How to Start Your First Business As a Sole Proprietor

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Starting your first business is very simple! Here are 3 steps that will help you avoid your first financial crisis. (with taxes)

1. Creating a DBA

Your DBA document is a document that signifies you, the sole proprietor will be going around town selling lemonade as "Strike First Lemonade Stand". This document lets the government know you are "doing business as" a separate entity from your name. You can get a DBA online (https://www.legalzoom.com/business/business-formation/dba-overview.html) or at your local courthouse.

At this point, you will still be using your social security number to file your taxes at the end of the year. You can sign up for an EIN number to conceal your real social security number.

2. Creating a Business Banking Account

It is a good idea to separate your business expenses from your personal expenses so when tax season comes around you are able to send in your filing with ease. Remember business expenses only occur when the expense is related to...business.

I use https://azlo.com for my online banking needs. Azlo also allows me to send invoices and ACH transfers from the Azlo app. It is a good idea to add your DBA to your business banking account right when you sign up. Make sure to request your debit card after your account is approved!

I really enjoy using Azlo since I am also able to send neat invoices to my clients. However, if my clients want to use their debit/credit cards to pay my invoices I'll have to register for...

3. Credit Card Processing

Azlo needs a 3rd party credit card processing company such as Square, Stripe, or Paypal to include an option to pay with your debit card on your invoices. Simply integrate Square within your Azlo settings via mobile app or web browser.

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4. Choosing Accounting Software

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Sometimes you will end up using your business card on personal expenses, or expenses you thought were business-related. Having an accounting software tool like Quickbooks is a great way to manage all your receipts and mileage. Quickbooks also allows you to sort through all your transactions in a convenient manner to save you time and money.

Simply integrate your Azlo account by adding your debit card to your Quickbooks account via mobile app or web browser. This way all your business transactions are recorded automatically into Quickbooks.

At the end of the year, you can grant access to your CPA to login into your Quickbooks account to begin your tax filing. OR you could use a tax preparation service such as Turbo Tax/H&R Block. Instructions to link your Quickbook's software to these institutions will be provided for by your tax agent.
If you follow all these steps correctly, you will be able to manage your finances responsibly and be on your way to billing your first clients! If you have any questions on this process comment below and I'll try to help!
The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained in this video constitutes a solicitation, recommendation, endorsement, or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.

Видео How to Start Your First Business As a Sole Proprietor канала Strike First Finance