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re: What are the key steps in starting your own business?
Posted on 3/28/17 at 2:12 pm to Tyga Woods
Posted on 3/28/17 at 2:12 pm to Tyga Woods
I've worked in the industry I'm examining and am completely aware of liability, insurance, wages, etc. It's pretty damn expensive but its possible to make work
2
Posted on 3/28/17 at 2:13 pm to PapaPogey
The very first thing to do is do your homework and put together a business plan. You want to be aware of as much as possible. Reach out to people who runs a company like the one you want to start. Obviously, you want to reach out to someone from a company you will not be in competition with, but I would say that is the absolute first things to do.
Posted on 3/28/17 at 2:13 pm to tigerbutt
quote:
Logistic companies are very competitive these days.
for sure. like I said, I'm not running with this idea, just brainstorming
Posted on 3/28/17 at 2:14 pm to Anonymous95
quote:
Deduct everything
*Deduct everything that could reasonably be business related would be MUCH better advice. The last thing your business needs is the IRS slapping you with 3-6 years worth of fines & penalties due to you trying to cut corners. Seriously just play by the books and save yourself the stress and potential financial hardships.
Posted on 3/28/17 at 2:20 pm to PapaPogey
Make sure you find some good guys because for the first few years you're going to need good, honest, and reliable employees/subs if you're going to make it work.
Posted on 3/28/17 at 2:24 pm to PapaPogey
1. Have a product people want to buy.
Too many new businesses forget that first step and are done within two years.
Too many new businesses forget that first step and are done within two years.
Posted on 3/28/17 at 2:30 pm to GeorgeTheGreek
I can handle the insurance aspect.
Posted on 3/28/17 at 2:31 pm to GeorgeTheGreek
selling a service more so than a product. Regardless, same mentality applies
Posted on 3/28/17 at 3:04 pm to PapaPogey
quote:
I know Ferrara (of the fire trucks) started a similar company a few years ago and they do well, but they had a LOT of funding to get things off the ground
Yea one of the sons has his own Hot Shot company. He delivers things for us a lot. I don't think he got along with the dad on the fire truck side
Posted on 3/28/17 at 3:08 pm to PapaPogey
quote:
I've worked in the industry I'm examining and am completely aware of liability, insurance, wages, etc
This would be my concern. Hire someone that knows tax laws extensively so you start off on the right foot.
Posted on 3/28/17 at 3:12 pm to PapaPogey
Capital, insurance, knowledge of your field, and hard work.
Starting out keep your overhead at minimum.
Networking with people in the same field or people who need what you're providing.
Starting out keep your overhead at minimum.
Networking with people in the same field or people who need what you're providing.
Posted on 3/28/17 at 3:21 pm to JAB528
Revenue is the key. Work the hardest to develop the proper plan to generate revenue. When you are done with that, work on your plan to generate revenue again.
Know your margins so that you generate profitable revenue.
You can overcome any mistake if you can generate the proper revenue.
Too many people overemphasize expenses. You can cut expenses to the bone, but if you have zero revenue it does not matter.
Always plan to under generate revenue and over spend expenses.
Have enough cash or access to cash to survive a startup period or slump. You need more than the money just to get started.
Know your margins so that you generate profitable revenue.
You can overcome any mistake if you can generate the proper revenue.
Too many people overemphasize expenses. You can cut expenses to the bone, but if you have zero revenue it does not matter.
Always plan to under generate revenue and over spend expenses.
Have enough cash or access to cash to survive a startup period or slump. You need more than the money just to get started.
Posted on 3/28/17 at 3:22 pm to PapaPogey
Despite how enticing it may be, do not hire any family members or close friends. It may work for a while but eventually some shite will happen. It's a lot easier to hold a stranger accountable than it is a brother or cousin or childhood bff
Posted on 3/28/17 at 3:23 pm to JDCPA76
Posted on 3/28/17 at 3:24 pm to PapaPogey
quote:Keep your friends and family away from it
What are the key steps in starting your own business?
Posted on 3/28/17 at 3:25 pm to PapaPogey
ITT a bunch of people that have never ran their own business giving advice on starting and running a business
This post was edited on 3/28/17 at 3:27 pm
Posted on 3/28/17 at 3:25 pm to PapaPogey
quote:
what is some advice you can give me?
Find better advice from a better source than this website
Posted on 3/28/17 at 3:29 pm to PapaPogey
Pick one: booze or coke, dont be a cowboy and think you can handle both right out of the gate. It takes years to get to that level.
Plan on pussy being a problem, never have less than 10 or 12k on hand for emergency breast enhancement, paying car notes, rent etc.
Plan on pussy being a problem, never have less than 10 or 12k on hand for emergency breast enhancement, paying car notes, rent etc.
Posted on 3/28/17 at 3:31 pm to Breesus
huh? There are a ton of business owners on here that can at least give me one piece of advice whether learned through success or failure. Surely I wouldn't rely solely on the OT, but advice is advice.
Posted on 3/28/17 at 3:32 pm to stout
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