352 Inc. / Digital Marketing / November 17th, 2008

My Social Experiment (Part 1)

I like social experiments, and I think this will be fun (famous last words), every day I have potential entrepreneurs calling me about their web based ideas and to be honest some of them are cool, and to be even more honest some are absolutely dreadful. But the main point is — I am talking to different people every day that have set up companies, so I feel in order to be a better account manager and to offer better knowledge and expertise I need to set up my own company, and experience the process first hand.

So my plan is to find out what I need to set up a company, and then research the main topics, so I can get the ball rolling for my experiment. I plan to research at least one topic per week, and provide my feedback here on ranting and raving. I will also be calling on experts that I have helped along the way and asking them for their advice, I guess Geoff Wilson will be my first stop.

Below is a list of items that should get me started (this list is not complete in anyway; please reply to this post with any suggestions because I am sure I have missed many important points).

· Choosing a Structure (example: Limited Liability Company (LLC)

· What type of business will I run
    o What’s my business idea
            -Home-based 
            -Brick-and-mortar 
            -e-Commerce 
    o How does my idea address a need?
    o What’s so different about what I plan offer?

· Start up money
    
o What do I pay myself
    o Accounting and Cash flow
    o Business Insurance

· Legal Issues
    o Can I own an American business, if I am not American?

· Naming my Business
    o Trade marking the name
    o URL

· Building a website
   
 o Logo design
    o Corporate identity
    o Site Design    
    o Website Functionality
    o What is the primary purpose of the site? 
    o Do I want to sell products (e-commerce)? 
    o Hosting
    o How often will the site need to updated, do I want to be able to update the site myself or pay someone else to update it?
    o Who will develop the content for the site?

· Managing my Business 
    o How will customers buy from me, and how much will they pay? 
    o filing my business taxes, 
    o Forecasting for future growth. 
    o Will I need staff

· Office space
    o Rent Space
    o Work out of the spare bedroom

· Communication Tools
    o Phone
    o Fax    
    o Email
    o Computers

· Marketing My business
    o Promotion and advertising 
    o How will I measure success    
    o What are my key milestones

· Getting clients
    o Keeping client
    o Dealing with client issues
    o Customer service

· exit strategy

 Look out for my research next week.