Starting a business

Call an accountant so you can find out what types of purchases and expenses you can deducted.  Then keep track of your expenses on a weekly basis (in a spreadsheet), so you aren't in trouble when tax time comes. 

The business side of things is what makes or breaks the business. This involves all the paperwork, and  equally important as doing the work it self is marketing and networking.

I am in Canada so our tax laws are different.  As Lori pointed out speak to your accountant and find out what you can deduct.  Though I recommend using the accounting program your accountant uses as opposed to a spreadsheet.  They are more precise and you can print off or just look at your Monthly income statements at the touch of the botton.  This will also reduce the accounting cost.  These programs can invoice there fore keeping track of who needs to pay you.  Look into ACCPAC Simply Accounting  There is an American Version if I am not mistaken.  The work in using a program like this would be no more work than a spreadsheet like in excel and is much more efficient.  It keeps track of your vendors and suppliers and clients.  It can even print cheques and the touch of a button.

Your goverment offices for federal and state taxes are the ones ot speak to with regards to collecting remitting appropriate taxes.  These may be separate offices.  Make sure to ask questions of them if you are unsure.  Becuase if you forget to do something they always say the resposibility is yours and are not always so forgiving.

Marketing and networking.  Very important. You need to put  some $$$ into it. Compile a 1 page text on your business and services and use it for your presentations to realtors.  A simple brochure. You may want to join a business networking group.  Here in Canada  cities and towns have what we call the Chamber of Commerce - a networking  business group.  I am sure in the states you do too. I have picked up business through these groups and am being referred as well.

Oh I did put a small decal on the back windows of my van with my business name eg. gomes design, homestaging, decorating and design services, 519-666-0893.  Name recognition is important.  It is a one time ad fee. I paid $ 80 for both sides.  It is about 1/3 in size of the very back side windows.  You can even have your logo printed out.  Many people have commented on how they found out I was in business becuase they saw the business name my van.

Really stay on top of the paperwork or you will be so behind.  Maybe setting aside some time each day.  It is the best way to tackle it. 

Form an LLC in most cases. Seek an accountants professional advice but it has a big tax savings on the employment tax

Christine, one of the most important actions you can take for your beginning business is to get the "business trinity" - lawyer, accountant, and a banker.

Ask some of your local small business people who they would recommend and invest the money to get advice from them.  This will keep you on track, and protect your interests.

Thank you for posting this-I'm along the same lines and am uncertain what to do next in terms of legalities and other issues beyond my  realm of knowledge!

Chrisitne- dont forget INSURANCE- and what about accepting credit cards and a bank account?

Your website looks very good, your fees are really low though that concerns me - you need to put a higher value on your time and your services - I know it is tempting to go low and try to get started but you are in CA. Even in the parts of the country staging is almost unknown, stagers charge about $350 for a up to 3 hour consult and $75-125/hr. Look at Vitalia for insurance - perhaps consider joining RESA.

Christine - I am working on my contract - you will need one of those pretty soon. There are several blogs on AR which talk about what to include and even a couple of examples.

Stephanie

Christine - I'm in the same boat as you, and I had quite a bit to say in response to your post, so I wrote it out as a post of my own.  Check it out and let me know if it was helpful to you - or to anyone else!  How to Set Up Your New Staging Busines.

Monica

OK - let's try again...

How to Set Up Your New Staging Business

If this doesn't work, can someone please tell me how to create links?  I thought I was doing it right...

Monica

 

C: Congratulations, you have a great start!  A few things to consider adding to that list:

Bookkeeping -- if you keep it controlled from the start, it's sooooooo much easier to manage. If you are anything like me -- the creative side gets much more attention thank the logical side -- it's way to easy to let the paperwork get out of control.  Find good professional resources- an accountant- and start Quickbooks as soon as you can...it allows you to track income, expenses, tax liabilites,all of it...and provides the data to pull reports as needed to keep you on track with your business plan, ROI, taxes, etc. By doing your own entries, it reduces the fees you pay the professionals as well.

Insurance: Vitallia is widely used in the staging business -- www.vitallia.com. Critical, and can be incorporate as a sales tool as well.

Have fun with it, Best, Valesca

I think in my situation, having a business plan (written one) was a significant difference from when I started to now, operating it in a full-time mode. All the advice you receive is very relevant. So, I just thought to include the business plan. Have everything you want written in place. When you get it out of your mind and into paper, you are actually putting that at work.

They said, If you can dream it, you can achieve it..... Good luck and all the best from Texas...

MOST DEFINATELY A BUSINESS PLAN. From a former, advertising account executive's position, that is the jimping off point. Everyone should have one. You think you have it all figured out in your head, but once you get it on paper- it's much more real, solid and tangible. It will give you direction and GOALS. As business owners who plan and actually DO the work - it's even more of a necessity. Sometimes you can bet caught up in arranging furniture that you forget about the big picture. Or atleast that's what I think! :)

On the marketing note- I agree with Isabel. Very important to market yourself and to network. If you don't have alot of $$$$ for marketing efforts (can be REALLY expensive) - take the cheaper route - PR. I send out press releases to all local publications, TV and other media outlets. Although it can be time-consuming and sometimes you send out alot to get back a little - whatever you get out of it is FREE. Can't beat that. Joining networking groups is a great idea too. You may have a local builder's association you can join...talk about being face to face with potential clients!

I agree with all of the above. To me the most important is getting Clients and marketing yourself. Please share more of those tips. :) Thanks Amber. Also, Monica, link not working. You should be able to just cut paste and hit enter so you see the hyperlink. hope it helps.