Important Steps when Starting a Business

I am a dreamer. It’s part of what keeps me going. I dream. BIG. I love the feeling of endless possibilities and not knowing what tomorrow may bring.

Starting my business was a risk. And one that I would do again any day. I realized during my graduate school studies in architecture that although I love design and the creative process, I felt a need to do something that I felt a deeper connection and love for. Whether it be beginning a business, making the decision to start a family, or leaving your job to follow your dreams all big steps take lots of planning and direction.

I quickly came to understand that my business wasn’t only about photography. It was about managing a clientelle, finances, and workflow. It was paperwork, e-mails, and quickbooks. And so, I read. And I read. And I read. I also talked to other professionals to find out what I needed to do in order to run my business the right way.

Last night, I had coffee with a friend of mine. I have always loved business, but I never realized until REALLY reflecting last night how far I’ve come since I started doing this full-time. She, like I, has a deeper love for photography but is unsure of how to actually begin her business full-time. So, I decided after spending time with her last night, that I would focus on this for today’s post. I am going to highlight some of the major steps that I had to take when starting that allowed me to begin a legitimate and professional business.

• Establishing The Foundation for your Business – I chose to become an LLC (Limited Liability Companpy) In most states, LLCs are treated as entities separate from their members. It is a flexible form of enterprise that blends elements of partnership and corporate structures. You can read more about LLC’s HERE. This is not the only solution and it may not be the route you are wanting to take; this is simply the decision I made for myself and for my business.

Andy Reed of Aycock Horne & Coleman assisted me with this process. If you are looking for someone, he can be reached at (985) 384-4523.

• Opening a Business Banking Account – It is extremely important when owning/running your own business to establish separate accounts. You should have an account for your personal finances as well as your business. Within that business account, it may also be a good idea to open a business savings account to save approximately 30% of your earnings to use for end of the year taxes.

Renee Dias of Chase Bank assisted me with this process. If you are looking for someone, she can be reached at (337) 236-7118.

• Acquiring both State and Parish Sales Tax Numbers – In addition to paying year end Taxes, as a business you are also respondible for paying sales tax to your state and to your parish on your income. For me, this is done monthly. Here in Lafayettte, LA it’s 4% to State and 4% to Parish. If you are a LA resident looking to register with the State, you may do so HERE. If you are looking to apply for the Lafayette Parish Sales Tax Number, you can find that information HERE. *In LA, you are also responsible for paying sales tax on EVERTHING. Yes, this includes services. Unlike other businesses, photographic services ALWAYS end with a product, even if it’s digital images.*

I applied for these on my own. However, if you have questions your attorney can help with this as well.

• Hiring an Accountant – Being a small business owner, you are your own Manager, Technician and Entrepreneur. However, it is SO SO SO important to have professionals in your corner that can help you. After I established the foundation necessary for my business, I hired my account. No question has been too small or unimportant for him, and he has been there for me. I, maybe just like you, thought that I wasn’t ready for that step. But I’m so happy I took it; we’ve been able to grow together and because of his professional help and advice, my business has been allowed to run in the way a professional business should.

My accountant is Luke Sonnier of Darnall, Silkes, Gardes, and Frederick. Luke can be reached at (337) 232-3312

• Keeping Track of my Finances – QUICKBOOKS. Let me say that one more time: QUICKBOOKS. I was using excel spreadsheets to keep track of my clients, my expenses, and my income. And when I purchased Quickbooks, I was amazed at how simple things became. Thanks to the assistance of Luke (my accountant), I am now able to understand and manage my finances on a daily basis, and if I ever have a question he’s there to help. He’s helped me integrate my workflow into this easy to use program.

In the beginning, I am not going to lie, I cried. I did. Because it’s scary. Running a business and taking large financial risks IS scary. However, if taken one day at a time, and done the RIGHT way, it becomes less scary and the feeling of accomplishment and happiness grows to eventually replace that feeling of scaredness. I, like most, would love overnight results, but with a business….it’s just simply not that way. It takes hard work, dedication, and persistance. But it’s worth it!!! 🙂 🙂 🙂 We all can live our dreams if we want it badly enough.

This is what the Quickbooks for MAC home page looks like. It used to be torturous to see this on my screen. But now, it’s just one of the many things that makes my life and business better. 🙂

Webster’s dictionary defines courage as “mental or moral strength to resist opposition, danger, or hardship.” It implies firmness of mind in the face of extreme difficulty. And with that courage, you can accomplish your dreams. I hope this was helpful! And if anything, I hope it has allowed you to see that we are all in the same boat and should be able to lean on each other for help….

Live Simply, Love Freely,

Catherine

Click HERE to Follow Me on Facebook