How To Start a Service Business

People like to pay for service, especially good service. This is only one reason why you should consider starting your own service type business. Unlike businesses where there are physical products sold, your income for your business will be generated only by the service you provide, and remember, the better the service the more money you will make.

If you have no idea what kind of service business to start; a few ideas any entrepreneur might want to consider inquiring about are child care services, consultant business, massage therapist, dry cleaning service, barber, dog walking, house cleaning, tax preparation, mechanic (auto shop), beautician, etc. This is just a small example here; there are literally hundreds and hundreds of different service businesses you can start.

In starting your service business you are going to want to choose a business that you enjoy and have some general knowledge about to insure a better success rate of staying in business and making a profit.

Once you have made your decision one of the first things you need to do is get a DBA, a DBA stands for 'doing business as' and is basically your businesses name. You can get your DBA from your county clerk office. If you don't know where that's at, you can Google for the county clerk's office in your town and have no problem finding it. You will have to choose your business name and will be able to see what names have already been chosen and which names are available. The cost to register your DBA name will be only a small fee ranging from $20 to $40.

Chances are that you're also going to need an EIN which stands for 'employer identification number'. This number will basically be like a social security number for your business and is used for tax purposes for your business. Most businesses need an EIN but there are a few exemptions. It would be best to talk it over with your legal adviser before trying to ignore the EIN and facing problems later. To get your EIN you'll need to fill out a Form SS-4 and submit it to the Business & Specialty Tax Department at the IRS.

You will need to be ready for record keeping. You will now have a business and will need to know all cash flow that comes in and all expense costs. You can keep track of your business with Excel but if for some reason you can't do that then just keep track of everything that comes in and everything that goes out. All of this is very important as you will need to know if your business is making any money!

Time to conduct business now! You have the power to make your business grow and make great profits. Remember, it's a service type business you have so the better your service, the more money you can make.


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