Low Cost Tips to Launch Your Business

Here are some tips to help setup your business and keep costs low.

 

1) Register your business name at your local County Clerk's Office (est. cost: $200)

 

2) Contact the IRS to get an EIN (Employer ID Number) (est. cost: free)

 

3) Setup your bank checking and savings accounts. Try Chase, Capital One or TD Bank. They have great small business packages. (est. cost: $100+ to open accounts)

 

4) Be sure to keep all your business expenses separate from your personal expenses. Business expenses are tax deductible, so keep good records.  You can use Quickbooks or try this spreadsheet for Small Office / Home Office Businesses to stay organized. (est. cost: free)

 

5) As your earn revenue for your company, always invest, save and pay your salary! Try to invest & save 30% of earned income. Keep the right Financial Order of Operations. (est. cost: Pricele$$)

 

Note:

Once you have about $5,000 in your business accounts and things are up and running, we'll talk about getting incorporated as an LLC (Limited Liability Corp).  Check out The Company Corporation or www.LegalZoom.com. (est. cost $1,000)

 

As you manage your new business, use the right Financial Order of Operations.

Check it out.

 

All the Best

  

Victor Lloyd Smith

Millennium Lyon Asset Management

 

 

Legacy Capital: The Driving Force of the American Dream

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