Starting a new business is hard. Innovators presents an 8 part series on Setting up Your Business the Right Way. Tom Fleury and Jamie Stafslien have started many businesses and they use Proactive Business Network as an example of how to build one. As a business advisor and Information Technology expert respectively, they identify 9 major business functions that developed into these podcasts. Their experiences they share show you how to traverse the pivots and unexpected changes that will happen. You can develop the foresight to make the business successful. These podcasts are rolled out in an order that will also help you figure things out effectively and naturally without tripping all over yourself in the process.
The first discussion is with the legalities of the business structure. Yes, we all know that lawyers can rack up some bills and often are the bane of our existence. However, if you do not have one, find one. This is the most critical step and should be step one. Listen to how Jamie and Tom built PBN by establishing what they wanted to build but more importantly, where the company was going to become down the road. This foresight allows you to pick the right structure, the proper legal entity and helps you avoid problems and obstacles down the road in all the other business functions. You can also build a business before it actually becomes legal so you can start everything – yes everything – on day one. Think leases, inventory, agreements, etc. Sound hard to do? Find your new best friend and do it correctly and actually be in business when you open your door. Otherwise, it will cost you dearly all the way to the end.
