Ideas on how to Establish or Grow an Independent Business
As you consider the steps you have taken to establish an independent business, the following are examples of the types of actions taken by many independent entrepreneurs to establish or grow their independent enterprise.
- Obtain an Employer Identification Number ("EIN") from the IRS
- Create business cards, logowear, signs or decals
- Purchase liability insurance or an independent-contractor bond
- Report your independent-contractor earnings and expenses on the Schedule C to your federal income tax return
- Develop a website
- Promote and advertise your business on social media (e.g., Yelp business page, Facebook, LinkedIn)
- Establish a business entity (e.g., LLC or corporation)
- Maintain books and records of your activities
The following links are to vendors who can help you implement some of these ideas.
EQUINOX Business Solutions provides business training, accounting, tax, and bookkeeping support to independent contractors of many industries. We take the burden of these responsibilities off your plate, allowing you to spend more time doing what you love. From business entity preparation to quarterly estimated tax, and tracking receipts to understanding your tax situation, Equinox has a plan suited to your individual needs as an independent contractor. As a client with Equinox you are assigned a dedicated representative who works with you to minimize your tax liability, while also making sure you are compliant with federal and state tax law. Contact us today to find out how we can help you maximize your profitability and keep more of your money in your pocket.
Equinox can also help you set aside a portion of your earnings for purposes of making quarterly estimated tax payments. Contact us to find out more!
It is critically important that self-employed entrepreneurs operate with an EIN, rather than a Social Security Number (“SSN”). Operating with an EIN confers many advantages. Foremost, it is an unequivocal expression of a business activity, as opposed to a personal matter. Also, doing business with an EIN can decrease the risk to your personal finances, which, most likely, are maintained under your SSN. Client companies will commonly request independent contractors to provide an IRS Form W-9, reflecting the contractor’s taxpayer identification number. Providing an EIN is preferable to providing an SSN, to limit public exposure of your SSN.
The application for obtaining your EIN can be completed online through the Internal Revenue Service website. CLICK HERE to go there.
Download the Android or iPhone application and begin to track your business mileage.
Accurately tracking your business mileage can help you maximize your business mileage tax deduction. CLICK HERE to learn more about TripLog.
Claim your business page with Yelp today and begin attracting more clients!
Creating a page for your business on Yelp serves multiple purposes: (i) it demonstrates that you have taken an affirmative step to establish an independent business, (ii) helps attract more clients, and (iii) provides a forum for you and your clients to interact. What's more, creating a business page is FREE! CLICK HERE to claim your business page with Yelp!
It has never been easier to accept credit card payments anytime and anywhere with Square.
Square’s fully integrated point-of-sale systems, magstripe readers, and business support tools help you get paid fast and grow your business. Setting up an account with Square also demonstrates that you have taken an affirmative action to establish an independent enterprise.
CLICK HERE to sign up with square today!
Advertise your business with a one-of-a-kind sign or decal from American Sign Letters!
Advertising your business with a sign at your office or storefront, or a decal on your vehicle helps you attract new customers and demonstrates that you have taken an affirmative step to establish an independent business. Choose from American Sign Letters' vast array of options to find the right advertisement for your business.
CLICK HERE to create a customized sign or decal!
Establish and maintain an online presence with fully-integrated web hosting solutions from Liquid Web!
An online presence can help your business reach customers near and far, and demonstrates that you have taken an affirmative step to establish an independent enterprise. Liquid Web offers carefully crafted solutions to help businesses of every size. It even tailored a suite of products to freelancers.
CLICK HERE to optimize your business's online presence!
Ensure that you are always connected to your clients, partners, and colleagues with a cloud phone system from RingCentral!
A dedicated phone system for your business demonstrates that you have taken an affirmative step in establishing an independent business. What's more, a phone system - especially a cloud phone system - can help you stay connected to the people who matter most to your business. RingCentral is the leader in cloud phone systems for businesses of all sizes. They have the solution for you!
CLICK HERE to quickly and seamlessly set up your cloud phone system today!
Tell the world about your business by advertising with high-quality custom logowear from DesignAShirt!
Creating logowear for your business serves double duty. Not only does it advertise your business to help generate new customers, it also demonstrates that you have taken an affirmative step to establish an independent business. DesignAShirt offers customizable t-shirts, business wear, performance apparel and more. What's more, shipping is free!
CLICK HERE to start designing custom logowear with DesignAShirt today!