My Checklist to Get StartedOct 02, 2023
The process of starting your business can feel daunting.
All the steps, the potential legalities… honestly, it’s enough to eliminate some people from the pool right from the start, but if you’re serious about this, it’s a non-negotiable.
I am going to share with you exactly what I did to start my business and hopefully decrease some of that anxiety you feel surrounding this process:
Step 1: I did a little research - Pull up your state practice act and give it a glance for any stipulations to starting your own business. You want to know what needs to be done at a board level and what kind of entity you need - LLC vs. PLLC.
Step 2: I choose my name: Something that reflects the mission and brand. Now, don’t let this part hold you up. You can always establish an entity with a general name and then file what’s called a DBA (Doing Business As) and roll with whatever you’d like at that point.
Step 3: I created my entity and registered it with the state: Typically, this is done at your Secretary of State website, and generally, you can do this 100% online and get your information fairly quickly. I chose an LLC over being a Sole Proprietor to put a level of protection between myself and my business.
- You may need to do some local registration/licensing as well! Make sure you check with the zoning department that you can do business in the location you’re scoping BEFORE you sign anything (like a lease or sublease). I almost made this mistake with my first business concept and it would’ve been… no bueno.
Step 4: I got my EIN - Once you have your business registered, you can register it with the government and get your EIN (basically a social security number for your business), and this will allow you to do things like get a business bank account. You will also use this on any payment processor information so that your money is allocated correctly when tax time comes around.
- Once you have your EIN, you can also apply for a Type 2 NPI. This allows you to create superbills for your clients and run the service through the business instead of your Type 1, which is attached to you as a service provider. This is necessary if you are establishing a side gig and are currently contracted with insurance providers through your main job.
Step 5: I opened a bank account - Using my EIN, I could now get this setup and have a clear line between my personal and business finances.
Step 6: I choose an operating location - once I had all my backend things set up, I went out to find a space to operate my business in. For me, it was out of a CrossFit gym. My first location had no office. I just brought in a table and set up shop wherever I would not be in the way of the facility operations for the day. I also created a quick operating agreement between myself and the gym that acknowledged they were aware I was conducting business in their facility. Most gyms these days will provide you with some sort of sublease agreement that will suffice for this.
Step 7: I covered my ass… with some liability insurance - For this, I used a combination of CNA and HPSO (no affiliation with either. Those are just the 2 companies I used), and this helped me sleep at night.
Step 8: I began experimenting and networking: Obviously, going direct to the consumers of the gym was my number 1 pipeline. I was able to establish myself as an authority in the facility. I went to different classes, I coached classes, hosted mobility nights, ran workshops… I did whatever I could to get in front of people.
- Here are the offers you need to price: Your Evaluation, follow-up visits, and any other services you wish to add.
Step 9: I expanded beyond my facility: I found that getting a full schedule was easier when I had about a 500-person lead pool to pull from. So if the average gym has 100 members, you need to find 5 facilities to pull from. Then you need to frequent them and foster the relationships.
Step 10: Never stop evolving - Business is fun, but it can also be stressful. If you’re serious about this, it’s not a 1-year mission. It’s a 10-year one, so you have to enjoy the process. At times, it’s not for the faint of heart, but if you implement it, I think you’ll be successful. If you keep talking about all the changes you want to make and never act on it…. Well, I think you know what happens then.
Now it’s time for you to do exactly what I just mentioned… GO IMPLEMENT! Get the process started, and just push through any discomfort you feel along the way. It’s the only way you’ll grow.
Interested in learning how to apply this to your clients?