Step by step instructions to Understand, Start and Run a Successful Home Based Travel Business
You might be really thrilled as well as excited to begin your travel agency and to run it from your home, but hold on, there are some important things that you will wish to always take care of prior to signing up with the host travel agency.
- Selecting the name of your travel agency:Host agency certainly would wish to know the name that you have chosen for your travel agency for their records, hence it is important to have it. You’ll even need it for purpose of documentations that are mentioned below. Never forget to find the travel niche prior you name the travel agency.
- Decide the status, LLC, Sole Proprietor or Corporate:You would definitely wish to talk to tax advisor to check where you might get great financial benefits. Many small agencies having less assets starts with sole proprietor. When they get big, they prefer to move to LLC. You can imagine amount of expense as well as paperwork required by banks, state, etc. while you change the name of your business legally.
- Register DBA with state:DBA is mainly the acronym of “Doing Business As.” When you choose for becoming the sole proprietor, you might also register it with the state as DBA. Here SBA websites that is even known as Small Business Administration sites shows steps to register the company’s name with state.
- It is optional to Get an EIN: Technically, you really don’t require EINan Employer Identification Number as you may also use the social security number along with specific business structures. On the other hand, I personally also never prefer to give out the social security number. In general, it is suggested to get an EIN. Also, you should ensure to check in with the tax professional about the time for tax filing for specific structures of your business, you might also file under you’re your social security number or SS#.
- Open a business bank account and even take a credit card:Once again, you really don’t require a business bank account as well as credit card, though you’ll even wished you have it. It is though important to separate your personal bank account from that of the business bank account from start that helps to make accounting simpler and this will also help you to keep proper track of the business expense that could be write offs.
Don’t worry in case you didn’t do all such things that are mentioned above, it’s not now the end of entire world. But it is suggested that you should do them as early as it is possible. When you would start the travel agency from your home, you will definitely have lots of different things that would need your attention hence laying proper groundwork at the earliest is always in your favor and also it is also suggested to lay a base before you get in to work.