Happy Wednesday! Over the past three years, it’s been a huge discovery process about not only my craft but also in how to start a business. Here’s my top three lessons I’ve learned thus far:
1. Life is better as an LLC.
This one took me a bit to get around to but I’m so happy I filed for my LLC. There are so many benefits that I found to being an LLC rather than filing for a sole proprietorship. I like that I have the separation of my personal assets from my business assets in case anything happened. A sole proprietorship is beneficial for its simplicity and low cost of filing. An LLC is beneficial for it’s flexibility of taxation and the protection of liability. Thanks, LegalZoom for making this information clear to understand! Link here: https://www.legalzoom.com/articles/llc-vs-sole-proprietorship ) While filing as a sole proprietorship was less expensive up front, my taxes would be higher each year as my business income would be taxed as my personal income. With an LLC, I’m able to elect to file my yearly taxes as a corporation, increasing my tax return. While it’s a bit more paperwork as my personal and business finances must be separate and I have to leave a trail when I compensate myself for my work, overall I’ve found it to be the best option for my business! Choosing a business model is an important stepping stone and each business will be different. Still have questions and located in KC? Go see Judy Bumpus at the Women’s Business Center off Shawnee Mission Parkway. She is a knowledgeable, no-nonsense, and kind gift from the business goddess! I wouldn’t be where I am without her help. You can see the KCWBC’s services and learn more about their mission here (http://kansaswbc.com/training_support/starting_out).
2. Six words that kill a business: “We’ve always done it this way.”
Business ownership is about honesty and thinking outside of the box. Pushing yourself in ways you didn’t know that you could be pushed, let alone yourself doing the pushing. Using the same tactics over and over again can in some cases be productive but most of the time another business owner is asking ‘How can we make this more efficient?’ Whether it’s a product or service based business, there’s always room for growth and improvement. We’re humans trying to do some badass stuff. It’s never going to be perfect but it’s sure worth trying, evaluating, and trying again.
3. Babes support babes.
Business has a reputation of being cutthroat, especially in a competitive industry such as photography. I believe in the idea of what you put out into the world is what you get back so here’s a couple of other badass babes I’ve had the pleasure to meet doing their thing.
Laura Cobb, photographer: www.lauradianecobb.com
Grace Pritchett, photographer: https://www.gracepritchett.com/
Amina Shaw, photographer: https://www.instagram.com/aminaeffinshaw/
Ashley Drewianka, photographer: www.ashleydrewianka.com
Harleigh Ellsworth, coffee shop owner: https://www.instagram.com/kscoffeecafe/
Kendra Ellsworth, crafter: https://www.instagram.com/not_your_grandpas_woodcarvings/
Ari Rodriguez Boog, architect: www.archifootprint.com
Amy Smarsh Johnson, designer: www.etsy.com/shop/AmySmarshJohnson
Shelby Page, designer: www.shelbypage.com
Maylo Anderson, 500 E-RYT: https://www.instagram.com/mayloanderson/
Cindy VanderWeide, 200 E-RYT: https://www.instagram.com/farmgirl_yogi/
Gambit Johnson, massage therapist: https://www.instagram.com/jata1111/
These ladies listed above work hard for what they do. They grind day in and day out to make a name for themselves and put their whole heart into their work. I’m happy to have met and/or worked alongside these ladies as they move forward with grace, kindness, and compassion for people with an unrelenting sense of humor. Do you know more badass babes grindin’ it out? Send me an email and I’ll add them to the list!