Open/Operate A Business Info

[AJ Camacho]

I used to believe that it took 3 - 5 years of commitment before you could decide whether or not a business was profitable or not. Then I saw James Keenan Maynard's documentary about his wine vineyard where he said, “It took the world seven years to get Tool, seven years to get A Perfect Circle, and it’ll take it seven years to get this,”

The conventional wisdom was 3-5 years. The only reason why Maynard succeeded at anything he did was because he had more tenacity than that of conventional wisdom. That idea alone reinvigorated me toward my own entrepreneurial endeavors. I am now at year 4.

[Michael McGuire]

Well the easiest and the most complete business plan you'll ever come across to is simply a long term business visa application form from the immigration hahaha they are making you fill a fucking crazy application form which is basically a solid business plan. It goes over your goals. Strength and weaknesses, opportunities, partnerships with other local or overseas businesses... To a profit and loss forecast over 3 years and so on. And it's all explained really well. A friend helped me with mine ( and he's a real successful businessman running under a dozen of businesses) and he said that it was the most complex and in depth business plan he's ever worked on! Coming from him says a lot. Pm me and I'll send you a link so you can download the form. You'll save some cash

Sounds Great . . . I Think . . .

[Michael McGuire]

Question: have any of you used legalzoom www.legalzoom.com ? If not who do you use, a lawyer right but what type of lawyer?

[Michael McGuire]

The conventional wisdom was 3-5 years. The only reason why Maynard succeeded at anything he did was because he had more tenacity than that of conventional wisdom. That idea alone reinvigorated me toward my own entrepreneurial endeavors. I am now at year 4.

Awesome AJ, you'll make it happen.

[Ron Almeida]

I have had many different businesses with many different partners.

Some quick advice;

Make it a LLC, do not do it in your name.
Make it something you can do yourself if your partners bale.
Have a contract no matter what, make sure it spells out everything, even if a partner dies etc.

Good luck

[Michael McGuire]

I have had many different businesses with many different partners.

Some quick advice;

Make it a LLC, do not do it in your name.
Make it something you can do yourself if your partners bale.
Have a contract no matter what, make sure it spells out everything, even if a partner dies etc.

Good luck

Thanks for that advice

[soap94]

All owners/operators of a business and especially those of a 10th planet moon, would you be so kind to share with the rest of us any and all advice on how to open and operate a business of our own?

I'm sure many of us would love to own a business someday, especially a 10th planet moon, so any advice you could give us would be greatly appreciated.

THANKS

The most important thing is to start. That is 100%! After that, create an idea and a plan. After that you can took loan, for example paperless-loan.com and move on. That is it. You just have to start!

[soap94]

All owners/operators of a business and especially those of a 10th planet moon, would you be so kind to share with the rest of us any and all advice on how to open and operate a business of our own?

I'm sure many of us would love to own a business someday, especially a 10th planet moon, so any advice you could give us would be greatly appreciated.

THANKS

The most important thing is to start. That is 100%! After that, create an idea and a plan. After that you can took loan, for example and move on. That is it. You just have to start!

[jaywatkins67]

All of the above is great advice. To get an LLC, you don't legal zoom or a lawyer. You can do it yourself online and very inexpensive but it is a must to protect yourself and your personal assets and it requires you to have a business name and will disapprove it if it the name is already taken. A business plan template opens your eyes to many things that you probably wouldn't have considered. Even with a template, a business plan is a big task if you've never had any type of business background. If you know someone in that field that can help, absolutely seek them out. Especially if you plan to apply for an SBA loan or any type of loan for that matter.

[brainstorm214]

Hello from 2019. Now the business pays off not for 7 years, but for a year or two. Especially if it's the restaurant business. There are 3 factors that will affect the success of your business - location, number of people and equipment supplier. The first two you can set up yourself, and the supplier you need to look for. Personally, I use this site https://ianboer.com.au. There I started buying equipment. The equipment is cheaper than others, but better in quality, especially if you buy in bulk, you will get a huge discount. Now my friend is going to start a coffee business, and we are going to buy equipment in bulk, if you are interested, then write me, together it is more profitable to buy from there.