Part-Time Business Start-Up Tips
If you’re reading this it could be because you’re not quite ready to quit your primary job, but you want to start a business. This is completely normal, the thought of ditching your day job and pursuing your dream headstrong can be a scary thought.
Juggling two jobs could be a good thing in ways, you get to pursue a possible dream or idea of owning your own business while still having a steady weekly income. Here’s some advice/To-Do list for those juggling the two at once.
1. First things first, you need to make sure you can legally use your business name. Either check your state’s Secretary of State database or do a corporate name search to check if anyone else has registered the name that you want to acquire.
2. Select a business form. By default, your business will be considered a sole proprietor unless you file for a different legal structure. Operating as a sole proprietorship offers simplicity, but it does not separate your personal and business finances and liabilities. That means if your business is sued, your personal assets might be in jeopardy. You should consider formally registering your business by either forming an LLC or incorporating to protect yourself.
3. Register your business name. When you form an LLC or incorporate your business in your state, registration of your name automatically happens. However, if you choose to operate as a sole proprietor and want to use a fictitious name for your company, you must register your business name by filing a Doing Business As (DBA). Don’t skips this step! It will allow you to operate your business under that name in your state and it will prevent other sole proprietors in your state from using that name.
4. Get the licenses and permits you need. Depending on the type of business you’re operating and where you’re located, you may have to secure licenses and permits to legally run your business. Federal, state, county, and/or local licenses and permits might apply to you. To avoid costly penalties and fines, research which permits and licenses you need to have to legally run your business.
Aside from legal consideration, you should keep these things in mind as well. Know your limits. Make sure there’s no conflict of interest or legal restrictions. Take it seriously, although you may be working for someone else at your other job, you’ll need to take your side business serious and give it your time and energy if you want turn your part-time business into a full time business.