It all begins with an idea. Maybe you want to launch a face painting business. Maybe you want to turn your hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, you got this!
Now you are probably saying to yourself “Ok that’s great and all but tell me what I have to do already”! Don’t you worry I am about to get to all that! There are a few things you want to start with before making anything official, and that is to do your RESEARCH!, I cannot stress that enough to make sure you understand the ins and outs of your business in your local area or state before moving on to any other steps, Create a business plan, And lastly, the most exciting part in my opinion create your business’s name!
Upon completing these first three steps you will want to do the following…
-Figure out the structure of your business. Examples are…
Sole proprietorship
General partnership
Limited liability company (LLC)
Corporation
Nonprofit
-Register your business (please see Registering your business blog for more info)
-Probably one of the MOST crucial steps is to learn what tax obligations you are liable for. Failure to complete these tax documents on time could result in fines or jail time and of course, loss of your business if charges are severe enough. I recommend hiring a CPA or doing some extensive research on the IRS and your local state websites before even registering your business. Again, this goes back to step one of doing your research.
-Up next would be to follow up with the licensing requirements of your local state. Oregon does not have a general business license, however; some vendors or local counties may require for free or a small fee to register your business with them before doing business.
-Face Painters, like any other business, are not exempt from unhappy customers, let’s face it we cannot please every customer, and sometimes accidents do happen. This is why insurance is vital! I recommend checking out https://www.insurebodywork.com. Their website can help walk you through the ins and outs of insurance, and what is the best policy for you and your business.
-Are you planning on having employees? if so make sure to check out your state laws about hiring employees and employee laws to follow.
-Lastly, make sure if you plan on doing your bookkeeping on your own you make sure to set reminders or write down in a secure area renewal dates for licensing and registration, otherwise please hire a tax expert to help you ensure you are up to date in all your state and federal taxes.
I will post here the link to the state of Oregon’s small business page. You can also access with your monthly subscription all the blogs I have posted! https://sos.oregon.gov/business/Pages/starting-business.aspx
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