Like i said in post... I'm setting up a business and I'm having trouble with multiple things. Any advise supplies I would need? I'm still in the process of planning.
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I guess it depends on the type of business. If you're thinking LLC or something on those lines you'll need to jump through a few hoops. Not a big deal, but will take a couple weeks for so.
Let's go big or go home. Otherwise you can just run it personally and use paypal / venmo until you're ready.
Starting a Business 101
Register with your state for an LLC, get it approved and get your certificate of good standing
Apply for an EIN (Employer Itentification Number - basically a business social security number): https://sa.www4.irs.gov/applyein/
One you have those two items, you can bring everything into a bank and get a business checking account. Deposit some starter money into it. Get a credit card if needed at this step also.
Start keeping records on money in / money out.
Set up your website or web accounts to gain traction.
Now you can start buying your product if you need. Set up with payment vendors and use your checking account as where to deposit money. Which vendor depends on what you're doing. Square seems to be the goto if your doing stuff face to face. I found a list here: https://www.nerdwallet.com/business/...sing-companies
if you're shipping items, get a UPS account or USPS account so you can print out labels.
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I'm currently at the start buying the product part. I had to wait for a check to clear. After sitting on my duff for a while, it's time to get something started again in the field I came from since I still have all my old contacts. Not sure how well it will work, but figured there was some room for profit and that I might as well put it in my pocket. So ask any questions you may have.I am the admin...-
So I took this route. Acquired LLC , got my EIN , researched for a business bank account with out any fees, and in the process of getting a credit card. I used Shopify as my selling site ( a great friend showed me) but it's under construction right now. When I can upload the full catalog, I will keep you guys updated! Thank you so much!
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I'm working with squarespace to make my website. but I'm stuck in Selling as a vendor right now.My products are mostly hand made craft stuff (earrings, keychains) another part of the business is reselling figurines. I wonder if i need an LLC or reseller permit to avoid IP infridgementComment
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That's cool! So if you're doing that, I would suggest just starting out simple with a website and putting some of these items on etsy. You probably don't need an LLC to start, get things moving first and see what will sell / if it will sell, and then go from there. I personally don't know much about reseller permits as we don't have a sales tax in the state I live in, so I don't deal with that.
Honestly I think the biggest barrier to starting a business is getting the word out to people that you exist. Folks might want what you're selling, but if they can't find you, they can't buy it.I am the admin...Comment
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My advise would be to not put to much money into it at first. Stay selling as a vendor and put any money into advertising.
You are trying to get into an extremely saturated market. I sell honey at markets and fairs and there’s times that 25% of the vendors are selling jewelry, keychains and little figurines. Sub-laminated tumblers also make up a big part of the vendors. You really need to have something to make your products stand out.
My advice would be to start locally and sell at fairs and markets. Get a nice display and go out there and grind. If you go that route the most important thing is to stand up and don’t let anyone walk past your booth without saying at least hi to them. Have candy or something out for people to take.
Here is my usual setup when I’m out selling honey. The only way that someone walks past my booth and isn’t offer a free sample of honey is if I’m helping another customer and even then I’ll still usually do it. I have candy and stickers out for people to take and I’ll give little kids a special sticker and even hand out dog treats if someone has a dog. A huge part of selling is getting people into your booth.
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