Back to home
in Finance

5 Steps to Launching a Freelance Business

  • June 27, 2018
  • By Grace
5 Steps to Launching a Freelance Business

There has never been a better time to start an independent career. In fact, in the United States also, there are more than 55 million freelancers and this number continues to rise. If you are considering launching a freelance business, be sure to take the right steps for success. IRS-EIN-Tax-ID provides information on various federal tax topics including if you need an EIN for your business.

Step 1 Research Chosen Industry

After determining what type of freelance business to start, it is important to research that industry. As with all businesses, you need to understand who your customers and competitors are by doing market research.


Step 2 Obtain an Employer Identification Number (EIN)

Having an EIN is not a requirement for freelance businesses, but it can be very helpful and is needed to if you open a business bank account. Having an EIN, also known as Taxpayer Identification Number (TIN), helps avoid identity theft by keeping your Social Security number safe. Applying is fast and easy from where your EIN is securely delivered to you within an hour. Also, if your number is taking longer than expected to arrive, it is simple tocheck TIN number status online.

3. Open Business Bank Account

Having a separate bank account at different banks for your personal and business needs is advised. This makes accounting for your business much simpler.

4. Hire Web Designer

Consider buying a domain name and hire a professional to help with the feel and look of your site.

5. Apply for Business Licenses

As with other businesses, freelancers are required to have business licenses. Be sure to get the appropriate ones by looking into what ones are required for your location.

Visit IRS-EIN-Tax-ID to learn about their EIN services. In addition to your EIN for your freelance business, they can tell youhow to get an EIN for a trust or estate.



By Grace, June 27, 2018
About Little Modernist
This site is designed to help you live your best life. We know how overwhelming life can be, so we have designed this blog to focus on the essentials: how to get ahead financially, how to improve your health and fitness, and how to make the most of your free time.
Like Us On Facebook
Facebook Pagelike Widget