When should I create a business?

When should you marry your girlfriend?
When should you buy a Harley Davidson?
When should you start a business?

The honest answer to all of these is, DON'T.

Ever!

At least, not unless you are head-over-your-heels in love with your girlfriend, a Harley, or the potential of your business.

If you truly lust after your fledgling business then the answer is, as soon as is practically possible (the same answer applies also to your girlfriend and the Harley).

If you are fully aware of the risks you are taking on, if you are fully aware of the opportunities it may bring, if you are going into it with eyes wide open, then do it.

Some will tell you, don't do it until you have at least 6 months of your day-job salary in the bank as a back up. Or, don't do it until you have the total support of everyone who is close and around you. But the real answer is, if you're passionate about the potential, then you must go ahead as soon as you can.

So, instead of asking "When should i create a business?" you might ask "What's to stop me getting started on my business full time?"

The answer to that is in your heart, not in anybody else's head. Yes I own and manage a successful ecommerce business that averages 6 figures a month in income. Yes I made the leap to full time entrepreneur and am grateful i did. Yes I can remember that point in time, for myself, that you now face. But I can't tell you the answer to your question.

I doubt anybody else can either.

Hope this helps.

Make the right decision for the right reasons having asked yourself the right questions.

Good luck.

You are off to a good start!

Get Waveapps. It is a free accounting system that will help you manage all of this. It will help you keep business and personal expenses separate and for the most part it is automated. Just connect it to your bank/paypal account and let it go to work. This will come in handy if you are ever audited or need an accountant.

The sooner, the better. You are already a sole proprietor. In my state, you do not need any special licence to be one (unless you are operating under another name that is not yours, then you need a DBA) Check your state laws on this. But if you are in business, you are a sole proprietor.

When you are an LLC, your business is a separate entity from you. You will pay your own paycheck out of your business profits.

I created an LLC. I like having my business ventures separate from me. I also save money on taxes because I can deduct the social security and medicare tax as a business expense and I get to choose how much I pay myself. When you are a sole proprietor, you pay the "self-employment tax" on all of your profit. When you have an LLC, you only pay that tax based off of what your paycheck is.

However, there are other business taxes depending on your state) so you should look into your state's business tax laws.

I do not do all of my own legal stuff. I have an accountant. I recommend you find a good one too. A good accountant is worth the money because they can save you more money than you pay them. They also save you valuable time that you could be using to run your business. My accountant is a mad genius who has saved my ass on more than one occasion.

Good luck, friend!

You already have started a business , the moment you started trading. Sounds like you need to get sorted when it comes to keeping accounts. For IM, if your business model is fairly simple then a basic spreadsheet detailing income and outgoings you update regularly might be enough.
I'm a sole proprietor. Selling through multiple avenues can get tricky when it comes to accounts. I don't have an accountant though because I don't need one yet. It sounds like you might benefit from the advice of one though.

Best time to create a business? NOW! ... there are only so many tomorrows. If you wait for this and that before you start a business, you'll end up waiting forever.
Business is a process not an overnight undertaking that's why windows got so many versions, it started from a very unconvincing windows 3.1 to eye catching windows 8, etc. Bill Gates didn't wait until computer hardware can support the requirements of Windows 8. If you start creating your business now, it will improve itself along the way... so much to learn along the way and with it rooms for improvement. Your plan may even change along the way and you'll find that the direction of your business may not be the direction you've previously planned. Goodluck to your business!

When you should create a business? RIGHT NOW!
Start from the small thing that you have the knowledge or experience.

I would set up a business now...how do you plan to write off your expenses with out having it set up?

Plus you can write off the costs that it cost you to set it up.

I've always set up a business before I started operating.

Go talk to a local CPA (Certified Public Accountant) and ask them... many will talk to you for free (no need to go to a lawyer, they don't know accounting anyway).

Totally when you have an idea and you are sure it will work! However, your beliefs are not the only thing that matters. Do the market reearch and see if there still are some space for you, if not, it might mean that the idea you have is not as good as though it is. Business usually succeed when you have something original and difficult to offer.
When all of this is clear, I would also suggest you to create your business plan first - think of where you will start and where you will end. This will ensure that you are going to the right direction and not sticking at one place the whole time.

The answer is:

- MOVE YOU TAXES ABROAD

move your taxes aboard???, Jeeepers!!! really. LOL.

I would not take financial advice in here, especially from novice and inexperienced members.

What you need to do is :-

1) Plan your business

2) Plan what sort of model you are going to use

3) Allocate time and what TRAFFIC sources you will be using to advertise. FREE / PAID, I recommend paid traffic. [much quicker]

4) Once these been done, go to a business specialist or your local tax consultant / financial planner to finalize the details, and have you set up properly.

And do not take tax advise on this forum, from anyone, go to see someone who knows and who is experienced at this.

Start a business when you learn more and more in WF