by Tiana Smith
This is Part 1 of a new series I’ll be posting about daily on my blog and on my newsletter.
This is all based on “30 things I wish I knew when I started in business”…
Also to be known as, 30 TIWIK…
First up…
#1 Setting up your business legally…
And getting a business bank account.
I wish I knew how EASY and CHEAP it was to make my business “officially” legal…
And to SEPARATE personal and business financials.
Friend believe me…
Get a business bank account…and only use that debit and/or credit card for business products and expenses…
So… this is how to start a business bank account.
You’ll need to have paperwork that you filed your DBA (doing business as)… OR an LLC.. Most professionals have advice me that they recommend to start with a DBA when you first get started until you’re really making those 10k+ months on average in your business.
However, you may need to consult with your accountant or a lawyer to get full details…
In the meantime…
To keep it easy and still legal…
Here are a few resources you can go take care of business set-up and banking in the next 24 hours!
#1 Sole Proprietor- getting your DBA (doing business as) locally- costs about $35-$50…and this gets you legally into biz fast as you wait on any cash flow
Go into your local County clerk. File your Business Name. Make sure you get the notarized copy of your new DBA…and while you’re in there Pay for a few extra copies…BRING CASH as sometimes they only take cash at these places 🙂
Put one in your car to take to the local bank and go open that new biz bank account NOW 🙂
If you’re opening your biz bank account online…you’ll have to have that paperwork ready at all times.
FAST TIP: Take a picture and scan this document. Save it in the files and photos on your phone. Then you have it at all times. There are a lot of times you will need to show proof of your business.
Then save your other copies in a firebox at home. TA-Da! 🙂
#2 LLC- go to Tailor Brands.com
Follow directions and their automated set-up for your LLC creation. It will cost about $400-$600 depending on the extras you throw in. It saves a lot of time, though, and means they will get you up and running legally in just a few minutes without all the back and forth of doing it all in person yourself.
*Also understand some people start businesses in other states for tax reasons. Consult with a lawyer to get this all done at 100%- it’s worth it.
#3 Trademark- your name (Tiana Star) the title of your group if you have (I have a TM on The 7-Figure Club and The Freedom Planner and my names…Automate 2 Dominate, Tiana Smith Coaching and Tiana Star).
This prevents others from using the program names you’ve come up with.
If you have the cash- $2,000 should do it including a lawyer fee.
If, like me, you had $50 when you started- you can at least get legally in business for about $35 plus the amount you’d need to open a biz bank account
My favorite biz bank account has been online, Lili (download in your app store)
And if you go the LLC route- my favorite account is Mercury (Apply to open this after you have your LLC paperwork)
Join my VIP Facebook Group “The Solopreneurs’ 7-Figure Society”…and let us know when you’ve completed this step!
CLICK HERE to post in our Facebook group
See you tomorrow!
Until next time,
P.S. If you’re committed to scaling your business to 6-7 figures there are a few ways we help our clients get there in months instead of years.
1.) Make sure to get connected to our FREE VIP Solopreneur’s 7-Figure Society Group on Facebook.
2.) We have a brand new course, “Automate 2 Dominate” course and coaching program where we give you our best templates, funnels, email sequences, and luxury branding training so you can create your free offer, funnels, website, and social media LUXE brand. CLICK HERE to get that now.
3.) We have a 7-Figure Club mastermind and a 1:1 done-for-you program if you want your branding, systems, and cash injections in place fast. CLICK HERE to apply for a FREE business audit now.
I help entrepreneurs, coaches and course creators scale their business online through my 3-part proven system: LUXE branding, done-for-you Funnels and Cash Injection Coaching.
