When I set up Eat Stretch Nap as an official business, there were a couple of annoying things I learned that were actually really important. I thought I’d share them with you here since it seems some people would rather rave about “Starting a business!” and being an “entrepreneur” to make you jealous and think they’re awesome, instead of being honest about what it’s really like to set up your own company. The most exciting thing about starting a business is telling people you started a business. After that, it’s just work, but “if you choose a job you love, you’ll never work a day in your life.” Yes, that is true Confucius, but I still don’t like making invoices and handling payroll and I don’t think I ever will. Starting a business means there will be a bunch of work involved that you don’t want to do, but you’ll have to do it anyway. At least until you can afford to have someone else do it for you, and even then, you should still know how it works.
1.) Creating an LLC costs money.
Yes, like $612.75 to be exact. However! It’s really easy to do. You can do it yourself and you don’t need a lawyer. Just fill out everything on this link and give them all your money:
2.) What is a “Managing Member” ?
The definition of a Managing Member is obvious now, but I didn’t know this while I was filing LLC paperwork online. I unknowingly made my husband a Managing Member of my company. So I had to drag him to the bank with me to open a business account because apparently you have to have all “Managing Members” present when opening an account or making any changes to it. Since I accidentally made him a Managing Member, I decided he deserved it and gave him a percentage of my company, which felt very Silicon Valley of me. I was super into it!
3.) What is a DBA?
DBA means “doing business as” which I had to file for at an additional $174.00 because I named my LLC, Aldasana LLC “just because” even though my business name is Eat Stretch Nap. Because you know, sometimes we all make decisions based on feelings and fairy dust, ok?? Nbd, it all worked out. FYI Filing for an “Assumed Business Name” and “DBA” is the same thing, at least in Illinois. Here’s where I filed for a DBA:
4.) Insurance is expensive.
I have to have insurance to cover myself and the yoga teachers teaching for me. I contacted big companies like Geico, State Farm (doesn’t even do it) and Nationwide and they were all $900+. Luckily, a really nice Tax Accountant told me that I should look into getting insurance through a trade association, like the Yoga Alliance. So I was able to work out my insurance through them for half the cost. Amazing.
5.) You need a lawyer, an accountant and maybe a business manager or a finance dude.
I have so many questions I don't know the answers to and I can only search on Google for so long. Luckily, I have a few people in my network that I am comfortable asking questions to right now, but I know that eventually I will need to invest in speaking to an actual business consultant, lawyer and accountant to make sure everything I have is in order.
This is just the beginning of a very long and arduous journey and honestly, what makes me the most excited about having my own business is not being able to show off about it, but being able to learn from it and share my experiences. In case you were wondering what my business is anyway, I’ve essentially created a "traveling yoga studio.” Eat Stretch Nap brings yoga, meditation and mindfulness classes to your home or office. With my intention of always aspiring to make wellness easy and accessible, bringing yoga to you or your company just makes the most sense! If you have any questions about starting a business, teaching yoga, or anything related to this, feel free to ask in the comments or send me a message.
*These links are only applicable if you are starting a business in Illinois. Every state is different.
Some awesome resources:
https://howtostartanllc.com/illinois-llc -step by step guide in starting an LLC
https://www.legalzoom.com/ - not to use, but to read their blog/articles for tips
https://zipbooks.com/ -free cloud invoicing software
https://www.squarespace.com/ - for building a business website
http://mailchimp.com/ - for email newsletters