Getting Started Guide
This guide is intended as a resource to help women who are in the process of starting a business. The guide is not meant to take the place of any research you may do or the advice of an attorney or accountant. In fact it is advised that you do seek the services of both an attorney and an accountant when starting a business.
This guide outlines the process Tracy Guida used while starting Rockin' the Cradle, LLC. It provides the check list and many on-line resources she used while starting up.
If you have any additional resources or helpful hints that we should add, please use the contact form and select "suggestions".
Guide
Ok, so here you are feeding your newborn at 4 am when, suddenly, it hits you! You just came up with a ground breaking idea for a business and you are really excited. You are so excited that you forget how tired you are. The next day, you call your best friend and she encourages you to “go for it.” The only problem is, how? Where do you start? What steps do you need to take? Can you afford it? Will you be able to make this dream a reality? The answer is YES! You can be a “Rockin’ Mompreneur!”
The decision to start a business is a big one and your business will be like having another baby. At Rockin’ Mompreneurs, we know what it is like to be a stay-at-home mom and to run a business at the same time. Being a “mompreneur” requires organization, multi-tasking, flexibility, creativity, and determination. Therefore we decided to put together a ‘getting started guide’ to help those of you who want to make your dream of becoming a “mompreneur” a reality. Our getting started guide will help you get on the right path of becoming a “Rockin’ Mompreneur.”
We have created a basic checklist for you to follow as you begin the wonderful journey of becoming a “Rockin’ Mompreneur.”
The basic checklist
Decide on a name for your business
Deciding on a name for your business is one of the most important decisions you will make in the mompreneurial process. The name should be catchy, creative, and unique. You also want to be sure that the name is not already taken. Be sure to conduct a search within your local area and state. When I came up with the name “Rockin’ the Cradle,” I immediately conducted an on-line search to see if the name was taken, especially within my state. I didn’t find any companies with that name, so I went with it!
Regsister your business name
Once you have decided on a name, you will need to register your business name. The best way to do that is to go to the government web-site for your state. Here is a helpful link: www.smallbusinessnotes.com/stategovernment.html. Since I live in Florida, I went onto the Florida Government web-site and filled out my application for the Articles of Organization and my resale certificate. I then mailed payment to the state and received all necessary paperwork within a few weeks.
Purchase a domain name for your business
Once you have registered your business name, you will want to purchase the domain name. To see if your desired domain name is available, you can go to either www.betterwhois.com or to the web-address of your chosen hosting site. On the hosting site you be able to view pricing information for purchasing the domain name as well as web hosting. I chose to host my site with Go Daddy. I simply went to their site and purchased the domain name with e-mail. You can also create a page for yourself on MySpace for free!
Create a business plan
In a nutshell, the business plan should clearly explain the what, why, when, who and how of the project. It should be a comprehensive explanation of the opportunity, the people involved, the money required to implement the plan, where it will come from and what financial results the opportunity is likely to produce. Here is a great link that provides examples of different types of business plans: SBA.gov.
Open a business bank account
Once you have received all of your paperwork back from the state, such as your Articles of Organization, EIN number, Re-Sale Certificate, etc., you will want to open a bank account for your business. I simply went down to my local branch an opened my business account. Be sure to bring all documents with you!
Create a logo
You will need a logo for your new business. A logo is either text or a graphic image that represents your company or product. A graphic artist can then create something for you. This is also a service that Rockin’ Mompreneurs offers! When I was trying to come up with a logo, I called a friend of mine who is a talented artist and graphic designer. I explained to her what I was looking for and she created my logo.
Purchase necessary marketing materials
In order to begin promoting your business, you will need a few necessary marketing materials. Business cards are probably the most important marketing tool that you will need to start with. Promotional items are wonderful as well. With my company, Rockin’ The Cradle, I have ordered pens, stress balls, beverage tumblers, etc. I give these items to customers as a “Thank-You” with orders that are placed. I also hand them out to prospects. At “Rockin’ Mompreneurs” we are proud to offer this service. Be sure to check our site weekly for specials. We know that many of us mompreneurs are on budgets, so we focus on searching for closeouts and product specials!
Establish professional contacts
Depending on the type of business you have, you will need to establish an array of professional contacts. When I started Rockin’ the Cradle, I had to search out a graphic designer, an apparel supplier and a professional screenprinter. The graphic designer was a friend of mine, so that was the easiest part. He created all of my designs and assisted me on various projects. As far as apparel suppliers, I knew a lot of them because I had been in the promotional products/imprinted apparel industry for many years. I simply contacted the vendors that I wanted to purchase from and set-up accounts. All I needed to set-up the accounts was my resale certificate. I then called several screenprinters in my area and asked for price sheets. I chose a printer and have been using them ever since.
Obtain any necessary licenses, permits, and insurance
Depending on the type of company you are starting, you may need to purchase special licenses, permits or insurance. Be sure to do you research so you are covered.
Meet with an attorney if necessary
You may or may not have to meet with an attorney for your business. I personally did not have to with “Rockin’ the Cradle” but if you inventing a unique product, you will need to meet with an attorney to go over patents, etc.
Purchase/Establish an accounting system
Bookkeeping is a MUST! When I started my company, I went on-line to the QuickBooks web-site and was able to download a free trial version of one of their programs. It allowed me to manage up to 20 vendors/customers. I then upgraded to the full version of the program when I reached my free limit. Be sure to keep records of everything! I would recommend meeting with an accountant if you need assistance. If you are selling a product, you must remember that quarterly sales tax reports must be filed!
Set your prices
Before you can offer your product or service, you must set a price. Be sure to take all things into consideration such as time, labor, costs, etc. You want to be sure that you are making a profit and not giving your product/service away!
Designate a workplace in your home or seek office space
It is absolutely vital to have a designated work area. I am fortunate enough to have an entire room in my house for an office. You will need a place where you can work and keep yourself organized. If you don’t have an office, you can create areas in your home. For example, you can purchase fashionable bags that are actually filing systems at your local craft store or Office Depot. This way, you can keep all of your paperwork together and take it with you to the local coffee shop, etc.
Create a marketing plan
A marketing plan is an essential tool for your business. It is simply a written plan that details your action plan for marketing your business. It can be as formal or as informal as you want. My marketing plan is actually written in a notebook where I write down all of my ideas. If you have a business partner, this is something you will want to work on together. If you are in business by yourself, your marketing plan should act as your guide for getting the word out about your product.
