Want to start your own business - Ask an entrepreneur anything!

[HookersandIceCream]

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

2 Chainz!

 

[⠀⠀⠀]

so you have been in business for 4 years and you don't have a salary? and you put in 10-14 hours a day



we need to see what kind of numbers your business is doing. it might be time to put it to rest

 

[HookersandIceCream]

Not everyone is meant to start thier own business

 

[Hov]

What are some tips that you wish you would have known when you were starting up?

I wish I saved more money before I started up. I mean honestly, even the stuff I have learned today are things I wish I knew when starting up - so everything.

I wish I had better contracts at the beginning.
I wish I knew how to create a sales pipeline chart.
I wish I knew how to promote myself more and still get the work done.

 

[Hov]

How is your time divided? How much of it is spent on the creative aspect and how much of it is spent 'bean counting'?

Right now, since I delegate more work and oversee larger projects, it feels like I email and meet with people 75% of the day, and work the other 25%. In the begining it was like $150 percent work.

 

[Hov]

so you have been in business for 4 years and you don't have a salary? and you put in 10-14 hours a day



we need to see what kind of numbers your business is doing. it might be time to put it to rest

I don't need a salary. I just need a source of income for tax purposes. I have everything I need, and do super cool shyt. Like, why do I need 60-70k a year to go on trips and party and do amazing things when I do that with 12.26 (my business) anyway LOL. I told myself I wouldn't pull an official salary until the 5th or 6th year. Think outside the box. I can give myself a salary of 10k a year, and likely I am livng "better" than you, no disrespect.

Why do you think that people like Steve Jobs and Zuckenburg have a salary of $1. Look it up.

 

[JasonSJackson]

san francisco or the RAVENS?

 

[Hov]

san francisco or the RAVENS?

Ed Reed needs a chip.

But man, Randy needs one too.

Ravens.

 

[JasonSJackson]

Ed Reed needs a chip.

But man, Randy needs one too.

Ravens.

i hope that this year is a year of plenty for you and that no weapon formed against you shall prosper

Bless your heart sir....

 

[Pindatail onadonkey]

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

McDonald's?

 

[Blacsmiff]

Great thread @Hov

I'm in a totally different industry; I co-own a trucking company (liquid chemicals). Trying to have my company grow (2012 was a very bad year) and use my assets to eventually pursue and fund my dream: start my own hotel.

You got some tips for a guy like me in regards to securing loans, dealing with employees etc.

 

[50CentStan]

McDonald's?

Nah brah not McDonald or Wendy's or anything like that. That's why I said upper echelon.

 

[Pindatail onadonkey]

Nah brah not McDonald or Wendy's or anything like that. That's why I said upper echelon.

Mcdonald owners bring in big dough, and they ask for around a mil of your own cash that's why I thought that's the business u were talking bout

 

[Jx2]

Hov, check your PM breh. Left an entrepreneurial inquiry for you.

 

[jdubnyce]

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