How to Start a Business: Part 1- You and Your Beginning
So you want to run a business? Maybe you want to be an author or are in a different field and just looking for advice? Hoping for a career to bring in residual income? Looking for more freedom? Want to fulfill a lifelong dream? I know a little bit about that.
I've learned a lot in the four years since I embarked on becoming an author. I'm closing in on my 100th blogpost, and I wanted to share what I've learned in a four-part series. Today we're going to talk about you, and how to get started.
"What do you do?"
So you want to start a business? Maybe it's a book, antique store, blog, restaurant, or something completely different. Great! Now what? You need to narrow in. Focus on what you're going to sell. Not selling a product, you say? Wrong. If you want someone's time or money, you are selling a product. Part of starting is figuring out what you are offering and who needs it.
One tip is to write down everything that you want to do with your business. Consider what you like and what you are knowledgable about. That is your brand. It goes beyond products and gets down to the underlying common denominator that connects everything you are and what you offer. Consider these questions:
What do I know about it?
How do I know about this? What makes me an expert?
What resources am I familiar with that I could share?
What makes me different?
Now that last question trips people up. They start to wonder if they are different at all, and can stall out. Are there other romance authors out there? Absolutely! Are any of them me? Nope! Everything has been done before, but not by you, and your voice is needed and worthy. The world is big enough for all of us to find success.
"Okay, I got my brand, but now how do I do this?"
I've said this before, but your most valuable resource isn't money, it's time. You need to commit to your dream. Wanting something is one thing; doing it is an entirely different thing. How bad do you want this? Bad enough to sacrifice sleep? Bad enough to sacrifice time with family? Bad enough to sacrifice your binge-watching time? And about money, how bad do you want something? Bad enough to sacrifice some of your savings?
Now that makes it sound pretty scary, but these are things to consider. You need to consider how much risk you're willing to take. If you're in a long-term relationship, this needs to be a joint conversation. When is a good time to build the business? In the absence of office hours, setting some can be tremendously helpful. My husband takes Thursdays, which was a mutual agreement. I don't schedule anything on those days, and he can take that time to invest in himself and his company. How much money can you spend and how often? I've been on both sides of this conversation and can tell you a partner is a lot more willing to invest in a dream if they are involved before the decision.
Regarding time with family and otherwise, you have to take care of yourself, but the business by nature will require some time as well. I can't tell you when and how that will look for you. Only you know that, but whatever you choose, consistency is the key. Be realistic with yourself. I committed to blogging on Sundays; with a rule, I would not skip over one weekend if I needed to. This schedule allowed me some flexibility around the holidays but also kept me accountable. I also try to do at least one thing for my business a week, whether that is a post on social media, write, edit, or research something new. Some weeks it's just the blog, and that's okay, but it's something, and it adds up. If a traditional weekly schedule doesn't work, perhaps consider something based on work. Whenever I have one day off, I will spend one hour working on my business. Look at your life and pick a time to carve out.
"Okay, but don't I need a license to do this?"
Maybe, maybe not. It depends, which I know is everyone's favorite answer!
An argument for one:
Are you hiring someone? If so, then the answer is probably yes because you'll need to pay payroll taxes and set up other employment paperwork that requires an Employer Identification Number, or EIN.
Do you need a loan or tax benefit? If so, then, yes. An EIN is necessary to get a business bank account, loan, and business credit card. It also will give your tax accountant more tools to work with when it comes to deductions.
An argument for not getting one:
Are you a one-person show? Great! You may not need one because you won't need to deal with payroll. Don't have a tax accountant? That's fine. Any earnings you make will just be treated like a second W-2 or second job. Are you going to have a period of slow growth? That's fine. You might not need one now and can use that capital to start something else for now.
"Okay, so where do I start?"
That's the easy part. Website. If you have a good website, you have everything you need. I use Squarespace, but I've also heard great things about Wix and Adobe Spark. Google Sites is excellent too. All of these options have great templates that are easy to use and personalize. A good clean, organized website can make the best impression. If you can click and drag, you can make a website.
"But I don't have anything yet? Should I still do a website? What would go on it? Does anyone want to read my blog?"
Yes! Do it today! I started the blog as a way to document my journey and establish an online presence to build an audience and follow before having something to sell. This creates the opportunity to forge a real relationship based on trust and authenticity, which means when the time comes for sales or partnerships, you already have a base to turn to for support.
“Is that it?”
Nope! I’ll be back for part two of our four-part series next week.
Until then, go chase some dreams!
Kathryn