If you feel overwhelmed when you start thinking about all the legal jargon of business, including taxes, it’s time to take a deep breath. It’s easy to let fear get in your way and think it’s not worth it to go legit with your business. You may be thinking that it’s too confusing to get done. However, many people with fewer skills than you have managed to do it and succeed. You got this!
Do Your Research
Even when you hire professionals, you need to do your due diligence. Not only on the background and experience of the professionals you hire, but on the things they tell you. If you hire an ethical CPA and online business attorney, they will advise you against doing risky things that could put your business in jeopardy.
For example, a friend might recommend a CPA or lawyer who likes to take risks. You should know by the time you get out of the interview whether you’re ready for that or not. Some people see it as a big game, but if you don’t, you’ll want to hire a CPA or lawyer who is not a “killer” but rather careful and ethical instead.
Set Your Goals
Based on your research, set your goals for your business. You can do this best by creating a business plan. A business plan defines the big dream you have but also explains step-by-step how you’ll get to the peak of your dream and beyond.
For example, maybe you’ve realized you don’t have the funding right now to become an INC - you can remain for now as a sole proprietor and still succeed - but you have the goal of incorporating by a certain date.
Organize the Steps You Need to Take
Once you have created your plans, organize the steps that you need to take to reach the goals. More than likely, once you’ve talked to each professional that you plan to work with, they have let you know what must be done first. That’s all you must do. Do the first thing, then the next thing, one thing at a time until you’ve succeeded.
One thing you can do as you organize the steps you need to take is put the estimated cost and the time it will take down so that you can see with one glance. Also, put them in the order that they need to be completed so that you don’t jump ahead of yourself, causing more fear and frustration.
One of the reasons you’re doing so much research into legitimizing your business is so that you can find the right experts to help you. When you’ve located the right people to help, it’s merely a matter of paying your first expert to do the work for you. Once you go through the motions getting things set up, it’s not going to be nearly as difficult as you may be imagining right now.
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