Being a businesswoman has its challenges. I chuckled typing that because sometimes I don’t think of myself as one. But, it’s true. Over the past two years, I’ve been an independent contractor for various clients. While I dished advice about going freelance after a year under my belt, I haven’t opened up too much about the operational part.
And before I get too much further, did you even know that I work for myself? I honestly don’t think I’ve disclosed that before on record. I do social media and marketing strategy for a couple of clients. My background is in marketing and advertising and I’ve worked both in-house and agency. I 100% credit that experience to the success of both my freelance business and this blog. All of my roles have made me a better communicator and have taught me how to anticipate a client’s needs by looking at the bigger picture, both of which are crucial to making it anywhere in this blogging game (I still have a way to go, though).
Being independent means that you are the creative head of your business and efforts. It also means that you are also the project manager, finance manager, compliance, and admin. It’s a lot to juggle and being candid, it’s taken me about two years to really identify the areas where I’m strong and where I’m weak. One of the areas where I’ve enlisted help is becoming more buttoned up when operating my business.
At the end of last year, as I was getting things prepped for upcoming tax season, I began thinking long and hard about the direction of my business. With my freelance work, this blog, and now my newest pursuit which was a mere idea a few months ago, I weighed my options to what made the most sense financially, and in terms of protection as things grow.
It was time to consider forming an LLC.
“I’m not ready” is what I kept telling myself, except my business was growing, and just like Biggie said, “Mo’ money, mo’ problems.” OK, maybe not problems per se, but you get what I mean. I’ve been a sole proprietor since my first TLG gig back in 2014 when I still had a day job, and that was only because a client required me to have an EIN number. Having an LLC offers me a great amount of protection should something go completely awry. God forbid anything happen to my business, but if it did, my personal assets (savings account, car, etc.) won’t be liquidated to pay any debts that the business incurs. Also, the tax advantages of an LLC were another big draw as well as the flexibility of ownership.
I worked directly with Trevor Carson at Carson & Kyung on the formation of the LLC. Since this was such a big step with my business, I really appreciated the one-on-one attention I received versus doing it myself or online. As we moved closer along, those three letters started to intimidate me a bit, but Trevor was very accommodating and understanding and answered all of the questions I had with patience and kindness.
Formalizing your business is no easy feat, so if you are considering forming an LLC or need some counsel on starting, buying, selling or defending your business, I wholeheartedly recommend the team at Carson & Kyung. They offer consultations which you can schedule on their website and will walk you through your options regardless of the outcome. They have a few other practice areas depending on your personal needs.
Photos by Christina Best Photography