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Overview & Planning Module

Lesson # 0.2 - Setting Up For Success

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Lesson 0.2 - Setting Up For Success | Click To Read More . . .

Hi I'm Jon Gunzel and welcome to the next lesson in the Stories to Success System.


In this lesson, we cover how to set your business up legally and how to make sure you have communication lines open so you can get the tough questions answered.


{S2S Intro Splash}


Do yourself a favor and watch this lesson twice.  The first time, just listen and understand and use it to plan for the future.  Then come back after completing module 4 and watch it for the second time so you can take action. OK?


Now, our clients come from two places.  Either you have an existing business that isn't quite getting the results you want, OR you are building a business for the first time.  In both cases, its critical to have a fundamental understanding of how business works and what pieces need to be in place to be successful. 


Most people approach starting a business with the idea that they will start making money and then worry about the legal stuff later.  It's exactly this kind of short term thinking that we want to teach you to avoid.  Nothing is worse than finally creating an amazing, money producing business and then have it all come crashing down because you skipped steps and didn't set it up right. 


So let's take the shortcut to success and do it right the first time, OK?


Depending on the country and/or state you live in, these steps may be slightly different, but your local community college should have a small business administration office that will be able to answer your questions and get you set up correctly (usually for free).  Trina and I spent just a couple hours speaking with a small business admin rep before we started our first business back in 2003 and that time has paid off again and again in knowing the local requirements.  Train yourself that these steps are to protect you and your clients.  They aren't complicated, so don't get offended by them, just learn the rules and do it right so you can enjoy the benefits for the rest of your life.


There are 3 basic steps most businesses need to take right away to protect all the effort you are about to put in. 


First, contact a business attorney and set your business up legally.  You're going to want to set up an LLC, Corporation or the equivalent. Of course we are not lawyers and can't tell you what is right for your business but try to avoid setting up as a Sole Proprietor as it offers the least protection. This may involve some paperwork and spending $400 - $1000 dollars to get it done right.  Don't cheap out on this and leave yourself wondering, get it done right and give yourself the peace of mind that your personal finances are protected and you are in compliance with the law.


Second, you probably need to register your business name with your state or local authority.  This is usually a separate step your lawyer can perform and ensures you are not stepping on anyone else's business.


Finally, find a small business accountant that is familiar with your type of business.  Your relationship with your accountant will save you sleepless nights and stress knowing you've handled the finances correctly. 


In our case and what we recommend is you call around to accounting offices with good reviews and ask what attorneys they work with.  It makes it so much easier if your lawyer and accountant are used to working together.  Ours happen to have offices in the same building so it's fast and easy to get questions answered and problems handled.


Remember these guys work for you.  They are members of your team.  They are the bottom line in getting legal questions answered and keeping you on track.  It's well worth the time to set up a great relationship now.


Now you won't actually complete this step until after you complete Module 4 on branding, but I wanted you to have this information now so you can think with it as you build and progress.  That should give you time to save or make the money you need and Module 4 will crystalize the brand and name you'll need to use to start up the business correctly. 


So your action steps for now are to:


  1. Find and set up a meeting with your local small business administration to find out what your local requirements are. 
  2. Start researching reviews on accountants and attorneys and make a list of possible options. 
  3. Make a plan to set aside money to get things set up right.


These are the most technical steps you'll have to do to set things up right.  No excuses, just get it done right.  You'll thank yourself in the future. 


Lesson 3 will show you how to get things done and set yourself up for a constant stream of success. 


Great job and I'll see you in the next lesson.

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