Epiosde#14 Steps to Set up a Small Business
Hello "You Dont Lookers" and Welcome to Episode #14. One of the things that You Dont Lookers have in common is we have the courage to level up, to go out and do things others we know have not done, and we are financially fit. These traits are also common of entrepreneurs and small business owners. In keeping in touch with many of my classmates from Cathy Heller's You Were Made to Do This course, many of them are building up their audience during free offerings and are working toward getting paid for those offerings. Naturally this leads them to ask questions such as "Do I have to capture that money in a separate account? How do I withhold taxes?" When I began to mention things like "You also buy the Domain name" their ears perked up and they had more questions. Questions that I wished I had known the answers to all in one place at one time when I started to operate Koastal SUP Yoga (which is an LLC btw)! So here you are my loves---may this information be a useful resource to get you going on the path to being your own boss! You can email me your questions about this episode at info@koastalsupyoga.com or DM me on IG @koastalsupyoga; I will be glad to help you out! It may seem overwhelming but you can do this!
Before you take your real world dive into the topics covered in this episode, you should already have a business model developed (check out the Harvard Business Review for examples) and have the proper certifications and/or insurance required for your business or profession that will be the basis of the services you offer. Example: yoga teacher certification and yoga teacher insurance, etc.
Please share this episode with your friends and subscribe to this podcast wherever you get your podcasts—iTunes, Spotify, etc. Until next week- Namaste.
1. Research Business Name & Buy Domain from domain registry sites such as GoDaddy.comor Register.com
2. Contact a professional graphic designer for your logo
3. Find a great accountant/Financial Advisor
a. They will help you decide if your business is best as an LLC or a Corporation
4. Register on-line with the IRS for a Federal Employer Identification Number (FEIN aka EIN)
5. Register your business with your state and local government
a. You will need your EIN to do this
6. Set-up checking, savings and credit card accounts for your business
a. You will need your EIN to do this
7. Create a website, be sure to choose booking and payment platforms that also work with your website and with your type of business
8. Ask your web developer for help with starting to learn about social media, like Instagram and Facebook, and building an email list with platforms like FloDesk or Mail Chimp
9. Establish relationships with other area businesses by being their customer
10. Mention to everyone you come into contact with that you have a business and hand out your business cards
