There is so much information we have to consume in order to run a business. However, most of the time, people skip the talks about the basics of business and launching your business. There was so much I did not know when I first launched. Let’s just say I am very happy to help others learn from my mistakes so they don’t have to make those countless missteps in business.
So you are ready to launch your business? Did you know there are pre-launch expenses for your small business? Yes, I learned this after the fact. Lets break them down for you:
Legal Entity, Licenses and more
I personally believe this is a catch twenty-two and I see so many women just skip over this step all together. Everyone starts out as a sole proprietor in business before filing legal paper work in their state. However, I highly suggest and recommend getting your legal paper work in order. This is how you can get your business checking, business credit, licenses and much more. You have to have this in order to acquire all those great things, plus get those tax breaks we all love. Also, the separation of personal and business is finance is super important. You can contact Brandi, she is our resident attorney.
Are you launching an online jewelry boutique? Well, guess what? The lighting box, camera and computer you need is a pre-launch expense. I have shared some amazing tools of the trade to help your small business. With my first start-up, I did not see these as pre-launch expenses. Honestly, I thought lighting kits and DSLR cameras were for the professionals, not some girl in her high-rise apartment. Nope, turns out they are something you need in order to help launch your business. Compile a list of all the things you need. Also, when you purchase them make sure you use ebates so you can get cash back on them. I don’t feel bad buying a new laptop or camera because of ebates and my bank gives me cash back for them.
Business Cards & Stationary
A good business card can do wonders for your business. Every time I hand mine over, people gush about them and then it goes into a deeper conversations. Invest in the design of your cards, stationary and whatever else you hand out to people. You want to feel pride when giving it to them.
I would say this is the second most important thing on the list after the first point. Your online presence is so important. I’ve met and communicate with people who are so consumed with gaining social media followers that they miss the mark on their site. They don’t even think about it to be completely honest, they think – well, they can comment under my photos and then I can send invoices. That is too much gosh darn policing to me. Spend the $500 plus to get a site design to your specifications. If the US banned social media tomorrow, would people be able to support you? If you do not have a budget for website design, start on squarespace for your business.
Your Office Space
You have all this new equipment, move all the junk out the spare bedroom now. It’s time to decorate. Are you sourcing all the stuff from around your house, Craigslist or IKEA? Trina of The Baby Shopaholic actually just redid her home office on a budget. Working from your coffee table is not going to work. Even if you have to convert a closet into space for you and your business – it needs to be done.
Now that you have this long list of check offs for your business, make sure you keep all of your receipts and paperwork. Companies like outright will keep track of all of it for tax time. My accountant is always asking me about all my expenses. You’ll want the help when it’s tax time.
What are you thoughts on these five pre-launch expenses? Did you know they were expenses?Remember – your questions, suggestions and passions are what helps shape our content: will you please leave a comment or idea about today’s blog and let us know what you think?