Attention: This information is not intended as legal, tax, or business advice.
1. Clarify your goal.
Why do you need this business?
How much money do you need to make?
2. Get clear about your resources and capabilities.
Your skills: skill level; interpersonal skills, education, knowledge, experience, talents, languages…
3. What space is available to you for work?
Realistic schedule – you will have to build your business hours around your family’s schedule, your day job, and all the other responsibilities that may need to be prioritized.
4. Choose your business model: working one-on-one with clients online or in-person, teaching courses, writing books about hypnosis, entertainment (parties, corporate events, fairs, YouTube)
5. Separate your business and personal finances. It will simplify taxes fillings greatly. It will also be easier to monitor your expenses and earnings.
Set up a separate bank account for all your business receivables. It doesn’t have to be a business account (they usually have hefty fees). Some banks allow creating a separate compartment/pocket within your regular account.
Dedicate one of your credit cards solely to your business expenses.
If you run multiple businesses, it will simplify accounting greatly if you dedicate a separate business account (or a department within your main account) and a credit card for each business you have.
6. Check your local government regulations relating to the practice of hypnosis. Make sure to choose a designation in accordance with your local regulations: for example, hypnotist instead of a hypnotherapist.
7. You must register your business and practice within your local law. You can register yourself online as a private proprietor. In the USA, there is no fee for that. If you decide to register your business as a legal entity such as a corporation, there are substantial fees that apply ($300 yearly in most states).
I am not an accountant, and I am not giving you a recommendation, but that what’s accounts usually say, file as a sole proprietor until you start making more than $100,000 per year.
Information about setting up a business is widely available online. Your state’s comptroller and IRS websites are reliable sources. When you are just testing the waters, don’t rush to spend money. Look for the most economical option; there are lots of free resources. You can always upgrade later.
It is the easiest, in the beginning, to register as a private proprietor. It will not complicate your taxes filing (C Schedule).
Type into your browser’s search bar: combined business registration application + your state. It is designed for your convenience – all the required registration applications combined into one (state, federal, taxes…) Within minutes, you’ll have FEID number – write it down and save. You’ll need this number every time you file taxes, pay state fees, open a business bank/credit account… It’s also required for omitting sales taxes when you are buying wholesale business supplies or merchandise to resell (in case you'll decide to sell physical products to complement your hypnosis services such as books, journals, wellness products, and supplements.)
State and Federal Online Business Registration: https://www.irs.gov/businesses/small-businesses-self-employed/state-and-federal-online-business-registration
Maryland Combined Registration Online Application: https://interactive.marylandtaxes.gov/webapps/comptrollercra/entrance.asp
International Hypnosis School
Phone: (+1) 888 913 6886