When I’m working with people on their businesses, the comment I get more than any other is, “I don’t know what I don’t know.” When you start going down that rabbit hole researching all the things, it can seem like there is just too much to do. What do you do first? My best advice is to not overthink it. Start simple and grow as you’re able. You don’t have to have it all figured out ahead of time. And sometimes you don’t even want to because as you start doing more business, you realize what needs to change. You lea...
When I’m working with people on their businesses, the comment I get more than any other is, “I don’t know what I don’t know.” When you start going down that rabbit hole researching all the things, it can seem like there is just too much to do. What do you do first? My best advice is to not overthink it. Start simple and grow as you’re able. You don’t have to have it all figured out ahead of time. And sometimes you don’t even want to because as you start doing more business, you realize what needs to change. You learn as you go. You make adjustments and you keep going. You make more adjustments and you keep going. Wash, rinse, repeat.
I emphasize this because I like to have everything in order before I launch anything. But in the past, that put me in the habit of wasting time. Time that I could’ve been spending actually doing business and not just planning for it. I couldn’t even count the number of times in the last 5 years that I’ve changed my focus, my website, my services, my internal processes, everything about my business. It’s constantly evolving, and I love that. I’ve had to learn to trust and accept that you can’t know everything ahead of time – you have to get in there and start doing. That’s the best way to figure out what you don’t know.
That being said, you have to start somewhere. So start with the basics. But even if you’ve already started and are running your business, don’t tune out just yet. I’m going to talk about two of the most important things that all self-employed business owners should be doing, and I find that a lot of people aren’t. First, and most importantly, be clear on what your business is.
01:30 Decide on your business name and get the matching domain.
02:04 Make sure you have a strong logo and website. My personal recommendation is Tansy Aster Creative
03:25 Be clear about what products or services you're offering and what you're going to charge.
03:47 Create a one-page business plan to help clarify the information in your head.
04:06 It's important to have a good CPA.
05:02 Decide if you want to start as a sole proprietor or LLC.
06:40 Get the appropriate business licenses.
07:30 You must keep separate accounts for your business income and expenses - never mix with your personal accounts!
08:34 Keeping solid bookkeeping records will make your life easier. Check out Quickbooks Online, Freshbooks (affiliate link) and Wave Apps.
10:05 Make it easy for clients to pay you, even if you lose 3% to credit card fees (which are tax deductible).
10:29 You don't have to be profitable right away to deduct your business expenses.
10:56 Plan on putting aside at least 35% of your income to cover your taxes.
It sounds like a lot. I know. It can be intimidating, but if you start getting into the mindset of a proper business owner now, you will be much better prepared to move forward. It does get easier as you go. So if you want to start a business, get these things in order, stop thinking about it, and get going.
Connect with me through your favorite platform: https://pods.link/aardvarkgirl
