Starting a Business -Basics

So, You Want to Start a Business

There’s always the same old things people tell you: Choose a Name, register as a LLC or corporation, Get an EIN number and open a business bank account. We call this the “Business Box”; however, an entrepreneur needs to learn to put Revenues in that Box.

Yes, all that is necessary, but let’s not talk about that right now… Starting a business will always start with you, Your ability to plan, start, manage and grow the idea that solves a problem.

When you want to start a business answer the basics:

• Why do you want to start your business
• What type of business is it
• Who will be in the business
• Who is your Customer
• When will you start
• Where will it be located
• How much money will you need

The Rhodes Porter mindset questions:

• Are you committed
• Did you do your research
• Do you have what it takes

Answering these basic questions can get you on the way to having a successful start at your new business.

Select Your BAIL Team

Starting a business is not something you do alone. Yes, you can own your business by yourself; however, there are some people you need on your team. Your Banker, Your Accountant for Taxes, Your Insurance professional for Coverage and Your Lawyer for Liability advise. You, as a mandate must submit information to conduct business. They will be the link between you and the “Big Brother” of all businesses, the government. These people are called your BAIL team. Since they are must haves in your business mix, you might as well pick them yourself. Choose who you want on your BAIL team.

Find a Mentor

After you have answered the basic questions, selected your BAIL team members, the last thing to do is find a Mentor. That’s right, a mentor. Many people say “Move in Silence” maybe because they have had the experience of telling the wrong people about their new ideas or the problems they need to solve. Having a mentor is like having a therapist on your side. A mentor will be someone you can become completely vulnerable with and someone who will walk with you on your business journey.  You should be comfortable enough to talk about your fears, weaknesses, and celebrate your opportunities without the threat of a break in confidentiality. There is no need to walk alone and starting a business is too exciting to keep to yourself.

Partnered with the Small Business Administration resource partner SCORE – Ms Cynthia Rhodes, Rhodes Porter founder and Sr Consultant offers pro bono strategy and management mentoring sessions and workshops.

Get Started

You are now armed with the basics of starting a business. They are by far the most overlooked, disregarded part of starting, but you will soon find out that the answers to these basic questions are the most vital parts of starting and growing your business. You will often have to refer back to, recite, and even revise them along the way to success.