organizing budget

You have to separate your HBB from your personal debt! Think of your business as your employer and you are your boss with a main concern of the bottom line! If you do not produce you will be fired by yourself! You need to set up a separate checking account with an Employer Identification Number! If you can afford to become an LLC it would be great for protection but by law you need an administrator other than yourself ! An LLC will cost about 150.00! A Sole Prop is OK to start! You then need to pay yourself as an employee! If you are married hire your wife and pay her too! You need to get am EIN (empoyer identification number) and use this to set up your business checking account! This will separate you from anything connected with your SSN. Then you can work on getting commercial credit! There are tremendous tax advantages with having your own business! One of them is a Simplfied Employment Pension or SEP which allows a self employed individual to contribute up to 49,000 or 25 Percent of annual income into a plan as opposed to 5k in an IRA! Another is taking a tax deduction for the portion of your home used as an office or traveling to seminars or other business related events!