• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • HOME
  • RECOMMENDED BOOKS
  • FREE TOOLS
  • ABOUT

The Fortunate Investor

Investing, Business, Saving, Debt, Money, Retirement, Taxes and Family Finances

  • Save Money
  • Invest Your Money
  • Get Out of Debt
  • Making Money Online
  • Family & Money
  • Taxes
  • Business
  • Retirement
    • Retirement Calculator
Home » The Basics of Starting Your Own Venture

The Basics of Starting Your Own Venture

September 5, 2022 By The Saving Gal | This article may contain affiliate links. For more information visit our Disclosure

Tweet
Share
Pin
Share
Share

The Basics of Starting Your Own VentureOne of the most exciting things about starting a business is taking all the steps to get the basics in place. Not all start-ups will make a profit for a while – but to get to that point, there are some exciting moments. 

They might feel like a drag because not everyone likes paperwork – but in the end, each of these moments is the start of what could be your biggest adventure. 

Naming

The name of your business matters more than you might think. You need to be happy with it because it will go on all of the paperwork that you are going to need. Not to mention that your customers will use when they talk about you. Make sure that the name you chose is easy to type and read, and try to avoid extra characters if you can. 

If you think about some of the most popular brands, most of them have one single word as the name. 

Business Banking

It can never be stressed enough how important it is to make sure that you keep your personal/family finances separate from your business finance. 

Separation is best if you transfer everything from one account to the other as soon as it gets paid. 

Opening a business bank account isn’t as long-winded as it used to be; in some cases, you can do it in just a few minutes. 

Many small businesses use online banking facilities and apps rather than brick-and-mortar banks. This can massively help you to streamline everything you need to do. 

Over time you can upgrade your account but open something just for your business in the short term. 

Keeping your finances separate will make it easier to process come tax time. 

Taxes

Taxes don’t need to be scary; they can be as easy as you make them. You’ll need to apply for federal EIN, so that you have your unique tax identification number. Aside from that, you can choose to keep a spreadsheet or use some software to help you track your income and outgoing for your business. 

This is where that separate bank account will make the whole process so much easier. 

If you are confident in doing your taxes, that is great, but for those who aren’t, find an accountant who works with small businesses to make the most of deductions and credits. 

Protection

No matter how big or small your business is, there are some things you need to consider when it comes to protection. Small businesses are at risk of cyber attacks and hacking more now than ever. 

Not only that, but you should see if you should be trademarking or copywriting any of the things you produce. This becomes even more important if you have created new ways of doing things, new processes, or unique products. 

Your small business can do big things, so long as the early moments are well taken care of. If you are still trying to work out the best path for you, read this for inspiration: 22 Ways to Make Money on the Side Now – The Fortunate Investor 

Primary Sidebar

Popular Articles

Save Some Money: Say No To Your Kids - A Child Psychotherapist’s Perspective For Your Children

Save Some Money: Say No To Your Kids – A Child Psychotherapist’s Perspective

Having children will be one of your life's biggest and best events. When you hold your newborn in … Read More about Save Some Money: Say No To Your Kids – A Child Psychotherapist’s Perspective

vantage vs fico score

What is the Difference Between a FICO Score and Vantage Credit Score?

If you don't know what a credit score is, it's time to learn. Your credit score is an essential … Read More about What is the Difference Between a FICO Score and Vantage Credit Score?

Making Sure You Don't Slip Up On The High Stakes In The Oil Industry

Making Sure You Don’t Slip Up On The High Stakes In The Oil Industry

Let’s be frank; money talks in any new enterprise. Whether you’re investing oil or starting a … Read More about Making Sure You Don’t Slip Up On The High Stakes In The Oil Industry

Legal Documents Difference Between Certified and Registered Mail

Legal Documents: Difference Between Certified and Registered Mail

Did you know there is a difference between Certified and Registered mail? The difference is … Read More about Legal Documents: Difference Between Certified and Registered Mail

Are you up to your ears in high-rate credit card debt? Don't worry; there is a way out! Here are 7 smart tips for getting out of credit card debt fast. Does the thought of checking out your credit score make you want to scream? Credit cards are a great way to lessen that anxiety. Like all good things though, as quick as it can help, it can also destroy if you don't pay on them. Once you pile on the credit card debt, it can be a challenge to get out. Don't let this discourage you. There are a few ways to save yourself from drowning in numbers. Here are a few tips on getting rid of credit card debt and claiming your life back. 1. Stop Using Your Card If you know for a fact that you have terrible spending habits, hide your card from yourself before you sink too far into the pit. You can cut it up, lock it in a safe and lose the code, package it in duct tape and bury it in the backyard, use a wood chipper, the options are endless as long as it is out of your hands. If you're using it to pay your bills then, try and set up a payment plan with your utility company. Or downgrade your house or car. Fitting your bills into your budget will make you less likely to use your credit card and give you a little breathing room for managing credit card debt. 2. Make a List of All Your Debt Studying your enemy is one of the key factors of defeating it. Tis means you should make a list of all the credit card debt you've currently got under your belt. Making a list will help you figure out which one you should prioritize and pay off first. How do you determine this? Check out the standing of all the existing credit card debt you have and their interest rates. 3. Come up with a Strategy Credit cards can do massive damage to your credit score so you want to pay the one with the highest interest off first. After you've paid off that one, go on to the next one. Eventually, you will pay them all off as you go down the line. Make sure you continue making minimum payments on them after so you don't find yourself drowning again. 4. Try to Get a Lower Interest Rate Not all credit card companies will be agreeable about giving you a lower interest rate, but it never hurts to try for the sake of getting lower payments. Sharpen up your negotiation skills by using any kind of leverage you can to get them to work with you. Bringing up how long you've been with them or your good standing up to this point might get them to budge a bit in your favor. If they are completely unagreeable, then transferring your debt to a new, lower-rate card might be an option, or you can take out a personal loan. Personal loans can be a little harder to get, but you'll find that if you can get one to pay off your debt, the interest rate is usually way lower than your credit card one. Eventually, the loan will replace your credit card debt with an installment loan. Believe it or not, this will actually look better on your credit. To find out more on personal loans you can visit this website. 5. Find a Payment Plan If getting a lower interest rate still doesn't work out for you, then it's time to figure out some other options. The easiest thing you can do is either ask for a deferment or a new payment plan. Credit card companies like money, so they will most likely work with you on this so they don't have a non-paying account in their system. 6. Limit that Spending If you limit your spending, you'll have more money to put toward your credit cards each month. Just think: skipping out on that morning coffee could allow you to pay your debt faster and lower your interest rate. If you want to make a little game out of it you can join spending challenges. This could mean going on a 14-day to a year-long spending ban depending on what's best for you. This is recommended if you just don't trust yourself to stay on budget. If you have self-control, then it's just a matter of keeping up with it and throwing these savings into your loan debt. 7. Put Any Extra Income Towards Credit Card Debt Budgeting can only take you so far so on top of putting any extra savings toward your debt. You can take on little odd jobs for extra money. There most likely a ton of options available for you in your area. You've just got to call around or surf the web to seek them out. Consider turning any kind of hobby into a money-making business. For example, if you know you're a great artist, then you can open yourself up to commissions. You might be surprised at how many people may pay. A Guide to Getting Rid of Credit Card Debt Just because you feel like you've dug your own grave, doesn't mean you have to stay that way. There are ways of getting rid of credit card debt. Come up with a foolproof plan to tackle it, try to find a lower interest rate, ask for a new payment plan, or just take on a few extra odd jobs. Put your credit cards back in your control. If you're new to the credit card world, you could make a lot of mistakes that will put you into debt without even realizing it. Visit our blog for a beginner's guide to credit cards

7 Smart Tips for Getting Out of Credit Card Debt

Are you up to your ears in high-rate credit card debt? Don't worry; there is a way out! Here are 7 … Read More about 7 Smart Tips for Getting Out of Credit Card Debt

Footer

TOPICS

SAVE MONEY
INVEST MONEY
REDUCE DEBT
MAKE MONEY
FAMILY & MONEY
TAXES
START A BUSINESS
RETIREMENT

THE FORTUNATE INVESTOR

ABOUT US
ADVERTISE
CONTACT US

The Fortunate Investor focuses on personal finance topics to build wealth. Topics include saving money, investing, managing debt, family and money, taxes, making money, college planning, starting a business, coupons and retirement.

SOCIAL MEDIA

FACEBOOK
TWITTER
PINTEREST
YOUTUBE

Copyright © 2023 Fortunate Investor. All Rights Reserved. | Disclaimer & Disclosure | Privacy Policy | Terms of Service