Setting Up Shop

About Me

Senior Consultant & Founder, Whitmoyer

Treasurer, ADCMW

Advisor & Contributor, FullBleed

Part-time Instructor, CDIA Boston University

Member & Volunteer, Live Green

What’s with the Whistle?

A Few Good Reasons to Set Up Shop

• Make your own hours • Be your own boss • You have a choice and can work on projects that you like • You’ll get to work with new people on a regular basis

3 Years Ago

When’s a Good Time?

• Unhappy with employment options • Looking for a new challenge • You see an opportunity that's in high demand • Have tons of cash under your mattress

Why Wouldn’t You Want to Venture Out?

• You don't enjoy working more than 40 hours • You're bad with saving money • You're not an outgoing person (waiting isn't much of an option) • You don't like to wear many hats

How Many Hats?

Just a few to start: – Chief Executive Officer – Chief Marketing Officer – Chief Financial Officer – Chief Technology Officer – Chief Legal Officer – Chief Operations Officer – Human Resources – Customer Service

It's impossible to do it all and be able to continue growing a er a certain point.

Taxes & Accounting

• Find an accountant • Determine how you do business: Sole Proprietor, LLC, S-Corp, C-Corp • Get an EIN (it's free) & register a DBA (Doing Business As) name with the IRS – You may also need to register your DBA with the state and local municipalities (having a good accountant helps)

Book Suggestions

FAQ: How do you pay yourself? – If you’re a Sole Proprietor or LLC, you can simply write a check to yourself as a non- deductible expense. – If you’re a S-Corp or C-Corp, you pay yourself a salary and taxes get taken out of your pay as a W2.

• To be safe, put 30-40% of your revenue aside for Uncle Sam • Scan your receipts and then get rid of them (they’ll fade in 6 months)

Be the Bank, Not the Banker

Find Accounting So ware that Works for You

Time Tracking & Invoicing: • Freshbooks • Blinksale • Harvest • Billings

Full Ledger + Time Tracking & Invoicing: • Xero • Less Accounting • Quickbooks

Alternative Full Ledger Options: • Outright (free) • Google Docs (free) • MS Excel

Technology

• Run auto-backups and store data oﬀsite • Skype + VuRoom • iPhone and use hands-free (radiation is never a good thing)

• Pandora (it rawks) • Skitch • Use an all-in-one printer, fax, scanner for the day to day stuﬀ

Save your money. It's really easy to want the latest: – Hardware – Operating System – Version of So ware But are they necessary?

Human Resources

• Paying yourself & others (1099 & W2's) • Uni-401k or SEP-IRA? – Sharebuilder401k.com (Uni-401k) – Fidelity.com (has both) • Health & Dental Insurance – eHealthInsurance.com – GoHealthInsurance.com

The majority of people working in DC have a legal background.

• Business Insurance Recommended Minimums – Comprehensive general liability insurance with minimum limits of $1,000,000 for each occurrence – Commercial excess liability insurance with minimum limits of $2,000,000 for each occurrence – Property damage insurance with minimum limits of $1,000,000

• AIGA: Standard Form of Agreement for Design Services • Work made for hire (Copyright & IP Law) • NDAs & Conﬁdentiality Agreements

“If I honor your NDA, and I meet a great investor or potential employee or valuable partner for your new venture, I wouldn't be able to tell them about it.” — Anil Dash

The bottom line: It’s all about trust.

Sales & Marketing

Run of the mill • Website • Blog • Social Networks • Email Marketing • Attend Events

Things that actually matter • Hire a copywriter • Keep people in the loop — send personal emails • Schedule lunch meetings frequently • Public speaking — share your secrets • Oﬀer referral rewards (e.g. ping pong tables, drinks, hugs, etc)

It’s All About Building Solid Relationships

Deﬁning Pricing • Determine what you need as a base • Outline business objectives and a budget for the entire year

Fixed Cost vs. Hourly Rate

Maintaining a Portfolio • Designers: Avoid having a style, instead always try to show that you have many • Developers: Avoid showing the same solution, instead try to show many

Maintaining a Portfolio • Make sure you always have permission to show your work • Make sure you get permission to show the work and submit it to contests for industry recognition

Maintaining a Portfolio • Quality over quantity, make people want more • Don't just show the work, explain the problems and challenges you had to overcome • Explain your role

Customer Service

Thanks (Now would be a good time for questions) www.slideshare.net/nickwhitmoyer

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Setting Up Shop

by Nick Whitmoyer

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