In my opinion, the answer is simple. You have had your great idea for years now but there is just something that holds you back from taking the final step to start.
I think that it is due to the fact that you don’t know what you don’t know. For example, can you answer any of these questions for me right now?
- Which is better for your business:
- Sole proprietorship
- Limited liability company
- Corporation
- C corporation
- S corporation
- How many people do you need on your board of directors?
- Do you need a team of people to help you start?
- What proprietary material do you have that needs protection?
- Why did you select this particular business?
- How are you going to raise enough money to start the business?
- Do you want to allow others to invest in your new business and did you know that if you do this, it could be considered to be a security and hence, subject to securities law oversight?
- Do you have a privacy policy in place if you are developing a website?
It is these and literally 100 other questions that can make the difference between a safe business to start and run, versus a business that starts out by violating laws in many areas.
The big problem is that while there are 100’s or even 1,000’s of attorneys who know something about business, how can you select the right one for you without spending hours of time that you don’t have?
And it’s the same for your CPA and financial team members.
And maybe the most important item is that you would progress much safer and much faster with a mentor who has been there and done that. Mentors can serve as consiglieres to you and your business. They can oversee what you are doing without judgment but with wisdom and experience to guide you away from mistakes.
If you knew the answers to all of the above, wouldn’t you feel ready to start and grow now? Well it can happen if you just select the correct people.
Our business management company is ready to help you in all of these areas, plus more. You need a well developed (not lengthy, however) business plan. You also need a marketing plan to give you the path to getting your name and brand out there as inexpensively as possible.
Feel free to contact MPM, Inc., your complete business management company, specializing in startups.
Best regards, Steve Replin, CEO
