Establishing a Business and Testing

Summary: In AT Inventors part 2 Jay and Elysia discuss establishing a business and product testing. <a href="https://sportsmedicinebroadcast.com/wp-content/uploads/2021/09/AT-Inventors.png"></a> Some of the topics we discussed include: * Establishing Business * Defining your core values before establishing a business If you define the core values and base all your decisions on that then decisions are a lot easier. It is easy to chase every shiny object but as a startup, you need to be focused on doing one thing well. * Articles of organization * Business insurance, product liability and other protections J: I do not have a reseller license, for now, I am a direct-seller only. E: Reseller certificate allows you to get items tax-free that you are going to use for your business. You need this to sell it anywhere, like a trade show...this is so you can pay more taxes. Depending on structures you may set up monthly sales tax or quarterly. E: Product liability insurance - Mine is high since I am looped in there with skateboards where people break bones often. I have been able to break that into 4 payments so it is not a huge hit My patent fee structure is confusing and I break it up to level out the costs. Design and utility patents are different - again a couple of thousand dollars for the attorney fee. And nobody gets approved on the first round so be ready for that. Lots of small adjustments. Consider if you really need a patent or can you focus on other aspects of the business? * Business structure types, LLC, sole or other corporations Toki Nakazawa - you can function as an S corp using Form 1120S even though you are an LLC * Funding vs bootstrapping your business financial needs * How do you manage a business partnership? Do you want a business partnership * Is Shark Tank or other investors an option J: the style of my product is already out there, i am just making it more specific for our situation. E: KNOW YOUR PRODUCT LINE J: Is it sustainable? * Method of selling product (direct, wholesale, etc) * Where is all the money going? Proper accounting and continual costs * When to consider employees, worker comp insurance, payroll and managing other people E: I answer all of my phone calls and emails. Do you want to make money or provide something that enriches the lives of others? If money is your motivation then focus on that. If freedom of schedule is your goal, focus on that. J: My military price is important to me. I want to support and help those that have protected us and given me so much. * Why people always ask about how much money you make, how many units you sell and if you are a million dollar company * The importance of good business mentors who understand your product line J: I am always cautious because it is a dog eat dog world E: One of my college professors keeps a log of all her incoming and outgoing calls Leave the end of the day with your desk clean

Establishing a Business and Testing

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