Small Business Account Opened

Finally, my wife and I both had an opening in our schedules to meet down at our local credit union and get our small business account opened up for our little business venture. I am not sure if I have mentioned it in the past, but we have started a small web development company called Presstronic Studios, so I have an avenue to route any freelance work I do through.

For now I am hoping to keep it to a side business, but in a handful of years as the kids are all off to college and my wife gets back into the work force full time, that may change. The plan is to get to a point where I can go fulltime with my freelancing gig. I don’t see that happening for a handful of years, so I have time to build it out.

It does get me thinking though, of the steps others have gone through to run a successful part-time side business. We certainly have a game plan, but have not officially documented everything as of yet. In the coming weeks we will put together a business plan, and some contract templates.

We will also be working on our workflow that we will use to go from client requirements, through delivery of the different stages of development to final product and signoff.

I come from a larger more corporate environment so balancing that paperwork heavy world with a more free-form, though still lock solid contract realm of the freelance space will take some getting used to.

What resources have you found that helped you start your small business?

Image Credit: Tax Credits

 

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9 Replies to “Small Business Account Opened”

  1. Demian, from my experience I would recommend looking into a Business Networking group. The can be a great resource and support network, I am finding that some of the members of the group I joined are becomming good friends. The added benefit is that ususally the members are from different industries and they bring a very different perspective to how they approach business.

    One thing I missed when I left being an employee and became self-employed was the conversations that you have at work with your colleagues, not so much the general chit chat, but those conversations when you bounced ideas off each other or debated the best approach to tackle a problem.

    Just be careful as some of these groups are solely focused around referrals, and put a lot a pressure on their members to be referring customers mainly to the benefit to the members who have been around the longest.

    Good luck with the new venture.

    1. Good info, thanks Brendan. I will check out some local business groups.

      I know what you mean about missing the human element. I think I will reach out to others that I know freelance at co-working locations and spend some time there when I take this full time.

  2. I consulted independently from 1997 to 2003, worked in a larger pharma for ten years, then returned to consulting again in 2013. The administrative tasks are tedious but manageable.

    Advice:

    Insurance is absolutely necessary. Errors and omission.

    Agree with Brendan about networking groups. Just be sure not too invest too much time. Pick one group and attend meetings regularly.

    1. Thankfully my wife is basically going to manage the business. I can focus on the clients requirements and the implementation.

      I am considering Insurance, especially if i end up offering site management and hosting services.

      Thanks for the info!

          1. Unfortunately for me, because my clients tend to be large enterprises and I have access to very sensitive information and critical system information, I am required to carry E&O, be bonded, have disability etc. I spend almost $3000 yearly in business insurance.

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