Launching MediaSun, Inc. (finally)!
Posted on October 29, 2008
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According to the California Secretary of State’s office, my production company, MediaSun Inc. officially launched on September 28, 2005. I guess that’s true, I mean I have been paying business taxes since then, but until recently had yet to reap the benefits.
Starting this business was a necessity. At the time, I was in production on a television pilot that was airing on San Diego’s FOX and UPN networks. A company had to back this project and protect it for liability reasons. Since it was my project, I thought it should be my company as well. So, that’s how my nightmare, I mean, company came about. My parents gave me $2,000 to buy 10% of the company’s shares, which also served as seed money to get the company off the ground. From there, I made the nearly fatal mistake of spending money without making money. My business incurred more than $50,000 of debt in less than a year, and almost ended my marriage. Fortunately, my husband decided to file for a mortgage on our house rather than file for divorce. The credit card companies quit calling, but I still had an enormous debit (and interest) to pay off. I got a job, and slowing, but surely, the debt dwindled down.
However, my problem was far from over. Since the business was still open, we still had to pay the minimum corporate tax fee of $800 every year. I had no idea how the business was going to make money, but the very thought of closing it down to avoid the tax fee seemed ridiculous to me. It was like blatanly admitting failure and having no ability to correct it. At least if the business were open, there was still some shread of hope. However, that hope ran out this year. After three years of excuses, I could no longer make the argument that keeping the business open was in the best interest of myself or my family. So, I wrote the Secretary of State’s office and asked for a dissolution.
Two days after sending the letter, my company accidentally landed its first long term production contract. And today, my company received its first official paycheck. I certainly wouldn’t recommend my business plan (or lack thereof) to any upcoming entreprenuer, but there are a couple great lessons to be learned. First, never give up. Second, don’t be afraid to release control. I had to completely let go before I got what I actually wanted.