More Business FAQ – Starting a Business in California
This week is sort of a bummer. I got sick and am laying in bed while I’m typing this. But truth is, nothing can get me down. So along with our giveaway that we’re announcing on June 10th, I thought I’d share a little more information about starting a business here in the great ol’ state of California. It’s pretty easy as long as you’re well informed and do your research. I can’t stress this enough, educating yourself before starting a business is key. If you’ve read my previous post about opening a business in California then you know there are a lot of things to think about when starting one. So you’ve got your DBA in hand, you got your tax permit, and you’ve got your FB and Twitter set up, so now what? Here are a couple questions to ask yourself:
1. Am I selling goods or a service? In the state of California, if you are selling any type of goods you need to have a reseller’s license from the California State Board of Equalization, who will be collecting your sales tax from you. Depending on where you conduct business, the nature of what you are selling, and what kind of sales volume you have the BOE will arrange the correct payment schedule (quarterly, annually, etc.).
2. Did I open a bank account yet? You definitely want to keep your business and personal financials separate. The last thing you want to do is get them mixed up, so go to your favorite bank and set up a business bank account.
3. Do I have my business plan set? This is such an important part of the start-up business process. What is the goal of your business? Where do you see your business in 5 years? In 10 years? What sets you apart from your competition? How do you plan on approaching your target market? These answers are all found in your business plan. The hard questions are answered here so you are ready to present it to people that matter. Of course, your business might grow and change as time goes on so make sure you keep updating your business plan accordingly.