One of your roles as the meeting chair is to keep the discussion moving and on-task. Your role is not to offer opinion on every single issue or keep the discussion on an exact schedule. Have some flexibility. Let the other attendees talk freely and allow new topics of discussion to arise even if they're not on the agenda. You may find that you need to subtly end or change certain topics of conversation to keep the discussion on track, but you shouldn't feel as if you have to control every aspect of the meeting. After all, it's a collaborative process. As the meeting progresses, keep an eye on your agenda. If you're running behind, you may need to skip certain topics of discussion or table them for later in the interests of time. Don't be afraid to do this if the topics that are being discussed are very important ones. As the meeting chair, your job is to ensure an open, productive discussion. If you notice that certain attendees who may have knowledge relevant to the issues at hand aren't opening up to the group, encourage them to talk. You don't have to challenge or call them out directly simply saying something along the lines of, "I think Mrs. Smith's expertise would be useful here" is a great way to get less-active members of the meeting engaged. It can be difficult to remember that not everyone attending the meeting has the same amount of experience or knowledge in the topics of discussion. To make sure everyone attending the meeting has spent their time wisely, you may want to take the opportunity to briefly simplify complex issues or topics when they come up. The less-knowledgeable attendees will undoubtedly appreciate this. If they're not kept under control by a competent chair, meetings can be remarkably unproductive. Try to make sure that every important issue you came to discuss gets addressed. Don't allow attendees to blame-shift or offer vague excuses for problems that haven't been addressed. Try to pin down and obtain answers for issues that no one wants to address. Though this isn't necessarily what every attendee will want, these sorts of awkward questions are precisely the ones that need to be answered the most for the meeting to be as effective as possible. Make sure important decisions are recorded (if you have official record-keepers or minute-takers, assign them this task). If you're going to go the trouble of asking the hard questions, you'll want to make sure that the answers you get are well-documented. There's a reason meetings have a bad reputation for many, they're thought of as serious wastes of time. To prevent your meeting from running long, use your power as chair to keep the discussion moving. Don't be afraid to table certain unimportant issues or conversations until a later date if your meeting seems to be taking longer than you expected. Be ready and willing to adjust your schedule on the fly to make sure that none of your attendees' precious time is being wasted.

Summary: Guide the discussion, but don't dominate it. Encourage all attendees to participate. Make sure everyone understands what is being discussed. Don't ignore difficult or awkward questions. Keep track of your time.

The first step is to choose a company name and then choose a corporate address. Make sure to get a phone and fax number. You should search your state's business filing office to find out if a name has already been taken. By writing a business plan, you will force yourself to think about the current likelihood of success as well as future growth opportunities. A comprehensive business plan will help steer you toward your goals. At a minimum, the plan should include the following: Executive summary. You will need to briefly describe the nature of your business and why you think it will be successful. The executive summary should contain your mission statement as well as company information. As a startup, you should focus on explaining how your experience and background will contribute to the business's success. Company description. Explain the nature of the business, your intended market, and the market needs your lending business will satisfy. For example, you might want to meet the small loan needs of your community, which are underserved. Market analysis. You should explain the size and distinguishing characteristics of your target market. For example, you may want to make small loans to new immigrants in your community seeking to start a business. You would then explain how few lenders have tapped into that market. Also identify your competitors and describe their strength or weakness in the market. Product line. Describe the loans you want to make. You should explain the advantages of your loans over those of competitor's. Marketing and sales. Discuss your overall sales strategy, including your plans for growth. For example, you may hope to grow geographically, offering your loans to a larger community. Or you might hope to grow by offering additional types of loans to your current market. Financial projections. Based on your market analysis, you should forecast your projected finances for five-years out. Another component of a business plan is funding. However, this element is so critical to a money lending business that you should spend extra time considering how you will fund the loans that you extend to borrowers. Some money lenders have dipped into their retirement accounts, such as their IRAs and 401(k) accounts, to fund their loans. Experts encourage money lenders who do this to understand the risks that they are taking. For example, loans might not be repaid, in which case you could lose a large percentage of the loan amount. If you seek funding from investors, then you will need to work closely with a lawyer to draft a prospectus to share with investors. State and federal laws tightly regulate how you advertise securities to potential investors. Your lawyer will need to be experienced in securities regulation. A successful money lending business does not lend to anyone who walks in the door. You need to evaluate each applicant according to a set of criteria. This is called underwriting. You will need to draft your criteria before you begin making loans. Generally, you will assess risk by gathering information about the loan applicant's financial history. For example, you would want to look at their income, FICO score, and other debt load. You will need coaching and advice from people who have started successful money lending businesses themselves. Accordingly, you should find seminars and national conferences to attend where you can network and rub shoulders with experts in the business. A lawyer will be an invaluable asset, so you should certainly hire one. He or she will research and answer any questions you have. Also, an attorney can help you incorporate and fill out other required paperwork. To find an experienced business lawyer, you can visit your state's bar association website, which should run a referral program. You can research any attorney by visiting his or her website. Look for experience with business formation, as well as banking or lending experience. If you are starting a lending business for real estate, then look for an attorney who has real estate experience as well. The amount of marketing you want to engage in will be determined by the scope of your market. However, a website is a must nowadays for any business, regardless of the business's size. You can purchase your domain name from various registrars. Search the internet for "where to purchase domain name" and look at the different companies that provide this service.
Summary: Choose a company name. Draft your business plan. Settle on financing. Draft underwriting criteria. Attend seminars. Meet with a lawyer. Buy your domain name.