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About Me
Senior Consultant
& Founder, Whitmoyer
Treasurer, ADCMW
Advisor & Contributor,
      FullBleed
Part-time Instructor,
CDIA Boston University
Member & Volunteer,
   Live Green
What’s with the
  Whistle?
A Few Good Reasons
   to Set Up Shop
• Make your own hours
• Be your own boss
• You have a choice and can work on projects
  that you like
• You’ll get to work with new people on a
  regular basis
3 Years Ago
When’s a Good Time?
• Unhappy with employment options
• Looking for a new challenge
• You see an opportunity that's in high
  demand
• Have tons of cash under your mattress
Why Wouldn’t You
Want to Venture Out?
• You don't enjoy working more
  than 40 hours
• You're bad with saving money
• You're not an outgoing person
  (waiting isn't much of an option)
• You don't like to wear many hats
How Many Hats?
Just a few to start:
  – Chief Executive Officer
  – Chief Marketing Officer
  – Chief Financial Officer
  – Chief Technology Officer
  – Chief Legal Officer
  – Chief Operations Officer
  – Human Resources
  – Customer Service
It's impossible to do it all
and be able to continue growing
a er a certain point.
Taxes & Accounting
• Find an accountant
• Determine how you do business: Sole
  Proprietor, LLC, S-Corp, C-Corp
• Get an EIN (it's free) & register a DBA
  (Doing Business As) name with the IRS
  – You may also need to register your DBA with
    the state and local municipalities (having a
    good accountant helps)
Book Suggestions
FAQ: How do you pay yourself?
 – If you’re a Sole Proprietor or LLC, you can
   simply write a check to yourself as a non-
   deductible expense.
 – If you’re a S-Corp or C-Corp, you pay yourself
   a salary and taxes get taken out of your pay as
   a W2.
• To be safe, put 30-40% of your revenue
  aside for Uncle Sam
• Scan your receipts and then get rid of them
  (they’ll fade in 6 months)
Be the Bank,
Not the Banker
Find Accounting
 So ware that
 Works for You
Time Tracking & Invoicing:
•   Freshbooks
•   Blinksale
•   Harvest
•   Billings
Full Ledger + Time Tracking & Invoicing:
• Xero
• Less Accounting
• Quickbooks
Alternative Full Ledger Options:
• Outright (free)
• Google Docs (free)
• MS Excel
Technology
• Run auto-backups and store data offsite
• Skype + VuRoom
• iPhone and use hands-free
  (radiation is never a good thing)
• Pandora (it rawks)
• Skitch
• Use an all-in-one printer, fax, scanner for
  the day to day stuff
Save your money.
It's really easy to want the latest:
– Hardware
– Operating System
– Version of So ware
But are they necessary?
Human Resources
• Paying yourself & others (1099 & W2's)
• Uni-401k or SEP-IRA?
  – Sharebuilder401k.com (Uni-401k)
  – Fidelity.com (has both)
• Health & Dental Insurance
  – eHealthInsurance.com
  – GoHealthInsurance.com
Legal
The majority of people working in DC
have a legal background.
• Business Insurance Recommended
  Minimums
 – Comprehensive general liability insurance with
   minimum limits of $1,000,000 for each
   occurrence
 – Commercial excess liability insurance with
   minimum limits of $2,000,000 for each
   occurrence
 – Property damage insurance with minimum
   limits of $1,000,000
• AIGA: Standard Form of Agreement for
  Design Services
• Work made for hire
  (Copyright & IP Law)
• NDAs & Confidentiality Agreements
“If I honor your NDA, and I meet a great
investor or potential employee or valuable
partner for your new venture, I wouldn't be
able to tell them about it.”
                                 — Anil Dash
The bottom line:
It’s all about trust.
Sales & Marketing
Run of the mill
• Website
• Blog
• Social Networks
• Email Marketing
• Attend Events
Things that actually matter
• Hire a copywriter
• Keep people in the loop — send personal
  emails
• Schedule lunch meetings frequently
• Public speaking — share your secrets
• Offer referral rewards
  (e.g. ping pong tables, drinks, hugs, etc)
It’s All About Building
  Solid Relationships
Defining Pricing
• Determine what you need as a base
• Outline business objectives and a budget
  for the entire year
Fixed Cost
    vs.
Hourly Rate
Maintaining a Portfolio
• Designers: Avoid having a style, instead
  always try to show that you have many
• Developers: Avoid showing the same
  solution, instead try to show many
Maintaining a Portfolio
• Make sure you always have permission to
  show your work
• Make sure you get permission to show the
  work and submit it to contests for industry
  recognition
Maintaining a Portfolio
• Quality over quantity, make people want
  more
• Don't just show the work, explain the
  problems and challenges you had to
  overcome
• Explain your role
Customer Service
Thanks
(Now would be a good time for questions)

        www.slideshare.net/nickwhitmoyer

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Setting Up Shop

  • 1.
  • 7. Member & Volunteer, Live Green
  • 8.
  • 9. What’s with the Whistle?
  • 10. A Few Good Reasons to Set Up Shop
  • 11. • Make your own hours • Be your own boss • You have a choice and can work on projects that you like • You’ll get to work with new people on a regular basis
  • 14. • Unhappy with employment options • Looking for a new challenge • You see an opportunity that's in high demand • Have tons of cash under your mattress
  • 15. Why Wouldn’t You Want to Venture Out?
  • 16. • You don't enjoy working more than 40 hours • You're bad with saving money • You're not an outgoing person (waiting isn't much of an option) • You don't like to wear many hats
  • 18. Just a few to start: – Chief Executive Officer – Chief Marketing Officer – Chief Financial Officer – Chief Technology Officer – Chief Legal Officer – Chief Operations Officer – Human Resources – Customer Service
  • 19. It's impossible to do it all and be able to continue growing a er a certain point.
  • 21. • Find an accountant • Determine how you do business: Sole Proprietor, LLC, S-Corp, C-Corp • Get an EIN (it's free) & register a DBA (Doing Business As) name with the IRS – You may also need to register your DBA with the state and local municipalities (having a good accountant helps)
  • 23. FAQ: How do you pay yourself? – If you’re a Sole Proprietor or LLC, you can simply write a check to yourself as a non- deductible expense. – If you’re a S-Corp or C-Corp, you pay yourself a salary and taxes get taken out of your pay as a W2.
  • 24. • To be safe, put 30-40% of your revenue aside for Uncle Sam • Scan your receipts and then get rid of them (they’ll fade in 6 months)
  • 25. Be the Bank, Not the Banker
  • 26. Find Accounting So ware that Works for You
  • 27. Time Tracking & Invoicing: • Freshbooks • Blinksale • Harvest • Billings
  • 28. Full Ledger + Time Tracking & Invoicing: • Xero • Less Accounting • Quickbooks
  • 29. Alternative Full Ledger Options: • Outright (free) • Google Docs (free) • MS Excel
  • 31. • Run auto-backups and store data offsite • Skype + VuRoom • iPhone and use hands-free (radiation is never a good thing)
  • 32. • Pandora (it rawks) • Skitch • Use an all-in-one printer, fax, scanner for the day to day stuff
  • 33. Save your money. It's really easy to want the latest: – Hardware – Operating System – Version of So ware But are they necessary?
  • 35. • Paying yourself & others (1099 & W2's) • Uni-401k or SEP-IRA? – Sharebuilder401k.com (Uni-401k) – Fidelity.com (has both) • Health & Dental Insurance – eHealthInsurance.com – GoHealthInsurance.com
  • 36. Legal
  • 37. The majority of people working in DC have a legal background.
  • 38. • Business Insurance Recommended Minimums – Comprehensive general liability insurance with minimum limits of $1,000,000 for each occurrence – Commercial excess liability insurance with minimum limits of $2,000,000 for each occurrence – Property damage insurance with minimum limits of $1,000,000
  • 39. • AIGA: Standard Form of Agreement for Design Services • Work made for hire (Copyright & IP Law) • NDAs & Confidentiality Agreements
  • 40. “If I honor your NDA, and I meet a great investor or potential employee or valuable partner for your new venture, I wouldn't be able to tell them about it.” — Anil Dash
  • 41. The bottom line: It’s all about trust.
  • 43. Run of the mill • Website • Blog • Social Networks • Email Marketing • Attend Events
  • 44. Things that actually matter • Hire a copywriter • Keep people in the loop — send personal emails • Schedule lunch meetings frequently • Public speaking — share your secrets • Offer referral rewards (e.g. ping pong tables, drinks, hugs, etc)
  • 45. It’s All About Building Solid Relationships
  • 46. Defining Pricing • Determine what you need as a base • Outline business objectives and a budget for the entire year
  • 47. Fixed Cost vs. Hourly Rate
  • 48. Maintaining a Portfolio • Designers: Avoid having a style, instead always try to show that you have many • Developers: Avoid showing the same solution, instead try to show many
  • 49. Maintaining a Portfolio • Make sure you always have permission to show your work • Make sure you get permission to show the work and submit it to contests for industry recognition
  • 50. Maintaining a Portfolio • Quality over quantity, make people want more • Don't just show the work, explain the problems and challenges you had to overcome • Explain your role
  • 52. Thanks (Now would be a good time for questions) www.slideshare.net/nickwhitmoyer