Official Entrepreneur thread...vol. I'm a BOSS!

[chronos1296]

Starbucks isn't a franchise... and even small franchises are 60k+ just for the fee and then another 200k+ to build out the shop.  Kitchens are crazy expensive as well.

I'm not a lawyer, but for the basketball clinic, LLC would be my recommendation.  Legalzoom.com as someone stated is probably a good route, however it is really easy to setup an LLC. A few hours of your time reading and you can set it up your self and learn really what an LLC does to protect you, tax laws, etc.

Here's my business: www.groopswoop.com

Started it about 8 months ago and it's growing quite nicely.

 

[trethousandgt]

Originally Posted by In The Line For VIIs

Originally Posted by TruthGetsBusy

I got some questions for you guys already established....

What form of business did you pick (sole propritorship, LLC, corp, etc.) and why?

Im not sure what to pick...im starting a basketball training business kinda like personal training?

I'm not a lawyer or experienced entrepreneur, but based on what I remember from my business law class, I'd go with an LLC, especially because of the fact that you're business is recreational.  If you have a sole proprietorship and one of your customers gets injured during a training session, he/she could conceivably sue you for their injuries.  If they seek damages and you're a sole proprietorship, they could take your personal assets, not just the business's assets.

This is not a question you will have answered on Niketalk.  First and foremost before you even start your business you should find a good accountant.    This will be the person to advise you on what type of business you should set up based on info provided to them.  Next, find a good lawyer, I know legal zoom is good and affordable but I would recommend you finding a good lawyer since the biz you want to set up is not something simple.  Cover all bases for yourself money to live on, how you will pay your bills, how you will secure health insurance etc.  

 

[recycledpaper]

Originally Posted by Chronos1296

Starbucks isn't a franchise... and even small franchises are 60k+ just for the fee and then another 200k+ to build out the shop.  Kitchens are crazy expensive as well.

I'm not a lawyer, but for the basketball clinic, LLC would be my recommendation.  Legalzoom.com as someone stated is probably a good route, however it is really easy to setup an LLC. A few hours of your time reading and you can set it up your self and learn really what an LLC does to protect you, tax laws, etc.

Here's my business: www.groopswoop.com

Started it about 8 months ago and it's growing quite nicely.

very dope company. the group buying thing is the newest thing. we're looking to use groupon and living social for our food business in the future... groupon is a !!%+% though, they charge 50% i think.

 

[dj sphinx]

Originally Posted by recycledpaper

Originally Posted by Chronos1296

Starbucks isn't a franchise... and even small franchises are 60k+ just for the fee and then another 200k+ to build out the shop.  Kitchens are crazy expensive as well.

I'm not a lawyer, but for the basketball clinic, LLC would be my recommendation.  Legalzoom.com as someone stated is probably a good route, however it is really easy to setup an LLC. A few hours of your time reading and you can set it up your self and learn really what an LLC does to protect you, tax laws, etc.

Here's my business: www.groopswoop.com

Started it about 8 months ago and it's growing quite nicely.

very dope company. the group buying thing is the newest thing. we're looking to use groupon and living social for our food business in the future... groupon is a !!%+% though, they charge 50% i think.

I always wondered why groupon was making so much money...50% is crazy!!!
Anyone know a good international shipping company in Miami???  I'm in the initial stages of getting an export business off the ground.

 

[dj sphinx]

Originally Posted by recycledpaper

Originally Posted by Chronos1296

Starbucks isn't a franchise... and even small franchises are 60k+ just for the fee and then another 200k+ to build out the shop.  Kitchens are crazy expensive as well.

I'm not a lawyer, but for the basketball clinic, LLC would be my recommendation.  Legalzoom.com as someone stated is probably a good route, however it is really easy to setup an LLC. A few hours of your time reading and you can set it up your self and learn really what an LLC does to protect you, tax laws, etc.

Here's my business: www.groopswoop.com

Started it about 8 months ago and it's growing quite nicely.

very dope company. the group buying thing is the newest thing. we're looking to use groupon and living social for our food business in the future... groupon is a !!%+% though, they charge 50% i think.

I always wondered why groupon was making so much money...50% is crazy!!!
Anyone know a good international shipping company in Miami???  I'm in the initial stages of getting an export business off the ground.

 

[supraman1784]

Originally Posted by Chronos1296

Starbucks isn't a franchise... and even small franchises are 60k+ just for the fee and then another 200k+ to build out the shop.  Kitchens are crazy expensive as well.

I'm not a lawyer, but for the basketball clinic, LLC would be my recommendation.  Legalzoom.com as someone stated is probably a good route, however it is really easy to setup an LLC. A few hours of your time reading and you can set it up your self and learn really what an LLC does to protect you, tax laws, etc.

Here's my business: www.groopswoop.com

Started it about 8 months ago and it's growing quite nicely.

nice man. thats dope. im in the midst of starting one for NNJ. according to legalzoom.com, the only reason i dont like them is because theyre technically not lawyers, they cant give you any legal advice and only provide you with service. one of the main reasons why i didn't use them, is it convenient? sure, but when it comes to legal issues they cant help you at all. if you want to start an LLC, do it by yourself, save yourself some money and youll learn more in the process. if anyone still needs help on startin up an LLC, i got a document that legitimately helped me start my company. it gives you the ins and outs of an LLC vs a corp, partnership etc...you can PM me with your email and ill send a copy your way. its something you can find online but i dont mind sharing it out of convenience.

im also a budding entrepreneur....with a ton to learn. thats the key...even if you think you know it all, you really dont, there's always room for improvement. def keepin an eye on this thread.

 

[krayzie41]

 

[sticktodascript]

Wondering why this thread died so fast! Does anyone else have anyone business advice to offer?

 

[brettthejett]

Originally Posted by recycledpaper

Originally Posted by brettTHEjett

The concepts and theories outlined in the 4-hr work week are awesome, but 100% fool proof and practical as Tim Ferries makes them seem. It's not about creating a company, it's about automated income.
In my opinion, taking the route outline in 4HWW, isn't being an entrepreneur, it;s being an entreprenothing.

anyways, I've found love for the construction industry since the age of 16. Now I'm 21, with one year left to finish my construction management school. Work for a couple years at a J.O.B to get rid of my student loans and stick a few k in the bank... then it's time for take off.


My agent of infection? Homes which are affordable, ecofriendly, environmentally conscious, HIGH performance and the quintessential of quality. Putting an end to production style homes (this is an epidemic in my area)

The virus will spread.

this is EXACTLY what my friend is passionate about and is working towards. are you working towards building homes from the ground up or renovating?

Mad late..
I may need to start as a renovator due to lack of capital. It really doesn't take much to start a renovation company! but to start a fullblown developer or even just a builder takes a million at least.