So it turns out when you accidentally start a business there are quite a few things you have to learn really quickly. Here are a few tidbits I picked up this week:
Important Acronyms to know:
FEIN (Federal Employer Identification Number)
LLC (Limited Liability Company)
JSN (Just say no…especially important when people ask you to do something you REALLY don’t know how to do-like remove a tree)
TAGQ (Pronounced tah-gque, “That’s a good question”….turns out there are quite a few of these coming my way)
Live & Learn
Don’t apply for your Federal EIN number before your LLC paperwork confirmation comes back. Because maybe the name you wanted is taken (it turns out checking domain names and the federal EIN site isn’t the same thing as checking in with the State Comptroller. Who doesn’t buy their domain name when they file their business paperwork!?) and then you have to file a bunch more paperwork to make your EIN Number match your LLC name.
Applying for insurance when your previous experience is a volunteer apprenticeship and the person you worked with is now deceased (but lives on in everything you put in the ground) presents an interesting series of hoops to jump through. Additionally, submitting a resume, payroll estimates and gross revenue estimates is challenging when you’ve been in business for 2.5 weeks. But having insurance to bring in jobs and earn that revenue seems like the responsible way to operate. So much for the advice in $100 Startup to just try something out and see if it works, write the business plan later.
Sometimes things work out and fall into place. Sometimes they don’t. Ritchie and I have been trying to figure out a way to create a revenue stream that we could use for humanitarian endeavors. We’ve sorted through and planned a few different things now but kept hitting roadblocks. Then this opportunity just kind of opened up and I feel hopeful and confident that Esteban, our newly-sponsored high school student training to be an Agricultural Technician will give this whole endeavor added meaning, motivation and success. It’s a blessing to use our freedom, gifts, experiences, time and opportunities to empower others. Until next time, happy landscaping!