How to Start a Business

Three Things You Need to Know

Photograph by Monica Johnson from the Fall 2018 Editor’s Course Retreat at Spain Ranch

Maybe you’ve been following along on our Instagram or maybe you’ve checked out a few articles here, and you’ve finally decided it. Yes, you want to start a business. Or maybe, you’ve started, but you aren’t sure if you started correctly.

WE’RE WALKING THROUGH THE THREE KEY ELEMENTS YOU NEED TO KNOW TO START YOUR BUSINESS WELL.

You will need to make sure you’ve set up legally, you’ve got a financial plan and you’ve got the support you need to continuing learning and growing well.

I’ll tell you now, owning your own business is not easy. But, if you take care of these basic elements, you’re off to a great start and for the most-part a smooth beginning. Don’t be nervous, you got this!

YOU MUST FILE FOR BUSINESS LEGALLY.

Don’t be intimidated. Ask the ‘dumb’ questions and do your research.

First and foremost, do not get legal advice from anyone other than a licensed attorney. That’s why we aren’t going in-depth with you on this here. We are going to guide you to our attorney Paige Hulse as she has created an easy step-by-step plan for getting set up as a business legally. Click here to read her blog post, then click here and scroll to the bottom to get her step-by-step PDF.

NEVER ACCEPT ADVICE OR DIRECTION ON SOMETHING TO DO WITH THE LAW OR FINANCIAL ADVISING OR ACCOUNTING FROM ANYONE OTHER THAN LICENSED PROFESSIONALS

YOU MUST HAVE A MONEY PLAN.

In Editor’s Course, you can use the Business Blueprint, but basically, you need to know what you do, who you serve and how you will make money.

I highly advise you put together a formal business plan, but in the very least you should have a clear budget, or spending plan, or whatever you want to call it—you need a clear plan of how money will enter and exit the business. This includes having a separate bank account from your personal account. Getting an EIN from the IRS. Understanding your costs, expenses, profit margins, salary, etc.

Most businesses fail because they fail to have a clear, even basic understanding, of their money flow. Map it out. Have a plan.

YOU MUST HAVE SUPPORT.

This may come from family, friends, colleagues or a community.

What I love so much about Editor’s Course is that it is a true community of creatives eager to help each other succeed. In the program, we are honest, very honest with you, but it’s done in tough love so that you can succeed—at your version of success.

Make sure you have identified the people in your life who will be lovingly honest with you and support you on this new, exciting journey!