Business From Scratch: Part 1
Foundational Business Details
If you’ve found your way to this post, you're likely just getting started in your business OR maybe you've been side hustling for a bit and you're ready to take your show on the road full time.
Either way you're all about getting a strong foundation in place so you can build on it as you grow.
I'm so excited for you because getting your business off the ground is such a fun and empowering experience! It's a time full of possibilities 🥳
I know there's SO MUCH noise out there on the internet about what you have to do to start a business, but the truth is you really don't NEED much at all. You only need a few things in place to set a solid foundation for your business.
So what are they, you ask?
That’s what this post and Business From Scratch: Part 2 will be about.
We’re keeping it easy peasy.
One note: Don't let getting this part perfect be a roadblock to putting yourself out there. You’re just choosing how to offer your expertise to people who have a problem that you can help them solve — for a reasonable fee.
In the evolution of your business, these details will change so pick a starting point and move on.
Step One: Your Ideal Client
This is a little like the chicken and the egg - should you choose what services to offer and then find out who needs those or should you choose your ideal clients and then create what they need? Either way you're checking both steps off the list so do it in whichever order makes sense to you!
Don't overcomplicate this step! Think about who you would love to work with and then write out a profile of that person and give them a name. And then everything you create will be tailored to that person.
Step Two: Your Services
Starting a business means you're going to be doing something in exchange for money. Maybe you're selling your ideas packaged up as courses, or you're going to offer photography, coaching or virtual assistant services to clients.
There is no right set of services and it's all going to be individual to your skills and background. But I promise you this - you don't need more training. You already have skills and knowledge that other people will pay you for.
Keep it simple when you're starting out with just 1-3 services, so you don't overwhelm potential clients.
Step Three: Pricing & Packages
As with the other steps, don't overcomplicate this. You don't have to create complicated packages with bonuses and long lists of what's included. Simply create a starting point to give potential clients an idea of what your rates are.
For a coach, this could be a 3- or 6-month coaching program for $X.
For a virtual assistant, this could be a certain number of hours per week or month for $X.
For a photographer, this could be a wedding package that includes X hours of photography for $X.
As your business evolves and you work with more people you'll learn the things you do most often and the things people request outside of your current packages so you'll be able to create more targeted packages.
And of course, don't forget to raise your rates occasionally to account for the increased expertise and experience you've gained from running your business.
Step Four: Business Name
Coming up with the PERFECT business name is a great goal, BUT don't put off starting your business or actually working with clients because nothing seems perfect enough.
The important thing is that you choose something and move forward. If you don’t have a clever business name, I recommend starting with some combination of your name. You can always change this later, but YOU are your brand so it never hurts to go for the simple solution.
Step Five: Domain Name
This is where we get a little more technical instead of abstract. Once you choose your business name or decide you're going to use your own name, you need to purchase your domain so you'll have a place for your website when you're ready for one.
A domain name is the address that people type in to reach your website - such as https://nicolefolker.com.
Domain names are fairly inexpensive ($15-$18 per year on average) so even the smallest business budgets can handle it. I recommend Hover because they include domain privacy in the domain price, which is great for maintaining privacy online.
If your business name isn't available in the .com version, you can consider .co, .net or another extension, but be aware that most people will type in .com when they try to navigate to your site.
Bonus: Professional Email Address
Just like the domain name, a professional domain-based email address is a great way to show that you're a serious business owner. Using a gmail.com email address may be free, but it shows that you aren't taking your business seriously.
Anyone can start a business online these days for very little investment, but if you want your clients to take you seriously and pay you money to help them manage their own business or life in some way, then invest in a professional email address early on.
If you need tech help, your domain registrar can usually help you. My favorite way to manage domain email is to sign up for Google Workspace (the basic plan is fine) and then I have a Gmail inbox for my domain-based email.
You can also add on a Small Mailbox at Hover when you purchase your domain. You can then set up the new email address to forward to your existing free email address, but keep in mind this does require some technical setup so Google Workspace may be a better option if you’re not tech savvy.
If you aren't sure the difference between a regular free email address and a professional domain email, here's an example: yourname@gmail.com vs hello@yourdomainname.com. The second one looks way more professional than the first.
Next Steps
Ok so if you were doing the exercises as you were following along with the post you’ve got your foundational business details all ready to go. If not, take some time to think through each step so you’ll be ready to dive into Part 2, where we’ll focus on foundational tools.
Here’s to getting your business set up for success from the start 🥂
Ready for Part 2?
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FYI: Some of the links in this post are affiliate links, which means if you click the link or use the code listed, I'll receive a small commission. It doesn't cost you anything extra and in some cases it will actually save you money. #win-win