Start Your Own Business Checklist

GREAT idea! Owning your own business is a lot of work, but it can also be one of the most rewarding experiences a person can have. I liken it to having kids . . . they take a ton of time and attention, but it feels so good to watch them grow. 

I work with a lot of Entertainment Professionals who want to start their own business because they want the financial freedom to be their own boss, but they have no idea where to start. The prospect of creating a business out of thin air is so daunting, I can see the engine in their mind breaking down before my eyes. 

So, I created a handy little checklist for all my Entertainment Entrepreneurs out there outlining the process of starting a business. 

• Come Up with a Business Idea: Before you start a business you have to come up with a plausible idea. As an entertainment entrepreneur, there are a few types of businesses that I think work best for us. CLICK HERE to get my guide on the 3 Best Businesses to Start for Entertainment Professionals.
• Evaluate the Marketplace: As entertainment professionals, we are all experienced with a healthy dose of competition. But in business you want the right amount. Too much competition means there may not be enough room for your business to stand out. Too little competition could mean there’s not enough customers who need what you offer.
• Business Plan: This sounds scary. I know when I started my first business the idea of a business plan seemed so official. You don’t have to have a binder full of plans and projections to start a successful business, but you do need to have an idea of what you’re offering, how much you’re offering it for, and who you’re offering it to. Plus having an idea of how you see yourself growing the business overtime can help set you on the right path. 
• Funding: I started my first business with $72 in cash. You don't need business loans or to go into massive debt to start a business. Especially if you plan to run your business online (like an online course). Consider self-funding your business or if you need to take out a business loan there are lots of options out there. 
• Business Location: All of my businesses are located on the world wide web, and I suggest yours be too. It allows you to target a huge audience of buyers all over the world and not just in your local area. But, if your business requires a physical location, think about foot traffic and costs when picking out a space. 
• Business Legal Structure: This one gave me hives when I thought about starting my first business. But it’s actually super easy to knock it out using a company like LegalZoom to do all the confusing work for you. My businesses are Single Member LLCs and an LLC is a solid business structure for any solo entrepreneur just starting out. If you’re unsure of what type of business to start, then I recommend consulting with an accountant and attorney. LegalZoom will even create your EIN and register your business for you. 
• Business Name: This is a fun one! Coming up with a name for your business takes creativity and where branding comes into play. What do you want to get across to potential customers when they hear your business name? What do you want them to feel? Make sure the name you pick is unique, the domain is available, and no one else has a trademark for it. 
• Create a website: Any business in existence nowadays should have a website. I don’t care how small your business is, it needs a website where someone can learn about what you do, why you started it and how to contact you (at the very least). 
• Open a Business Bank Account: In order to get paid and pay others you need a business bank account. Once you file for your LLC or business entity, you’ll get the necessary information needed to open a business account and even apply for a business credit card. 
• Pay Quarterly Estimated Taxes: Consult with an accountant, but be prepared to pay quarterly estimated taxes on your income. Unlike having a job where your taxes are withheld, you will be responsible for setting aside money to pay state and federal taxes each quarter. 

Want more tips for starting and scaling your business?

Check out my podcast "The Entertainment Entrepreneur" HERE!