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Business requirements

This topic contains 6 replies, has 5 voices, and was last updated by  Sollushealth 3 days, 8 hours ago.

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  • #23511

    Sollushealth
    Participant

    Hi! Do you have a checklist or guidance on business requirements? Once things are in motion for a business actually becoming a reality, you realize there are so many things to learn about running a business! Ha!
    I am wanting to make sure things are done correctly. For a business license, I have been told that we will need a license for each county/city we have a contract in, correct? And what do you need for an online presence? For example: If you are offering cash based services from your website what do you need?
    Thank you!

    #23544

    Blair Thielemier
    Keymaster

    I’d like this too if anyone ever finds it! LOL

    No it really determines what your state/county/city’s business requirements are.

    As far as most of them are concerned as long as you’re paying the appropriate amount in taxes and you’re licensed in the state that’s most important.

    My county requires a DBA license, but I think that’s more for brick and mortar. A DBA license in my county is $25.

    If you’re doing a virtual business then you just need to be registered in your state and keeping track of income and expenses. As I mentioned, I use Quickbooks to track all my business income and expenses.

    I would also recommend if you’re doing virtual consults to getting COMMERCIAL LIABILITY insurance in addition to your PROFESSIONAL LIABILITY insurance.

    My professional liability insurance is on my LLC through HPSO, but my commercial business liability insurance is through the same local insurance company as my home owners and auto insurance.

    So my top “must haves” are:
    1. LLC (can also do sole proprietor but this is for myself)
    2. separate business bank account and Tax EIN number
    3. business license
    4. Quickbooks
    5. professional liabilty insurance

    #23557

    Step 0 : MAKE A BUSINESS PLAN, Who/What/Where/When/How/Strength/Weakness/Competition/Competitive Edge/Small Goals/Large Goals

    1. Read the important parts of J.K. Lasser’s Small Business Taxes 2019: Your Complete Guide to a Better Bottom Line ($15 dollars)
    2. Read How to Build a Pharmacy Consulting Business by Blair (Since you are on here you got a lot more information)
    3. Decide on Forming a LLC, S-Corp, or LLC filing taxes as S-Corp, and if you want a DBA
    4. Choose your location / mailing location for the business, purchase under your name then add the business name to it, reimburse yourself (Try to do this max 3 days before filing with the state)
    5. Form the Business in the state, try to make sure you work with a lawyer, preferable one you can meet face to face, as a registered agent (Pay no more than $150/yr), and get an business accountant (See how they want you to keep track of expenses, either quickbooks, excel, or others)
    5. Get your TAX EIN number
    6. Get a Business Checking account, loan the business money, get a line of credit (credit card), and consult them about merchant services (most banks will have a merchant service that will sometimes beat square and pay pal by an entire % (that adds up)
    7. Get an Email Services / Website (They go hand and hand), get your logo, and make your brand
    8. Get a Business Phone line
    9. Get a Local Tax Receipt or Occupational License (They will most likely inspect your place)
    10. Make Business accounts with stores (Costco / Staples / ETC)
    11. Get Insurance
    12. Marketing
    13. Acquire Clients

    Hope this helps -Paul Jackson

    #23563

    EPosey
    Participant

    Paul,

    This is VERY helpful! Thank you.

    #23564

    No Problem! It was quite fun learning the process!

    #23618

    amandagal
    Participant

    The company I used to file my LLC has a pretty good checklist to:
    https://www.incfile.com/static/pdf/Incfile_Start_Your_Business_Checklist.pdf

    #23630

    Sollushealth
    Participant

    Thank you all! 😊

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