The Rhodes Porter Business Box concept Diagram

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. 

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 and Who is your Customer, When will you start, Where will it be located, How much money will you need and the new Rhodes Porter must haves 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.

team, unity, celebration

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 kool-aid, you might as well pick the flavor yourself. Choose who you want on your BAIL team.

user, community, people

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. 

Rhodes Porter has partnered with the Small Business Administration resource partner SCORE. SCORE provides no cost volunteer mentoring 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, the BAIL team you put together and your mentor 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. 

idea, plan, action

Listen to the Presentation

A new idea or project always has a beginning… Rhodes Porter is starting something new. We are adding videos and audios to our posts. (created 2013)

 No professional editing, fancy microphones or equipment  just our computer, slides and a willingness to grow in business. #StayFocusedMeanBusiness