If so, how did you start and is it worth doing?
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If so, how did you start and is it worth doing?
Almost down an MBA here. 8)
Basically, it depends on your goals and the type of business.
you can literally say "I'm in business" and you are. No paperwork is needed to start a sole proprietorship. You just start cleaning gutters and keep your receipts and declare your earnings, and set some aside for tax provisions. The downside is that you can be sued for everything you own and your kids in the event that you kill someone accidentally.
A limited liability company is just that... limited liabiliy. There is a bit more paperwork and insurance premiums, but worth it. Just search online for your state.gov. There'll be a section for entrepreneurs and what you need to do. Pretty easy though.
A corporation is the messiest. A bunch of paperwork, naming corporate leaders and managers, starting a charter, having meetings and documenting minutes, etc. But the main downside is double taxation. However, you can raise capital if you ever decide to go public. Also, in the event of a lawsuit, the corporation is liable, not the officers or managers, if they are distinct.
You'll want to start a Subchapter S (lesser, easier version of a C corp) or LLC. The taxes are favorable and your personal assets are safe, AND they are not terribly difficult to start.
I have a small painting company. I do a little bit on the side as a sole proprietorship (an llc would be better because if little timmy every fell over my paint try down his stairs, I'm screwed) but I don't do enough work to justify it, so I have to be very conscientious about what I'm doing not to kill someone or ruin a Persian rug.
www.freewebs.com/mjmpainting
I don't have a business although I buy and sell vintage loudspeakers on Ebay (by offering BIN prices before bids are made) and sell them on. I'm a bit of a hi-fi freak so I know what I'm doing. I make about 600 quid a month which is great as my shitty job pays little over £1000 a month.
I wish I had the money to set up a business as I have sooooo many ideas.
I think after 8 years of running my own businesses I can say with confidence.
The business owns me, not me owning it.
Trying to make it the other way around is the goal. Still working on it.
Its funny how companys get there names My dad being part French loved snales, every month hed take the shells down the garden after a year there was a big pile. So he was down the garden one day thinking what to call his Oil Company when Bingo. ;D
It depends
Are you taking the opportunity to make money doing what you love?
Or do you think you can get rich quick?
I run the gym,and have a small buisness restoring carbide lamps
I love both,Im not getting rich on either,but I love what I do
No i don't but honestly how simple are the ideas behind Myspace,facebook and youtube etc...?
Via the net is where you'll rake it in and all you need is an un-tapped idea ;)
seems like theres alot of experience on the boards, I basically asked because im half way through my business course and intending to study it in university.
Good stuff Von, i'll definetly look more in-dept to that.
As for youtube and other shite like that you gotta be creative and have alot of time on your hands, i happen to fit the bill nicely lol
i study business at uni and sell my old shite on ebay so id say im a business owner!
I'm looking at starting my own business. I've read a tonne of those money making books, and to summarize all of them basically, starting your own business is the first step in making money... You can invest in sorts of different area's, but starting by running a business will give you a LOT of skills and knowledge and hopefully extra cash to pour into investments...
I've gone over a LOT of idea's for businesses and actually settled on office cleaning. I live in a very industrial area where their are 1000's of business' that hire outside cleaners to clean their office regularly.
It's very low cost to set up, low advertising costs, low expertise needed to do a good job, I can hire family members or friends, I can do all the work myself and make a large profit, I can work in the evenings and keep my day job... It just had all the bonus' I could ask for, and not that many weaknesses......
What type of business are you starting up??? I'd love to talk about it with you because i'm sort of hitting a plateau with my motivation and talking about idea's with someone might get me pumped again.. I feel like i've read enough now that it really just comes down to me getting my ass moving and getting out there... I did a LOT of analyzing of figured and planning first, and created a couple of really good templates in EXEL that are great for working out your expected costs and profits and things like that, so let me know if you're interested in anything like that... I'd be more than happy to offer what knowledge I have acquired through reading probably 10 - 15 investing books, and about 7 or 8 on starting up a small business/marketing for a small business..
I can also recommend some of the very very good books i've read, and let you know the ones that weren't all that helpful.... So let me know if your interested...
sounds like a very good business idea, certainly worth investing time and money in because as you said it is relatively low risk.Quote:
Originally Posted by Dizaster
I haven't really got a clear idea, was thinking real estate or the fitness industry but sure i'll pm you for advice if your not busy. CC
Or...just pinch someone elses. See what's working and just nick thier business model.Quote:
Originally Posted by Smashup
Everything successful gets duplicated.
The trick is to get in early...it's spotting what's worth a go that's the hard bit :-\
No problems! Have you ready any books on it yet? If not, then good work on getting motivated without even reading anything yet...Quote:
Originally Posted by The_One77
Also, if you havn't, may I suggest picking up a book called "getting rich in your underwear" which is quite cheap on Amazon.. It's quite a simple book and doesn't have a huge amount of technical information (there are great books for that), but it's short, to the point, and is a great book to get you motivated at the start, it helps you analyze some of your idea's and give you some key thing to think about while choosing the sort of business you would want to do. It was a great book for me to read after i'd decided that I wanted to start a small business, and helps you move onto the next level.
To answer your original question though, it's very exciting and fulfilling deciding to start a small business and planning it out and as soon as you start brainstorming and thinking of details, nothing can stop you.
Hope you go ahead with it.
thank you, i really appreciate your help
I'll definetly look into that book
cc
Six months ago myself and two former co-workers branched out and started our own company. It is tough and pretty scary at first. Especially with very limited capital. I would not suggest this if you do not have at least 6 months to a year of living expenses in the bank. I have a 16 month old boy and another one on the way so making the decision to start my own business was pretty risky. We formed an LLC. and specialize in electronic manufacturing services. I consider this the best decision I've ever made. It is tough at times because you are always on the clock. You always are concerned with cash flow, sales, etc. You don't just clock out go home and forget about work. If there is an urgent issue to deal with it is your responsiblity now. The upside to this is the fact that you reap the benefits of all of your hard work and your company's success, not someone who gives employees a gift certificate for a turkey as a Christmas bonus. >:mad
I always had this idea when it comes to starting a new business: Look a round the town you live in or by (i live in a small one so if you're in a bigger one this is probably more of a challenge). See what kind of businesses there are (established businesses as well as those that are subpar and needed). If you find a business that could be greatly improved, why not take the oppurtunity to make that better company? Now you can think that people will always frown upon a newer, cheaper, and different way of receiving services than they're accustomed to and to that I say compare wal-mart's parking lot (all 24 hours) to K-mart's.
I don't like these major nearly monopolized (strategically monopolized not actually monopolized) businesses because I think in the long run they adversely affect the economy. That is probably because I don't own one. I'm sure you see a much different picture when you own such a company.
Infact I have to add this as I just thought of it.
2 books that I absolutey 100% insist you buy if you are thinking of running a small business is
Robert Kiyosaki - Cash flow Quadrant
Robert Kiyosaki - Rich Dad's guide to investing
They can be read seperate, but if you are getting one, I suggest getting both as they refer to each other often. They are insanely motivational and just give you a thousand reasons why starting your own business is the ONLY way to go if you want to free yourself up financially at any stage in the future...
It answers so many questions that you didn't even realise you needed answering.