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

AwkwardHand

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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.

Had to dap this. This is one of the truest words ever spoken by an entrepreneur.

I had owned a biz about a year ago, it was a small clothing design 'firm'. And in the beginning I didn't get any leads, but after I started instagramming my work and whenever I was at social gathering, they leads started comin' through, not pouring in, but that shyt helped a lot and helped me network for sure.

Don't really have a question really, just to give props on the quoted, because being everywhere does help get a brand out there and it definitely affects the perspective on your prospective clients and customer base.

My biz failed due to me putting too much trust in others, but hoping to jump back into entrepreneurship, there's nothing like it.

Oh yeah, I agree about legalzoom, they suck and charge an arm and a leg, get your LLC done through your state, save yourself some $$$

oh and get a sales tax certificate too, especially if you're selling tangibles.
 

The Nigerian

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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.
Bad legal at the foundation can wreck your company.

You can file your taxes by yourself but chances are you're going to fvck up somewhere in the process that will wind up costing you money. If a company isn't worth investing the $1500 to $4000 to file and draw up rock solid articles of incorporation then is it even worth starting?

Also, you're on the Internet BEGGING people for money like a panhandler. Not only that, but the money you're raising this way is going into another corporation's pockets before it gets to you. Hustling backwards. How is someone that's been in business for as long as you've been in business for be hard up for $2k to invest back into the company?

I'm not chasing you, but you've been blowing the bullsh!t horn pretty loud the past day or so. It's pretty hard to avoid. Props to you for starting your own business but you're setting people up for failure with some of this advice.
 

Marciano

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

If you don't mind me asking, what upper echelon fast food franchise are you talking about?

As far as franchising goes, it's all about location & net worth pretty much.
 

Miggs

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Owning a small business and some weeks not drawing a paycheck is not uncommon despite putting in 12 hour days...greatest part of it is being able to manipulate the books when your up and down to suit your needs...

Theres been plenty of weeks last year i was behind in accts receivables with some stuff outstanding and i couldnt afford to take my usual expenses and salary for a week or two...You make it up to yourself when you have a hefty surplus in the end the annual numbers work out they are just tweeked when the funds are so slow...
 
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TS made a thread about a dumb ass kickstart project to start a clothing line, asking for $40k (who the fukk needs 40K, let alone 10K, to start a clothing line??), yet we're supposed to take advice from you on how to start up a business?

:childplease:
 

Hov

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TS made a thread about a dumb ass kickstart project to start a clothing line, asking for $40k (who the fukk needs 40K, let alone 10K, to start a clothing line??), yet we're supposed to take advice from you on how to start up a business?

:childplease:

Lol 40k? Geez bro.

Anyway, back on topic - Got to speak to a great group of entrepreneurs in DC a few weeks ago: Sacrifice Today | dc young entrepreneurs

Besides the few people who tried to derail this thread, let's keep all the positive energy focused on growing your business and building your brand.
 
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Bad legal at the foundation can wreck your company.

You can file your taxes by yourself but chances are you're going to fvck up somewhere in the process that will wind up costing you money. If a company isn't worth investing the $1500 to $4000 to file and draw up rock solid articles of incorporation then is it even worth starting?

Also, you're on the Internet BEGGING people for money like a panhandler. Not only that, but the money you're raising this way is going into another corporation's pockets before it gets to you. Hustling backwards. How is someone that's been in business for as long as you've been in business for be hard up for $2k to invest back into the company?

I'm not chasing you, but you've been blowing the bullsh!t horn pretty loud the past day or so. It's pretty hard to avoid. Props to you for starting your own business but you're setting people up for failure with some of this advice.

You do not need a lawyer to register your business. Especially if you have a llc, llp, partnership, sole-proprietor. These things can be done online, sometimes all it takes is one phone call to find out what you need to do and how often you need to do it for the state.

If you are starting a corporation, then you should get some legal advice first. Even then, you can do much of it yourself or pay a company (not a lawyer) to do it. No, it shouldn't cost $1500. That is ridiculous. These documents are a formality for the government, so that it can protect your assets and tax you appropriately.

If you aren't issuing stock or making more than a million then you shouldn't need a lawyer yet. If you blow up, then you can have a lawyer amend it and begin filing your annual reports.

I have had to do all of the above for the small business I work for and it is not that hard. Calling someone at the office that requires these documents will get you further then talking to a lawyer and it is cheaper.

I want to add that you don't even need any of this. You are not really in business until you have customers. Paying all of this money to comply with the "law" will not put money in your pocket. I would advise not to do any of the above until you are actually making money, even though it is the right way to do it, unless you are opening a liquor store, corner store, buying investment property, etc. Otherwise, it is not an immediate priority.

On another note:
My business mentor suggested I use Kickstarter. Everyone is using it. A guy was being interviewed on Bloomberg Radio last week and said that he used it to fund his business. Its credibility is growing, I don't see how this is a bad thing.
 

↓R↑LYB

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Lol @The Nigerian is an OG hater, any thread where someone is trying to share advice that nikka will come in and try to crush the buildings :pachaha:

Also @Hov what's your company worth? Or at the very least how much profit has your company made last year? It's a lot easier to trust someone's opinion on business when they've achieved a certain level of success. Props on the thread though, nikkas in here going ham :heh:
 
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↓R↑LYB

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You do not need a lawyer to register your business. Especially if you have a llc, llp, partnership, sole-proprietor. These things can be done online, sometimes all it takes is one phone call to find out what you need to do and how often you need to do it for the state.

If you are starting a corporation, then you should get some legal advice first. Even then, you can do much of it yourself or pay a company (not a lawyer) to do it. No, it shouldn't cost $1500. That is ridiculous. These documents are a formality for the government, so that it can protect your assets and tax you appropriately.

If you aren't issuing stock or making more than a million then you shouldn't need a lawyer yet. If you blow up, then you can have a lawyer amend it and begin filing your annual reports.

I have had to do all of the above for the small business I work for and it is not that hard. Calling someone at the office that requires these documents will get you further then talking to a lawyer and it is cheaper.

I want to add that you don't even need any of this. You are not really in business until you have customers. Paying all of this money to comply with the "law" will not put money in your pocket. I would advise not to do any of the above until you are actually making money, even though it is the right way to do it, unless you are opening a liquor store, corner store, buying investment property, etc. Otherwise, it is not an immediate priority.

On another note:
My business mentor suggested I use Kickstarter. Everyone is using it. A guy was being interviewed on Bloomberg Radio last week and said that he used it to fund his business. Its credibility is growing, I don't see how this is a bad thing.

Cosign, you don't need a lawyer to file those documents. Go to the IRS site and file for your EIN. Then go to your state site and file for your state license. Also depending on your industry, you'll have to file for a county/city license. All in all it's just a couple hundred bucks and there's really no way to screw those forms up.
 

beenz

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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.

how do you :eat: and pay your bills if you have yet to pull a salary from the company? are u living off a corporate card or something?
 
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