Do you have your own business, either full time or freelance?
- Thread starter 2kool
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jsupop33
Loyalty & Respect
I have been freelancing graphic design work since college. I recently branched out into web design (wordpress) and all-out communications consulting. I have been working as an Independent contractor for a while but want to get an LLC because the taxes on 1099 work can shock you if you are not prepared for it. Currently, I make about 1200 a month in freelance work.
I learned photoshop in high school and took some classes in college in graphic design. People kept asking me to design stuff so my business really grew via word of mouth. People kept asking me about websites so I learned a little html and discovered wordpress (which greatly reduces the need to learn how to write code). Also, I used to work in Public relations and advertising plus I love to write and I worked on a few political campaigns so I used that blend of experience to develop a niche for consulting local political campaigns and small businesses on communications and creative direction.
I will create a logo, help them get a web presence and set-up mailing lists for them. There are a lot of people very talented at what they do but need help developing a presence or need help learning to use the digital tools of web and social media.
I learned photoshop in high school and took some classes in college in graphic design. People kept asking me to design stuff so my business really grew via word of mouth. People kept asking me about websites so I learned a little html and discovered wordpress (which greatly reduces the need to learn how to write code). Also, I used to work in Public relations and advertising plus I love to write and I worked on a few political campaigns so I used that blend of experience to develop a niche for consulting local political campaigns and small businesses on communications and creative direction.
I will create a logo, help them get a web presence and set-up mailing lists for them. There are a lot of people very talented at what they do but need help developing a presence or need help learning to use the digital tools of web and social media.
The Founder
Well-Known Member
I have my foundation which focuses on helping persons who are HIV to receive medical, social, and mental health needs. I received my 501c3 late last year and things are going great. I am also forming a for profit side to the foundation as well.
Forming it was easy the state's secretary if state office has all the procedures. Then just download the IRS form for a 501c3. We are actually going to do some restructuring to focus on some other issues also like community awareness, black males, those that are incarcerated, etc...
My best friend and I are starting a governmental contracting company also. This will be a challenge but we are up for it.
Lastly I am a certified tax preparer.
Forming it was easy the state's secretary if state office has all the procedures. Then just download the IRS form for a 501c3. We are actually going to do some restructuring to focus on some other issues also like community awareness, black males, those that are incarcerated, etc...
My best friend and I are starting a governmental contracting company also. This will be a challenge but we are up for it.
Lastly I am a certified tax preparer.
SUJagFan
Well-Known Member
BulldogM.Ed.23
Bulldog Fan/Supporter
Good info!
chocalate_topaz
I wanna be your lover...
yes- Real estate and book writing/publishing.
SUJagFan
Well-Known Member
Incorporate Your Business
The rules vary by state. You can have an attorney set it up for you or do it yourself. I've done it both ways - set up one myself and paid an attorney to set up another.
The rules vary by state. You can have an attorney set it up for you or do it yourself. I've done it both ways - set up one myself and paid an attorney to set up another.
SleepyCrat
Well-Known Member
Yep. I'm a developer. Me and two other friends did the LLC thing to legitimize the work we do outsside of our 9-5s. For the first time in life , I am really considering walking away from the 9-5 world and thinking about consulting privately full time.
SUJagFan
Well-Known Member
Business Taxes
Taxes will vary depending on your business. Businesses with no employees won't have payroll taxes. Businesses not in retail sales won't have sales taxes. Figure out which taxes the federal government, your state government and sometimes the city requires you to collect.
I have found that the best way to handle taxes is to consider them a cost of doing business. No different than the cost of your supplies, insurance, equipment or any other expense you have in business. As you earn revenue, set aside a certain amount for taxes (say 25% of revenue) then send it in to the appropriate agency at the appropriate time. Simple and easy.
Taxes will vary depending on your business. Businesses with no employees won't have payroll taxes. Businesses not in retail sales won't have sales taxes. Figure out which taxes the federal government, your state government and sometimes the city requires you to collect.
I have found that the best way to handle taxes is to consider them a cost of doing business. No different than the cost of your supplies, insurance, equipment or any other expense you have in business. As you earn revenue, set aside a certain amount for taxes (say 25% of revenue) then send it in to the appropriate agency at the appropriate time. Simple and easy.
SUJagFan
Well-Known Member
Also, another thing that I think is vital to running a successful business is knowing your numbers and knowing the difference between running a business and doing your craft.
A strong accounting system is a must. I recommend Quickbooks or Sage, but there are a lot of different options out there. Staying on top of your numbers is often the difference between making a profit or taking a loss. A business or a hobby.
Understanding how to organize and run your business like a business is very important as well. A good book that can explain and walk you through that process is The E-Myth by Michael Gerber.
A strong accounting system is a must. I recommend Quickbooks or Sage, but there are a lot of different options out there. Staying on top of your numbers is often the difference between making a profit or taking a loss. A business or a hobby.
Understanding how to organize and run your business like a business is very important as well. A good book that can explain and walk you through that process is The E-Myth by Michael Gerber.
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buckwheat
Well-Known Member
I have a consulting company. This is my website: [email protected]. We're also on Facebook. What is your background?
buckwheat
Well-Known Member
I created an LLC.
LS Syndicate
#TheeILove
I am a licensed life/ health insurance rep. I specialize in Medicare Advantage and Medicare Supplement enrollments. I also handle enrollments in the Marketplace (healthcare.gov) and help people qualify for subsidized premiums.
With my book of business growing and my renewals creating a positive on the balance sheets, I'm thinking forming an LLC to handle COBRA administration, retiree billing and other employee benefits solutions.
It's a great market to be in because a lot of government agencies bid for these services on a regular, and in most agencies, a certain number of RFP's must be bidded to minority vendors. Of course this would mean abandoning my 9 to 5, and that's my only setback with going ahead full steam.
With my book of business growing and my renewals creating a positive on the balance sheets, I'm thinking forming an LLC to handle COBRA administration, retiree billing and other employee benefits solutions.
It's a great market to be in because a lot of government agencies bid for these services on a regular, and in most agencies, a certain number of RFP's must be bidded to minority vendors. Of course this would mean abandoning my 9 to 5, and that's my only setback with going ahead full steam.
LS Syndicate
#TheeILove
A millionaire once told me that unless you are just shooting for the bare minimum in life, you need at least three.
LS Syndicate
#TheeILove
I've lost a lot of business/ clients because of conflicts with my career hours. The career will always come first, that's easy. The hard part will be turning the side hustle into a career, which is a 4=6 year goal.
SUJagFan
Well-Known Member
Interesting.
Some people see being fired from their "career" as the best thing that ever happened to them. There is a lot of talent being wasted and wealth being foregone because people are trying to hang on to their measly jobs.
CEE DOG
Well-Known Member
That's true, but with ACA in place I think you will see more folks turn their side hustles into full time careers. This is why the republican party is so mad and scared. They have gotten rich off of folks who were scared to by homes and step out in small businesses and depended on them. Now being able to have what keeps most Americans at their jobs for ever will change a lot of minds. Insurance is what most Americans feared not having as they get older. With that now in place many will kick being scared and take that risk because them and their kids will be covered.
SUJagFan
Well-Known Member
True, true.
I think that is a good thing. Especially for African Americans. There are too many smart, hardworking people with "hustles" who need to go ahead and turn those into full-fledged businesses. According to The Millionaire Next Door by Thomas Stanley and William Danko, over 2/3 of millionaires got that way because they own businesses. It's hard to accumulate substantial wealth with just a job. Entrepreneurship is one of the ways we as a community can begin to close the wealth gap in this country.
jsupop33
Loyalty & Respect
I wrote about this a few months ago for cbc. I definitely think entrepreneurship is a good thing. I have learned so much through my side hustle. How to keep costs low, how to price, knowing when to turn down a deal. Etc....
JagHammer
Senior Troll
Thank you for posting this.
buckwheat
Well-Known Member
That is true!
jsupop33
Loyalty & Respect
I dream of the day when I full-fledge run my own consulting firm. No sense in building other people's stuff all of my life when I can turn my own stuff into a dynasty. Coming to DC helped me a lot. People here have a much different mindset than I was around in Jackson or NOLA (not that there aren't ambitious people in either city but there are a lot of people here branching out and starting their own stuff).