Ran my own business since 2009. No 9 - 5. And it was (is) NOT an easy ride. But, I love self starters, and want to help anyone I can - plus I know there are probably lurkers and members that want to know information or have some to give. Ask me anything youth!
Want to start your own business - Ask an entrepreneur anything!
- Thread starter Hov
- Start date
Mr Uncle Leroy
All Star
what services/products did you sell? what problem/challenge did the business solve? how much was expenses to run business on monthly basis? how much did the business generate? how many hours did you spend on business on a daily business? what type of business was it?
awkwardblackgirl
Shakara
What tips/advice do you have for getting new clients?
Bruh there's a franchise I believe in, fast food but upper echelon. Now they want me to have net assets worth $3mill and have $1mil on hand. What do I do bruh? And what type of business did/do you have
In the beginning how important is a lawyer? (in setting up the LLC and all that stuff)
Also was your business a sole proprietorship/partnership/etc?
Do you recommend just jumping into it?..I'm hesitant to try cause I have the tendency of wanting to plan everything before I take the risk
Also was your business a sole proprietorship/partnership/etc?
Do you recommend just jumping into it?..I'm hesitant to try cause I have the tendency of wanting to plan everything before I take the risk
I have a visual brand development company. There is a book out now that explains how your first idea or iteration of your business is never the one that you end up with, and it is VERY true. I started out with the idea for a web design company, because I knew how to design websites - but I had a very, very large base of people I knew from my ball playing days, very charismatic, and I was into more than just creating website - I loved helping businesses grow. I literally could (and have a team now that can) do anything - movies, photography, events, billboards, printing, animation, web, apps, anything.
So, my value to any startup/business/athlete/entertainer/trep is that I can sit down with you, learn about your idea or business, and we can find a way to present it to the world in a "million dollar" fashion - that requires a real sitdown of how we are going to attack your industry visual-wise. Its akin to putting a album together that has a thought process and track listing like Kendrick Lamar instaed of throwing random songs together like Waka Flocka. Yes, you need a logo and website, but they need to mesh with the bigger picture. You need social media, but you need certain platforms more than others in different industries. Gone are the days of build it and they will come. We need to design for a reason, track whats going on, and get people to follow you and your brand the same way people fight over Apple/Android even though they never met anyone who built the product or have no stake in it.
Right now I admit I spend too many hours. About 10 - 14 a day. It still doesnt feel like enough - but it doesnt feel like 10 - 15. When i had a job I couldnt wait for 5 to hit but now its like there is always something to do, and in the creative field you can be immersed in a product.
The expenses were very low until I opened a location, which incurs overhead - lease, lights, electricty, web, all that stuff. The opening expenses were legal related - please avoid legal zoom and lawyers for your initial LLC, you can take it to your local district yourself and do it for like $200, but a lawyer will cost lie $1500.
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I enjoy it, but there are days, especially in the begninng, where you say "f this" or "wtf was I thinking, I just ruined my life.)
You have to be around other successful treps or go to conferences or watch people on Youtube, because then you see how it is not just you. Without that, you will think that you are a total f up.
Remember, to totally do it on your own means no paycheck until people decide to pay you almost. I mean it's nerveracking in the beginning.
But I can't or would never trade it for the world. I love this, and when I say I love this - I LOVE this. My logo is a heart I love it so much. I come and go as i please - I can blow of any day if I want. I dont becaue I like what I do and I like making $, but the option to do what you want is there. Def not for everybody though, some people need security and you cant knock that.
Be everywhere. People try to use the excuse, "I dont like talking to people" "I dont go out much" "I am good as -- but I am shy in public" "I am not a salesman"
Guess what. If you are not those things, go get a 9 - 5. You will not succeed. How can people follow your idea or support you if you don't tell them about it? How can people believe if you do not believe in yourself?
When you go to happy hours, networking events, facebook post and tweet and instagram about it instead of your relationship problems and the new jordans out, people take notice. Everybody knows somebody. Even a peon will hit you up in your inbox like "Hey, my boss needs what you are offering - can I tell her about you?" just to get some kudos in the office. And if you deliver, bosses know bosses, period. Just like you spread the word about how cool a Macbook pro is, people will talk about your cool delivery.
But you better deliver what you said and ON TIME.
The main reason businesses fail is because the leader did not delegate. If you make movies for example, that does not make you a good actor. If you are not a good actor and tried to act in all your movies, your movies would suck - now matter how well it is directed.
To bring this around full circle - I am not a financial advisor. If I had your issue, I consult one, and if you need one that will answer your question for no $ , inbox me - people help people.
Set up the LLC by yourself. My first LLC, we paid a lawyer $1500. I have about 5 now, but an advisor told me how silly the general public is, which helped me out. Basically, you can file your LLC online or in person for about $200, and get it back in like a week or two. Lawyers just upcharge you 500% LOL - and LegalZoom charges about $700 or something, and it takes like 4 months to get your stuff.
Its just that nobody googles or researches anything and gets got.
Now, lawyers are VERY important once you start working - you need a contract or statement of work to protect yourself and get your $ if someone doesnt pay you, among other things.
Don't get a lawyer for the sake of getting a lawyer. One of the biggest financial advisors in the US told me something I would never forget. Your best friends should be your lawyer, finance advisor, accountant and something else i just said I would never forget but I did lol. Basically he was saying people few these professions as a call when you need type of deal, but they should atually be people you have dinner with and know there families, so they are all intertwined - they will be more willing to help you, do service for service type business, and be more efficient and proactive. So, if you are young, get a young lawyer who is on the come up or wants to be.
The company makes a decent amount, I haven't pulled a salary from it yet. When the company is worth about double, I will pull a very low salary from it, but that doesn't dictate my actual worth.
