Suggestions for newbies?

[Learning2Crawl]

OK, I'm hoping to learn a few things from those of you who have travelled this road before me.

My wife and I are in the process of setting up shop as graphic designers/artistic photographers. Some of the business we're hoping to work with require us to set up an official corporation instead of just 'doing it on the side.'

I'm wondering if any of you have set up an official corporation and have some poitners that you'd like to share. How do you keep business costs and expenses separated from personal? How difficult is it to incorporate? How do you handle invoicing for work? How do you go about finding clients without spending a ton of money at the start?

 

[mnphysicist]

If you do go the route of incorporation, everything has to be separate, and you should be extremely diligent about it. Its mostly setting things up, and then being disciplined. One way that works for some is to take a salary once a quarter. It keeps your paperwork headaches to a minimum.

As far as getting rolling, go see your local score guys. They can set you up with the appropriate attorney, and accountants to get your ducks in a row from the get go. Take this advice seriously. I did not do so in the begining, as I was too cash strapped. My mistakes along the way cost a whole lot more than getting proper advice from the get go.

Incorporating is easy, its just a paper work issue. Keeping it going and complying with all the laws and regs are another matter. You do not want to miss any deadlines, the penalties are severe!!!

I started using Excel templates, and now I let my accounting program handle invoicing. The key however is getting paid. You need to watch your cashflow like a hawk. Don't extend credit unless absolutely necessary, and then be just shy of a jerk to make sure you are paid timely.

Finding clients is a function of your marketing plan, and thats a function of your business plan. The score guys will help you get rolling on the planning process. A plan needs to be a living document, eg keep track of your progress, and mod the plan if needed, but it is the lifeblood of your business.

You can find your score guys at www.score.org

Ron

 

[subnet_rx]

I'd look into an LLC though. Some businesses are a better fit for a C-corp, but an LLC reduces a lot of paperwork.

 

[wheel]

Ask god to provide you with a verse for you job so that you start by knowing gods will for your bis

 

[imaniingod]

I have some free resources if you need assistance. pm me.


With God all things are possible
He wants us to have life and have it more abundantly! God Bless

 

[helashton]

Hello. There are some good basic books out there on how to start a business. Just spend some time in your local bookstore perusing the titles and you are bound to find several.

Incorporating is an excellent idea to shield you from personal liability, among other things. Investing in software like Quick Books can also help you to keep your business accounts separate, and you will also certainly want a separate business checking account.

Your accountant will also want you to keep track of all of your business expenses, which will be deductible from your corporate income. This can be tricky and time consuming. Keep a pad of paper in your car and log the miles when you drive anywere on business; you can be reimbursed for milage. Also, any time that you make a business purchase, keep the receipt and stick it in a folder. For example, if you're grocery shopping and you pick up some office supplies while you're there, be sure and keep track of those expenses. From personal experience, it's amazing how those little business expenses can add up, and you will want to be reimbursed.

As far as invoicing, have your clients will pay you via PayPal. I have created a very simple standard incoice through PayPal, and it makes all my client invoicing simple and quick. Their payments go directly into my business checking account.

Good luck!
Janet

 

[NetHarvesters]

Hi,
Just because we're Christian business men/women doesn't mean we shouldn't be wise either. If you plan on doing much business at all I'd recommend getting a good lawyer and accountant (especially in the beginning). I'm an accountant by trade and I've seen alot of Christian businesses fail because they weren't organized or didn't keep good clean accounting records.
God bless,
NetHarvesters