Opening Your Own Business
Sole Prop – Florida Edition
Let’s Start a Business in Florida
I am a massive proponent of self-employment, but it can be treacherous. According to this article by lendingtree, new businesses are prone to failure. Approximately 1 in 5 businesses close doors within a year. At the 10-year mark, the rate jumps to 65.1%. Here is my uncomplicated process for starting a small business in Florida. Contact me for help in any other state. LLCs are only sometimes necessary, but I can do that too.
Step 1) Identify an area of business you want to pursue.
Step 2) Pick a name. Workshopping the business name with your friends, family, or team is highly recommended.
Step 3) Next, you will need a federal employment identification number (FEIN). The FEIN or EIN will always be free; never pay for it. You can use the number in place of your social security number for business purposes, applications, etc. For the legal structure, choose sole proprietorship. https://sa.www4.irs.gov/modiein/individual/index.jsp
Step 4) Register a fictitious name for $50.00. You can now use your business name instead of your own. You can use your information; we’re not trying to keep this secret.
https://dos.myflorida.com/sunbiz/start-business/efile/fl-fictitious-name-registration/
Step 5) Once the fictitious name is approved, search for it on sunbiz.org and open your small business bank account.
http://dos.sunbiz.org/ficinam.html
Step 6) Choose a bank account that is free of charge. You have yet to make money, so keeping expenses low is vital. Credit unions are a good option for business banking. Truist also has a free business checking account.
Step 7) Optional Step: Register your new company with your county or city.
Step 8) Start recording all your cash inflows and outflows. Multiple avenues exist to accomplish this, including spreadsheets, paper, and various apps.
Step 9) A simple logo to start www.canva.com, and later, you can get a more advanced logo.
Step 10) Optional Step: You’ll create a simple Google Business profile ( https://www.google.com/business/ ). This landing page will be the start of your web presence.
You’re now a business owner. Welcome to the world of 1099 and Schedule C. Now get a good tax preparer ( https://irs.treasury.gov/rpo/rpo.jsf ) or CPA to assist you in keeping the taxing authorities satisfied.