3 Tips for the Early Days of Entrepreneurship

There is a lot of uncertainty in the early days of an entrepreneurial journey. I’m happy to share three things I learned when I first started.

Do I need to file my company with the state?

Before I dive in, please note that you should consider seeking the advice of an attorney on this matter. Also, the information I provide in this section is for United States companies only.

The short answer is Yes, at some point. I’ve started multiple businesses. Most have failed but one has caught on and had a lot of success.

It sucks when you register your company, work on it for a couple months, then realize you don’t want to do it anymore.

For this reason, I recommend operating for a little while and see if it catches on. If you start having success and you see a future for the company, then register your company. If you decide not to continue, you can just cease operation without having to worry about any fees or paperwork for closing your company.

How to file with the state

1. Choose a legal structure: Sole proprietorship, Partnership, LLC, C Corporation, S Corporation.

2. Determine which state to register in. My company is registered in Delaware because Delaware provides companies a strong legal framework, flexible operating agreements, privacy, and perpetual existence. Delaware is a common choice for many business owners.

3. Hire a Registered Agent. To file in a state you don’t live in, you need to hire a Registered Agent service. A Registered Agent is a company that has an address in the state that you’d like to file in and specializes in filing your paperwork and dealing with the state. I used a company called VCorp for my Registered Agent. Another option is to simply file your LLC in your home state. This doesn’t require a Registered Agent. It’s important to research the pros and cons of filing in your state.

How do I accept orders?

I find a lot of people have questions about how to accept orders and receive payments. There are online platforms that make it easy and automate a lot of steps. Some examples, are Square, Paypal, and Quickbooks. I use Stripe for all my companies.

It’s super easy to make a Stripe account. It integrates with most website builders and allows you to easily accept orders and payments from customers. (Recent article about best practices for your company’s website). It will send the money from the customer’s credit card right to your bank account. That’s really all there is to it.

How do I choose pricing?

Here are some tips for pricing your offering:

Competitor Analysis

Research your competitors to understand how they price similar services. Look at businesses of similar size, quality, and location. This can give you a benchmark for your pricing.

Value Proposition

Consider the unique value your service provides. If you offer something distinctive or of higher quality, you may be able to command a premium price. Conversely, if you're entering a highly competitive market, you might need to price competitively.

Target Market

Understand your target market's willingness and ability to pay. Different customer segments may have varying price sensitivities.

Tiers or Packages

Consider offering different service packages at various price points to cater to a broader range of customers and their needs. Be careful not to offer too many packages to prevent information overload. You know when you look at a huge restaurant menu and you can’t decide what to order? That’s information overload. Keep it to three packages!

Discounts and Special Offers

Determine if you will offer discounts, promotions, or loyalty programs to attract and retain customers. Be strategic in how and when you use these.

If you found these three tips helpful, you’ll be blown away by the value packed inside the Startup Toolkit. I expand a lot on these topics and everything else you need to know about launching and growing your company. Check it out for only $29 today!

Whenever you’re ready, there are two ways I can help you:

1. The Startup Toolkit: This comprehensive course provides you step-by-step directions for how to launch and grow your startup. Through trial and error, I’ve developed these methods to grow my startup to $518,201 annual revenue.

2. 1-on-1 Startup Consulting: Serious about launching / growing your startup? Get the personalized help you need.

Cheers,

Collin Rutherford

PS. I’d probably act a little crazy.