in owning my own business. This is my passion. I love to create products and I honestly want to grow this business into something real, so I'm trying to do my best to follow the rules. Well just when I thought I was all set and following the rules I found out that I missed a few steps. Ack! I'm now a nervous wreck and frantically trying to understand this new wrinkle.
I thought that by applying for my Virginia Sales and Use Tax I was also obtaining a business license. Not so much! How did I figure this out? I was looking for fun activities to do with my son over the weekend on our city's website and saw some information about starting your small business. I clicked the link and come to find out I only did part of the step in my registration. I read over the documentation and was still confused if I really needed a license. I got the impression that I didn't need one since currently my gross sales are under $10,000. After a call to the county clerks office, nope I still need to apply for a license. There's a fee associated with filing the paperwork, which I'm not excited about paying, but if I'm to do this right, I might as well go all in.
I now have the paperwork required and will print it all out today and mail it in with my check this week. I'm just a little bummed out right now, I don't like missing things. It's little things like that can be a de-motivator at times. What's my lesson from this? Make sure you check with your state and your county/city for business requirements.
What did you forget or think you understood and didn't as you were starting out?
You've done the right thing, Andrea!
ReplyDeleteNever, ever, mess with authority, especially with those involved with tax, licenses and anything else to do with business (large or small!) I'm miniscule in the grand order of things, but earlier this year one of the UK Etsy folk posted a comment about the need to REGISTER for tax, even if one is not fortunate to be in the position of having to pay the duty! (As an old age pensioner, have reached that stage) But, have gone through the process, am registered for tax, have it in writing that I don't have to pay it and so I can relax!
There's enough pressure in running one's own business without adding to it. Believe you me, if you had not followed through, and been found out - well, it would be costing you a helluva sight more!! Well done!
I just discovered this myself recently. I had a small business several years back and never did this. I'm just now beginning to gather all my information so I can get serious.
ReplyDeleteI just recently found your blog on Etsy teams and I am looking at your accounting system. I'm not that familiar with excel but I think I can figure it out.
I'm your newest follower. Great informative blog.