Starting a Business Partnership With Only $500 Dollars
Over the last few years, we talked about going into a business partnership but not quite sure how to start. We finally made the decision in December 2015, to take the plunge and start our Speaking and Consulting business. During the business startup we were operating off of a strict budget. With $500 we made the joint decision to (1) incorporate our business, (2) open a business checking account and (3) purchase our domain name and setup business email.
Incorporating our Business – MilJac Enterprise, LLC was formed in late December 2015. We decided to use a company for assistance with the setup of our Limited Liability Corporation (LLC). We needed assistance on everything, so we decided to invest in a company that would ensure that we had all the necessary paperwork. In the business formation process there was a name search done to make sure that our company name was available. The company set up our operating agreement, the federal tax i.d. number was issued, and we were given our company’s handbook, and forms for future reference. State paperwork and filing fees were also taken care of on our behalf.
Our company was brand new and we did not have any knowledge on the appropriate steps to take. We had taken classes, attended seminars, and knew that we needed to go ahead and formally handle matters. It was worth the initial set up cost and in the future we would have everything we needed for tax purposes. This gave us a huge sigh of relief.
Total Cost $300.00
Open a Business Checking Account – We researched a certain number of banks in our local area. It was important to us to work with a bank that understood the needs of small business owners. This decision is usually based on personal preferences. We did not want any unnecessary fees. The account was a necessity because we were already making business decisions, traveling, and incurring business expenses. To avoid mixing personal finances with business finances, we were able to handle all business matters from the MilJac Enterprise, LLC checking account.
Total Cost $130.00
Purchase Business Domain Name and Setup Business Email – Most businesses today have a website and email. This step also requires research and involves your personal and business preferences. This is how people will find you on the Internet. Make sure that the website represents your company and your brand in the appropriate manner.
This process was important because even though we had not built our website, it was important to purchase our website name. Also if you want to start communicating with prospective clients you will need a business email.
Total Cost – $70.00 (for one year)
When starting a business partnership, make sure that you research and understand what you would like to do. As business partners, take the time to assess your skills, and determine who will become responsible for specific duties within the business. Make sure that you have chosen a business with low startup costs. One of our business goals is to make sure that we offer quality products and services that are based on our skill set, experience and knowledge.
Of course there will be numerous investments that you will make in your business, however in the beginning you are still trying to figure out what works and what does not work. Remember the hardest part for us has been getting started. It can be tedious, and at times frustrating but just know that once you get the ball rolling, you will steadily gain the momentum and confidence needed in order for your business to soar.
Share with us if you have a business startup story. If you have any questions about how to start and keep a business partnership moving along contact us at firstname.lastname@example.org
Even Better Together,
Trina & Valerie