Setting Up Shop

1,062 views

Published on

A Practical Guide to Venturing Out on Your Own

0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
1,062
On SlideShare
0
From Embeds
0
Number of Embeds
92
Actions
Shares
0
Downloads
0
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

Setting Up Shop

  1. 1. About Me
  2. 2. Senior Consultant & Founder, Whitmoyer
  3. 3. Treasurer, ADCMW
  4. 4. Advisor & Contributor, FullBleed
  5. 5. Part-time Instructor, CDIA Boston University
  6. 6. Member & Volunteer, Live Green
  7. 7. What’s with the Whistle?
  8. 8. A Few Good Reasons to Set Up Shop
  9. 9. • 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
  10. 10. 3 Years Ago
  11. 11. When’s a Good Time?
  12. 12. • 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
  13. 13. Why Wouldn’t You Want to Venture Out?
  14. 14. • 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
  15. 15. How Many Hats?
  16. 16. 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
  17. 17. It's impossible to do it all and be able to continue growing a er a certain point.
  18. 18. Taxes & Accounting
  19. 19. • 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)
  20. 20. Book Suggestions
  21. 21. 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.
  22. 22. • 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)
  23. 23. Be the Bank, Not the Banker
  24. 24. Find Accounting So ware that Works for You
  25. 25. Time Tracking & Invoicing: • Freshbooks • Blinksale • Harvest • Billings
  26. 26. Full Ledger + Time Tracking & Invoicing: • Xero • Less Accounting • Quickbooks
  27. 27. Alternative Full Ledger Options: • Outright (free) • Google Docs (free) • MS Excel
  28. 28. Technology
  29. 29. • Run auto-backups and store data offsite • Skype + VuRoom • iPhone and use hands-free (radiation is never a good thing)
  30. 30. • Pandora (it rawks) • Skitch • Use an all-in-one printer, fax, scanner for the day to day stuff
  31. 31. Save your money. It's really easy to want the latest: – Hardware – Operating System – Version of So ware But are they necessary?
  32. 32. Human Resources
  33. 33. • 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
  34. 34. Legal
  35. 35. The majority of people working in DC have a legal background.
  36. 36. • 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
  37. 37. • AIGA: Standard Form of Agreement for Design Services • Work made for hire (Copyright & IP Law) • NDAs & Confidentiality Agreements
  38. 38. “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
  39. 39. The bottom line: It’s all about trust.
  40. 40. Sales & Marketing
  41. 41. Run of the mill • Website • Blog • Social Networks • Email Marketing • Attend Events
  42. 42. 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)
  43. 43. It’s All About Building Solid Relationships
  44. 44. Defining Pricing • Determine what you need as a base • Outline business objectives and a budget for the entire year
  45. 45. Fixed Cost vs. Hourly Rate
  46. 46. 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
  47. 47. 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
  48. 48. 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
  49. 49. Customer Service
  50. 50. Thanks (Now would be a good time for questions) www.slideshare.net/nickwhitmoyer

×