Work for Hire!

Starting a business can be tricky, especially in the creative fields. There are some industry standards, but many artists have very individual styles and ideas about how a company should operate. Common things to think about are pricing, strategy, and marketing. Some of the hidden topics include taxes, bank accounts, payroll and billing. It's a lot to think about, but there are resources aplenty!
There are many books on all of these issues available. One that I recommend and also seems to be an industry favorite is "Graphic Artist's Guild Handbook: Pricing and Ethical Guidelines". It includes sample forms, invoices, contracts, and also has detailed pricing guidelines (and its not just for graphic design!). The pricing guides are extremely helpful when quoting a new client. You can also use it to show sample rates and comparisons. A quick search on Amazon will turn up hundreds of books to get you started.

A few tips can be extremely helpful when going into business on your own. I'm going to share from my own experience as well as the experiences of friends in the industry.

When thinking about a business strategy, you should start simple. If you know how to do 100 things, it will be hard to market yourself initially. Choose your strongest skills to focus on.

When it comes time to advertise, make sure that you have a functioning website. I have a few other blog posts available that give tips on web design. Simple navigation is probably best and be sure to use SEO (Search Engine Optimization) to get your site found! Word of mouth is probably the best advertising when starting out, but try other methods as well. List yourself on Facebook, Myspace, Craigslist, etc. Try to attend business related functions in your area to pass out cards. Send out mailers or emails to potential clients. You can also cold-call directly to the businesses you want to target.

If you are setting up a new business you will need to decide on the type. Be it LLC or INC for example, then you would want to register with your state (a quick search on google will bring up the appropriate website). Once you have registered your business, you can apply for a Tax ID number. You'll need this tax ID number to start a business bank account. It will look a lot more professional to use a business name and documents rather than sending invoices and checks with just your name and home address listed. It will also help you at tax time!! I've noticed that most banks have a lot of tools available to their business account holders, such as accounting and payroll.

Most of all, your new business is going to take hard work and maybe even a little bit of luck. Start yourself off right, and then work toward your goals!