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Capital ideas wanted

Discussion in 'Anything goes' started by dixiehack, Apr 19, 2011.

  1. dixiehack

    dixiehack Well-Known Member

    Have been kicking the tires lately on going into business for myself. Understand that this thing isn't even in the embryo stage yet, but realisticly I would need a bare minimum of $55-60k for the first year, which includes a drastically smaller salary for me. I know enough to know that a bank loan is a longshot, I can try turning to parents, etc. But beyond the normal advice, anyone have experience they could share?
     
  2. Baron Scicluna

    Baron Scicluna Well-Known Member

    From advice I've seen on the Internets, they say make sure you have enough for all expenses, both personal and business, for at least six months.

    That, and be prepared to work your ass off.
     
  3. 93Devil

    93Devil Well-Known Member

  4. Brooklyn Bridge

    Brooklyn Bridge Active Member

    Be a very good salesman and believe in the product/service you are going to sell. If you don't go the bank route, you will need to find start up capital somewhere else.

    Spend a lot of time developing a business plan. When you go to venture capitalists (or whoever is going to bankroll this thing) you need to show them how you plan to make money and what you business will look like in 6 months, 1 year, 3 years out....

    Hire an attorney (probably one that specializes in business dealings as opposed to a regular common law attorney) and a very good accountant. Make sure the business is in an LLC or some other type of legal entity, where in the case of bankruptcy or a lawsuit, your personal money isn't up for grabs.

    When you do get this thing going, network, network, network. Join as many business groups as you can. There is usually a local chamber of commerce in almost every town in my area and they hold meetings and you can get discounts on goods/services from other business owners.
     
  5. HejiraHenry

    HejiraHenry Well-Known Member

    Whatever you think you'll burn through in the first year, double that. At least.
     
  6. MartinonMTV2

    MartinonMTV2 New Member

    You are as useful as tits on a boar.

    To get back to the point, the LLC idea is a good one. But I believe that if you get people to capitalize you, then you are going to have to reflect that in your financial records, perhaps for years. You'll have to prepare annual summaries for all of those people if they have a percentage stake.

    You don't say what you plan to do, but that start-up cost figure looks daunting.
     
  7. 93Devil

    93Devil Well-Known Member

    It is from 2004, but I don't think this industry has gone away.

    http://www.usatoday.com/money/industries/technology/2004-03-09-onlineporn_x.htm

    Of course, I don't expect him to start up a porn site, it was more a snarky comment, but it is not illegal, people want it and you have an available workforce.
     
  8. chase.colston

    chase.colston Member

    If it's a technological startup, go the angel investor rout. Seems like your initial investment is minimal.
     
  9. dooley_womack1

    dooley_womack1 Well-Known Member

    Martin wants to be your main stunt cock, I think.
     
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