In season 1: episode 4 of our podcast we talk about whether or not entrepreneurship is for you. Tom and I share stories of what lead us to choose it for our lives, and we talk about the fear that can come from not knowing where to start. We also discuss intrapreneurship vs. entrepreneurship, letters of agreement/pre-nups, and the lifestyle and mindset of an entrepreneur. However this blog is going to focus on those wanting to start their own business. It is going to be link heavy. Please note there are LOTS of ways to start a business, these are merely some of the tools out there that can help. If you are wanting specific advice please feel free to reach out to us. We will help the best we can or refer you to someone else with a better skillset for your needs.
Moving on…
Sometimes when you don’t know how to do something that other people seem to be doing without help, it can feel like you are being excluded from a club. That is not the case. Furthermore, I have learned that the easier something looks, the harder it really is. Like Olympic gymnasts, they make it look super easy, and I guarantee they have spent YEARS putting in the work to make it look that way. The same can be said about a successful business. Success looks easy, but that is not always the case.
If you listened to the podcast than you know I started my journey by going to the book store and buying every Business for Dummies book I could find! They were definitely helpful. I would sit and highlight those books for HOURS over several weeks. I still have them and sometimes reference them. Why? After all I have been in business now for many years- because sometimes it’s good to remember the basics.
Here’s how the timeline went for my business needs:
1: File for LLC (can take awhile so be prepared). Also they will have confirmed your business name at that point.
2: Started designing my website.
3: Ordered business cards and other marketing materials.
4: Put together my Letter of Agreement (contract between any members/partners/etc showing intent of money allocation, etc.)
5: Once I got the articles of Incorporation (proof of my LLC) I went to the bank with my Letter of Agreement (Banks like/require this) and opened a business account.
6: Now that I have my bank account, set up my credit card processing account.
7: Bookkeeping $$$
8: Launched my website!
*This may not be the timeline for you because your business is not my business. But it is a good general plan. There can be other little details (I’m sure Tom will want to add some).
When it came to actually starting the legal part of getting the ball rolling I was referred to Legal Zoom. They are, in my opinion, the best and easiest way to get set up. You can pick and choose what you need. You can also speak with someone that will make sure you are getting everything you legally need to run a business. Now they will not run your business, you still need to be on top of that. They will just help you set it up.
TIP #1: Customer service is your friend! I have literally called the IRS and waited on hold for a DAY AND A HALF! Yupp, I sat on hold for a whole day and didn't get to speak to a single soul, and then called back the next morning just to ask a ton of questions to make sure I did it right. Turns out they are SUPER nice and helpful (as long as YOU are nice) and I hung up feeling much better. They are being PAID to GIVE YOU HELP. It’s free for you, so why not ask?
As far as websites, it depends on what your business does. I, personally, like Squarespace. They are SUPER easy to use on the back end and editing is pretty intuitive. I have used others, but this is my favorite. Make sure you are looking again, at pricing and what the benefits are. If you are selling a product, will the hosting site take a % of what you sell as well as your credit card processor? Do you have a limited amount of products you can show before you have to upgrade?
Marketing yourself is KEY. Business cards come FIRST. I have sampled several different companies. I like VistaPrint the best right now. They have a consistently good product, great pricing (especially on bulk orders), and lots of products that work with each other design wise. Usually every order comes with a coupon, so I use that towards the next order. There are LOTS of different ways to design your business card. The best way? Take a look at all the cards you have been given and take the best of those! What appeals to you? I like to make sure I have a font that’s easy to read because I have clients with eyes of all ages, I also like a matte card because sometimes I like to write a note on them and glossy doesn’t let me do that. I also do not put my email on my card for the sole purpose of I want people to contact me through my website. Why? I get their info AND my email is not being added to random email lists.
Find a great bank! Everyone has their preference, so I won’t go into that. Even Tom and I agree to disagree on what bank we like best.
You can get credit card processing through the bank but I recommend doing some research because they tend to have high rates. I like Stripe because they sync with a lot of website platforms. Again, you can do an easy google search and find lots of companies. If you are a restaurant or store I know some take SquareUp. I do not have experience with them, but it might be worth looking into. PayPal also has a business side and a credit card swiper.
Get ready for money because when it comes you’ll want to focus on that and not how to record it. There are LOTS of services. Quickbooks is one and probably one of the best known. I struggle with it. I won’t even lie. I think it is geared more towards accountants, however I know other that do like it. I, personally, like ZoHo Books. It’s pretty intuitive and I like the mobile app. It has lots of branches that it can sync with and is pretty affordable. This is a great time to use the free trials!!!
TIP #2: Make sure you are looking at the % the company will take off of what you make AND how long it will take to RECEIVE the money. New business accounts may have a probation period where it can take up to a week to receive funds to make sure they aren’t a fraud company, and that can last a month or longer. *My first business David and I signed up with a credit card processing company (none of the ones I listed) and our paperwork was done wrong for what kind of business we were. Our first job the payment was $20,000 and we weren’t going to receive it for THREE months because of a clerical error. We had to do the entire job on our brand new business credit cards. Thankfully we had them, but it really put us off on the wrong foot. So double and triple check that you are set up right and happy (as much as you can be) with the fees involved.
CONGRATULATIONS!! YOU DID IT! Wasn’t really as hard as you thought, was it? Now the real work begins! Employees, payroll, tax forms, OH MY! Don’t worry, we will follow up with another episode and blog. In the mean time, ask for help from customer service and Google. Google is like the Genie from Aladdin, the information is there, just be careful how you word your request.