GETTING STARTED IN BUSINESS: What You Do First To Make It Official! Design-In Practice Series

But First, If You Have Not Already Done So, Make These Particular Choices Right Now

Pick a date. It might be easiest, from an accounting standpoint, to pick January 1st. But you can pick any date. This is the date your business has been founded, and your business obligations (discussed below) begin.

Define your fiscal year. It would be easiest to make your fiscal year January 1 through December 31. But any 12-month bounded period which works best for you would be acceptable.

Set your goals for success. Everyone’s goals will be different. You might want to sell a few things occasionally. You might want some steady extra income. You might want to be financially self-sufficient.

Determine what business organizational type you want now, and how you might want to evolve into the future. These range from hobbyist to sole proprietor to partnership to various types of corporate arrangements.

The purpose of this article is to provide the how-to knowledge you will need to know to get started in your design business, whether making jewelry or other crafts, or working on projects involving design. While the specific names of some licenses and…