I Just Started a Company. What Should I Do Now?

At DWG, we support a lot of start-up businesses with their digital marketing and online presence.  Owner’s often have a lot of financial questions so when I saw this article from our bookkeeping service, I thought it could be of help.  Thanks for letting us repost, Maya.  You may want to see SolvencyNow.com

—————————

I get asked this question all the time, and the answer is – it depends. Let’s say you just started a company and you are not making any money, yet. First things first – do not stress. The IRS cannot take money you have not earned. So, there is nothing to worry about, and you don’t yet have to go  “What tax structures should I have? Should I incorporate?”

You do not have to go into any of that until you start earning money. Once you’re making over $100,000 in revenue and over $50,000 or $60,000 in profit, you need to consider tax structures. Just start making money. If you have something to sell, a product or service, start selling it and bringing in money.

Yes, you should track it. You should get bookkeeping software or an Excel spreadsheet to track the money in and out. You should have a bank account. A personal account will do, but use it only for business in and out. Keep it simple.

You don’t have to go get a DBA. DBA stands for “Doing Business As” and it is a legal term used if a person or company does business under another name than their own. In order to get one, you would fill out a form and send it to the Secretary of State or similar government position in your state. A DBA can be used for opening a bank account. When you need it, a DBA is easy to get; you could sign up through Legal Zoom or similar websites. Or you can ask your Bookkeeper or CPA to file for you. Otherwise, just ask your customers or your clients to write checks made out to you, (even better, have them send money online straight to your bank account.)

You don’t have to do anything more until you are making more money. But, do keep track of money coming in and what you’re spending.

My motto is: “Keep it simple”. Keep it as simple as possible until you’re making over $100,000 in revenue, at which time you will want to look at incorporating as an S Corp. That is usually the best way to go.

At the point where you are hitting the $100,000 revenue range, a good CPA will be your best friend and help you plan your tax structure in the best way to achieve your goals.

After you incorporate, you will want to get a business bank account and to set up payroll, but that comes later.

To recap, if you just started, the first thing is don’t stress the legal structures, tax structures, and IRS. Don’t worry about any of that. Build your business; do what you need to do and make some money.

Sincerely,
Maya Weinreb | Founder & CEO
813-336-1574

Necessity invented video options

It’s great to be able to share news about additional options and lower costs in the video realm.  Many of you are doing various forms of video content including streaming, pay walls, conferencing webinars, OTT, social…and the list goes on.  Been to TikTok lately?

But the options are expanding at light-speed.  Two years ago we supported clients with streaming services, ground-up apps and custom websites.  Those continue to be great options…but the invigorating change is the pricing behind the curtain.  While video backbones are still a necessity for streaming speed, the options have increased and prices have decreased.  Do a search and the options will astound you.

It is important to look at all the elements prior to making your selection.  Pricing options could include subscription costs, bandwidth charges, CC fees among others.  Features range from simple linked based streaming to subscriptions, downloads and rentals..not to mentioned video chats and webinars.

Welcome to wonderland (or a video trailer).

 

How can we help? E-commerce? Virtual Interaction? Questions?

Now is not the time to profit – so please know in advance that our consultations will be free and our pricing will be at sustainable rates for our team.

DWG understands how dramatically your business/life/business-life have changed in the last few weeks and perhaps, minute-by-minute.  Perhaps we can help….24/7.

Do you need online access to your business such as selling products online, updating your clients, hosting your digital messages?  DWG will brainstorm and implement promptly.  We stand ready to be your digital support whether you are a long-time client or someone with a new need.  Let’s talk.

Phone:  818.610.3316
Email:  dreambig@dreamwarrior.com

LaMae and Nami

Corona / COVID 19 Web Thoughts

Clients / Friends / Humans:  First, let me take this moment to wish you health and well-being in every way.

Those of you who are our maintenance clients have already heard from us about how we can help you communicate your message.    Dream Warrior is happy to pitch-in during this chaotic and critical time.

Here are some thoughts and recommendations to consider (and we know most of you have already done this):

  • Put a pop-up or popover on your site so you patrons and customers can readily find information.
  • Designate a new and separate  advisory webpage that you can update and change as information changes.  That should be the place where everyone can go to for current information – which will help your internal team as well as clients.
    • Include the latest updates regarding programs / services
    • Include the best local and national resources for information such as WHO and CDC.
    • Put best personal care practices as a service
    • Let them clearly know what you are doing on a schedule and maintenance basis — we are cleaning in this way or here is our refund/exchange policy.
    • Update them on the best way to reach you — phone lines and emails are very busy…explain that.
  • Then pass this information and page everywhere…
    • Post on social media
    • Create a link on menu
    • Include a link in email footers (of course send an email as well)
    • Consider your PPC or retargeting campaigns – how can you adjsut them to best serve your customers.  Do you need to change your ads letting them know of cancellations?  Can you give the options to work with you during this process – alternatives to refunds?

Please call us if we can help:  818.610.3316 x1

As for us, we are keeping safe and helping the best we can.  I am off to New York this weekend to speak at the Arts Reach conference – I expect there will be plenty of seats on the plane.  I will be careful and keep you updated.

LaMae