How to Start your Business

Starting a Business

Business Plan:

When I was out of high school and in community college I made hundreds of business plans. I never executed on them. I would run through all the scenarios that a typical business plan would have. It would take weeks if not months to take an in depth look at the business I wanted to start. At times I had multiple business plans going at the same time. I just saw so many opportunities to make money that everything was a million dollar idea.

Commitment:

I have never had much of commitment issues to start a business but to see it through the ups and downs is where I have found commitment is very important. Also distractions or sparkly ideas are also something that can bend your commitment a bit. I always explore new ideas but in the context that I need to keep my core business going strong and if the new idea is strong enough to take a life of its own or is it just something to do because I am not liking doing the hard work when things are tough.

Are you Hungry:

After I sold my first business I was very hungry for that success again. I didn’t realize what I was doing at the time but I did not fund my second company with gains from the first. Instead I sold my fender guitar, some nice tools, a few other things and got $200 from my Dad to raise the money to get started. With that $2,500 I found a developer and built a website for $2000. I had $500 dollars left. The point is if you start at zero and are hungry you will make it happen.

Math is the Path:

Many times when building a business plan I would create financial statements and try to visualize making the money and spending it on expenses and generating a profit. I still do it to this day. When I fail to visualize and expect that money is when the money starts to slow down. Don’t take your eye off the prize.

Contacts:

We are all taught in school that it is what we know but in real life it is who you know. Back before phones people had a rolodex and business cards. Now we have social media, networking events, and new ways to connect that people have never had before. It is not that hard to start building a network of people around you.

Vehicle - The business:

The vehicle that will get you to where you want to go is the business. There are multiple steps in starting a business. The first is what is your company name. What is your company culture? Next make sure you have a business name that is available. You can check state records and also check the trademark registration website. Once you know you have a good name then you need to register it. File a trademark if your attorney thinks you can get it. Next, consult a lawyer to get recommendations on what type of business to start. Finally you will register the business with the state you are in. Then you will file with the IRS to get a Federal Tax ID.

Make your Team:

Building your team is one of the steps that will make or break your company. Company culture is important and making sure your team is the actual culture is very important. You will need several key people to help your business. Maybe some co-founders might be of benefit for you.