What’s going on world? I am back yet another week to celebrate our personal freedoms while sharing some positive vibes and meaningful expertise to help you achieve your goals. This week I want to discuss the concept of entrepreneurship and incorporating a business. If you have heard me speak, read my blog, or viewed one of my videos you know that I believe anything is possible. Well as we consider being in business to generate incomes the notion of infinite possibilities remains the same because you can make money doing just about anything. Incorporating yourself as a business has many benefits that will help you publicize, manage, and grow your platform as you work to succeed.
For example, if you work as a lawn care professional who manicures landscapes in your local neighborhood and is not incorporated as a business you are missing out on several benefits that will directly aid in your success. These benefits could include exposure, tax breaks, lines of credit, grants, and most importantly the freedom of being able to proudly boast as the owner of your own business. The concept of incorporating yourself should be viewed as a priority, as this will directly assist your business to grow and succeed.
Below are the three actionable steps to becoming incorporated in the United States of America
Register Your Business – this can be done online through most state government websites, or in person through your local government office. There are fee’s associated with the registration process, however, they should be looked at as a cost of doing business and an investment that will pay off exponentially. Here is the link to the website for those looking to register a business in the state of Missouri
https://openforbiz.mo.gov
Apply For Federal Tax ID – this can be done online through irs.gov. Registering your business for a Tax ID means that you will have to file business taxes which is great news because you only pay taxes on revenue earned. This also provides many different tax benefits including expense write-offs and tax breaks that you forgo if you are not incorporated.
Apply For Business Loan – this can be done through your local bank or lending agency. You need to open a new business banking account and apply for a line of credit at the same time. Banks are in business to lend money and with proof of a federally registered business, you will be able to secure some level of funds. Remember banks are not the only institutions to consider when securing funds, as private lenders and crowdfunding are great resources as well.
These three steps will assist you in moving forward to incorporate yourself, and once complete you are officially in business.
your hard work and dedication will pay off, so let me be the first to congratulate you on starting a business!
TGIF
“Thank God I’m Free”
