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

[Stay Seeking]

Ran my own business since 2009.

Let me see your articles of incorporation, last year's w2's and a link to BBB ...and at least one reference.

 

[Marl0 Stanfield]

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.

 

[Marl0 Stanfield]

Ah fck it that's why u guys see all these janky ass businessmen. They're the supposed to be the last to get paid but they set a siphon in their expense sheets in a conflict of interest n depend solely on creditors to keep businesses running. They keep repeating this bullshyt until they can't get a loan. It's no diff from using a cash advance jernt til u go under from debt.

N a brbrshp easy as hell. Rent out a jernt, hire a brbr to oversee remodeling of the jernt n let him handle the daily operations. All this fool has to do is rent out booths. That's why these ngaz be selling all kinda shyt off to the side of the shop, cuz that loudmouf nga cuttin hair is handling the brbrs n the owners are doing their thing behind the counter slangin Peanut M&M Nascar jackets or whatev the fck.

 

[Marl0 Stanfield]

Depends on whos asking

Possibly the smartest brosephina on the coli, apparently.

Keep sending ur noodz to jerkoffs tho, non @InDePickWest brehettes.


N my nga just came to my jernt wit a $5000 lik. THANK U, BASED @cook

 

[ridedolo]

1. Investing - only invest in things you know A LOT about. Too many people talk about investing into products or companies that they have minimal experience in, and get burned that way. Also, a lot of time, people want to invest, but cant afford it. Having the money to do something does not mean that you can afford to do it. You need financial advisement.

2. I would have a lot of questions with that. Like, do you live in an area where people are like "damn there arent any barbershops over here?" Whats the need? Wheres the value? What is it that you and your brother have or can do that your friends always request from you? Maybe you should start there....Because a barbershop means overhead, quality barbers, barbers paying booth rent and on time, licenses, floor plans and structure, etc etc etc.....You have to really have your heart into it

I've done a bit of research on investment properties. An OG put us on to game, so I think we're ready for it. Cash isn't much of an issue at the moment, no student debt. credit on its way to a1. my brother is the same.

I've done some research on opening a barbershop, and it doesn't really seem to be too hard to open and operate, without being a barber. I'm a great people person, and don't think we'd have an issue developing a solid clientele over time with the right team.

 

[MJ Truth]

Random up but I just went through this whole thread and there was a lot of good info.

 

[Cabbage Patch]

You said "only invest in things you know A LOT about".

And I disagreed.

A woman opening an auto shop does it because she has a VERY strong interest, or because she's a front for someone else. Who was she associated with at the time?

 

[Cabbage Patch]

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.

Bears repeating -- along with the lawyer and financial advisor being your inner circle --and not the fake successful.

 

[DJSmooth]

I think that the "not paying yourself" thing is slightly out of context sometimes. Like, there are two ways - One, the smart way, is that before you jump out there and quit your job and start a business, save up 6months to 1year of $$ that you know you can live off of - like pay your rent/mortgage, bills, etc. That way, the money your biz makes stays and reinvests back into the biz.

Also, alot of times, someone who is brand new may not take a salary per say from there new business, but can cut themselves checks as needed to take care of certain things..I did that for awhile

Bump how do you handle medical/dental insurance for yourself starting out?

 

[KING WILL]

@Hov

planning on reading this whole thread over the weekend.

Has this new wave of tech changed your businesses at all?

I think I have a kind of unique idea to cut my path into an established, but still growing business.

Just have some things to workout 1st. Still 6-12 months away.

 

[Rawtid]

I want to start a consulting firm with the goal of obtaining government contracts. Thinking of partnering with my friend to do the work and I manage the administrative side of it. He doesn't have a degree or any certs, so he isn't being paid his worth. The contract I'm working now was awarded $500k for my position and they definitely aren't paying me that much. Him and I could do what they are doing and make way more money for both of us.

I've been getting to know people at work with contracting experience and they have been good guides on how the process goes from the inside. The Feds also allot funds for small and minority businesses as well. It's just a process getting it all set up. If anyone has any advice or experience, I would appreciate it.

 

[LeVraiPapi]

I want to start a consulting firm with the goal of obtaining government contracts. Thinking of partnering with my friend to do the work and I manage the administrative side of it. He doesn't have a degree or any certs, so he isn't being paid his worth. The contract I'm working now was awarded $500k for my position and they definitely aren't paying me that much. Him and I could do what they are doing and make way more money for both of us.

I've been getting to know people at work with contracting experience and they have been good guides on how the process goes from the inside. The Feds also allot funds for small and minority businesses as well. It's just a process getting it all set up. If anyone has any advice or experience, I would appreciate it.

I m gonna research on federal funds as well. WOuld be a good boost for our business. I will share with you. What business you in ?

 

[Rawtid]

I m gonna research on federal funds as well. WOuld be a good boost for our business. I will share with you. What business you in ?

Data Analytics/Business Intelligence. FedBizOps is the site I’ve been checking out. There is another, but it can’t call the name.

 

[LeVraiPapi]

Data Analytics/Business Intelligence. FedBizOps is the site I’ve been checking out. There is another, but it can’t call the name.

Thanks my dude.

 

[patscorpio]

Thanks my dude.

thats a woman breh

forgive him @Rawtid