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.
Times were different when I did my initial round of competitive research for my first business. Back then I actually utilized the yellow pages to look for local competitors! I also thought that my business reach was measured in miles from my office location. (Oh was I wrong about that!)
Now that you’ve determined the “why” of starting a business and thought a little bit about you are going to sell and what result you will achieve, it’s time to name the thing. Most people are tempted to pick a company name and proceed straight to business entity formation. Not me! Continue reading
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
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!