How to Start your Business

Starting a Business

Business Plan:

When I was just out of high school and enrolled in community college I made hundreds of business plans. However, I never launched or executed on the ideas I had created. I enjoyed working 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. Have you ever felt this way?

Commitment:

Starting a business takes a great deal of commitment. Some people are afraid to commit to starting a business because of risk or other roadblocks. I have never had a lack of commitment to start a business because that is where I knew I could make money. My commitment issues were in the form of being dedicated to a business through the ups and downs and when it is not fun, but is hard work. This is the moments you realize 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. If a new idea is strong enough to take a life of its own I keep to it. If the new business idea is just something to do because I am not liking doing the hard work when things are tough then I give it up.

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 raised the money by selling my Fender guitar, some nice tools, a few other things, and my Dad gave me $200 to get started. With $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 cell 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 thing to do is determine 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 US 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.