I am approaching the one-year anniversary of me starting my own small business. It seemed like as good a time as any to write a blog, reflecting on the year and document how I got here. This post will be an overview of the 'How" I go my Dog Walking/Pet Sitting business started. Now keep in mind, my model is probably as easy as they come. I have no overhead. My biggest expense is my time. I also have no employees yet. If you want to start a business that will need inventory and employees, you'll have some more steps.
Step #1 is to find something you're passionate about and make it a business.
It probably goes without saying that one of the biggest reasons I did this is because I absolutely love animals. I was obsessed with them as a child and I still am fascinated by them. I say all the time that I like animals way more than people. I say it as if I'm joking, but I usually am not. With animals, you always know where you stand with them. If they like you, they'll let you know. If they hate you, they'll let you know. If they love you, they'll let you know. I'm convinced they have a higher EQ than humans do. All the house pets that I had, always knew when something was wrong. They knew when they needed to be gentle and not jump up on me or maybe they could stand to wait 10 more minutes before they got fed or were let outside.
I got to a point in my life where it felt like it was now or never. I'm not exactly the youngest anymore, however, I don't feel old and I still have a lot of energy. If I waited any longer, the window of me physically being able to do the job may slam shut.
Step #2 Make sure your finances are covered during the building up years.
I can't stress this step enough. I was lucky enough to have a financial advisor already in place. Together we put a viable plan together that minimized any fiancial stress. I had a condo in Boston that I was renting out. I ending up selling that, especially since the timing was good as far as getting a good price. With that I was able to pre-fund my retirement and only worry about short term expenses. I still had to cut some short term expenses. I quit the gym which I was OK with since I'd be moving a lot. What hurt me the most was letting go of my cleaning ladies. I really liked them and they did a great job. It was a very difficult conservation for me to have and I miss them terribly.
In short, make sure you have enough money set aside (I'd say 6-12 months of expenses) so you can put your energy into starting up your business rather than stressing about making ends meet.
Step #3 Find a mentor.
You need to find someone that will ask the tough questions and not tell you what you want to hear. Where I live, there is a non-proft that helps small business owners start out. They assigned me a mentor and we meet regularly. He forced me to put pen to paper and write down what my business model and plan will look like.
I'd also recommend reaching out to other people in the same industry. I reached out to some fellow dog walkers/pet sitters and they were nice enough to sit with me and tell me about some of the pitfalls they fell into and how to avoid them.
Step #4 is to decide whether to register as a Sole Proprietor or an LLC.
Now how do I get it started? Apart from deciding what kind of business I'm going to run, the first decision I needed to make was do I register as a Sole Proprietor or an LLC (Limited Liability Corporation).
A sole proprietorship is an unincorporated business that’s owned by the individual running it. Individuals doing a lot of contractual work normally file their taxes as a Sole Proprietorship. The Sole Proprietorship is attached to your own personal Social Security Number and, therefore, you are personally responsible for your business' debts and obligations. It also has little or no start-up costs which makes it a popular option for people just starting out.
An LLC has its own business entity. It gets its own "SSN" or an EIN. Because of this, business creditors can't go after your personal assets if you get sued or can't pay off debt. Also, if you have employees, it can protect you from the liability of their actions. However, it is a bit more expensive to start up. There are state formation fees and annual filing fees, all which vary by state.
Because the thought of putting my personal assets at risk scared me to death and I want to eventually get employees, I registered as an LLC. I had some funds set aside and I hired a lawyer which made the process infinitely easier. My lawyer was able to get me up and running within a couple of days.
Step #5 Build a website
It was pretty clear that I needed a website. I used Wix. I had considered hiring some digital design service to create one for me. After looking into it, it was clear that all I really needed was a landing page and it wasn't that difficult to do myself. "Perfection is the enemy of the good." Worrying about your website having cool features and bells and whistle keeps you from just doing the thing already.
Step #6 Get access to tools or apps that will make your life easier (and customers will appreciate).
I subscribed to an App that helps me with my admin. I'd rather be walking doggies than doing admin. I'm also able to receive payments through it and customers get pictures and reports of their furbabies.
Step #7 Get started already
Now you need to go out and find your customers. I had already been doing some jobs for neighbors on the DL. I used primarily Facebook and Google to get the word out. My neighborhood has a Facebook page and people are constantly asked for pet recommendations. Everytime I post something, I get a couple more hits. After a year, word of mouth has been my biggest marketing tool.
Step #8 Please don't forget about Health Care.
I'm on Obamacare. I think it's pretty great.
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