Awards & Engraving

June '19

Issue link: https://nbm.uberflip.com/i/1112800

Contents of this Issue

Navigation

Page 32 of 84

30 a-e-mag.com • A&E JUNE 2019 as an LLC or S Corporation, they typi- cally register their business name when the paperwork is filed. Remember as you are choosing a name for your business to check if that domain name is available as well. Even if you don't think you will start a website immedi- ately, as your business grows, you want to have that option. Be sure to register your domain name when you register for your business name. LICENSES AND PERMITS Paperwork is a part of the process when you start your own business. Having the proper licenses ensures you that you won't have problems selling in your county or state. There are a variety of small business licenses and permits that may apply to your situation, depending on the type of busi- ness you are starting and where you are located. One such license or permit is a Tax Reseller number, which permits you to purchase products wholesale, and those purchases aren't subject to sales tax until they are resold. The Tax Reseller number or permit also allows you to collect and remit sales tax to your state Department of Revenue. YOUR ACCOUNTING SYSTEM One crucial aspect of a small business is an accounting system. You can set up your accounting yourself or hire an accountant to help set up your books and get you going. There are several systems online you can choose from such as QuickBooks.com that do require a monthly subscription. There are even ones adapted for crafters like Craftybase.com and a free one called Wave. com. Your accounting system essentially tells your story, whether you are successful or not. It also helps create and manage your budget. Most of all, it helps when it comes time to file your taxes. BUSINESS LOCATION Setting up a place for your business is essential for your success. Typically, when something such as sublimation has been a hobby, there is already a space being used, but is that space a dedicated area for your business? When thinking about setting up shop, think about how much space you will need for your equipment and overall setup. There are many advantages to running a business from home including flexibility of setting your own hours, saving gas money, no "rent," and no wasted travel time. How- ever, being successful in a home office envi- ronment requires discipline and preferably a space that can be closed off when not in use. Though you don't travel to the office per se, you need a space to go to and leave from work. You may also want to take into consideration leasing a commercial space as you outgrow the area in your home. PROMOTE YOUR BUSINESS When testing your marketability, start with something that doesn't cost you money to advertise, like Facebook. Start with a Face- book page and invite family and friends to like it. Instagram is another excellent place to start. What is really important about Face- book and other social media sites is not to pay to advertise, but to post often. Posting daily generates activity. It doesn't necessarily have to be a product; you can post a good morning greeting or an inspirational quote. It's like opening the door for your business and greeting your potential customers each day. A Tax Reseller number permits you to purchase products wholesale, and those purchases aren't subject to sales tax until they are resold. There are many advantages to running a business from home including flexibility of setting your own hours, saving gas money and rent, and no wasted travel time.

Articles in this issue

Links on this page

view archives of Awards & Engraving - June '19