Let’s delve in further to the next steps in this “Next Great Adventure”. Creating and setting up a business legally and with insight.
To remind my readers. My friend and partner Terry and I have started down the path of developing a new company. Working on concepts which we feel will serve the needs of consumers, while bringing success.
As Terry continues down the technical path of development and prototyping a new product (where he is at the prototyping phase). I have moved further down the management path of putting a company together.
One of the first steps after defining what type of company we are. Note: if you do not remember. We determined we were a concept company. One that envision different ideas and brings them to fruition.
Our current project is the one which is at the prototyping phase. More on the product itself later.
But for now, we need to set up a company structure, which not only meets our immediate needs, but allows for growth as we increase our project portfolio and bring on additional resources and possibly investors.
The main question is LLC, C-Corp, S-Corp, partnership, which is right for us?
As I do my homework, in this area, I find each type of business has pluses and minuses. Depending on expected growth, taxation, reportability. The ability to raise capital. Grant money from SBA, or loans.
Like most things, there is a lot of free advice on the internet. Like on the internet, it is free, and thus semi-limited on details. Each site I visited seems to want to direct you to a paid service. If paying for a service. A new search commences. How reputable are those sites? Reading the reviews gives you mixed signals. Some praise, while others condemn and recommend never to use that service.
I have also asked some friends who already started businesses. They recommend lawyers, whose asking price is not cheap.
How do you determine what is the best course of action?
I started turning my search to local business and investment clubs around me. There are SCORE.org clubs around me. SCORE is a free business advice group. There you can sign up to work with a mentor. SCORE mentors know what it’s like to be a small business owner. Their community of volunteers with experience as entrepreneurs, corporate managers, and executives seem eager to help start and grow a business. So that is what is said on their website.
I figured if it was free, I would sign up and see what happens.
Some interesting points outlined in SCORE supporting pages I have read. Consider the right roles when building a powerful startup team.
They talk about building an effective startup team. Terry and I are starting this endeavor. We need to look in the mirror and see “WHO WE ARE”. In the beginning, we are the key players for our company. Small group, but mighty in wisdom and experience.
As the Founders
Investors, prospective candidates, and prospective customers generally decide to invest time, money, or resources based on who the founders are. Business ideas, models, and concepts are important. But at an early stage, “who” the founders are, matters just as much.
Terry and I are the “Founders”. We are investing our time and money into this project. At some point we will need to find investors who will want to share our vision. To garner such investors. We need to create bios which will not only highlight our company. But will highlight the Founders as people investors can trust will produce results.
To do this we need to focus on the following when creating a bio. Our passion for the work, and the outcome. Since we have a vision of what the product will do, and how it can improve the lives of people. We need to exhibit that passion when talking about ourselves.
Passion is key #1
Terry and I both have a passion for inventing new and exciting things. Using state-of-the-art technology (like AI) to serve the needs. With a combined experience of 80 years in technology. We know how to imagine the unimaginable to create and produce successful products. We have both worked for some of the fortune 100 and 500 corporations, with international presence. The difference is, we are now doing this for us.
Setting Realistic Goals
Starting a new venture is not something that comes overnight. As outlined above, it will take work and effort on both our parts to accomplish. Some items will come easier than others. To obtain our objectives, we need to set realistic goals. Putting goals with dates helps focus us. Being accountable to each other and others who join the cause in primary. Create a plan, work a plan. I learned this through the many years leading international programs.
Ability to gather a top-quality team.
As we grow, we will need to attract candidates to fill our ranks. How do you gather a top-notch team? With the thousands of people Terry and I have managed and mentored through the years. Finding such a team will still require work. This is where our passion for the work and clear-cut goals and timelines come to play. We will be able to promote our passion to others. With Terry expertise as a Chief Technologist and myself as a director who led large organizations. We will bring together top technologists in the fields needed.
There are other opportunities to find great resources.
As we grow, there will be a need to bring on additional top resources in the areas of Finance, Marketing, Human Resources, and manufacturing. The point is we know our limitations. Where to seek help when needed. Playing to our strengths, while others play to theirs.
All this plays into creating the right organization and corporation structure, which will meet today and our future needs.
As we explore more, we answer questions. As we answer one question, more crops up. Using outside resources to help guide us is a great way to reduce mistakes early in the process. Using experts in fields of business development, finances, etc. will help shape our company for the foreseeable future. Stay tuned as we explore further this “Next Great Adventure”.
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