I can think of no better way to kick of the inaugural post-launch post than to fill you in on the top three mistakes I made starting up my business. My credibility will follow, trust me. But my early audience members deserve some authenticity!
I met with my lawyer before I met with my accountant.
I’ve been learning about how to start my own business for months and planned to set it up as a LLC. But, after meeting with my lawyer, it was recommended I go the Corporation route instead. I signed the documents, paid the IL filing fee, and left with Articles of Incorporation. A few days later, I met with my accountant, and after a quick review of a simple situation analysis, learned how much more profitable it would be for the business to be set up as a LLC. Like I originally thought. So, four days after I had set up my Corporation, it was in the process of being dissolved.
I engaged the web designer and web developer prior to my company name being official.
Because it took several weeks for the initial Corporation formation to dissolve and the new LLC to form, I moved forward on branding, design, and development with both my web designer and developer. We made some great progress during those weeks – so much so, the site was nearly done when I finally heard back from the state as to the LLC’s formation. The state ultimately rejected “Office Hours Co., LLC”, which meant we had to repurpose the brand and eliminate all “Co.’s” from the site. This ultimately became my third mistake.
I named my company before I knew what kind of company it would be.
When the design came to life, “Co.” was scripted and gorgeous next to the “Office Hours” in sans serif (thanks, Dotted Design!). But , with a LLC, “Co.” is a conflict of interest for this specific company type. So this really was the root of my second mistake.
Put another way, minding the following three pieces of advice in starting up will save you time and money:
- Meet with your accountant before you meet with your lawyer.
- Do not engage web designers or developers until your company name is official.
- Name your company after you determine and have approval as to the company type.
What mistakes did you make starting your own business? What pieces of advice would you pass along?