Starting My Own Business

When you are choosing a business name, you want something short that is catchy and tells people what the difference is between what you do and everybody else in the marketplace.

Why are you better than the other guy? You are personalized, that is one big advantage, write down words to describe it on paper and start playing with them to find something that seems right.

I have run a secretarial business out of my home for 13 years, I had to come up with a "name" years ago and since I do tutoring and even some of the paperwork end of tax preparation, Typing Plus seemed to fit. Sometimes you just have a lightbulb moment with it.

Polka Dot Party Paper

It seems like you could do some really fun graphics and logos with polka dots. Festive. Silly, I know.

Have Fun!!!

Partae Papers
Pretty Plans
Gilded Graphics
TS Graphic Design

This is fun. I'll stop now.

I am an attorney, and I focus primarily on small business transactional work. There are definitely some legal issues you need to think through before you get too big (i.e. before you get employees, rent space, etc.). But a couple of things you might do once you choose a name is look at the US Patent and Trademark Office's website and do a search for the name you choose. Just because someone trademarks a name doesn't mean you can't use it, if they are not using it in the same geographical area as you, but it does give them the presumption that they were the first to use it. I am not a trademark attorney, so I can't tell you all of the details, but when it comes to online businesses, the question of geographic area obviously gets confusing. Not something you really need to stress about too much, but you would hate to really build a name for yourself and get a lot of business, and then find out that name is already being used.

Also, I wouldn't imagine there is a whole lot of liabiliy associated with an invitation business, especially at this point, but before you start signing any major contracts either with a landlord to rent space or with some wholesale suppliers, if you see your business really taking off, you might want to incorporate. Otherwise, you need to be aware that you are personally liable for all of the debts of the company. Like I said, not something to stress about too much right now, but you need to keep it in mind before you get too big.

As far as what you need to do tax-wise, Becca's advice was very good.

Hope that helps. Feel free to send me a message if you have any questions.

I started a small from business a few years ago...a few things that I learned. You'll need to file taxes on a quarterly basis and set up a tax ID for your business with the state. VERY easy to do. You can do it online. Also, you'll need to register with the city you live in...I believe it is called a DBA (doing business as) certificate. I also highly recommend creating a buisiness bank acct so you can really track the money that is coming and going. You could be audited. I do believe you'll need your DBA to be able to open up a small business account with a local bank.

All of this is VERY, VERY easy...I am sure lots of people don't take these steps, but I did not want to put my family's personal finances at risk by not following tax rules.

Also, I found some college kids and stay at home Moms who used to be web designer and/or graphic designers who were willing to do the work either at very reduced rate or by bartering some of your goods.

Best of luck to you!!! It is exciting.

Congratulations on starting a business, T.!

If I were you, I would focus with online work. There is a website called, www.elance.com where you can bid on projects that people are willing to pay for. You might also want to go to craigslist.org and list your services there.

As far as a business name, I would grab your thesaurus and get to work. You want something quick and easy - something that will allow other people to know what you do, and a name that they will remember.

Your next step, after you have your business name, is to go an register it at the county courthouse. After you do that, you can claim all sorts of legal deductions on your taxes.

I guess my only advice to you would be to really consider doing this entirely online. A brick and mortar will only eat away at your profits. You might also want to consider getting testimonials from the friends that you have already done this for to put on your website. Hostgator.com offers great hosting for a site where you can pay on a monthly basis - and not have to worry about paying a year in advance.

It is great that you have a friend who can help you with marketing. If you would like to have some additional help, go to my profile, here on mamasource, and you will find my site that is geared towards growing entrepreneurs. There is a ton of info on there that can help you.

Good luck, and if you have any questions, feel free to email me!

You should look into having a store on www.etsy.com. It is free to be a member, and it costs $0.20 to list one item for sale. You can start off with a few items and see how it goes.

To be successful on etsy you need a good product, very good pictures of your products, and become part of the etsy community by taking part in the online forums - it helps get more exposure - because etsy is a huge site with thousands of sellers.

It is very simple to use and there are all kinds of help guides online.

My advice is more general in owning a business. Remember that regardless of being done from home or in a seperate location you need to get a Tax I.D. # and DBA, Doing Business As, to protect yourself and business. You will also need to remember that about 40% of all earnings will need to be paid out in taxes. If you are not strong on paying or keeping up with taxes make sure you hire someone. A good bookkepper will be more cost effective than a CPA for a small business and you can work out to pay them an hourly fee and use them just once a quarter for your tax prep and filing. If you are dealing with selling a product you may also need to pay and charge for sale tax...that would be a question for the bookkeeper. Keep all receipts and so you can deduct your cost of supplies, drive and travel time for delivery, and you can also deduct some expenses for the area of your home that you use to do your business. Plan and organize an area for your business so that you don't become overwhelmed with where and how to operate once the orders start coming in! Good luck!!

Hi T.
I have my own graphic design business and I design invitations for parties and businesses. I have done some wedding, but have found that I like doing other things a little more. My bulk business is corporate designs, more money to be made there. But holiday cards is a good portion of my business during winter, it is a lot of fun.

It is a great industry to be in and weddings are always in season. I don't recommend getting a rented location for a while. I have been doing this for 4 years and still find working from home is the best scenario. You can do everything you need to do from home.

To really get into the industry you can go to the locations where weddings are held i.e. country clubs, wedding halls, resorts, etc... You can get on their preffered vendor list and people are more willing to contact you. Also talk to wedding photographers, florists, wedding planners and see if you can become a referred invitation designer. then you refer people to them on your website as well. Of course pay attention to the spring and fall wedding expos, you can get a large bulk of your business there.

Good luck, it is a lot of fun designing wedding invitations. Being apart of someone's happiest day. Best wishes!

Here's a few that came to mind right away:
Blissfully Done
Words Of Love
Words With Love
With Love, T.
I'll keep brainstorming and get back to you with more!
Good Luck,
K.

Congrats on starting your own business!! Some names I came up with are "Invitation by Design," "Personally For You" and "Creative Creations." It's fine if you don't care for them, just thought I would throw these out there. Be sure to let us know what you decide on. Good luck!!

I would suggest putting a business plan together before selecting a name so that you know the strategy of the company. Really the name of the company is not what makes the business thrive - it is the strategy behind the name. Plus once you know the direction of the company you will better be able to come up with a name that will lead that strategy. Just a suggestion.

A friend of mine used her two kids' middle names in her business name - Taylor-Reis Designs. Maybe something like that or using your initials or their initials. Have fun with it and best of luck to you!

Not to put a damper on your excitment, but I just went through a similiar experience. I started my business and thanks to the poor economy, my sales were poor.

So my advise is to keep it small until the economy improves. If you are creating your product yourself, look into the website: etsy.com it is a great location for selling handmade items. You can set up your own webstore/website on etsy. It's been referred to me by many friends and I saw it last week on Good Morning America.

Good luck on your new venture!

Hi... I am in the process of trying to open a store as well and my first advise to you is to try to wait out the economy before you take the plunge and open a store...

I have been selling online for years and its really a great place to sell you reach a huge client potential and no overhead... I work out of a private home studio and sell online and at craft fairs. It's really the best place to start and really develop a client base and work out the kinks in your products. Places to sell include Ebay, Amazon and open your own web store. Once the economy has setteled and is in a good spot then you should move forward.

There is a lot of research that goes into opening a store front. you should contact the small business assoc. and also womens small business assoc's and see what they suggest as far as where to get a busines loan they can help you develop a business plan and presentation for loan applications.

You should have 6 months worth of rent and overhead expenses at least because you should not expect to make any money with in that time and you will need to have the rent and overhead taken care of. Many lease spaces require you to lease for a min. of 3-5 years... so keep that in mind when you choose a space for growth and client potential.

Something to keep in mind is when you lease a space you want an anchor business in the space like a popular grocery store or place to eat... you dont want to choose a place that has all non essential shopping stores like gift shops and stuff because there is no true draw to that space... for instance if you are in a strip that has a Target or mcdonalds people are going there for a reason and will stop by your store because they are already there... if there is no anchor to the strip then there is no true draw or reason to stop by unless they are specifically coming to your store.

You also want to get a realtor to help you with choosing and leasing your space... there is SO much to know about business leases and you really need someone on your side so you dont get robbed...Land lords can be horrible so make sure you talk to the other store owners and get some hints and juicy gossip about the space you are leasing... they will start talking just tell them you are considering leasing the space... and stand back :o) Also keep in mind where you are opening your shop if there are 10 stores in the town just like it you might want to consider another town or part of town to open your shop... make sure you dont have too much competition. :o)

Good luck
HTH
A. J
www.celebritypartyfavors.com

www.freewebs.com is a host site where you can build your own site yourself. For $10/mth you get your own domain name. My husband's is www.northtexaspainters.com
You can look at his site if you like to get an idea of what you can do to yours.
Your business name needs to come from your heart. Let it also be something that allows you to expand your ideas. My suggestion is not to have your name in the business name (eg: Wedded Bliss with T.)because it limits you.
For the name, keep a small notepad close by. Write down words that inspire you or make you smile. Try combining them until you find a name that is 'You.'

McKinney Courthouse can get your business name registered. It's a DBA(doing business as) for $9, I think.
Once you've decided on a name you can get business cards. First 250 are free at www.vistaprint.com
Check www.wyliechamber.org and also call Royce City Chamber @ ###-###-#### because once a month they host a business card exchange. RC's is at the Dennys & W's is at the Woodbridge Golf Course.

They say a real catchie name grabs the attention to read more about a business, but of course you can't get too far out there for someone that is real serious, good luck.

Hello T.,
I commend you on wanting to start your own business. Being your own boss is the way to go and the best step towards financial freedom. I'd like to recommend that you include social media as part of you markeing. I'm sure your marketing friend will suggest this to you. I have been able to increase my sales by 35% after utilizing this technique.

R. E.
www.bestprofitbiz.com/

Check your local better business burue. They have free information and free help. Some even offer classes. There is great free workshops and help and some just for women. Check it out!!!!

Start a tutoring business??
http://www.cleverapple.com/howtostartatutoringservice.html

The TCC Small Business Development Center in downtown Fort Worth (in the James E. Guinn building at I-35 & Rosedale) is a fantastic resource for those interested in starting a small business. They do charge a small fee for some (but not all) of their classes (topics include Starting a Business, Website Development, Business Finance, etc.), but they do offer free advice and are happy to listen and get you pointed in the right direction. They do have full-time staff (all small business owners), but they also have lots of other small business owners who donate their time and experience to getting new entrepreneurs off the ground. Their number is ###-###-####. Good luck!