When running your own business, there is a lot that goes into it. You want to make sure that you have your business operating under legal conditions as well to prevent any troubles in the future. Here are 6 steps to make your hair extensions business legal.
Create a Business Plan
A business plan is the foundation for any business. It lays out the details for the operations, services, mission and more. You can find free templates for business plans on the SBA website here.
LLC and EIN
An LLC as stated, is a business structure in the U.S. that protects its owners from personal responsibility for its debts or liabilities. Super Important! You can register your business with the Secretary of State on your state's website (each state is different).
EIN, or an Employer Identification Number (EIN) is a unique number assigned to a business for easy IRS identification for tax reporting purposes. You can get on for free on the IRS website.
Banking and Bookkeeping
It is super important to separate your business expenses and you personal expenses. This will help you at the end of the year to do your taxes and track your progress. Do you research and see which bank is best for business account and you can find templates online to purchase to track all of your expenses and income. Be good to future you!
Permits, Certifications, Licensing
When starting a hair extension business you need to be properly trained in the extensions you are performing. Premier Violet Hair Extensions offers online training to show you how to become a master at hair extensions.
If you plan to open up a salon or rent a chair you will also need a cosmetology license. Start by searching cosmetology schools in your area to see which one fits your needs best. Also, certain salons operations require certain permits - be sure to check with your state on what is required.
Taxes
Every business needs to do their taxes. This is why it is so important to have a smooth bookkeeping system so that you know your numbers and take advantage of any business writes offs at the end of the year. Find a good CPA as this can definitely make or break your business.
Business Insurance
The great protector. A good insurance company will fight to protect your business and money. Do you research, see what coverages you can get to protect you and your clients.
Premier Violet Hair Extensions offers online training, tools, and more for your to excel in you hair extension business journey. Check out how you can take your business to the next level, and earn more time and money!
