Start-ups, Part 1: First things First

Photo Courtesy of Laurel McConnell

We’ve all been guilty of putting the cart before the horse.  Often times, we don’t even know we are doing it until it is toooo late.  A couple months ago I asked a group of experienced professionals what they wish they would have known in the early stages of their star-tup, this is some of what I heard:

• How to plan a start-up budget and how to manage cashflow?
• What are some branding and promotional strategies?
• How do I find a good mentor?
• What to do first and where to get started?
• Do I need to incorporate?
• When do I need a trademark?

First things first…

So, there are some pretty obvious things that need to happen at the inception of your business.  The first one being that you have to have business concept, and the second one that you need to have a name for your business.  From there on, here are some of the other things you wanna make sure you get done first:

• Determine if your name is unique by researching the US Patent & Trademark Office.  We talked a little while ago about protecting yourself by taking out a trademark on your business name.  You may not need it in the early-early stages of your business, but you’ll certainly want to know if your “super original” name truly is super and original.  You’d be surprised!
• Determine your legal structure.  You’ll most likely start out as a sole proprietor, but you may want to make sure it is the best fit for your business by talking with a tax accountant.  There may be another structure that presents more favorable tax savings depending on your situation.
• You’ll also want to make sure that you are following city and state ordinances on having a business in your home, or if you rent an office space in your building.  If your profession requires any special licenses, you’ll want to ensure you have those too.
• If you are any business structure other than a sole proprietorship (LLC, Corporation, Partnership) you will need a Tax ID from the IRS.  You’ll also need one if you plan to hire employees.
• Apply for your business license with your city and/or state.
• Set up a business bank account that is separate from your personal account.  Many banks offer free business banking.  Check with the bank at which you do personal banking.

What next?

On Wednesday, we are going to help those of you new to entrepreneurship build a start-up budget… these will be all the costs that most small businesses incur in the inception of their venture.  On Thursday, we are going to help you start a promotional and branding strategy.

A start-up checklist!  YAY!

Kelly and I are nuts about lists and list-making.  We use them extensively in our business planning and in our communication with one another.  A list can be helpful in seeing a clear path to get things done.  It can also be a great way to pin down goals and have a visible reminder of their achievement.  So, we’ve built a list for you!

We have a Start-up Checklist available to new businesses in the wedding industry. This checklist consists of 2 pages of concise steps which will be helpful in narrowing down all the things you have to do before, during, and in the early stages of your launch. Download the Sage Wedding Pros Start-up Checklist for $5 here:

We think this will make the sometimes overwhelming steps feel more achievable.  The list is also a great way of cross-checking to make sure you’ve thought of all the little things required in the early stages of your business.

See you tomorrow… bring your calculator and we’ll build a start-up budget!