The final step in the Business Lifecycle before we file with the state is what I call “Setting your Lineup.” Now setting your lineup goes back to the idea of having a TEAM (Trusted Experts, Authorities and Mentors) to help you with your business. When we get to this stage, we've chosen our name, we've chosen our owners and we know what kind of corporate form we're going to take.
Many people are not ready to deal with the significant amount of technology that comes with starting a business. Whether it's setting up a website, whether it's setting up email marketing, or whether it's some other form of tech you or your business will need like a point of sale system. So make sure you have a plan and the right people to handle your technology needs.
You'll also need to make sure that you have an accountant that you know and that you trust and who understands your business. There's nothing worse than an accountant who you never hear from, who was never involved with the business, and you're left high and dry when you're trying to make decisions.
Personal to what I deal with you want to make sure that you have a lawyer involved as well. The lawyer doesn't have to be billing you hourly, thousands of dollars a week, to get your company set up. There are many other options. However, you want to make sure you have somebody you can speak to, to make sure that all of your legal requirements are met.
Someone else you want to have on your team is a mentor. Now, you're probably not the first person to do your business before in the history of the world. There have been lots of businesses. And while you may have a unique idea of how to deliver it, the fact is that your business can definitely benefit from a mentor. Someone who has done it before, someone who probably has seen it all, and someone who can help you avoid making the same mistakes they did back in the day. They get you off on the right foot and guide you to the right place.
I'll also encourage you to get a financial advisor, whether it's only on the personal side of your life or also for your business. Making sure your finances are protected is a professional’s job. You can try to spend your days day trading and monkeying around in the stock market all you want, but when it comes to a business on the line, and you have other mouths to feed whether your family’s, your employees, a financial advisor can help you to make sure that your goals are being met, your retirement accounts are being funded, and that you're going in the right direction on both the business and personal side of your life.
Another expert who is often overlooked, but is very important, is a marketing expert for your team. Do you have someone who can do graphic design? Do you have someone who can put videos together for you? What about all of your written content? You know what you're doing, you know what your business is all about, and you know what your product and services are, but can you convey it in the proper way to your prospective clients? While what you say to them may sound perfect in your head, they may all recoil because you're using language that they don't understand. So finding someone who's good at marketing, whether it's the written content, whether it's helping you with videos or whether it's graphic design. These are great members to have on your team.
YOU’RE READY TO FILE
Before you move on to the next chapter, take a breath. We’ve covered a lot so far and you’re just about ready to create your business. If you’d like to get that process started, I’ve got an easy form on my website that you can use. You can find it at https://www.andrewmayers.com/library/setting-up-a-business.cfm and we can get that dream business of yours off and running.
If you've got your lineup set and you're ready to get your business formed, let's set up a Legal Strategy Session to review the next steps for you and your business. If you'd like more information on the stages of your business, you can download the Business Lifecycle report to learn more.