New Business Beginnings
One month ago I decided to take the plunge back into self employment. Being a business owner is in my blood, and after an amazing seven year run with my previous company, the time just felt right.
My new venture is called Pastime. It aims to be a service for people like you that enjoy playing team sports. This note captures my goals, values, and what I have accomplished so far. There is a lot involved in starting a company, in getting organized and focused, and I would like to document and share what I learn.
First, my goal is to build a sustainable business based here in Brevard County, Florida. I desire to build something that makes a positive impact in my local community and something I would be proud to have my kids run someday. I am not interested in chasing trends or selling out to another company. So with that said:
- We will not accept outside funding; we will grow organically by earning our own money.
- We will focus on the business model from day one; none of this “we’ll figure out how to make money later” stuff
- When we have the opportunity to hire, we will hire great people by fostering a culture that gives product ownership and rewards performance; no “lets pay dirt cheap salaries and instead hand out incentives to sell the company”
In essence, I want to be Bon Jovi, not Breaking Benjamin.
For my first month, I have focused on two things: 1. getting the company setup, and 2. developing a business plan. Specifically, I have incorporated in the state of Florida, opened a bank account, filed a trademark, secured a domain name, purchased health insurance, and selected an accounting service. In terms of the business plan, it is split into three phases and I have enlisted some help from the Melbourne, Florida Chamber of Commerce in drafting it and building local support. Last but not least, my daughter Annabelle has been working on a company logo, slogan, and mascot.
I plan to go into all the details about my first month in my next note. Can you tell I am excited already?