Entity Formation: To LLC or not to LLC

DAY 38
Quick Links: Introduction | Put it to Use | Homework

Now that you’ve decided on a trademarkable name and have secured a coinciding or smart domain name, your next most important decision is your business operating entity type. While you can certainly change entity types later, it pays in time, effort, filing fees, and in tax implications to do this right the first time. Choosing a good name and creating your LLC before you start opening business accounts will save you the trouble of having to update your listed final (and legal) company name with all your vendors.
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Domain Name Basics

A domain is part of a network address on the Internet. It is unique and specific, like a postal address.  It includes web site addresses (like http://www.mycompany.com/services), email addresses (like info@mycompany.com), and addresses for other technical Internet protocols and services. Devices sharing this common part of an Internet address (or URL) are said to be “in the same domain”. Simply put, a domain name is a unique identifier of a location on the internet. Continue reading

Start With Why

Quick Links: Introduction | Put it to Use | Homework

Before you do anything, start with one question:  Why?  Why do you want to start a business?  If the answer is because you like to do the work you’ll be offering, entrepreneurship might not be the right fit for you.  Successful entrepreneurs work on their business, not in their business.  Your time will be spent as an administrator, sales agent, chief marketer, director of first impressions, collections agent, contracts executor, and head decision maker.  Very little of your time will be (should be) devoted to performing the service you sell or producing your product. Continue reading

A Business Emerges



This marks the beginning of a new business journey and the start of a check mark on my personal bucket list.  Hello, I’m Rachel Wright.  I’m a serial entrepreneur and I’m taking you along for the ride, as I form and launch my latest venture: Industry Templates, LLC.

This is a living, step-by-step documentation of the formation process for what will soon be an information marketing business.  By starting this documentation now, on ‘Day 1’, a full record of all the needed steps, and an unbiased (and largely unedited) look at the ups and downs along the way, will be created.  What lies in this chronicle may not always be pretty, but it will be real – and you’ll have an unfiltered look at it all.  What emerges will provide insight (and eventually, hindsight) into the challenges encountered and how those challenges were solved.  Hopefully this makes for a good story that also assists others with their own business challenges.

Today this is just a blog, but in the coming “tomorrows” it will transform into a business.  Join me and let’s get started!