Wow, where do I even begin. I want to fill you guys in on everything that’s been happening with Shop Bargainista since our launch in June. I feel like this is going to be the longest blog post because I have so much to feel you in on. I want to start from the beginning. I’ve tried my best during this process to document the process because I wanted to share my experience, from beginning to current. It’s important for me to share my experience because God has been so good to me. If you can just gain something small from the information that I’m sharing then I feel like I’m doing my part as a small business owner and more importantly a humble woman of God fulfilling her purpose. Alright so let’s get started Barg babes!
Employer Identification Number:
When I started this business the first thing I wanted to make sure I had in order was any and everything to do with uncle sam, the government, the feds, however you wish to refer to them because the last thing I wanted to do was start a business that wasn’t legit. So first things first I started out by going to the IRS website and applying for an EIN number, which is an employer identification number. This step in particular was an easy process for me because once I entered my information on the IRS website, they ran my information through their database to see if there is any other business name that matches mine and for me there wasn’t so within minutes I had my EIN number. So step one, make sure you get your EIN. Always keep it with you too because you’ll need it for the next steps in the process.
Department of Revenue:
Once my EIN number was in hand, I moved on to the state level of taxes. So I first reached out to the Secretary of State’s office in my state. Thankfully, I got someone who was very helpful (for all these steps, I called the associated phone number, before just going online and possibly filling something out wrong). She walked me through the steps that I needed to take online in order to register my business. Once I registered, and no one locally once again had my business name I was able to get my information for me to begin setting up my account for the department of revenue in my state as well as my business license within a couple of hours. Once you create an account with your local department of revenue for state taxes, you’re going to have to answer several questions about what type of business entity you’re going to register as. Do some research on what business entity would be best for you and whatever business you’re starting. I personally did an LLC. So I’m Shop Bargainista, LLC. LLC stands for limited liability company, again do research on what works best for you! I was rather nervous about some of the questions that were asked on the Department of Revenue site. I just really didn’t want to answer anything wrong. So I put this on hold and called before I proceeded. Again, God always puts helpful people in your path. The rep I talked to suggested that I contact the small business development center in my city (each city has one). I contacted them and set up a virtual appointment and let me tell you this free service is a blessing if you’re starting a small business. They helped me set up the department of revenue side of things. Explained each question to me and helped me make the right decision. As far as fees for the Secretary of State/Department of Revenue side of things I believe it cost me around $98.00, which included, my business license, my department of revenue fee and registering my LLC.
Business Bank Account:
After getting all the information for an EIN, reaching out to the Secretary of State and completing my Department of Revenue information, I then set up an appointment with the bank to open a business account. You’ll need to make sure you have you’re EIN information with you when you go in to open an account. Each bank is different, but you’ll also be required to keep a certain amount in a business account. My bank gave me 60 days to do so, so you’ll have some time if you're starting out with little to nothing. Let’s back up a second. One of the sections you fill out for the Department of Revenue requires you to tell what title you are in the business so for example, CEO, member, etc. So we all like to say CEO, I mean let’s be honest, who doesn’t want to refer to their self as CEO, well in the banks eyes, you have to be a member to open a business account. So while at the bank, I had to log into my department of revenue account and change my title from CEO to member and there was a small fee for that, so make sure that you don’t title yourself as CEO because you won’t be able to open an account, that was the case for me, it could be different for your institution. Once we got that squared away, they just asked your traditional questions to open an account and then that was squared away. In addition to opening a bank account, I set up a business PayPal account, a business cash app account and I use square as my method of payment acceptance as well... and I think that’s it regarding accounts.
I want to go a little more in depth about the small business development center because I think this is such an amazing free tool to utilize.
Small Business Development Center:
My initial appointment with them was virtual, we went over everything to do with the state side of things, so basically everything related to the department of revenue. My mentor Joe walked me through each step and took time to explain everything to me. I learned so many things from my meetings with the small business development center. Their goal is to help small businesses be successful. They are a phenomenal tool to have under your belt. Any and every question that I thought of, I asked and if it was something they didn’t know, I feel like they were willing to try and find out to help. They provided me with so many useful tools from spreadsheets, to walking me through the site to show how I would file my state business taxes to even social media. I can’t tell you enough how great they were. Make sure you look into the small business development center in your local town, it will truly be benefit for you and your business.
The small business development center entered my small business into the running to have a partnership in a two week program called Project Hope. I got to select two areas of my business that I wanted to hone in on and gain information for success in those areas. I personally choose Google SEOs (look into these, they are important I can't say much because I still have a lot to learn myself and I chose social media) A team of three students from a local university here did a two week project and presented it to me on both the areas I wished to hone in on. Again, this was free. When you’re opening a small business you want to utilize as many free tools as you can. Google SEO’s in particular are still something that I want to spend more time researching, but I did gain a slightly better understanding after the presentation from Project Hope.
Social Media:
A few more things you want to spend time on that are of pertinent. Social media. I do my very best to post an item every day, use hashtags and Promote, promote promote and promote some more. I love Instagram, I have to work on more of a Facebook presence, but as long as you’re using some platform for promotion, it’s free marketing you can’t beat it. I pass out business cards everywhere I go. If you know me I am the biggest people person and have no issue talking to a stranger so I’m always making sure I am presentable everywhere I go and if someone says, I like this or that, I’m passing out a card even though I may not be wearing anything I’m selling, but I’m always like check out my website, I have new and unique new and pre-loved clothing and accessories. I’m always promoting, like alwayssss.
Marketing tools are important too. If you’ve purchased from me, you know that you receive a 4x6 or 5x7 card in your packaging, thanking you for your purchase, reminding you of Shop Bargainista’s mission and encouraging you if you love your bargain to tell us about it by leaving a customer review. If you subscribe to our updates, I send you promo codes and you get newsletter updates, basically all things Shop Bargainista. Oh yea and one tip in reference to business cards, either get a business phone number or don’t put your phone number on your business cards, that’s my personal preference.
So lets recap barg babes:
EIN (Employer Identification Number): Internal Revenue Service (free to get your EIN number, go online to do this, get it in minutes if no one else has your business name registered)
Secretary of State: You’ll get your business license here ($45.00 fee for my state where I reside, comes via email for immediate print and you will also get your retail license to do vendor purchasing and go to market)
DOR: Department of Revenue (you’ll get your account information here to file your state taxes, register the type of business entity you are and what your title is for your business). You'll go on the website monthly, quarterley or yearly to file based on what your state requires.
Business Bank account: Verify the amount you must keep in your account, take your business information with you (EIN), make sure you register as a member, the bank requires that in order for you to open a business account you’re registered as a member of the business (my institution did).
Small business center: Reach out to the small business center in your town. It’s a free service to utilize.
I’m no pro at this, but I just wanted to share my journey thus far and hopefully something I shared will help you. I’m all about sharing information because I’d want someone to do the same for me! If you have any questions, feel free to message me on Shop Bargainista’s contact page. Keep checking back for more blog posts, shop our site, add to cart and subscribe for updates!
Until next time,
Xoxo,
Shop Bargainista
This was so helpful especially for me. I have hopes of starting my own small business in the future this was a step by step how to and easy to understand! Thanks and I wish you the best