Okay, so I want to start a small online business, but I have no clue how to start, especially when it comes to the accounting and legal stuff. Suggestions?
Also, have any of you done this in the past and what was your experience like?
When I opened my business I went to a local SCORE office
http://www.score.org/index.html
What they do is help your write a business plan and they will be quick to call BS if you can’t back up your plan. They are successful (don’t know about the screening process) retired business dudes who want to get out of the house. I was hooked up with a guy and although he knew nothing about my field, he did know about the things that you are asking about.
When they have you do a business plan it is under the assumption that you are going to present it to a bank for a loan. That was not my case, I wasn’t looking for a loan but the plan that I had to work on did make me think of things that I had not thought of before.
hope this helps
First off, check with your local gov’t. They likely have a small business incubator, or some such program set up to help people like you who want to talk about setting up a small business. They can give good advice about codes, and permits and licenses that you might need.
Some common sense things to consider: Set up a limited liability company. The fees for such are usually pretty nominal, and are worth it to protect you and your personal assets in case the business fails. See what kind of insurances you’ll need and what you’ll want. Finally, set up separate bank accounts for the company, and do not mix funds between the business and your personal finances.