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You’re the Boss: Start Up Right, Save Money and Time

It’s Important to Startup the Right Way

I have come across too many companies that have started up the wrong way, learn how to start up the right way and save money and time.  As the boss, it is important that you know how to avoid costly mistakes when you start up, so that you can make sure that your startup is advancing in the right direction. In the video below, I discuss the following three tips to help you start and structure your company in the right way, so that you don’t waste time and money along the way:

1. Understand Your Objectives at Start Up

  • You’re not just incorporating, you’re incorporating with a purpose. Put the right corporate structure in place to achieve your purpose, such as raising money from investors, selling products, hiring employees, granting stock options, etc.

2. Investigate

  • Ask your business contacts and other entrepreneurs for referrals to attorneys and other experienced advisors who know what they are doing.  Check references and do some due diligence and background work to make sure you are putting the right team of advisors in place.

3. Manage the process

  • This is your company and you’re the boss – make sure that you ask a lot of questions, stay fully informed and understand and follow the process.

Your turn:

Do you have any startup war stories?  Let us know how you have avoided making costly mistakes by leaving a commenting below. We look forward to hearing from you!

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