7 Steps to Making Seven Figures a Year Passively

You may have heard of 7-figure earners, those who earn 7 figures a year before taxes and other deductions, but it can be hard to figure out exactly how they do it. Here’s an overview of the 7 steps you can take to make 7 figures a year passively as well as some advice from leading entrepreneurs who’ve done just that.

Step 1: Register a Business Name

If you want to make seven figures a year, you'll need to start by registering a business name. This can be done online or at your local courthouse. The process is usually simple and only takes a few minutes. Be sure to choose a name that represents your brand well and is easy to remember.

Step 2: Get a Federal Tax ID Number

The first step to getting a Federal Tax ID Number is contacting the IRS. You can do this by visiting their website or calling them at 1-800-829-4933. Once you have their attention, you will need to fill out and submit Form SS-4. This form requires your business name, address, and contact information. After you have submitted the form, the IRS will assign you a tax ID number. Be sure to keep this number handy as you will need it for all future tax filings!

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Step 3: Open Business Bank Account

If you want to make seven figures a year, you'll need to start thinking like a business. That means opening a business bank account. This will help you keep your personal and business finances separate, which is important for both legal and tax purposes. Plus, it'll make it easier to track your progress and see where your money is going. To open a business bank account, you'll need to visit the website of your preferred financial institution and select open new account. You'll be asked to provide some basic information, such as name and address, before being guided through the steps of setting up an account. Once everything is completed, you should receive an email with confirmation that the account has been set up successfully. Congratulations! Your 7-figure career is officially underway.

Step 4: Establish an LLC, DBA, Sole Proprietorship, or Partnership

If you want to be taken seriously as a business, you need to establish yourself as a legal entity. This will protect your personal assets and give your business credibility. You can do this by forming an LLC, DBA, sole proprietorship, or partnership. Each has its own benefits and drawbacks, so be sure to consult with an attorney or accountant before making a decision.

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Step 5: Register for State Sales Tax Numbers

If you're selling taxable goods or services, you'll need to register for a state sales tax number. This will allow you to collect and remit sales tax on behalf of your customers. To register, you'll need to fill out a simple form and pay a small fee. Once you have your sales tax number, be sure to keep good records of all your sales and expenses.

Step 6: Create Accounting System

Now that you have an idea of what your business will look like and what its expenses will be, it's time to set up an accounting system. This will help you keep track of your income and expenses, and ensure that you're making a profit.

Step 7: Have Fun and Earn Passive Income

There's no better feeling than earning money while you sleep, and that's exactly what passive income does. If you want to make seven figures a year, have fun, and earn passive income, follow these seven steps.

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