Starting a Business
Everything you need to know to start your first business. From choosing business partners and filing initial paperwork, to building out teams and raising venture capital, this step-by-step course will help you navigate the early stages of your startup and teach you how to avoid common mistakes entrepreneurs make.
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Intro
Starting a business is one of, if not the most difficult way to go about making money. It’s also the only job you can have that has no intrinsic vertical ceiling.
Starting a business is one of, if not the most difficult way to go about making money. It’s also the only job you can have that has no intrinsic vertical ceiling.
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Passion
Arguably the most important thing to consider when starting your first or a new business is passion.
Arguably the most important thing to consider when starting your first or a new business is passion.
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Auditing a New Idea
When looking to start a new business or comparing possible ideas, there’s a couple of questions you should ask yourself in regard to the market you’re looking to enter:
When looking to start a new business or comparing possible ideas, there’s a couple of questions you should ask yourself in regard to the market you’re looking to enter:
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Product vs. Service Model
Most businesses can be split into two main categories: product based and service based.
Most businesses can be split into two main categories: product based and service based.
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Business Partners: Yay or Nay?
Business partners can be an incredibly powerful tool for helping get your startup off the ground, depending on what exactly they are bringing to the table.
Business partners can be an incredibly powerful tool for helping get your startup off the ground, depending on what exactly they are bringing to the table.
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Good Business Partners Aren't Friends
The best business partner is somebody who likely wouldn’t be your friend outside of business.
The best business partner is somebody who likely wouldn’t be your friend outside of business.
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Different Roles & Controlling Interest (revisit, write)
The best business partner is somebody who likely wouldn’t be your friend outside of business.
The best business partner is somebody who likely wouldn’t be your friend outside of business.
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Know Your Partners
Always know your partners, establish clear boundaries, and make sure to have a rock solid operating agreement.
Always know your partners, establish clear boundaries, and make sure to have a rock solid operating agreement.
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Intro to Entities
When creating a business, there’s a handful of different entity structures you can use to organize your company.
When creating a business, there’s a handful of different entity structures you can use to organize your company.
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An LLC is the simplest and most common business entity type in the United States.
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LLC's for Freelancers
Having an LLC is literally always a good idea, even if you’re a freelancer, or have some type of passive income stream.
Having an LLC is literally always a good idea, even if you’re a freelancer, or have some type of passive income stream.
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An S Corp is a type of tax designation for an LLC, that may have some tax advantages.
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Partnerships
Limited Liability Partnerships (LLP’s) are another option when it comes to business formation, and are typically used for professional services.
Limited Liability Partnerships (LLP’s) are another option when it comes to business formation, and are typically used for professional services.
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Filing in Delaware?
You may have heard of companies filing their entities in Delaware due to the taxes or friendliness to business law.
You may have heard of companies filing their entities in Delaware due to the taxes or friendliness to business law.
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State LLC Fees
It’s important to keep in mind your state’s LLC filing and maintenance fees, which can vary wildly from state to state.
It’s important to keep in mind your state’s LLC filing and maintenance fees, which can vary wildly from state to state.
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Starting a new company can be a lot easier than you might think.
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Member vs. Manager Managed
LLC’s can choose between two management structures: Member Managed or Manager Managed.
LLC’s can choose between two management structures: Member Managed or Manager Managed.
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EIN's
The next piece of identifying paperwork you’ll need to obtain is an Employer Identification Number (EIN).
The next piece of identifying paperwork you’ll need to obtain is an Employer Identification Number (EIN).
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Operating Agreements
An operating agreement outlines roles, powers, and responsibilities of business partners, as well as serves as the template for governing disputes and transfers of ownership.
An operating agreement outlines roles, powers, and responsibilities of business partners, as well as serves as the template for governing disputes and transfers of ownership.
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Business Bank Account
Once you have your Articles of Organization, EIN, and Operating Agreement, you have everything you need to get your business bank account created.
Once you have your Articles of Organization, EIN, and Operating Agreement, you have everything you need to get your business bank account created.
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Domain & Emails
After you get your business bank account sorted, you’re going to want to get a domain name and company emails (name@company.com).
After you get your business bank account sorted, you’re going to want to get a domain name and company emails (name@company.com).
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MAKE IT STAND OUT
Whatever it is, the way you tell your story online can make all the difference.
It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world.
