Posted by JuJuan Buford @JSBUFORD
So you’ve established your LLC on paper. What’s next?! Here are a couple of things to keep in mind to continue leveling up. In no specific order of importance.
Once your services and or products are beta tested… you’re regularly onboarding customers, at some point, you’re going to need to seek out talent (staff, virtual assistant, partners, investors) to build a healthy, thriving business. You will no longer be able to use your personal finances and credit.
 Cheat Sheet Regarding How to Establish Business Credit
IT’S NOT WHAT YOU KNOW (FOR THE KNOW IT ALLS) THAT KILLS YOU IN BUSINESS. IT’S WHAT YOU DON’T KNOW.
 What Questions Should You Ask When Starting a Business?
 Important Business Documents
What's next for those who are looking to become capital ready? In other words, become more attractive to banks, microlenders, private investors, or hard-money lenders.
#1. If you are an LLC, begin curating your operating agreement. agreement. See “Important Business Documents”
#2. Make sure every employee of the business signs and independent contractor agreement. A non-compete (W-2) or non-circumvent (1099s). And NDAs. You don’t just have to protect your business from the public, but from the bad decisions, an employee may make.
Learn more about trademarks and your intellectual property rights in general. People don’t want to buy you (the majority of the time), they want to invest in systems and brands.
#3. It's not required (technically), but investors love if you keep corporate minutes. It means you’re a grown adult business owner. It BIGLY separates you from almost everybody.
#4. Gain a basic understanding of the contents of a P&L (Profit & Loss) statement. Ask an accountant about this. If you don't have an accountant that you can talk to on a regular basis, I have some referrals for you.
#5. If you haven't done, establish your business with Dun & Bradstreet. Learn about the importance of your Paydex score!
|
