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).
If you are interested in learning about how fellow women in business began their Startup Venture, do take a look at the latest Successful Sista Profiles, many of these women share how there journey has been thus far.
I think when people just jump right in - make the llc or s-corp - to me that means they're serious about themselves and are willing to be in it on the long haul. I've read on some bath/body message board that people are looking ahead to failure instead of success, i.e. "I don't want to spend any money right now just in case I don't make any money blah blah." I think the best mindset is to think, "I invested all this time and money, I'm going to make this work!"
I incorporated my business in Bermuda 10 years ago. At the time I was working in the private banking sector for Prince securities (UK), and I was often in Bermuda and the Caribbean on client business anyway. I kept working at Prince, and simply hired a local manager to run the business. Our first client was Ross Perot, who once ran for the U.S. presidency back in the 1980's. Our second client was the actor Michael Douglas, who is actually Bermudian. His family owned the Ariel Sands Resort at that time. We were awarded the security contract for the Ariel Sands.
Thank you for clarifiying. You are so right that each person has to decide for him/herself the best entitiy to select. Which means one has to do lots of research and reading.
I'm sure there are some on this board who have not yet formed a formal business entity and will benefit from your concise explanation of the differences among the particular corporations/companies that can be formed. (But there is no substitute for one's own research, of course...)
I began my business three years ago as a web designer and computer instructor. Since my business is primarily online it was easy to operate and open my business from my apartment with little overhead cost. I got my business license as sole proprietor then later as LLC. Little by little I have accumulated things for my business because I wanted to take my time in certain areas.
I started as a sole and Im currently working on my LLC filing. Since I have two businesses, Event Planning and Travel, I have to have a couple of different types of insurance, liability and errors and omissions for the travel biz. I also have my EIN and my business checking for both businesses.
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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?
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 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.