3. Get a Tax ID/Federal Employment Identification Number (FEIN)

A Federal Employment Identification Number is used for tax filing and reporting, hiring employees and handling payroll, and opening business bank accounts and/or applying for credit. It provides separation of personal and business finances. Without one, all of the financial responsibility would fall on the owner, which can be less than ideal in certain instances. For example, if a customer were to sue the business, they would be directly suing you! The IRS offers a resource on its website for small business owners to utilize in hopes of reducing any confusion regarding tax requirements. Each link provided on the site is specified to supply the necessary information on each aspect of taxation. 

4. Licenses/Permits

Does your industry or the state you live in require specific licensing or permits for operation? In Texas, the state provides resources and information on licensure. There is also a guide on the Texas Government’s business website identifying each industry alphabetically, and the requisites for effective performance. Don’t live in Texas? Be sure to research if there are any general business permits you need to obtain. Learning never stops, especially when running a small business! 

5. Bank account 

To separate your finances from your business expenses, a bank account designated to your enterprise will make things much simpler. Don’t know where to bank? Comerica’s program for small businesses is freeand full of perks. SizeUp by Comerica provides small businesses the opportunity to tap into competitive market research, compare and contrast with the competition, and learn ways to make informed business decisions toward future expansion for free. Additional benefits accompany owning this type of bank account, such as 40% off office supplies or discounts on travel and dining. Click here to read more information on SizeUp and explore the amazing advantages Comerica has to offer for small businesses. 

6. Use your resources 

Reach out to those in business whom you admire and trust to provide honest feedback. People who are genuinely happy for you and will not try to sabotage your efforts with negative speech. This could be other people in your industry, or those you simply respect in business. Keep in mind that connections within your line of work could help with more specific needs and provide expertise that those in a different field could not offer. Listen to advice, but do not get discouraged if things are not perfect at first. Rome was not built in a day! 

7. Make an appointment with your local SBDC 

A Small Business Development Center (SBDC) provides counseling and training to small businesses, including working with the Small Business Administration (SBA) to develop and provide informational tools. Karen S. Raymond, Misty’s longtime friend and entrepreneur, is a Business Advisor with North Texas Collin SBDC who recently inspired Misty to seek an appointment to inquire about growing her business. There is no time to rest as an entrepreneur, and there is always room for improvement! Continuing education, a willingness to learn, research, and finding ways to adapt are imperative to success. 

Small Business Development Centers also assist with Business Planning, Market and Industry Research, Small Business Funding, Franchising, Price Estimation, and more. Via your tax dollars, you already pay for assistance from an SBDC…may as well use it! Luckily, K. Raymond and so many others at North Texas Collin SBDC are local to all of us in DFW, and ready to help. Click here to view Collin SBDC’s array of provided resources. Click here to request assistance and get started on elevating your small business. From Karen herself, “Let the Collin SBDC help you grow and exceed your business goals”. 

8. Network/Community Outreach

Don’t just join, but be active in your local chamber of commerce. This is a local network of businesses and professionals working together to promote economic development and foster relationships within a given community. The Plano Chamber of Commerce hosts a wide variety of events specifically catered toward small businesses. Conferences, luncheons, educational seminars, and other types of connections will inspire you and propel your business.  

9. Hire some help

Seek help in the areas that suck up all of your time, or those you feel you are not great at doing anyway. Bring in one person at a time. While you may not believe you can afford it, being responsible for someone else will light a little fire, helping you generate more income. Be strategic and practical with who you bring on in the beginning, but understand it takes a village to produce a bountiful harvest. 

Hire outside your company to assist with administrative tasks and development. For instance, a business coach or sales strategist. Misty recently hired longtime friend and expert Leanne Libby through her company, LL Consulting Group, where “We work with local businesses and nonprofits to develop focused sales and marketing strategies that drive growth. From organizing the details to executing the plan, we help them navigate every step, allowing them to focus on what matters most — their mission and success.” With Leanne’s assistance and expertise in sales and marketing, Misty can focus on being a creative. 

10. Spread the word and keep (g)r(o)w(ing) 

Create a website where clients, new and old, can easily understand what your small business offers. This will also serve as a resource for consumers to utilize your services and get in contact. You will need photos for this site, so book with Photography by Misty to capture your brand in all its essence. Keep an eye on the blog for information about branded photography and videography as well. 

The pictures and videos used on your website can also be posted on social media to promote continuity amongst sites and provide a more interactive platform for consumers to connect with you and your small business. It is recommended to have at least 2 socials in today’s technology-forward society. This link leads to a site that maps out the usage of various social media platforms for business, if you are interested in learning more. 

Keep in mind, your current buyers are much easier to market to than any organic efforts to grow your clientele. You will have to work harder to explain yourself to new people. Those who have already utilized your services know what to expect. However, how will you continue the conversation? How will you continue to reinvent yourself to promote growth and maintain relationships? 

Owning and operating a small business is not for everyone, but it could be. Following the steps above will at least get you started. PBMisty and so many others exhibit the endless possibilities that can arise from believing in a dream and taking the necessary measures to make that happen. Never stop dreaming, never stop creating, always keep going, always keep growing. Cheers to those beginning a small business, may you prosper in all of your endeavors. And cheers to another 23 years of Photography by Misty!