rss feed and look forward to searching for extra of your wonderful post. Additionally, I’ve shared your site in my social networks!
February 15, 2012 at 1:08 pm
Hello! I just would like to give a huge thumbs up for the great info you have here on this post. I will be coming back to your blog for more soon.
February 17, 2012 at 1:12 pm
Almost all of the things you say happens to be astonishingly precise and it makes me ponder why I had not looked at this in this light previously. This piece really did switch the light on for me personally as far as this particular topic goes. But at this time there is one point I am not too comfy with and while I make an effort to reconcile that with the actual core idea of the issue, allow me see just what all the rest of your subscribers have to say.Well done.
February 17, 2012 at 7:42 pm
Thanks a lot Chas. Your comments really do mean a lot.
Regards,
J.
February 17, 2012 at 2:07 pm
I like the valuable information you provide in your articles. I’ll bookmark your blog and check again here frequently. thank you.
February 17, 2012 at 7:41 pm
Glad to be of help Jasmine. Stay tuned!
Jonathan
February 29, 2012 at 6:11 pm
I couldn’t resist commenting. Perfectly written!
February 29, 2012 at 7:27 pm
Thank you Agustin
March 2, 2012 at 4:37 am
This web site is really a walk-through for all of the info you wanted about this and didn’t know who to ask. Glimpse here, and you’ll definitely discover it.
March 2, 2012 at 9:28 am
WONDERFUL Article. many thanks with regard to share..much more.
March 2, 2012 at 8:37 pm
I was just searching for this info for a while. After six hours of continuous Googleing, finally I got it in your site. I wonder what’s the lack of Google strategy that do not rank this kind of informative sites in top of the list. Normally the top web sites are full of garbage.
March 5, 2012 at 7:53 pm
This is definitely worth trying, thanks.
March 7, 2012 at 4:41 am
I’m also writing to make you know of the helpful encounter our girl gained visiting yuor web blog. She picked up too many details, most notably how it is like to have an awesome teaching mindset to let other people without difficulty learn about a number of advanced subject matter. You really exceeded visitors’ desires. I appreciate you for presenting these effective, healthy, explanatory and cool tips about your topic to Emily.
March 7, 2012 at 9:43 pm
This blog was unbelievably helpful. Your the man. lol
March 8, 2012 at 3:58 pm
I was very pleased to find this web-site.I wanted to thank for your time of this wonderful read!! I definitely enjoy every little bit of it and I have you bookmarked to check out new stuff you blog post.
March 9, 2012 at 6:37 am
Wow what a terrific website! thank you for letting me in on all of this
March 9, 2012 at 11:00 am
Some really terrific work on behalf of the owner of this website, utterly great subject matter.
March 9, 2012 at 1:19 pm
Woah! I’m really digging the template/theme of this website. It’s simple, yet effective. A lot of times it’s difficult to get that “perfect balance” between user friendliness and visual appeal. I must say you’ve done a fantastic job with this.
March 10, 2012 at 6:00 am
It’s actually a cool and useful piece of information. I’m satisfied that you simply shared this useful information with us. Please stay us up to date like this. Thanks for sharing.
March 13, 2012 at 7:48 am
Great articles & Nice a site.. Hello, sry for my bad english but Ih ave observed your web page and would say that I locate your posts great since they have give me new suggestions and new aspects. Many thanks for this details. tremendous terrific .
March 13, 2012 at 5:48 pm
Perfectly edited content material , appreciate it for selective information .
March 13, 2012 at 9:33 pm
Can I just say what a relief to find someone who actually knows what they are talking about on the internet. You definitely know how to bring an issue to light and make it important. More people need to read this and understand this side of the story. I cant believe youre not more popular because you definitely have the gift.
March 15, 2012 at 5:41 pm
Glad to be one of a lot of visitants on this awing internet site : D.
March 16, 2012 at 9:31 am
WOW, I discovered a lot.
March 16, 2012 at 3:09 pm
I’m impressed, I must say. Really rarely do I encounter a blog that’s both educative and entertaining, and let me tell you, you have hit the nail on the head. Your idea is outstanding; the issue is something that not enough people are speaking intelligently about. I am very happy that I stumbled across this in my search for something relating to this.
March 16, 2012 at 9:59 pm
That is the type of info that should be shared around the web.
March 19, 2012 at 6:20 am
Merely wanna comment on few general things, The website design and style is perfect, the content material is rattling great : D.
March 19, 2012 at 7:43 am
This post is great. Thank you for this post. I like this type of people who share knowledge with others.
March 19, 2012 at 8:42 pm
Hello, I enjoy viewing your website. Hjalmar Lindholm
March 19, 2012 at 9:15 pm
This is a great tip, I will give it a shot.
March 19, 2012 at 9:37 pm
Hey, I enjoy viewing your site. Hjalmar Lindholm
March 19, 2012 at 10:11 pm
I love and am a BIG fan of your blog! Hope you can take your time to find out my blog.
March 20, 2012 at 4:02 am
Hello, I enjoy reading your site. Hjalmar Lindholm
March 20, 2012 at 7:01 am
I like the valuable info you provide in your articles. I will bookmark your blog and check again here regularly. I am quite certain I will learn a lot of new stuff right here! Good luck for the next!
March 20, 2012 at 7:39 am
This is my first time I have visited here. I found a lot of interesting stuff in your blog. From the volume of comments on your articles, I guess I am not the only one! keep up the impressive work.
March 20, 2012 at 8:43 pm
I like what you are doing. Such smart work and reporting! Keep up the superb works guys. I have incorporated you guys to my blogroll. I think it will improve the value of my website.
March 20, 2012 at 9:38 pm
I’d incessantly want to be update on new posts on this internet site, saved to fav!
March 21, 2012 at 1:50 am
Great article! I loved the insight and advice given. Further, your writing style is very fun to read.
March 21, 2012 at 3:40 am
As I expected from the best blogger, nothing but the best
March 21, 2012 at 3:59 am
You have really great article here. Cool keep it up. Will write about this in my own website. Thanks
March 21, 2012 at 12:20 pm
Hey there! I’ve been reading your website for some time now and finally got the bravery to go ahead and give you a shout out from Lubbock Texas! Just wanted to mention keep up the excellent job!
March 21, 2012 at 4:38 pm
Wonderful goods from you, man. I’ve understand your stuff previous to and you’re just too great. I really like what you’ve acquired here, really like what you are stating and the way in which you say it. You make it entertaining and you still care for to keep it smart. I cant wait to read much more from you. This is really a great site.
March 21, 2012 at 5:58 pm
I wanted to thank you for this interesting I definitely loved every little bit of it. I have you bookmarked your web site to look at the latest stuff you post.
March 21, 2012 at 11:30 pm
I think that is one of the such a lot important info for me. And i’m glad reading your article. But should statement on some common things, The web site taste is ideal, the articles is in reality nice : D. Just right job, cheers
March 21, 2012 at 11:31 pm
Subsequently, after spending many hrs on the internet at last We’ve uncovered an individual that definitely does know what they are discussing a lot of thanks a great deal wonderful post
March 22, 2012 at 12:27 am
Thank you for awesome info. Take care.