Number 1: Uncle Sam Wants His Money
Ladies and Gents. Just give the government the money and the paperwork they want. You will thank me for this later.
When I first started, I thought all I needed was a logo, a Facebook Business Page and a rinky-dink website that I created on Wix. Oh boy was I wrong. Here is the thing, I went to college. I was a business major. Up until this point in life I didn’t realize that I didn’t know SQUAT about being an entrepreneur. They don’t teach you how to run a business in school.
So before you even think about charging anyone, you really need to get your biz s**t together. Now this varies state to state, and I am by no means a “tax/legal/insert whatever else you want to here” expert. My best advice to you is hire an accountant or go to Legalzoom and get your ducks in a row.
Oh, and last thing, pay everything on time. I forgot about my state sales tax for two quarters, and I was hit with a $150 fine. That is a lot of money to a small business, so just do it, and do it on time.
Number 2: Don’t Buy Stupid Stuff
This is pretty self explanatory, but keep in mind the expenses you might be racking up, without a whole lot of income coming in.
I started out my business with a Rebel T3, and I thought I was a BALLER!!! I used the heck out of this camera and the kit lens for about a year and a half before I even bought my nifty fifty. I shot my first two weddings on this camera alone (not the best idea FYI), and I got through a ton of portrait sessions with this bad boy. I also used to edit all my photos on a tiny 13” Acer Laptop, that needed some color calibration.
At the beginning of my business, I thought I needed the latest and greatest camera bag, and random camera accessories, rather than saving that money and investing it later. Even if you are not a photographer, try and take something away from this. I have operated a debt free business, meaning that I do not have a business loan, and I do not have a line of credit. Actually, I just applied for my first business credit card two days ago, and it is scary!!
If you are an event coordinator, you don’t need to own a beautiful office right away. Starbucks is totally cool with your clients, or look at meeting at a coworking space (if you are local to Jax, check out Cowork Creative). If you are a blogger, just use that laptop that I know you still have from your college days, and make that thing work. Once you bring in some dollar bills, then you can upgrade to that iMac I know you have been eyeballing.