I Wish I Would Have Known This Before I Started My Business
When I started my business, I had an endless list of questions! It’s tough to know where to turn because your friends and family don’t know the answers and you don’t know what networking groups or resources are available when you enter a new world of entrepreneurship.
Here are 10 things I wish I would have known before starting my business:
- Should I create a name for my business or use my personal name?
I advise my clients to use their own name as their business name. If you are opening a type of business that will be dissociated from you, have many employees and become very large, then it might make more sense to create a new business name. However, if it’s a small business, people will be more likely to remember your actual name and find you on the internet. Think of all the conferences and networking events you go to. Would you be able to remember 15 different names, along with their separate business names? In addition, if you are using your personal name, it’s easier to pivot in the future. If start making t-shirts but then in 5 years pivot to making planners, you won’t have to rename your business.
2. Do I really need a website?
No. Some businesses, like manufacturing, health coaching, or other business-to-business companies are able to sell their product directly or through other avenues such as social media or Etsy. For them, a website may be an unnecessary expense.
If you don’t want to invest in a website yet but use social media, then set up a Linktree account. LinkTree is a landing page specifically for Instagram. For example, a health coach could upload their workout videos and nutrition plans to their Linktree account, paste the link in their Instagram bio, and then people could download directly from Instagram.
If you want to create a website, there are plenty of affordable, DIY options available. I chose Squarespace because it took care of the domain, hosting, email campaign, payments, and opt-ins for the lowest price.
3. Should I create a new social media account for my business? Should I convert my personal account to a business account?
I would not create a separate social media account for a business. People relate to you and they want to see you, not your product. Research shows pictures of faces get more likes than pictures of products. Therefore, it’s important you keep your brand as personal as possible and intertwine bits and pieces of your life in with your business.
On Instagram, you can choose between a business or personal account. I would convert your account to business so you can see the analytics and use ads. You will also need a business page on Facebook to run ads, list services, and display a “Book Now” button. You cannot create a business page if you do not have a personal account on Facebook. With both Instagram and Facebook business pages, your profile is public so anyone can see your posts.
4. Is it safe to have a public profile?
As a mom, I was extremely hesitant to make my social media accounts public. I’m a transparent person with people I trust but I was leery to show my entire life to strangers. This is a valid concern. However, it helps your audience to connect with and trust your business if you’re using a personal brand. People want to know the person behind the product they’re purchasing. It is possible to have a safe, public profile without oversharing. I’m extremely cautious when sharing pictures of my son and I don’t share information about our lives without first consulting with my husband. A good rule of thumb to use is to only share information and pictures you would be comfortable with seeing in the front page of the newspaper. I elaborated on this topic in this post.
5. How should I announce my business?
Unless you are an existing business owner, your followers are mostly friends and family. You don’t want to annoy them or appear too salesy. Here’s an important mindset shift you need to make first. Regardless of whether you are starting your first business or pivoting to a different one, I would stick with a personal brand and announce the launch as soon as possible. Explain your why or purpose and then introduce your products/services. Remember, you should only be selling 20% of the time. The other 80% of your content should aim to educate your audience.
6. Should I quit my job?
Many business owners and coaches will tell you to quit wasting your time in a soul-sucking job and pursue your dream immediately. Unless you live with your parents and have a trust fund, you need to be able to pay your bills. I would continue to work hard in your job and spend every opportunity available — nights, weekends, lunch — on your business. There’s time, trust me. If you’re passionate about this business, it won’t feel like work. As your business grows, you could go part-time or pick up freelance work on the side. Once you have enough clients and savings to get through a few months, then you can focus 100% on your business.
7. Should I tell my employer?
No. Depending on the industry you work in, you may have to disclose a conflict of interest and revenue earned, but it shouldn’t be an issue. 40% of Americans have a side-hustle so it’s quite common. You don’t want your boss to think you’re not committed to your job or that you’re wasting company time. Keep working hard and save your side-hustle for after-hours.
8. How will I afford health insurance?
Here are several health insurance providers for self-employed folks: Christian Healthcare Ministries, Samaritan Health Services, Medishare, and Freelancers Union.
9. What should I do for retirement savings?
I would recommend a robo-advisor for an IRA such as Wealthfront or Betterment. They offer the same features as a 401k at a really low fee.
10. I’m ready. Now how the heck do I get clients?
Start with your existing network. Is there anyone you know that would be interested in your product or service? (Remember, you most likely signed a non-compete agreement with your employer so you can only approach their clients if you are offering a completely different service.) Share your business on social media consistently, create a business account on Google and add it to Google maps, educate your audience, offer free resources and advice, and keep putting yourself out there. Here are a few more ideas.
Originally published on janeystahl.com
