Monday, April 07, 2014

Wiring up our startup. 'Good bones' create great bodies of work.

No startup will succeed without continuously building better internal structures - aka 'good bones'.

Without good bones, you've got no body of work.

Our startup was funded in mid February.

I'm proud to say we were selling - live fire in front of customers - in under a month.

Selling is most critical.  However, the heavy lifting for the launch of any startup is behind the scenes.

Wiring up your professional relationships as wisely and quickly as possible is essential.

The key components of good startup structure (good bones) are:

1. Data management - How do you capture, retrieve, and manipulate data?  Is it scalable?
2. Accounting - Who is your CPA?
3. Insurance - Who are your insurance pros? What are your underlying coverages?  Umbrellas?
4. Banking - Who is your community banker?
5. Legal - Who is your lawyer?

I proud to say we've wired in some wonderful new partners.  Pictured is our community banker, Dale Hatfield, at our community banking partner, Farmers Savings Bank.

My startup report:  within about 6 weeks:

1. Our database is now living in the cloud and working on all local devices - firing on all cylinders.
2. We've moved our accounting into a great small business CPA firm.
3. We've got comprehensive insurance coverage including extensive umbrellas.
4. We're proud to partner with a leading regional bank that supports rural business.
5. We've got the right lawyers in the right places for the specific tasks at hand.

When I started writing this blog almost 9 years ago, one of the very first posts I wrote was 'Good Bones'.  I've been through startup and small business fights for decades and the 'Good Bones' list is universal.  I've linked to the original post below.  It's more relevant than ever.

Without good bones, you've got no body of work.  Thanks to our great new business partners!

Good Bones , April 2005

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