How can we convert from a community organization to a business startup?
I have 300+ members in ITSA (IT Sales Academy), which was established in 2012. We're looking to convert our business into an IT sales company- what are the first steps that a company needs to take to make that type of fundamental transition?
https://www.facebook.com/groups/itsalesacademy/ and https://www.linkedin.com/groups/IT-Sales-Academy-4761220?home=&gid=4761220&trk=my_groups-tile-grp
Bari, Great answers from others here. No one said how you (or people who care about you will fund it.
We can help you establish an investment platform on your site that is fully compliant with US law. This would enable you to crowdfund your own or client ventures to bring in revenue and increase your attachment to the customers you seek and serve.
It is a difficult task to convert a community group into a money making organisation but not impossible. The motivation of the members to be included into the diversity of ideas will be your task...and making money off it another task...You can get in touch with me for more details. We are community Marketeers...:)
Are you a traditional tax paying company, LLC, Corporation or S-Corporation? Basically All you need to do is decide how your organization wishes to do business with the IRS, State and local revenue offices. If you are already registered as, say a Sole Proprietorship, call the national IRS hot line. They will explain your options. There are so many requirements that some of your means or characteristics in running your company as it is, may need to change, be added to or even cut out all together. Be fore you make a final decision though talk to a Business Attorney and a CPA. Remember, if your original business plan was not set up to en-corporate this kind of change, you will need one that does. Start with the IRS and explain your problems they are very good at directing your pathway.
May I suggest that you read the Lean Startup before you do anything else. Once you have read that book, I suggest that you take the Udacity program. It's free.
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Take an assessment of your current members background to determine what are the strengths and talents. You probably already know who are the natural leaders and who are the ones who like to work independent.
You will definitely need to formulate a business plan to determine some basic things such as your vision, purpose and who your customers are.
Don't hesitate to bring in outside help to to create your business plan. A new set of eyes will be a big help in creating the most effective plan for your business start-up. Part of that plan should include an organization chart along with reporting relationships, sales targets, timelines as well as an operating budget.
Too much to list here but definitely get started with your business plan.
Hello Bari, I would first start with getting the proper business licenses, DBA, LLC or Sole Prop., and will my help we can get your business taking credit card payments. If you go to any other online processor itll be about 2.9% plus 30 cents. Our cost is only 2.25% online.
Call or visit AmeriLawyer.com They are a firm with guaranteed lowest Inc and advise costs.
1. Create a mission statement
2. Establish short and long-term goals
3. Designate leaders for the various departments
4. Decide what you want to be Sub-S, Corp, Sole P, etc...........
5. Meet with a good accountant to establish your accounting architecture.
I am a consultant with an IT company in the US and am going to Dubai, UAE for the Trade show in September 2014 to exhibit the company's IT products and services. You should also see if you can join the show or hire a company to market your product and services. I attend the Dubai shows frequently and can forward you some information. Let me know where I can send you the information.
Was this part of the original business plan? If not then you will be needing a new one and integral to this will be your sales and marketing plan with underlying operational 30/60/90/180 days plans to ensure that you execute on time and within budget. Your other main consideration is that you are about to embark on a major paradigm shift needing a different mind set and personnel and you need to be ready with both when you flick that switch
Establish a company (format) depends on the country you live in. Allocate as many shares as you believe you will need in the long term. Put a nominal value to the shares. Offer the shares to your existing community - who have been actively contributing by invitation only. Get them to buy additional shares on a preferential basis. Offer the rest to funders. Ensure that you have all your marketing documentation, prospectus, website etc up and running even if only in "skeleton" mode. Ensure that you have forecast some decent financials and have a value proposition for investors, or it simply remains a concept and not a business. This is the 2 second version of what is a whole lot more complicated.
Please fill the business Plan:
(0) Market re-search………………………….why?
(1) Market re-search……………………………what?
(2) Market re-search…………………………..How?
(3) Title or name …with respect to name, with respect to business, with respect to location, with respect to era.
(4) Motto…with respect to business.
(7) Mission Statement.
(8) Vision Statement.
(9) Location……with respect to positive and negative aspects.
(11)Finance……..Fix and Running.
(12)Finance Management……with feasibility report in the form of chart.
(14)Business Flow…with the help of flow chart.
(15)Mathematical Model of Production…with cost estimation method.
(16)Promotion Strategy ……..with Probability or regression model.
(17)Risk factor…with your weak points (S (strengths) W (weaknesses) O (opportunities) T (threats) Analysis).
(18)Role of Technology.
Just do it!! :)
(Also follow all the great advice given here)
My concern is 300 FB followers although a wonderful start is not enough of a foundation to really count on for a start up business.
I'd suggest seeing a business lawyer and accountant to discover what kind of business entity you should set your company up as. You might also look into putting together two types of business plans, depending on your needs. If you need money for your start-up a traditional business plan will be useful. If you need a business plan to chart what actions you'll take to grow the business, I'd also suggest putting together an action plan.
I'd also suggest defining the core values of your business and see if those core values are the same as the community from which this business has originated.
If you need help, feel free to pm me.
Not a one paragraph answer but here's a quick foundation check. List the requirements to make a com org successful. Then list the requirements to make a business successful (there are plenty of suggestions from my colleagues). Take note of the common behaviors/characteristics. Note the missing pieces and make a plan for filling that, note the excess and own up to the reality that some pieces may need cut. Now that you know the who of your company you can follow those other processes with open eyes about what you are working with.
1. Ask your lawyer to establish the By-laws of the new B company, .
2. Try to minimize taxes, perhaps the idea of incorporate is possible.
3. Keep both companies and develop a business plan in order that any profit out from company B; could be totally re-invested in company A, which as a community services oriented company, could have revenue taxes reduced to zero....
The first step is to develop a business plan outlining what your finite mission is, how it will drive revenue, what will your costs likely be and how you will get there. For example, are you a sales outsourcing company? Outsourced lead / appointment generation? SaaS sales and lead development infrastructure? Sales training?
This will force you to do market research, develop a prospect list, develop a marketing and sales plan and think through the finances. Even though we know it is all subject to change, you can't sail "rudderless".
With this business plan you will have
Once this is done you can focus on infrastructure and operations details in a focused way. And with a budget in mind!
Do a business plan with emphasis on Mission and vision statements.... Then work on a revenue stream where, how and why and then look to fully understand your costs.... Using the business plan as a guide,,,
And remember nothing happens without a sale
Create a future vision for your company then a great business plan that will move you forward toward that vision. And find mentors to work with you.