In the Beginning…..
“It starts with a vision” and…. the basics!
Over the years I have been a part of many start-up companies. I have seen everything from nutrition to cosmetics to technology and everything in between. It’s been a journey of learning and certainly organization. As I sit with fresh entrepreneurs it always makes my heart smile to listen to their visions and goals of helping others and changing the world! As I focus on their words and enthusiasm my mind always begins to organize the vision for them. Inevitably as they close they are ready to “jump in” and their starting point usually lands somewhere in the deep end. It’s at that point we have a real conversation and I suggest we redirect and start at the beginning! Operationally, it starts by building the business foundation based on their vision.
Vision truly is the backbone of a company. It is always helpful to begin by jotting down those enthusiastic thoughts at the very beginning because they will definitely help shape the company and allow you to create its culture. It’s the heart of the company… it is the key ingredient that draws like-minded people to your center and ultimately encourages them to become a part of your sales team and build their own business under your umbrella. So, write it down, soak it all in and give it a big smile! And now that you have properly stroked the vision it is time to file it away for a brief time…yes, put it to the side for now because it is time to get down to the basics of building a company!
For many, this is not the fun stuff and honestly some never even give it the proper credence and it causes problems down the road. Let me assure you that before you can begin helping others you must first be sure that you are building on a strong foundation on which many others will stand.
You may be asking “well, where do we start and what are the basics?” The business startup checklist below provides a step by step process so do not get ahead of yourself! Remember your vision, it’s for generations to come, so take the time to do it right! Start by checking off the following list:
- Decide on the Company Structure. Corporation? An LLC? This is probably a great time to consider engaging an attorney and/or business consultant for proper advice. Remember you are building a foundation, it’s extremely important!
- Decide on the Company Name
- Decide on Company ownership and equity percentages
- Have an Operating Agreement in place signed by all parties
- Register your business
- Secure a good accountant that is knowledgeable about your industry
- Federal Tax ID
- State Tax ID
- Open Necessary Company Bank Accounts
- Write a Business Plan
- Create an authentic budget
- Get serious about funding!
This last point is very important. Raising the proper funding to support the type of company you are building is paramount. Understanding the financial dynamics helps to properly plan the realistic rollout and launch of the company. So come up with a funding plan that best suits your personal business desires, aligns with your budget and begin your investment efforts. Make no mistake, it takes real money to build a proper business foundation and it is vitally important to the success of the business.
Watching your vision become a reality is an exciting time! Do your due diligence, and build your foundation for success! Cheers to a fun, profitable and purposeful journey!