Hi all:
I was just wondering how many of you began in business. Did you start out with an idea, then become a formal business structure such as an LLC, LLP or C Corporation? Do you have business insurance? Do you have business credit?
Let's get a discussion going - perhaps we can help each other out?
I started out with an idea for bath and body products, became an LLC, got insurance, got a EIN and a business checking account (with my ein).
What are some of you others doing?
Cee Cee
You need to be a member of Black Business Women Online to add comments!
A few years ago I left my job at a university to work from home as a freelance writer, translator and editor. I'm registered as sole proprietor (not sure of the translation). During the process of writing my first book, I decided to self-publish so I established myself as an independent publisher. I'm now considering branching off in that direction but I'm not really sure how to get that going. Any ideas?
Hello everyone, I started my business as a volunteer initiative- a fund raiser actually. I made handmade greeting cards to raise money for a small school I support in Minneapolis, MN. It went over so well that I continued and began growing a customer base. When I knew my HR job was going to be eliminated I decided to take my severance money and invest in myself. I incorporate an online tool (SendOutCards) to help expand and market my business. And within the last six months, I've incorporated the SendOutCards system into a product I promote/sell to small business owners. Its worked out well because I now have two things I'm passionate about and can speak to the success it has given me. I'm currently running it as a sole proprietor, but will eventually switch over to LLC. I highly recommend using Quickbooks, they have a great starter version online and determine your social media strategy early on to begin building your community/connections. Also check out the Meet Up groups in your city, I've learned so much from others in the last year.... there are so many talented people doing great things- even in this economy. Best of luck and keep the discussion going. Stay blessed
I did start off as an LLC but after speaking to a CPA I changed to an S corp. The s corp I think is better because you can pay yourself a salary and use that salary as your income instead of being responsible for all revenues from business on your taxes.
I do have insurance. I do have a business credit card I do not use. But I will say that when you first open even with a tax id, your personal credit score is used for your business. And everything uses your credit score even to have your garbage collkected.So keep up your credit.
Hello ... I would like to reply to the question posted . I started my business because of a dream that i had . The dream became a vision , every detail for the business was given in the dream . The Vision is what i am following as i do more things manifest . Sometimes i feel a little overwhelmed however i just keep going , the journey is like reading a great novel you keep reading to find out how the story ends . Best Wishes to everyone on a journey . Peace !
I'm just getting my feet wet. I had my idea of selling hair products like 5 years ago (undergrad) and finally have the urge and motivation to do it now. There's not one single beauty supply store for African Americans here. I'm starting out as a LLC. I have my EIN but I do not have insurance or credit. I'm working full time to keep my insurance and till my business is really kicking off.
My question is how did you go about getting insurance? My husband sells insurance on the side but we're not able to afford it right now especially since I'm preggers. What are your thoughts?
This is a great post, which is why I have decided to feature it on 'The Business', a digital magazine featuring the best Small Business discussions and material on the BBWO Network. This is a new feature, so it is still being customized and I would love your feedback. Feel free to add comments on 'The Business' page. I've been wanting to set this up for a while now, especially after reading the responses I got from my post 'Putting the Business Back in BBWO.' As our community gets bigger, it is becoming a SPAM magnet, and I want to ensure that does not happen. We are experts in our own right with tons of info and experiences to share, which is what I want BBWO to continue to be about. If you feel as I do, great! Continue writing these wonderful posts and I will do all that I can to promote you and your business.
Quick tip: If you haven't already done so, feel free to include your web banner or business details at the bottom of this post. I hope that with the new Magazine page, more traffic will be directed to your way!
Replies
Vanessa
http://www.sendoutcards.com/80793
'Building customer appreciation and loyalty one card at a time'
I do have insurance. I do have a business credit card I do not use. But I will say that when you first open even with a tax id, your personal credit score is used for your business. And everything uses your credit score even to have your garbage collkected.So keep up your credit.
I'm just getting my feet wet. I had my idea of selling hair products like 5 years ago (undergrad) and finally have the urge and motivation to do it now. There's not one single beauty supply store for African Americans here. I'm starting out as a LLC. I have my EIN but I do not have insurance or credit. I'm working full time to keep my insurance and till my business is really kicking off.
My question is how did you go about getting insurance? My husband sells insurance on the side but we're not able to afford it right now especially since I'm preggers. What are your thoughts?
thank you,
Sumer
This is a great post, which is why I have decided to feature it on 'The Business', a digital magazine featuring the best Small Business discussions and material on the BBWO Network. This is a new feature, so it is still being customized and I would love your feedback. Feel free to add comments on 'The Business' page. I've been wanting to set this up for a while now, especially after reading the responses I got from my post 'Putting the Business Back in BBWO.' As our community gets bigger, it is becoming a SPAM magnet, and I want to ensure that does not happen. We are experts in our own right with tons of info and experiences to share, which is what I want BBWO to continue to be about. If you feel as I do, great! Continue writing these wonderful posts and I will do all that I can to promote you and your business.
Quick tip: If you haven't already done so, feel free to include your web banner or business details at the bottom of this post. I hope that with the new Magazine page, more traffic will be directed to your way!
Take Care,
LaShanda
.... keep sharing ladies sorry for the interrupt
-
1
-
2
of 2 Next