Status 8/13 – Taken Action and Awaiting Official Status

This is a long post from August of '16 but a good example of a positive mindset and forceful action to remove barriers to getting started in my business.

Well, I removed barriers (the biggest) and worked thru some of the challenges and officially put in the order for the incorporation on Tuesday the 9th. The next step in the sequence is setting up a bank account. I quickly scoured the net and to my surprise and great joy found a couple options for ‘free’ business checking/savings accounts. I plan to go with the Capital One online business account, Spark I believe it is called. So as soon as I receive the incorporation package that will contain my newly assigned EIN (business SSN) and complete the setup of checking accounts, I will have knocked down all barriers to beginning work as an official entrepreneur. As I was listening to more Pat Flynn podcasts I did begin to think about the need to write down the purpose/rationale behind the corporate structure or maybe it’s the mission statement. I’ll take the rest of this note to kinda write it out and take ideas that are in my head and jot them down to paper.

The purpose of the business (name extracted) is to invest in assets, of all kinds, for the purposes of accretive monetization outcomes.

The business is initially founded to accomplish that mission thru:

1) development and investment in income generating websites and web based monetization activities;

2) investment in personal and private debt paper via person to person or person to entity lending

3) investment in the derivative and stock markets

4) investment in local tax deed sales

The business will be initially capitalized at a level of $xxxx from funds provided by the Owner (name extracted). Full capitalization is expected to be completed by 9 Aug 17. No additional ownership shares in the corporation are planned in the near term.

Monthly goals (monetary or by work capable of producing a monetary output) are as follows:

Month 1
– Establish bank account
– Establish Facebook and Twitter accounts
– Establish Prosper Account
– Establish Options trading account
– Set up Bluehost account
– Discuss ideas for niche websites with the family
– Create and publish 5 articles on a specific topic thru InfoBarrel
– Create and publish 1 article on subject (prerequisite is to complete the research and statistical analysis)
– Map out website design for 1st two websites

Month 2
– Publish 5 more InfoBarrel Articles for initial 10 article requirement total
– Establish Google Adsense or Analytics account
– Market articles produced on InfoBarrel
– Set up Investment of $xxx / month for Prosper account
– Complete setup of 1st website
– Begin setup of 2nd website
– Apply for Amazon associate button thru InfoBarrel and locate 1 person to perform initial purchase thru the site
– Setup backlinks to InfoBarrel thru 1st website
– Read and learn about keyword research for niche potential and niche site opportunities
– Issue Month 1 status report

Needless to say many of those things did not happen and some are still outstanding.

The point of mapping out that initial two-month plan was to break down and remove barriers that would have allowed me to easily settle back into my pre-incorporation lifestyle. I needed activities to drive action to keep me moving forward.

I will unashamedly say that the Infobarrel thing was a complete bust (it worked in 2008 - 2011 but does not in 2016) and the learning curve for setting up a website in WordPress was tremendous!

If I didn't have those other activities to work on when I got stuck or hit roadblocks I would have stopped after month 2. There are some of you out there in the same position. I encourage you to push thru, no run thru the roadblocks and challenges and remove barriers and eliminate doubts that would have you give up when you've just begun.