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How To Start A Business For Under $1,000
Deborah Sweeney | September 21st, 2011
Starting a business is exciting, challenging and can be extraordinarily rewarding. Sadly, it is not cheap. It can cost a lot of money to get a company started so it is important to save money wherever and whenever you are able to. If you have a great business idea, but a less than stellar budget, we at MyCorporation are here to help in any way we can. While there are different options to save money while starting a business, and you should research which one is right for you, we can hopefully steer you in the right direction. Here is our advice for starting a business for under $1,000. Bundle, Bundle, Bundle Bundling is your best buddy in this situation. One of the trickiest aspects of saving money is doing so without cutting corners. There are certain things that you may rationalize as not needing, but in reality should probably invest in sooner rather than later. For example, many businesses that are just starting out stay in their default sole-proprietorship phase where every asset of the business is tied to the business owner. While that is all well and good while the business is small, many owners quickly find themselves paying an extraordinary amount of income tax as all of their business’s profits are considered their wage. Incorporation ends that by allowing the business owner to pay themselves whatever they want and paying different tax rates on their income and on what the corporation earns. A little complicated, I know, Continue reading…
