Good day all. First time poster here.
Background: I have a business idea. It's a simple and cheap product. It's also something I can do whilst maintaining my current job. The risk is low IMO; as there is no immediate need for financing outside of my own income. It is a niche market within a major industry, with few competitors and plenty of room for a new entity in the market. It's been my hobby for several years and I have perfected my version of the product. The goal is not to become rich, but slowly transition from a life in a cubicle to becoming my own boss.
Problem: I have the entrepreneurial spirit....I just have never taken "the leap" before. It's a daunting task the first time through.
Question: Is it bad practice to Incorporate before I am actually ready to do business? For some reason I have this overarching subconscious thought that everything needs to be done and ready at once. I can't shake it, and I don't think its true. But I think this idea of completeness has held me back in the past.
So is there any reason I should NOT Incorporate now, request EIN, and setup accounts? Even though I know I wont be ready to launch for say 6 months? There are other task that need to be completed, such as permits and inspections. Those will definitely need to be conducted as the entity, correct? What are some general issues to be concerned about with a temporarily inactive business?
Thanks for any clarification.
Background: I have a business idea. It's a simple and cheap product. It's also something I can do whilst maintaining my current job. The risk is low IMO; as there is no immediate need for financing outside of my own income. It is a niche market within a major industry, with few competitors and plenty of room for a new entity in the market. It's been my hobby for several years and I have perfected my version of the product. The goal is not to become rich, but slowly transition from a life in a cubicle to becoming my own boss.
Problem: I have the entrepreneurial spirit....I just have never taken "the leap" before. It's a daunting task the first time through.
Question: Is it bad practice to Incorporate before I am actually ready to do business? For some reason I have this overarching subconscious thought that everything needs to be done and ready at once. I can't shake it, and I don't think its true. But I think this idea of completeness has held me back in the past.
So is there any reason I should NOT Incorporate now, request EIN, and setup accounts? Even though I know I wont be ready to launch for say 6 months? There are other task that need to be completed, such as permits and inspections. Those will definitely need to be conducted as the entity, correct? What are some general issues to be concerned about with a temporarily inactive business?
Thanks for any clarification.
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