18.
Re: Starting my own clothing line- suggestions?? Jun 25, 2009 9:06 PM

in response to:
Inspired2009
Starting small is a good thing, I think. Perhaps the fabric supplier asked if you had a business license. When you form your entity you'll get a Federal Tax ID and articles of organization. Depending on what state your in you will need some sort of traders license/s, just a $100 or so from your counties courthouse. There is more but not important if your the only owner and don't have employees.
In Maryland, you just don't have to pay MD sales tax at the time of the transaction when a business purchases from a business. From my experience the business license is more to have your companies information on file with their company, company letterhead, business card, nothing special. I'm sure you can buy fabric without it for the same price, money is money weather its from a business or not.
Some other advise, get your books right from the beginning. Its really so simple if you have half a brain and are decent with numbers. Know your income statement and balance sheet. Get it right from day one, perfect it, this is by far the best advise I can give to someone new starting a business. Your financial statements are the key to knowing your business and growing it.
About me, I am never happy with my business', lol, I didn't have someone like me to teach me. I learned a lot of what not to do, not so much what to do. I have certainly done a good amount of business and many amazing experiences and achievements. And, I do make a pretty good living for myself. I do focus a little too much on the future rather than the right now. Overall I'm very happy, and I will certainly never regret choosing self employement over... not being self employeed. haha