Posts Tagged ‘starting a business’

Contractors, start your own business

Are you an independent contractor looking to start your own business? Here are some high level guidelines:

start your own business1. Incorporate your business with an appropriate name and tax structure.

2. Get required licenses from state licensing authority allowing you to provide contracting services.

3. Get liability and workers compensation insurance to cover your liabilities and any subcontractors you hire.

4. Identify the services you will be providing and approximate rates you will be charging for different services and document them.

5. Register with Online portals like HireContractor.com to get exposure to customers and get project leads.

6. Do not ignore any lead or referral. Provide good quotes to customers and convert them to projects. Make sure you spell out the details of quote after considering the cost of material and tools.

7. Complete projects as promised to clients and get good reviews and ratings which will lead to more projects.

8. If a project is going beyond your quoted cost, do not abandon the project, but discuss with the customer and come to an understanding where you will finish the project.

9. Keep track of all your expenses with expense receipts.

10. Locate a CPA or a Tax adviser to file taxes on time.

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