Things I’d do if I were starting my business today
What I’d change and what I wouldn’t
Happy Friday, friends!
I’ve been thinking a lot lately about the early days of my business and how much has changed since then. While I don’t quite have regrets about the way I started, there are definitely things I’d do differently if I knew then what I know now. So in the hopes of saving you some of the struggling I did in those first couple of years, here’s what I’d keep and what I’d change if I were starting my business today.
⭐ The Keepers
→ Setting up an LLC
Right after taking on my first client, I formed my LLC. I consulted with a relative who’s an attorney, and he pointed me to LegalZoom to handle the formation. The total cost was just under $600, including both LegalZoom fees and state filing fees (remember, this was seven years ago, and filing fees and requirements vary by state). Having an LLC gave me a sense of security, and as I grew my business, I found that some clients required that I operate as an LLC.*
→ Just jumping into the work
I got started without a plan, a website, or a one-pager, and chose my business name more or less on a whim. And honestly? I’m so glad I did it this way. I could have spent ages spinning on the perfect plan or the perfect collateral, only to need to completely revamp it as I learned and made adjustments in my business. I launched a basic website on SquareSpace a year into building my business, then invested in a more robust version (still on SquareSpace) two years ago.
→ Hustling hard
Listen, I’m all for balance, but I hustled so hard those first two years - and I’m glad I did. I wanted the self-employed lifestyle so badly that I was willing to really push myself to get there. You’ll see in the next section that there are things I could’ve done differently to make this a lot easier on myself, but it was all worth it.
So yes, a whopping THREE THINGS that I feel like I really nailed. 😉
➡️ What I’d Do Differently
→ Getting comfortable sharing my business
It took me a few years to get comfortable reaching out to my network - I felt like I didn’t know the “right” people, and worried about coming across as salesy. But once I did, my business really started to take off (and it felt so much easier). It’s not about selling - it’s about building relationships and helping other people. And those relationships often turn into clients, referrals, or partnerships.
→ Investing in a custom contract sooner
For about a year, I used a contract that I’d frankensteined together from examples I found online (not ideal). Having something tailored to my business from the beginning would have saved me so much time, money, and stress. (If you’re not quite there yet, check out my friend Mika’s contract template shop - she’s drafted a variety of templates tailored to different types of service providers at a more affordable price point than going completely custom.)
→ Adopting a “business owner” mindset earlier
In the beginning, I thought of myself as a freelancer, then a consultant. But it wasn’t until I started to see myself as a business owner that I felt empowered to invest in my business, negotiate contracts, push back on late payments, and prioritize working on my business rather than just in it.
→ Consulting an accountant from the start
Being surprised by your tax bill sucks. So does overpaying. But I was intimidated by the idea of talking to an accountant (and reluctant to spend money on my business), so decided to DIY my finances for my first three years in business. Consulting an accountant early on would have saved me so much time, money, and stress in the long run.
→ Setting higher rates upfront
I started with a very low hourly rate and struggled to accurately forecast project hours. And while I raised my rates over time (for the first two years, each time I’d get three “yeses” in a row on proposals, I’d bump my rate up), I wish I’d been bolder from the start. There are so many more resources now than there were seven years ago to help benchmark your rates - if you’re in communities with other fractional leaders or independent consultants, these are a great place to start (many have anonymized databases of rates submitted by their members). I’m also offering a Nail Your Pricing workshop to help fractional leaders & independent consultants confidently set rates, develop offers, and build a clear path to their revenue goals - find out more here.
→ I’d take a more intentional approach to business development
I spent an absurd amount of time Googling “how to find clients” in the early days. And despite all of that research, it took me another couple of years and some rough feast-or-famine cycles to really start thinking strategically about business development. Consistently building my pipeline has relieved a lot of stress and saved me from feeling like I need to reduce my rates or take on poor-fit clients. (Find my Build Your Pipeline Workshop on-demand here.)
💬 Your Turn
If you’ve been building your business for a while, is there anything you’d do differently if you could start over with the knowledge you have today? I’d love to hear about it in the comments.
👀 On My Radar
I’ve been thinking a lot about this post on LinkedIn commenting strategy (and binge-reading Holly’s older posts)
Luisa always makes finance feel so much less intimidating, and this post on levers to pull to increase your profit is no exception
Huge congrats to Catherine on her book launch this week! 🎉
I just shared some strong opinions on niching - do you agree?
✨ In the Mentoring Group
We’re talking about setting rates, plus workshopping offers and proposals. Want to join us? I just opened up five spots.
👩💻 Ways to Work With Me
→ Grab my on-demand Build Your Pipeline Workshop
→ Join my group mentoring program
→ Reply to this email to learn about 1:1 mentoring
Fractional Fridays is written by Meghan Hardy, who quit corporate life in September 2017 and hasn’t looked back. As a Fractional CMO and marketing consultant, she helps female-forward direct-to-consumer brands stop throwing spaghetti at the wall and unlock sustainable ecommerce growth.
*Important reminder: I’m a marketer sharing my experience. Please talk to an attorney about legal things and an accountant about money things. ❤️