CTS 199: Starting Up A Consultancy Business

Starting a business can feel quite overwhelming. In this episode, Rowell and I share how we got started, what we have learn from going through the process and give you guys some tips on what needs to be done when starting up a consultancy business. What to do to start Here is a list of things you can do before registering the business: * Perform a market study to help you study the competition and see if there is a place for your on the market you are targeting* Choose a name and make sure that there is an available relevant domain name* Have an idea of how you are going to be making money* Work on a basic business plan. It can be basic at first and it will evolve in time. Registration Process Here is a list of things to do to register the business: * The process varies depending on where you live* In Ontario, Canada, you can do it online via third party companies. They take care of doing the paperwork and it costs about $400 CAD. I registered my business as a corporation. (Inc.)* In California, dba is needed to start as a sole proprietor. You can expand further to an LLC. Registration process can vary per state.* LLC in California costs $800/year* Filing fee is $20* Then there are additional permits What to do once the business is registered Here is a list of things you will have to do once the business is registered: * Banking* Open a bank account* Separate your personal and business finances* Apply for a business credit card. They will ask you for your personal credit score.* Don’t take on a loan if you don’t absolutely need it. If you start a consultancy business, you will probably not need it.* Insurances* Insure your equipment* Insure your business (Liability insurance & Errors and Omissions) (about $60mo)* Health insurance (Optional)* Leverage your spouse’s health insurance* Accountant* Learn how to do the books at first* CPA is a must when you start earning more income* Lawyer* I use a company called Legalshield. I pay monthly and have access to a lawyer whenever I need. Additional charges may apply for some advanced services.* Rowell: Used a company called Incfile. * Finance Software* Keep track of invoices* Keep track of taxes* We use Quickbooks* In the US, take advantage of SBA and SCORE* SBA: Small Business Administration offers free small business consulting and other free resources* SCORE: offers free small business mentors and education Work on the branding Here is a list of things you can do work on the branding of your new company: * Define your business values: Find 3 core values you want your business to be known for* Stick to these values in everything you do! * Business Branding* Work on your company website* Work on a logo* Work on a graphical color chart* Work on a document template (Word, PPT)* Doing charity work or volunteer work* Social Media* Create your pages on relevant social media platforms (LinkedIn, Twitter, Instagram, Facebook)* Try to publish regularly (leverage tools such as buffer to automate it)* Personal Branding (in case of a consultancy business)* Training* Certifications* Blog* Social Media Books Here are some books we have read along the way and had helped us in different form along our journey of being a business owner. The links below may be affiliate links. If you’d like to support the Podcast, a portion of the sales,