Getting Started: Small Business 101
Six years ago this month, I filed for my EIN and registered with the Sec of State to make my business official. I was totally winging it. I figured I could do anything for a few years, and I would hold onto my regular 9-5 as long as I needed to and see what happened. It was anxiety-inducing and confusing at points. I made mistakes and did some things really well. I think any business owner will tell you that they would definitely do a few things differently. I also think a lot of them couldn’t imagine working for someone else again.
Over the past 6 years, we have met with and taken on businesses at all phases of growth and development. I have facilitated workshops as well and talked with a lot of people in the “just checking it out” phase of becoming a business owner. While becoming a business owner isn’t for everyone, we want to make the process easier and less confusing, so this month, we are walking you through the process and some of the challenges.
Here are a few things we will cover:
Prep work: Is there a market for your service or product? What will it cost to get going? How will you fund your life and the business until it is profitable? Do you need a business plan? What does that look like? Most of the time, there is more than just picking a name and opening up shop. And starting out is stressful and scary, more so if you are unprepared, so the more work you do on the front end, the better it will be
Logistics: what business structure do I need? How do I register with the government? Do I need a separate bank account? It can be confusing and overwhelming to navigate the systems and options. We will talk through your options and offer advice on getting it set up correctly.
The mental and emotional load: Outside of your to do list, there is a lot to consider on a more personal level. How does this work for your partner or family? Are there other stresses or life changes to account for? How will you maintain or come back to a better work life balance?
If you are just considering becoming your own boss or in the early stages of business development, hopefully this month’s topics will help you. If you are an established business owner and have something to share about your own experience, please chime in!
“Life opens up opportunities to you, and either you take them, or stay afraid of taking them.”
