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Starting Your Business The Right Way

Mission Driven Business

Release Date: 09/13/2022

The Mission Driven Business Podcast Episode 76: Finding Your Golden Threads with Elizabeth Jetton show art The Mission Driven Business Podcast Episode 76: Finding Your Golden Threads with Elizabeth Jetton

Mission Driven Business

Brian chats with financial planner-turned-business coach Elizabeth Jetton, M.Ed., CFP. Elizabeth has made igniting passion a throughline of her career, evolving from the first female stockbroker in Atlanta to founding a financial planning firm and now working as a business coach and teacher. On the episode, Elizabeth gets to the heart of what makes a mission-driven business successful. She dives deep into how to identify your unique gifts and utilize them to create a business that serves your needs and makes an impact. Episode Highlights Mission-driven businesses reflect their owners’ golden...

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The Mission Driven Business Podcast Episode 75: Building A Vision-Driven Business with Cara Bedford show art The Mission Driven Business Podcast Episode 75: Building A Vision-Driven Business with Cara Bedford

Mission Driven Business

Brian chats with marketing expert Cara Bedford. As the founder and CEO of Infinite Marketing, Cara leverages the global talent economy to drive impactful campaigns for mid-to-large-sized businesses, startups, and Fortune 500 companies. On the episode, Cara shares why having a clear vision for a business can create an authentic, cohesive brand narrative. She also stresses the importance of clear communication, effective delegation, and asking the right questions. Episode Highlights Mission-driven businesses are vision-driven businesses. When Cara thinks about mission-driven businesses, she...

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The Mission Driven Business Podcast Episode 74: Using Data To Drive Diversity with Ken Janssens show art The Mission Driven Business Podcast Episode 74: Using Data To Drive Diversity with Ken Janssens

Mission Driven Business

Brian chats with diversity, equity, and inclusion trailblazer Ken Janssens. During his 25-year-long career at JPMorgan Chase, Ken co-founded and chaired the company’s LGBTQ+ Executive Council, championing diversity and inclusivity at the highest levels. He’s also the former Board Chair for leading LGBTQ+ Workplace Inclusion non-profit Out & Equal. On the episode, Ken discusses his new venture, Windō, which aims to make corporate sustainability transparent and to connect young people with employers that share their values. He also shares his journey from activist leader to visionary...

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The Mission Driven Business Podcast Episode 73: Tech, Ethics, and Empowerment with Amanda Wilson show art The Mission Driven Business Podcast Episode 73: Tech, Ethics, and Empowerment with Amanda Wilson

Mission Driven Business

Brian chats with Amanda Wilson, the co-founder of #open, a dating app for ethically non-monogamous relationships. On the episode, Amanda opens up about the fear she faced pivoting from running political campaigns to launching a sex-positive tech business with her business and life partner. She also shares essential strategies and tactics for navigating the challenges of entrepreneurship and how she utilizes AI to fuel growth and innovation at #open. Episode Highlights Mission-driven businesses balance making money with benefiting society. Amanda defines a mission-driven business as one that...

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The Mission Driven Business Podcast Episode 72: Crafting A Legacy Of Leadership with Amanda Bauer-Frisch show art The Mission Driven Business Podcast Episode 72: Crafting A Legacy Of Leadership with Amanda Bauer-Frisch

Mission Driven Business

Brian chats with serial entrepreneur and visionary leader Amanda Bauer-Frisch. As the CEO of Small Legacies, Amanda creates a way to give thoughtful, high-quality learning tools that enhance a child’s development. She also oversees several other small, legacy-driven businesses under the Enduring Legacy brand. On the episode, Amanda opens up about how becoming a young widow and being open to the right, new opportunities shaped her entrepreneurial journey. She also provides a behind-the-scenes look at how she’s purchased several existing brands and shares tips for finding and acquiring...

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The Mission Driven Business Podcast Episode 71: Driving A Heart-Led Business with Brian Moak show art The Mission Driven Business Podcast Episode 71: Driving A Heart-Led Business with Brian Moak

Mission Driven Business

Brian chats with Brian Moak, an entrepreneur, consultant, coach, and motivational speaker focused on service-based businesses and team engagement. As the owner and CEO of HEART Certified Auto Care, Brian used empathy to transform his family’s business into an industry-leading auto shop. He also owns one of the largest Shack Shine franchises in North America and is a partner in a digital marketing firm. On the episode, Brian Moak details his rollercoaster entrepreneurial journey, riding the lows of losing $1.5 million in one year to growing his business to earn nearly $15 million in revenue....

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The Mission Driven Business Podcast Episode 70: How To Create Powerful Mission, Vision, and Values Statements show art The Mission Driven Business Podcast Episode 70: How To Create Powerful Mission, Vision, and Values Statements

Mission Driven Business

On this special episode, Brian dives deep into the art of crafting your business’s mission, vision, and value statements. These principles are the roadmap to success, and Brian gives a blueprint for creating powerful mission, vision, and values statements that shape the foundation of a successful company. This process is a fundamental topic for any budding entrepreneur or business owner.  Episode Highlights How to write an effective mission statement The mission statement is the heart of any business, encapsulating the “why” behind your company’s existence. To be effective, a...

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The Mission Driven Business Podcast Episode 69: Building A Business For Financial Independence with LaSean Smith show art The Mission Driven Business Podcast Episode 69: Building A Business For Financial Independence with LaSean Smith

Mission Driven Business

Brian chats with LaSean Smith, a software developer and business creator on a mission to help businesses and business owners succeed. LaSean spent more than a decade as a software executive at Amazon and Microsoft, where he uncovered patterns to use process as a tool to win in business more often. He now uses those insights to help entrepreneurs launch and sustain bootstrapped businesses.  On the episode, LaSean digs deep into what it means to have a values-based business and why owning a business is the most predictable way to achieve financial independence. He also outlines the...

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The Mission Driven Business Podcast Episode 68: Start 2024 With A Clean Slate With This Year-End Checklist show art The Mission Driven Business Podcast Episode 68: Start 2024 With A Clean Slate With This Year-End Checklist

Mission Driven Business

It’s hard to believe that 2023 is almost over. Before the New Year, it’s time to reflect on the past year and get ready for the next one. On this special episode, Brian lists off 10 business and 10 personal tasks that you should check off your list to end 2023 on the right note and start 2024 with a clean slate. Episode Highlights 10 End-Of-Year Business Action Items 1. Review your goals How did you do this year? What were you proud to accomplish? Anything you wish you could have done better? The end of the year is a great time to review the goals you made at the beginning of the year and...

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The Mission Driven Business Podcast Episode 67: Empowering Inclusive Entrepreneurship with Ebony Janelle show art The Mission Driven Business Podcast Episode 67: Empowering Inclusive Entrepreneurship with Ebony Janelle

Mission Driven Business

Brian chats with inclusive entrepreneurship expert Ebony Janelle. As an Empower by GoDaddy manager, Ebony drives GoDaddy’s corporate program that helps underserved entrepreneurs thrive. She manages the day-to-day operations that provide education, networking, and mentorship to small business owners from underfunded communities.  On the episode, Ebony discusses the challenges facing LGBTQ+ entrepreneurs, including a disparity in funding and resources. She also shares the three pillars that entrepreneurs of all kinds can use to uplevel their businesses and how the use of generative AI can...

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In this special episode, host Brian Thompson shares how to build a proper foundation for your business to ensure it can support long-standing success. He outlines eight essential tasks to check off when starting a company that can help minimize risk and give you a solid foundation.

Episode Highlights

Starting a business can be daunting and setting up a solid foundation to grow from is critical for future success. Here are eight first steps to start your business on solid ground.

Step 1: Pick your company name.

As new parents know, picking a name isn’t as easy as it may sound. A business name can ultimately help -- or hinder -- your success. 

A good business name not only communicates who you are and what you do but also drives branding and marketing efforts. When thinking of business names, it helps to clarify your vision and purpose, know your ideal clients, and how you’ll add value. Creating a one-page business plan can also help you think clearly.

“Remember that a name doesn’t have to be perfect. You can change it as you need to.”

Step 2: Pick a business structure.

Your business structure is the legal framework of the company you’re building. Common small business organizational structures include limited liability companies (LLC), partnerships, and S corporations. The type of business structure you choose will impact numerous aspects of your business, from the paperwork you need to file to how you pay taxes.

“While taxes shouldn’t be the only concern when picking a business structure, you’ll want to consult with a tax professional to make sure you’re making the best choice for your situation.”

Step 3: Register your business.

Once you have a business name and structure, it’s time to register your business. In most states, you can register with the Secretary of State’s office. However, if you want to protect your name on a national level, consider registering with the United States Patent and Trademark Office.

Also, don’t forget to make sure your company can be found on the web! Before registering, check website domain registrars like GoDaddy and Google Domains to ensure your domain is still available.

Step 4: Apply for your Employer Identification Number.

Similar to a Social Security number, your Employer Identification Number (EIN) is a federal tax number used to identify your business. You can use it to get a business license, open bank accounts, obtain credit lines, and pay taxes.

Technically, you don’t need an EIN unless you have employees or plan to form a partnership, LLC, or corporation. But even if you don’t need an EIN, it doesn’t hurt to have one. It can keep your personal Social Security number private.

“You can apply online in just a couple of minutes and reduce the chance of identity theft.”

Step 5: Get a business license and permits.

All sorts of complex rules exist with different licensures. Depending on what type of industry you’re in, a federal, state, or local agency may regulate your business. You’ll likely need a state, county, or city license, and you may need permits or state registrations to do business across state lines.

“Make sure to research your state, county, and city regarding regulations for your particular type of business.”

Step 6: Open bank accounts and set up a cash flow system.

With the regulatory hurdles out of the way, it’s time to look at the operational side of your business. It’s essential to get a business account and set up your cash flow system.

Opening separate bank accounts will keep your business and personal assets separate, which is critical for tax and legal purposes. It also establishes your company as a separate entity should you need a loan and allow you to set up merchant accounts for faster payment.

Having an account is one thing, but successfully managing your cash flow is another. Mike Michalowicz’s Profit First System is a great way to ensure that your business is profitable, that you’re ready for your quarterly tax bill, and that you’re paying yourself a reasonable wage.

Step 7: Get an accounting system.

While you’re addressing operations, it’s a great time to set up an accounting system like QuickBooks or Wave. These systems allow you to start tracking your business income and expenses right away. They also help you take advantage of tax deductions.

“As a tax attorney, I represented clients who didn’t keep good records before the IRS and it was brutal. It’s much easier to start the habit early.”

Step 8: Find the proper insurance.

Now that you have a business, you’re going to want to protect it. One way to do that is by getting the appropriate type of insurance. Common types of business insurance include general liability insurance, professional liability insurance, and home-based business insurance.

“While your business structure will protect you from personal lawsuits, you’ll want to make sure your business is protected as well.”

Resources + Links

About Brian and the Mission Driven Business Podcast 

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.