Want to start your own business - Ask an entrepreneur anything!
- Thread starter Hov
- Start date
Had to rep you just for helping others with advice 
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.
My best friend runs a trucking company. Seems to be a bit of a headache in starting up and keeping the truck compliant with regulations, but lucrative once you get going.
Securing loans when you are a start up business requires your personal life to be in order. Since you have no business equity or are just starting up, banks will look at your personal finance history, just like you were applying for the loan at your name instead of your business - a lot of people dont know that. The slate is not clean.
That is why I strongly suggest a financial advisor, because most people don't know what they are. They think you get life insurance and invest money, so if you are not rich you dont need one. Not the case. They can look at your bank accounts, debt and spending, and give you an almost full proof plan to pay off your debts and get your credit good enough to secure a business loan for the amount that you need.
Employees are a tough one. We dont use them at my company, at least yet. We use contractors. Employees require a lot of expense that a business shouldnt incur starting out, like insurance and all that. The idea is to keep as much liquid money in your pocket as you can when you are starting out, because most days will be rainy.
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It's a definitely just a dream. It's just a dream because you haven't done anything about it. There is absolutely no reason that you cannot at least look online or watch a youtube video on opening a botique and the best practices.
We google and research allday without noticing that we are actually doing WORK. We do it for fun or to prove a point - but you can find out different little locations that you could open your store at that would cost you just $500 a month, then some designers that would want to put there stuff into your store, and then you would be inspired to do more and more to make your store cooler than most. It is not just a dream, it is your reality if you want it to be.
How to open a clothing botique: How to Start a Clothing Boutique Business | Chron.com
Here is the video of someone who opened a store:
Most of getting started is just actually getting started lol - just doing STUFF - sign this, fill this out, do this - it is just are you willing to do it.
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Had to rep you just for helping others with advice
Thanks bro
Gunshi
Reboot Coming…
The Nigerian
The Realest Member of TheColi
A lot of really bad advice in this thread.
How the hell are you going to tell people not to have proper legal in order when that's one of the basic fundamentals of a successful business?
The TS has a mis-coded Kickstarter link in his sig. That's all you need to know.
How the hell are you going to tell people not to have proper legal in order when that's one of the basic fundamentals of a successful business?
The TS has a mis-coded Kickstarter link in his sig. That's all you need to know.
Not to jack your thread...but most business owners don't focus on the most important aspect of being in business. I've dealt with plenty of biz owners who spend their time doing menial stuff like going for office supplies, setting up social campaigns, responding to emails etc ... The way I run my enterprise is through focusing on one thing and one thing only .......
If you are not looking into getting more transactions or bigger transactions then you are leaving serious money on the table. I'm constantly looking for ways to double the company and my team has it ingrained in them too. Another thing most people overlook their current customer database and get caught up trying to chase new blood...STOP You can probably extract more revenue out of people who have an established history with you and even offer higher priced goods and services.
TRANSACTIONS
If you are not looking into getting more transactions or bigger transactions then you are leaving serious money on the table. I'm constantly looking for ways to double the company and my team has it ingrained in them too. Another thing most people overlook their current customer database and get caught up trying to chase new blood...STOP You can probably extract more revenue out of people who have an established history with you and even offer higher priced goods and services.
No bad advice in this thread at all. And to keep it 100%, you can relax with being a sucka ass nikka following me around the Internet bruh, stop hating on people trying to do right and add something if you got some advice or something productive to say, otherwise you have a problem send me PM.
Secondly I would never say don't protect yourself legally, are you stupid? I said that you do not need a lawyer to file an LLC. You can file an LLC with your state online most of the time like I did in DC, and in Maryland you can go directly to the State offices and pay them to file it directly. This saving yourself a thousand dollars for something you can do yourself. You don't get a special LLC because a lawyer did it, they have to file the same way that you do but they charge you for their time.
Tell me how is that bad advice??? Now contracts, business insurance, stuff like that, you need a lawyer - but not just any lawyer, as I said earlier you want to build a relationship with a lawyer that you can stick with and grow with.
I would say to keep it coming. This isn't just for me to talk this is for everyone to share if you run a business as well.
Are you referring to establishing a residual income? Because that is very important as well - like yes, you can build 10 websites for 500 bucks, but if you also charge 100 a month per website for hosting and maitenance hours, than you have 10 x 100 x 12 months a year of income.
