Every business needs an Employer Identification Number or EIN for tax reporting or credit purposes. If you expand your business you will need credit. You will not be able to obtain credit without an EIN. You do not have to pay for an EIN, you can visit the IRS website or click here Get Your EIN Now! For Profits and Non-Profits are required to have an EIN.
When thinking about taking on the task of being a business owner, there are some questions you need to ask yourself……..
Do I have what it takes to run a business?
Will my family have the resources during the transition?
Do I have savings?
Do I have systems in place for slow-paying or non-paying clients?
Even though having a degree is not needed to start a company. I would encourage you to take a few classes at your local community college. The community college has many resources that you can utilize to assist you with starting your business. Attending a Community College is very cost effective as well. I usually advise students who are enrolled in our Non-Profit organization JRTC to attend a community college and then transfer to a university. It is much more cost effective. You will save thousands of dollars in student loans, interest, and fees.