Pitfalls Abound for Your Home Service Business Startup
As a home service professional, you’re a natural DIYer. You’ve put in a lot of hard work to get enough experience to attain your license and step out on your own. You’re used to troubleshooting problems and finding solutions.
That’s great! But when you’re setting up your new home service business, going it alone could get you into hot water. If you’re not careful, you could even run afoul of the law, with penalties that include fines, seizure of cash and equipment and more.
In fact, there are 28 complex steps that are required to legally open your home service startup. So, it’s vital to thoroughly research what it takes to open a new business in your state and county or municipality or partner with a firm offering business startup services to make sure you have all the bases covered.
What’s Needed to Open a Business?
The answer to that question depends on what you do and where your business is located. Some of the checklist items professional startup services firm can help you with include:
- Licenses: You’re a licensed plumber, electrician or HVAC professional, but did you know you also need a license from your county or municipality to do business? We can help you identify which you need and get you through the licensing process.
- Business structure: Should you set up your business as a sole proprietorship? A C Corp? An S Corp? An LLC? It may sound like alphabet soup, but the right business structure can make a huge difference when tax time rolls around.
- State sales tax: Depending on the state, contractors may need to collect sales taxes on the materials they use from their customers. Find this out ahead of time so you can structure your pricing correctly.
- EIN: This is an Employer Identification Number, and if your startup is a corporation or partnership, or if it has employees, you need to get one before you open your doors.
Trust a Professional
You’re an expert in your field, and homeowners trust your expertise with their most valuable investment: their homes. So, why not trust a professional’s expertise when starting your own business, probably one of the most important investments of your career? At Numbers House, we specialize in helping small businesses get off the ground with a minimum of hassle, freeing entrepreneurs up to do what they do best: run a business.
If you would like to learn more about business startup services at the Numbers House, give us a call at (865) 294-7300 or email us at email@example.com.