When I tell people I own a business on top of going to school full time, working for the Northern Star, the Writing Center and a photography studio many people are shocked and impressed.
I opened my character entertainment business in March 2024, not long after I graduated early from high school. While many would assume that it is a regular side hustle that I have, they don’t realize I have invested thousands of dollars into my company between my LLC license, costumes, marketing, paying assistants — when I have them — and photography.
While many may not think they could start their own business, I am here to tell you it is doable as long as you put your mind to it.
HAVE MONEY YOU CAN INVEST AT THE BEGINNING
I was fortunate I already had savings along with a large amount of money I received as graduation gifts. If it was not for those funds, I would not have been set up like I was right away.
Depending on the type of business you are hoping to create, the amount of money you will need to invest will vary. You may only have to invest a couple hundred dollars or a couple thousand like I had to.
A good way to find this out is by counting your expenses. Some expenses include — but are not limited to — filing for a license, getting needed materials and potential employees.
No matter when you are planning on opening a business — whether it be a couple of months, a year or years from now — start saving now.
CREATING YOUR BUSINESS’ NAME
In order to own a licensed business in Illinois, you must first submit a name to the state to make sure it is not owned by anyone else for legal reasons. Make sure you do this before applying for a license.
You can apply for a license on the Secretary of State’s website.
APPLYING FOR A LICENSE
Did you hear back from Springfield that your name is available? Amazing, now you can apply for your license!
There are many different business types including LLCs, Sole-Proprietorships, S-Corps and C-Corps. I will be discussing the LLC process as that is the business type that I own.
LLC stands for Limited Liability Corporation, which means that the business owner is not personally liable for any of the business’s debts or legal issues.
When I filed for my LLC, I was provided a simple application requiring personal information (name, address, phone number and social security number), the type of business I was filing for and the business’ name.
Once you get approved, you will want to get your Employer Identification Number (EIN). Think of this number as your business’ social security number for financials.
For more information, please visit the IRS’ website.
FINANCIALS
As soon as you have your EIN, get in touch with the bank you would like to have your business account with. At themy bank, I had to bring my business license, EIN, social security card, ID and the money I planned on putting into the account.
Make sure you call your bank ahead of time to ask what they require to open an account.
THE FINAL STEPS TOWARD OPENING
You got all the boring stuff out of the way, and now it’s time for the fun stuff!
For me, this was the process of creating my logo, setting up my website and social media accounts and getting promotional photos. It is also ordering costumes, supplies and starting to get the word out that my business would be opening soon.
I made my logo through VistaPrint, which worked perfectly since I use the website to create my business cards. For my website, I created it using Wix. I currently have a free domain because I do not have the budget to pay for one every month, but it is something I am hoping to do soon.
Once I had these two items, I created my Facebook and Instagram. As soon as I had my costumes for my first three characters, I met up with a friend who is a photographer experienced in taking promotional photos.
OPENING
You have done all of the hard work and now you are ready to open — Congratulations!
When I opened my business on March 5, 2024, I was so happy to finally make one of my dreams come true. There is nothing like owning your own business.
While this guide applies to home based businesses, many of this transfers over to brick and mortar businesses, which have more to do behind the scenes which was not covered in this guide.
If you are thinking about or in the middle of creating your business, I am so proud of you and believe in you. Go do your thing!
