When you’re starting a business, there are so many things to think about & it can look & feel pretty overwhelming.
It’s the “overwhelming” part that tends to leave a lot of people scratching their heads and deciding to give up on the whole “business” thing and call it a “really expensive hobby”.
But that’s not what we do around here!:) Around here, I want to take that “scratching-your-head-overwhelming-feeling” and turn it into a business that allows you the freedom to do what you love, and love what you do!:)
Creating a legitimate business is the first step in saying goodbye to that expensive hobby, and to help you out I’ve put together:
5 Reasons Your Biz Might Not Be Legit!
Grab a pen & cross check your biz with my list below! We’ll get you legit in no time!
1. You haven’t set up your business structure.
First thing first, you need to make sure your business structure is set-up! LLC, Sole Proprietor … whatever the case may be for you, having your business legalized by the government will allow you to PROTECT your personal assets, and keep things like personal assets (your home) safe from business assets (if you were to ever get sued). Setting up your business isn’t as hard as you think. Look up your state’s requirements and call your local courthouse for local requirements!
2. You don’t have a contract.
You must have a legal document between yourself & your clients. It not only PROTECTS your business (do you see a trend here?) but it also allows your clients to view you for what you really are – a PROFESSIONAL. Contracts are not something you should mess around with, and I highly suggest investing in a contract you know is legit and backed by a lawyer. This is exactly why I love my contracts from The Contract Shop!
3. You don’t have a bookkeeping system.
How do you know what’s coming in & going out of your business? Are you making a profit? Can you afford to invest in that new course, or buy that new piece of equipment? Having a solid bookkeeping system in place will allow you to answer ALL of those questions (and more) in a flash, and you’ll feel more CONFIDENT in the financial state of your business. When I first jumped into small biz life, I scoffed at a bookkeeping system because I felt like I didn’t have ENOUGH money coming in to need a true system to organize it; yet I quickly realized that was a HUGE mistake and while you might start out balancing 1 or 2 zero’s (wishing for 3 to 5), if you create a system NOW that WORKS, it will keep working as your business grows! (I currently use Quickbooks Online through Steadfast Bookkeeping and can’t say enough about her amazing company & this handy tool!)
4. You don’t have any way to share your work.
When you’re first jumping in, you don’t need a complicated website – but you DO need someplace to share your work. You’re building a portfolio AND building momentum in your business – that means potential clients & vendors need to SEE what you’re doing!! I tell all my coaching clients to create a landing page on the world wide web that give potential clients a place to find you (via Google) and get your contact info & social media channels. Then while you’re building your business, focus on sharing your portfolio on a (free) business Facebook Page and on your (free) business Instagram account. (If you’re feeling antsy and want to jump into building a website now, try a beautiful website template from With Grace & Gold or The Palm Shop. You can get the look and feel of a custom website without the cost!)
5. You don’t have professional means of communication.
Say goodbye to talking to clients over Instagram DM and Facebook Messenger. Create a (free) gmail account and begin filtering ALL inquiries and client communication through your business email. In the beginning, it’s perfectly fine to have an email account that ends in “@gmail.com”. As your business grows, you may want to consider a custom email account through your domain (i.e. “@katschmoyer.com”) but I do not think it’s a necessary expense right away. What IS necessary is letting clients know that you value their time as much as yours, and require ALL forms of communication to be done via your business email – no more texting, late night FB chatting or filtering Instagram inquiries.
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