NBR: Has anyone started her own business?

queenbone

I retired when I had DS1. The position I had doesn't really lend itself well to part time work. Every now and then I think about going back to get a Masters or going back to work. Our long term plans are that I stay at home until everyone is off to college. But through my degree (Interior Architecture) I could do work on the side if I had clients. Today I was at a fabric store and overheard a conversation that made me think, why don't I have an account to order fabric through? Long story short., my mom just gave us a lot of money to spend specifically on reupholstery and wallpaper. Why shouldn't I run that through a business and I can begin to expand my portfolio.

What exactly does one need to start a business? A tax ID number, a business bank account, a website & email? I know I need those things to set up accounts through vendors, but I'm not sure what else is needed.

Also I hear mixed reviews on whether or not to use your name in the business vs. something else completely in case you want to sell your business in the future. What do you think is better? Especially since I would be selling me/my skill set for the business, should the business name reflect that?

kaf7

Hmmm I have about zero experience but I think @Bellalou32 was looking into it a while back. GL

mcgeeva

You definitely will save getting materials at whole sale prices and writing off gas etc if you get a business license. Downside paying taxes if your not making money on your business. You have to weigh your options. I looked into it a while ago. I went to school for fashion ended up in patents and trademarks. It would be simple to get a business license it just is t worth it?

luvboston

My mother has a business that I assist her with. First thing you need is figure out a name then get a tax id. Then email and a website eventually. The IRS does not expect you to file unless you are actually doing business. So until you a ready you can use ur tax is to buy things. As for using your name it really depends on the business.

CarrieB.

My sister has a business. She got a tax id number and a business account and has to figure in sales tax when she sells things. She designs fabric and sells products made from it. She set up excel spreadsheets to track her expenses. If you don't make much starting out, I don't think it's that complicated. She did hire an accountant to do her taxes and someone to do her website for her. Good luck!

queenbone

Thanks, ladies.