Tech Company Start – Step Two: Get To Work

If you’ve made it this far, then it’s time to get your hands dirty. The next step (whether you keep your day job or not) is to start taking on work through an established, on-line provider of freelance IT services. There are several, but the top three are:
1. OnForce
2. Field Nation
3. Work Market

Go to each of their websites and register as a service provider. Take the time to flesh out your profile with everything it asks for. It can take a while, so do this from the comfort of your own home.

Most importantly: do not claim skills you do not have! Be professional and be honest about what you can do.

This accomplishes several things.

  • It gets you in the field, making some extra money and working with a variety of clients
  • You will be meeting new people and showcasing your skills
  • You will be building a reputation
  • You will also be honing some other skills that will be important to your future tech company.

2B: Tax Employer Identification Number

At this point, you will want to get an employer identification number (EIN) from the IRS. Simply go to the IRS’s website and look for the “Apply for an Employer ID Number” link to apply on line.

When filling out the request, one field is the name of your company. It is recommended that you come up with a company name rather than using your own name.

2C: Accounts and Expense Tracking

Get a business checking account in your company name for direct deposit. Make sure to use the EIN instead of your social security number for identification. The strongest recommendation here is to get a new business account either from your bank, or a bank that treats small businesses well. Shopping around here will be worth the extra time.

Find out what banks are in a five mile radius of your home (ten miles or more if you’re in a rural or small town) and start calling them. When you call, ask the following questions:

  • What special services do they offer small businesses
  • Do they have a separate business teller
  • What merchant services do they offer
  • What fees are involved with these services

If you happen to know any small business owners in your area, ask them what bank they use and why. Also ask if they have any concerns or issues with their bank.

The purpose of all this is to keep all of your business expenses separate from your personal expenses. If you don’t have an accountant or CPA, consult with one on this subject. You will save yourself a world of trouble in the long run by keeping your business books clean and uncluttered with randomly placed personal expenditures.

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