Are you tired of working for someone else without passion or purpose? Owning your own business allows you to pursue your dreams and transform your business ideas into reality. However, you may not know where to begin. We will guide you through the steps needed to start a corporation, find funding and file taxes.
You can own your own business…with a little help.
Right now, you may not know how to set up a corporation or get the funding needed to start a business. It may be daunting.
Olivia works in an office for a nice boss and decent pay. However, that’s not her dream. When she closes her eyes, she dreams of taking homes from drab to fab with landscaping services. Her own home exemplifies her talent and creativity.
Olivia needs a way to open her business while protecting her personal assets. Sounds like it’s time to incorporate.
While it costs a bit more, Olivia decides to consult with an attorney who specializes in setting up corporations for small businesses. First, she names her business “Olivia’s Landscaping,” and the attorney drafts Articles of Incorporation before registering the business with the Secretary of State. Her attorney also guides Olivia through the necessary business licenses and other requirements in her state.
After obtaining an Employer Identification Number, Olivia concentrates on putting together a business plan. Her marketing plan includes ideas for local advertising. A list of equipment and expenses in a preliminary budget.
Now, she has something to show potential investors.
Olivia looks for online Angel investors. A friend recommends InvestorMeet.org and other sites where Olivia can share her dreams. In her first round of funding, her Series A, she raised half the funds from private institutional investors.
Next, she dips into her own savings and pitches her business to family and friends, who pitch in what they can. By joining networking groups on social media and the local chamber of commerce, Olivia finds mentors who connect her to venture capital firms and lenders.
Within six months, Olivia has traded her office chair in for a lawnmower and pruning sheers. Her customers promote her excellent service online. Soon, Olivia’s Landscaping becomes the hottest home services company in town!
Olivia hires an accountant to help with taxes and payroll…
Olivia knows how to design and maintain attractive landscaping, but is not great with numbers. Another business owner recommends a tax accountant that specializes in small businesses. The accountant helps Olivia choose bookkeeping software that makes it easy to enter, track and process her weekly payroll and quarterly taxes.
Eventually, Olivia’s brand becomes so successful, she decides to offer franchise opportunities. This requires a corporate restructuring and another capital raise with someone to help track stockholders and handle SEC filings. So, Olivia hires a stock transfer agent, Colonial Stock Transfer, to communicate with investors, issue shares and monitor their accounts. The SEC registered stock transfer agent also deals with the complexities of SEC compliance!
Follow Olivia’s example and turn your ideas and passion into a successful business!