Military spouse here. Was told to join AdvisorNet.
Small business start-up. Trying to apply as a certified woman-owned business through the SBA so I reached out to a Score mentor and they referred me back to the SBA. Thing is, the SBA doesn't provide much insight.
Blog is up. Currently writing an ebook. Working to establish my brand.
What is the next step? Is it the chicken or the egg?
I need to trademark my business name. Apply for a LLC or Series LLC, but I don't know which one I should choose. And I need to register with state and federal for tax ID.
So much that I don't know and I'm willing to learn. But I thought my score mentor could help me. I was wrong unfortunately.
I'd recommend finding a business CPA who is also a financial advisor. I did that for a side company I'm working on, and he helped me determine the pros and cons of the different business types, when would be a good time to switch (if needed), and he helped me through the transition when the time seemed right. You'll likely need a CPA for your business anyway, so it likely won't me much of an added expense.
As a budding business owner you may want to consider WBENC (Women's Business Enterprise National Council (https://www.wbenc.org/), either for advice or certification.
Thanks All. I signed up for an ACP mentor but with the time difference, I can't take off an hour of work to be able to complete the call just yet. I have to wait for a day I have off.
My SCORE "mentor" threw a few bullet points at me about signing up with state/federal/LLC/trademark but nothing helpful. I've never felt more lost.
So I sent a request to the Rosie Network. We'll see! I have very limited capital and I'm just trying to establish myself in the industry right now.
I started my own LLC a few years ago. I currently work with small-business owners on exactly what you're currently doing - marketing and branding and growing your business. I would ask you a few questions - already making a profit? Why start the LLC? What's your short term and long-term goal? What is the purpose of the e-book? Sorry, bad habits of enquiry! Short answer to all your questions - it depends upon your purpose. Please, feel free to message me with your questions!
Don't jump into LLC yet. LLC involves extra paperwork and often an annual fee ($800/yr here in Calif) & may not be necessary.
Two pieces of advice:
1. Contact APC and request a formal spouse mentor. This is a new program, no charge to you, and would be of great benefit I think.
2. Check out Nolo Press https://store.nolo.com/products/business-suite/starting-your-business. They have excellent reference books for starting & running a business & happen to be having 30% off sale now.
Feel free to PM me for more detailed questions.
Before you register your business, I would first consult with a tax specialist to discuss the differences between an LLC and Series LLC. They can usually give the best insight on what is best for your business model. Outside of my 9-5pm job, I own my own LLC. There is quite a bit of leg work up front with getting your business going and understanding the tax implications. My business sounds different from yours (I sell handmade macramé goods), but I'm happy to discuss establishing a brand and marketing with you, as well. Feel free to direct message me on here and we can discuss further!
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