What It Really Takes to Hire Your First Employee
Mission Driven Business
Hiring your first employee is one of the biggest leaps you'll take as a business owner, and most people don't talk openly about what it actually involves. In this episode, Brian Thompson sits down with his operations manager Jesica Berger to share the hiring strategies that shaped their journey, from both sides of the table. Brian and Jesica worked together for nearly seven years before Brian launched his own financial planning firm. When the time came to bring on his first hire, the foundation of trust they had built over almost two decades made all the difference. In this honest...
info_outline
Why High Achievers Struggle to Feel Successful in Business
Mission Driven Business
Many entrepreneurs hit their goals, grow their revenue, and create real impact, and still somehow feel behind. In this episode, Brian Thompson unpacks why high achievers so often struggle to feel successful, how comparison and constant striving distort our sense of progress, and why mission-driven entrepreneurs are especially vulnerable to this pattern. It is a candid and reflective conversation that ends with a challenge to redefine what success actually means for you. The Pattern Entrepreneurs Get Stuck In A pattern Brian sees in himself and many of his clients: Hit a goal, feel proud...
info_outline
Why You're Feeling Stuck: The Hidden Cost of Clutter in Your Business
Mission Driven Business
Clutter has a way of building quietly, and before long it starts affecting more than just how your desk looks. In this episode, Brian Thompson takes an honest look at how small pockets of disorganization pile up during busy seasons and what they actually cost you, not just in time, but in decision-making, financial clarity, and the ability to move your business forward. Coming off tax season, Brian gets personal about his own clutter habits and offers a simple, practical approach to clearing the backlog without overhauling everything at once. Clutter Is About Avoidance, Not Organization...
info_outline
Why You'll Never Find Balance in Your Business
Mission Driven Business
Balance is one of the most talked about goals in entrepreneurship, and one of the most elusive. In this episode, Brian Thompson gets honest about why balance isn't something you achieve once and move on from, and why chasing that perfect equilibrium might be the wrong goal entirely. Coming off a particularly intense tax season, Brian shares what his own body was telling him, and what it made him realize about the way entrepreneurs expect themselves to show up all year long. What Does Business Balance Actually Look Like? This year's tax season hit differently for Brian. For the first...
info_outline
How to Bet on Yourself and Build a Business Around Freedom
Mission Driven Business
Building a business around freedom is more than a financial decision, it's a deeply personal one. In this episode, Brian Thompson sits down with Kyra Mitchell Lewis, a brand strategist, marketer, podcast host, and founder of and , to talk about what it truly means to bet on yourself. Kyra shares how more than 20 years in corporate marketing led her to a pivotal moment of liberation, how she built a thriving consulting business in under a year, and why keeping an open mind has been one of her greatest entrepreneurial assets. A Business Built Around Purpose Kyra defines a mission-driven...
info_outline
How to Prepare for Next Year's Taxes Without the Stress
Mission Driven Business
Tax season doesn't have to be a scramble, but for most business owners, it is. In this episode, Brian Thompson offers a simple, practical system for taking the stress and surprise out of taxes by shifting from a once-a-year reaction to a year-round strategy. If last episode left you wondering whether you missed something, this one is your action plan. Start With a Mindset Shift Before getting into tactics, Brian makes an important reframe: taxes are not a once-a-year event. They are a year-round strategy. This matters especially for mission-driven business owners who are growing...
info_outline
How to Optimize Your Tax Return for More Business Tax Savings
Mission Driven Business
In this episode, Brian Thompson discusses key insights from the recent tax season, highlighting trends, surprises, and strategic opportunities for business owners to optimize their tax planning and financial health. Your tax return is not something to file and forget. If you pay attention, your tax return gives you a roadmap for what to do better this coming year. Brian also gives real-life examples of two clients that stood out this tax season. Understanding Unexpected Tax Outcomes One of the most significant stress points during tax season is the unexpected tax outcome. Many business...
info_outline
S-Corps Explained: Tax Savings, Trade-Offs, and What No One Tells You
Mission Driven Business
The S-Corp question is one of the most common Brian hears from entrepreneurs, but the answer is almost never as simple as the internet makes it sound. In this episode, Brian Thompson breaks down what an S-Corp actually is, how the potential tax savings work, and the real-world trade-offs that often get left out of the conversation. Whether you're considering the election for the first time or revisiting the decision, this episode gives you the context you need to make an informed choice. What is an S-Corp? First, an important clarification: an S-Corporation is not a business structure,...
info_outline
Budgeting Series #3: A Guide to Building Your Financial Strategy
Mission Driven Business
Awareness and acceptance lay the groundwork, but nothing changes until you take action. In this final episode of the budgeting series, Brian Thompson brings the framework full circle by focusing on what to actually do with your numbers. Because understanding your finances and accepting where you are is only powerful if it leads somewhere. This episode is about making intentional, strategic decisions that move your mission-driven business forward. Start With Vision, Not Spreadsheets Before diving into tactics, Brian starts with something that might surprise you in a budgeting...
info_outline
Building a Profitable Practice with Authenticity and Heart
Mission Driven Business
Rooted in identity, community, and purpose is what it truly means to build a business with heart. Brian Thompson sits down with Kala Lacy, an EMDR-trained yoga psychotherapist and founder of , a holistic wellness practice centered on Black and queer people of color. Kala shares how she turned her own healing journey into a thriving private practice, why niching down with radical specificity was the key to her success, and what inspired her newest venture: , a mentorship community for Black, queer, and trans clinicians building aligned private practices. A Business With Heart Kala...
info_outlineIn 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
- Articles
- “The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses.” Eric Ries.
- “One-Page Business Plan Templates.” Susan Ward, The Balance Small Business.
- Websites
- Fizzle
- U.S. Small Business Administration
- United States Patent and Trademark Office
- “Apply for an Employer Identification Number (EIN) Online.” IRS
- Tools
- More From Brian
- “Purpose And Profit: 4 Keys To Creating A Profitable Mission-Driven Business.” Forbes.
- “Can I Deduct That As A Business Expense?” Forbes.
- “Should I make an S-Corp Election?” BT Financial.
- Episode 7: Being Profit First with Mike Michalowcz
- Brian’s Social Media: Twitter, Instagram, Facebook
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.