So back to our business update... thus far I feel we have accomplished a lot! This is a learning experience for the two of us so we are learning as we go along. If you know better than us.... please please give us advice... we love it! At first we did tons of research..... day and night we searched for something that would give us a step by step guide on the journey we were about to embark on. Guess what we found? Nothing.... it does not exist! Below is a run down of what we have achieved thus far. (By the way we live in Nevada so each state may be different)
1. Research ... Research ... Research!!! I cannot stress this enough.... You want to have an idea of what you are getting into. Search everything from what you are trying to sell to how you plan to sell it! In our case we were looking for clothing.... a lot of wholesalers will not allow you to see pricing unless you have created an account which requires your sellers permit and or tax identification.
2. Licensing! This was probably the easiest part for us. We first obtained our State Business License (Whoop Whoop... currently proudly displayed on my fridge), In the same building we applied for our Tax Identification Number, Since we are opening an online retail clothing boutique we needed an address to apply for our City Business License. I live in Las Vegas, but my partner lives in North Las Vegas. After research we came out cheaper by using my partner's North Las Vegas address. Last, but not least we applied for our Federal Tax ID Number! Easy right??? Well of course it is now.... since we gave up our top secret info! Sharing is caring :).
3. Clothing!We are still working on securing wholesale vendors. For plus size clothing it is a struggle...
4. Bank Account/Merchant Account! Very important!!!!We adore our bank! They are open 7 days a week... we can open as many accounts as needed.... the list goes on...
That's all I can think of for now.... Have a blessed day!
1. Research ... Research ... Research!!! I cannot stress this enough.... You want to have an idea of what you are getting into. Search everything from what you are trying to sell to how you plan to sell it! In our case we were looking for clothing.... a lot of wholesalers will not allow you to see pricing unless you have created an account which requires your sellers permit and or tax identification.
2. Licensing! This was probably the easiest part for us. We first obtained our State Business License (Whoop Whoop... currently proudly displayed on my fridge), In the same building we applied for our Tax Identification Number, Since we are opening an online retail clothing boutique we needed an address to apply for our City Business License. I live in Las Vegas, but my partner lives in North Las Vegas. After research we came out cheaper by using my partner's North Las Vegas address. Last, but not least we applied for our Federal Tax ID Number! Easy right??? Well of course it is now.... since we gave up our top secret info! Sharing is caring :).
3. Clothing!We are still working on securing wholesale vendors. For plus size clothing it is a struggle...
4. Bank Account/Merchant Account! Very important!!!!We adore our bank! They are open 7 days a week... we can open as many accounts as needed.... the list goes on...
That's all I can think of for now.... Have a blessed day!
The garment districts in Downtown LA are the boutique owners dream. I know one who travels all the way from ATL 4 times a year! Check it out.
ReplyDeleteThank you Dedra!
Delete