How to Launch a Business without Spending a Dime
The biggest mistake a lot of first time entrepreneurs make is that they spent too much money and concentrate on playing CEO superstar. They rent office or retail space, pay big bucks for incorporation, buy equipment, fancy stationary, and nice business cards before they have even earned their first dollar. The elation and entrepreneurial swagger vaporize as the cash burns up...
For freelancers, it is possible to start a business without a dime, with zero risk:
- Get an EIN at the IRS website for free. Even if you are a sole proprietor, it is a good idea to get one and open some separate checking accounts. If you keep your business separated from you personal accounts it will make life easier and cheaper if you opt to have an accountant or tax professional handle your tax return. Click HERE to apply online.
- Get a free business checking account. Call around to the banks and find one that has a free checking for small business, give them the EIN you received from the IRS website. Get a debit card which is tied to your checking account, and if possible -- sign up for free Internet access to your account and free bill pay.
- Once you have your account information, setup a PayPal account and link to your business account, so you can accept payments. Verification will take several days.
Provided that you singed up for the Bank's online (free) bill pay, that combined with the debit card will cover 99.99% of your expensed transactions. You can wait to purchase checks until you actually need them. The whole process should take about a week.
Next, concentrate of securing clients and/or generating revenue. Such is the bootstrapping philosophy.
