Opening an individual business: where to start and what to prepare for?

Opening an individual entrepreneurship (IE) is an important step for anyone who wants to start their own business. It is a straightforward process but requires careful approach and preparation. In this article, we will look at how to start correctly and what to be prepared for.Step 1: Choose your type of activityThe first thing you need to do before registering an IE is to choose the field of activity you plan to work in. This could be trade, services, manufacturing, or something else. Each type of activity has its own requirements and restrictions that must be taken into account.Step 2: Choose a tax systemAfter choosing your field of activity, you need to decide on the tax system. In Russia, there are several options:<ul><li>General taxation system (GTS)</li><li>Simplified taxation system (STS)</li><li>Single tax on imputed income (STII), which applies only to certain types of activities</li><li>Patent taxation system (PTS)</li></ul>Each system has its own pros and cons, so it is important to study their features and choose the one that suits you best.Step 3: Prepare the documentsTo register an IE, you need to prepare the following set of documents:<ul><li>Application for state registration of IE (form R21001)</li><li>Personal income tax declaration</li><li>Copy of the passport</li><li>Receipt of state duty payment</li></ul>The application can be completed independently or with the help of intermediaries. When submitting the application online, the state duty may be reduced.Step 4: Submit the application to the tax officeAfter preparing all the documents, you need to submit the application to the tax office at your place of residence. This can be done in person, online, or by mail. It is important to carefully check all documents to avoid errors that could lead to refusal of registration.Step 5: Open a bank accountAfter registering an IE, you need to open a settlement account in a bank. This is important for conducting financial activities and receiving payments from clients. Choose a bank that offers the most favorable conditions for entrepreneurs.What to be prepared for?Registering an IE is just the beginning. You will need to keep accounts, pay taxes and insurance premiums, and submit reports. For this, you can use the services of professional accountants or specialized accounting software.In addition, it is important to remember that an individual entrepreneur is fully responsible for their obligations with all their property. Therefore, it is necessary to carefully plan your activities and assess potential risks.Also, remember the importance of advertising and promoting your business. Today, there are many tools, such as social networks, contextual advertising, SEO, and others, that can help attract clients and increase income.Opening an IE is a responsible and important step that requires preparation and planning. By following the above steps and considering all nuances, you will be able to successfully start and develop your business.