Consulting Business Setup

Introduction

• Focus on setting up a consulting business
• Topics covered:
  • Choosing a name and logo
  • Getting business cards and a website
  • Legal structure
  • Basics on accounting, bank accounts, and insurance
• Note: Not all elements are necessary to start; focus initially on finding work and making money

Business Name and Logo

• Choose a name:
  • Can use personal name or a unique business name
  • Check for domain and social media availability
  • Example: DNM Devco (initials used for uniqueness)
• Logo Design:
  • Create multiple versions: long, short, and icon
  • Long version for navigation bars/footers
  • Short version/icon for profile pictures

Business Cards and Website

• Validate business and build trust
• Website:
  • Clearly state services
  • Showcase previous or sample projects
  • Maintain professional and cohesive design
• Resources:
  • Name ideas: NameLix
  • Logo design: Looka, 99 Designs, Fiverr
  • Color palettes: Color Hunt
  • Templates: Canva
  • Business cards: Moo
  • Website builders: Card, Squarespace, Weebly, Wix
  • Free images: Pexels, Undraw

Legal Structure

• Options: LLC or sole proprietorship
• LLC:
  • Limited liability, personal assets protected
  • Separate entity from personal
  • Annual fee (e.g., $800 in California)
  • Market credibility
  • Can be filed via LegalZoom
• Sole Proprietorship:
  • Default status, no paperwork
  • Personal assets not protected
  • Can file a DBA for name use

Document Storage

• Recommended: Google Drive and G Suite
• Alternatives: Dropbox, Microsoft OneDrive

Accounting Basics

• Use accounting software:
  • Recommended: QuickBooks Online (Essentials or Simple Start)
  • Track customers, time, invoices, payments, expenses
  • Generate tax documents
  • Seek accounting/bookkeeping advice

Bank Accounts

• LLC: Open a business bank account with TIN
• Sole Proprietor: Optional business account, consider separate checking
• Banks: Chase, Bank of America, Wells Fargo

Insurance

• Errors and Omissions Insurance (E&O)
  • Covers mistakes, advice, copyright issues
  • Cost: $500 to $1,000 per year
  • Research providers

Conclusion

• Next topic: Consulting pricing strategies
• Reminder to research links and resources provided

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• Note: Resources and links mentioned for further exploration and setup guidance.