Finally making your dreams a reality can be scary, even if it’s something you’ve wanted for as long as you can remember. For some, this dream involves finally gathering the courage, having the right strategies, and pulling together enough money to start their very own small business.
This big step can be both exciting and terrifying because despite it being thoroughly planned out, you can’t completely eliminate the chances of failure. Therefore, early on, it’s important to take all the necessary steps, legally and financially, to ensure success.
Here are 5 tips from Bankrate.com:
- Create the right legal structure.
- Pay taxes — if you must.
- Set aside self-employment taxes.
- Think hard about whether insurance is necessary.
- Make sure you get paid.