Did you know that Bitcoin officially launched on January 3, 2009? If you are into the crypto world and have dreamt of starting your very own cryptocurrency business, you are in the right place. We have put together this short guide to share what steps to take when starting your own bitcoin business.
Keep reading to learn the steps you want to take to ensure that your new business is planned out well.
1. Make a Plan
First, you have to get clear on your plan in order to map out the small details of your business. This is the time to choose whether you want to own your own bitcoin ATM, start a bitcoin vending machine, become a bitcoin broker, or start your own decentralized coin to fit a certain purpose.
Once you choose the exact cryptocurrency market you want to launch then you can figure out who your target market is. Defining who you are marketing to will make all of your marketing efforts much easier to navigate.
Next, you will want to form a legal entity. Choose a business structure such as an LLC (limited liability company), corporation, partnership, or sole proprietorship. If you opt for an LLC or corporation you are protecting yourself from being held personally liable if the business is ever sued.
If you are not sure about how to register your cryptocurrency business we highly recommend speaking with an attorney and also an accountant that is familiar with the laws in your state.
You have to register for taxes before you open your business. There are different state and federal taxes that you have to register for depending on the type of business structure you choose.
Keep in mind that before you register for taxes you will have to apply for an EIN (employer identification number). This is 100% free to do through the IRS website.
4. Bank Account
To protect your personal assets take the time to use a dedicated business banking account. If you use a personal bank account and mix your business expenses and personal expenses you put all of your personal assets at risk including things like your car, home, and other valuables.
Opening a separate business account will also make accounting and tax filing a lot easier.
5. Define Your Brand
Creating a strong brand will help your crypto business stand out from the competition. Your brand is what your company stands for and how the public sees your business. Taking the time to define your brand will make it easier to know how to market what you are offering.
Ready to Start Your Cryptocurrency Business?
We hope that now that you have our step-by-step guide to starting your own cryptocurrency business you are feeling confident moving forward.
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