Session 2: Management & Legal Structure

Overview

In this session, participants will delve into the critical aspects of establishing a solid foundation for their businesses by exploring various management and legal structures. Understanding the legal and regulatory requirements is essential for compliance and long-term success.​

Learning Objectives

• Legal & Regulatory Compliance: Gain insights into local, state, and federal regulations pertinent to different business structures.
• Business Structures: Understand the implications of sole proprietorships, partnerships, LLCs, and corporations.
• Organizational Development: Learn how to develop suitable organizational structures and decision-making processes tailored to your business needs.​

Pre-Session Assignments

1. Review Session II Presentation: Familiarize yourself with the key concepts that will be discussed and have your questions ready about structuring your business, copyrights, and patents.
2. Start your exploration of the SWOT Analysis: Identify at least 3 weaknesses, 3 opportunities, and 3 threats for your business. This will be covered in Session 3.
3. Start Competitor Research: List at least 3 competitors, including their business names, locations, and years in operation.​ This will be covered in Session 4.

📄 Business Plan Focus

Skip the Executive Summary of your Business Plan for now (you will complete that at the end of the process) and Complete Section II: Company Description of your business plan. The Company Description section of a business plan provides a clear snapshot of your business and sets the foundation for the rest of the plan. It should include:

1. Business Name & Location – Where your business is located and operates.
2. Mission Statement – A brief statement of your business’s purpose and core values.
3. Legal Structure – The form of your business (e.g., LLC, sole proprietorship, partnership, corporation).
4. Business History – When and why the business was founded (or your motivation if it’s a startup).
5. What You Offer – The products or services your business provides.
6. Target Market – Who your customers are.
7. Business Goals – Short and long-term objectives.
8. Key Success Factors – What makes your business unique or competitive.

Think of it as the “elevator pitch” in written form—concise, compelling, and informative.

📚 Additional Resources

• SWOT Analysis Guide – MindTools
• SWOT Analysis Examples – Asana
• Choosing the Right Business Structure – SBA.gov

GET INSPIRED BY ANOTHER FOUNDER’S STORY!

In This Episode of “How I Built This with Guy Raz”, Adam Lowry and Eric Ryan discuss how they built Method, a company that revolutionized the cleaning products industry. They delve into the challenges of establishing their business structure, maintaining a strong partnership, and creating a brand that stood out in a saturated market. Their story offers practical lessons on aligning business operations with core values and the importance of innovative thinking in management.

LISTEN NOW!