Starting a Business is one Wild Ride!

Congratulations on your idea. Starting a business is one crazy but enjoyable ride!

The Idea!

First you need the idea, that spark of inspiration.  This is the idea behind the business, the one that will drive you and all of the hard work that lies ahead of you.  This idea can be one that has been in the back of your mind for a while, or one that’s just jumped right out at you! (I’m willing to bet that even if it seems like it’s a new idea, it’s one your subconscious has been working on for a little while now).  Take time with this idea, nurture it and refine it.  Add to it.  Question it and strengthen it.  Whisper it to those around you, and gather their reactions.  Even a negative reaction or doubt in your idea will help you fortify it and build it up into the idea that drives your success.

This was the craziest part of the whole journey.  At times you’ll be filled with confidence, and then in the next  moment you feel like “What am I doing?” I’d like to rely this little one to sum it up in a series of photos from the beach a couple of years ago…

Research

Now that you’ve developed your idea, take some time to research it! Is it a new idea? If not, that’s OK, it will challenge you to make your idea better.  Is the name for your idea taken? I had searched for about two days before I settled upon McKeating Solutions, and then I still had to check to make sure that the name is available.  One step you’ll need to take later on has a place here in this research phase.  Go to your local state government website and run a search on the name for your business idea.  This will let you know whether the name is available for you to register or not.  If it’s there, great! You’re ready for the next step.  If it’s taken, don’t let it get you down.  Grab some pen and paper, a whiteboard, sidewalk chalk, whatever – and start brainstorming.  When I got stumped I hopped in the shower because that’s one of the best ways that I know to turn off my brain so that my subconscious can get to work!

There are number of different ways in which you can legally form your business.  It’s helpful to familiarize yourself with these, and if you can, talk to someone who has gone through the process.  I debated about running mine as a sole proprietor, an LLC and incorporating.  After researching, I determined that an LLC was the best option for me.  I came to this conclusion after reading and researching all of the different types (there are more than three). And, I talked to someone who was a sole proprietor, an LLC, and an S Corporation.

The Paperwork

When you are ready to legally form your business, I suggest starting on your state’s website.  Each state is different.  They require different forms, allow you to file these forms in different ways, and have different fees associated with each of the forms.  My first step was to file the Fictitious Name of my company, McKeating Solutions.  In Pennsylvania, filing a Fictitious Name costs about $70.  Once you file, you get the proof immediately as a download or you can request that a physical copy be mailed to you.

Next, for an LLC was filing the Articles of Organization (also called Certificate of Organization) with the State of Pennsylvania.  This can take a while to get approved.  I filed this just a few days ago online and am still waiting.  The website and people that I have spoken with say that this can take upwards of four weeks to get back so don’t panic if you do not hear anything right away.  Pennsylvania allows you to file this online now, but filing online does not make the approval process any faster.  This is still a manual process on the back end unfortunately.  These you’ll need to open a business checking account or credit card, depending upon the bank.

Third, was filing for an EIN or Employment Identification Number, with the IRS.  This is another online form that you file and receive immediately.  However, if you need to use this to open a business account, this may take a few days to appear in any government database.  I went to Verizon to see what kind of stipulations they would give me when I opened a business account with them about a day or two after filing this and it was not yet showing in the credit bureau’s database.  Again, don’t freak out.  I’m trying not to as we speak, but like all things when dealing with the government, it just takes time.

In Pennsylvania, you do not need a business license to operate, but you may need one to sign up for certain services or accounts.  I checked with PNC, you do not need one to open a business checking account, but Verizon does require one to open a business cellular phone plan.  I’m still trying to figure out how and where to find this one, so if anyone has any suggestions or know where find this one, I’m all ears!

The Fun Part

Getting started is the fun part.  As soon as I researched whether my fictitious name was available, I also did a domain search through my hosting provider.  Both were available so I registered for the name and purchased the URL.  Now, you might think I’m a bit weird but this is another planning stage – but I think this one is much more enjoyable.  I always counsel people to take a minute…or day or two, to really think about your online presence and what you want that to be.  Research some options before you go an build something.  My first website was a Weebly site, until my dad’s techie friend told us with the fine print on Weebly, you don’t actually own your content – they do.  So I jumped ship to WordPress and sought out BlueHost for my hosting Services.  So far, I’m pretty happy with them.  They have recently outsourced their IT Support though, and I’ve had someone actually delete a website of mine.  If you tweet their BlueHost Support handle, @bluehostsupport they’re pretty good there.

Start Small

I could have spun my wheels for days dreaming up content when I settled on the look, feel and design of my site.  I had purchased a WordPress them – shocker I know! But there are a lot of great ones out there and can save you the time and money of hiring someone to design and build it for you.  I created my first blog post, an About Page and a Contact Page and then made the site live.  Day by day I’m adding more content in an organized and manageable process.  This works for me as this site will primarily remain a professional blog.  You may want to plan additional pages if you have products and services.  But don’t think that you need to flesh out an entire website with landing pages and gated content offerings right from the very start.

When all of the paperwork comes back, its a smart idea to set up a business checking account and a business credit card.  I chose a bank that is separate from where I do my personal banking just to be safe.  I also explored different credit card options like AMEX and Chase but went with the banks business travel rewards card because there was no annual fee.  When you set up your business there will be little fees here and there, and you’ll need to use part of your first paycheck to maintain a balance in your business checking account to avoid additional fees – in my case, I have to leave $1,500 in the account to avoid a $12.00 fee.

Take a Minute

You’ve done it! You’re in business – your business! Now it’s time to take a minute to congratulate yourself, to (Inwardly!) tell those naysayers or those who were nervous about you trying something on your own that you did it! Oh and remember to thank everyone that helped you along the way.  My boyfriend, his aunts, my parents, uncles and our friends all helped us by giving us advice from their personal experiences and helped with the research.  I’m about to travel overseas for the first time by myself and his parents have been an enormous help!

Now it’s time to go build what you’ve started!