First Steps Into Entrepreneur-dom

Most people dream about starting their own business.  I am one of them.  This year, I finally bit the bullet and talked 3 good friends to come along for the ride.

What a ride it’s been so far.

From picking our business name (we changed our mind once.   I’m so happy we did), to figuring out where we’ll be incorporated (California?  Nevada?  Delaware?), to picking our entity (LLC vs S Corp vs C Corp) and wading through the terror of navigating taxes.

I’m a Registered Nurse by day.  This means I never have to deal with issues like this in my healthcare career.  I had absolutely no idea about half of this stuff before I jumped in.  Granted, I asked my entrepreneur friends lots of questions and read loads of articles and books but I never had a formal education background in business.  I just know that I like it and I want to be a part of it.

This book, in particular, has been quite helpful.

We have a few more wrinkles to iron out but I’m hoping we’ll be up and running by November.

Here’s what I learned so far :

  1. I am so happy I talked to an attorney about business matters.
  2. A lot of planning goes into the business before you ever sell a thing.  Have your favorite OTC headache medication on hand because this part is not easy.  It’s definitely not the part that I find fun but it’s so necessary!  Get it done and do it well.
  3. Good God, there’s a lot of fees to pay!
  4. I tend to want to throw up when I’m super happy and when I’m extremely grossed out.
  5. Partner with people who know more than I do.
  6. Pay professionals to help me with things when I don’t have a clue.
  7. It’s okay to not know everything about everything.  That’s why there are professionals who specialize in things and I can give them money in return for their knowledge and expertise.
  8. Most goods can be negotiated.  Negotiating and bargaining, in my opinion, should be an Olympic sport.

So far, so good!  One day, I’m going to look back at these early days (like the time I literally spent the entire evening trying to Frankenstein our first website together and nearly had a meltdown trying to domain map) and laugh.

One day….

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