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How do I start a small business?

How do I start a small business?

  • When I say a small business, I mean super small. My friend and I are really good at sewing and designing, so we would like to start making clothes and accessories. We wouldn't be doing anything big though, and it would just be for people around our school. We aren't even going to put up a website or anything, just a sort of side job thing. We would be charging, but since it's not a real business, would we need to do tax stuff? We are only freshmen in high school, and will probably be stopping after we graduate, but we want to try it. I just need to know if there are any legalities to it. We will eventually be opening a savings account to use for it, but it won't be a big thing, just a normal account. I just don't want the government to show up and start yelling about how we are running an illegal business, so please only answer if you have experience in small businesses or legal terms.

  • Answer:

    if your school is a high school, you may not legally have a biz yet. also, when you do reach age 18, consider doing REPAIR work; there is an almost unlimited need for shirt, pant and jacket repairs.

Angeldog at Yahoo! Answers Visit the source

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I have a You have to claim all income on your taxes regardless of how little you make. You can deduct what you spend on supplies, postage, fabric, thread, etc. from your gross profit and you only have to pay income tax on the net. So keep good track of all your expenses! I've been designing sewing patterns for babies, kid's, and women's shoes for a couple of years now and loving every minute of it. Here's the links to my shops: www.sweetpeapattern.etsy.com www.shoeology.etsy.com www.sweetpeakidspatterns.com www.myshoeology.com Here is another link that might help you with your tax question: http://www.irs.gov/newsroom/article/0,,id=169490,00.html

Cheri

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