Now that I’m slowly emerging from my latest bout of anhedonia (or whatever you’d call it), I should probably discuss my progress towards the location independent life. Unfortunately, few new things have happened since I last posted on this subject two months ago, which isn’t unexpected considering my mood. Fortunately, I’m feeling more motivated and want to capitalize on that.
First off, I chose a name for my online business! I am the proud proprietor of Juniper and White Craft Furniture. Woohoo! Sounds crafty, right? I hope…
I have also filed federally as a sole proprietorship and have obtained my EIN (Employer ID Number, this number is a federal tax ID). In the future, I need to consider whether I want to maintain a sole proprietorship (less complicated tax structure, and you don’t have to pay a filing fee in Massachusetts, but all of your personal assets are fair game in lawsuits) or switch over to an LLC (Limited Liability Company: more complicated taxes, and you have to pay $500/year in Massachusetts to file, but you can only get sued for as much money as you put into the business. In my case, I’d only get sued for $10.). For now, though, I’ll stick with the former and consider the latter if and when this venture has proven profitable.
After obtaining an EIN, I e-registered to pay business taxes with the state of Massachusetts. Unfortunately, the website explaining what kinds of firms pay which taxes is particularly confusing, so I ended up calling the Department of Revenue and figured out the correct tax structure that my business needs. As a result, I changed my e-filing but still have to wait for it to get approved before I can sign up to pay the right taxes and obtain a resale certificate.
The most exciting part about this, for me, is that I’ve found a manufacturer that I want to work with. We’ve been in touch, and I’ll sign up with them as soon as I get my resale certificate. They’ve been prompt with communication, and I really like the furniture that they offer!
Finally, I’ve begun toying around with logos. I’ve experimented with different fonts, colors, and layouts. This needs a few days to sink in, and then I can settle on one.
So where will I go from here? Like I said, I need to re-register for state taxes and obtain a resale certificate. I also need to register for federal taxes, apply to the aforementioned manufacturer for a line of credit, find another manufacturer for non-furniture products, build my website, and begin marketing, among many other things. Not too bad, right? I think I’m in good shape, and I welcome any busyness that goes along with starting an online business. Hopefully that will come soon!
Oh yeah! I forgot to mention that I signed up for my first (personal) credit card with rewards: the Chase Sapphire. If I spend $3,000 within the first three months, I’ll get 40,000 points. That’s a one-way ticket to South America! Not too shabby to start out. If you’re interested in learning more about rewards, check out Chris Guillebeau’s Cards For Travel blog and start comparing credit cards.