How to Start a Business?

Off Topic
1

Over the past few months some friends and I have been mulling over an idea for a product to sell. I think it’s a solid idea and would like to make it happen, but do not really know where to start.

I know there are some entrepreneurs who post here, so I thought I would ask for some tips about how you got started, what steps were very helpful/vital and what things I should avoid. I’m also looking for recommendations for books or other resources to help guide me through the steps to make this successful.

2

[quote]timbofirstblood wrote:
Over the past few months some friends and I have been mulling over an idea for a product to sell. I think it’s a solid idea and would like to make it happen, but do not really know where to start.

I know there are some entrepreneurs who post here, so I thought I would ask for some tips about how you got started, what steps were very helpful/vital and what things I should avoid. I’m also looking for recommendations for books or other resources to help guide me through the steps to make this successful. [/quote]

Watch Shark Tank on ABC. It’ll show you people making lots of money on weird/dumb ideas. Use it as inspiration.

example: http://iwanttodrawacatforyou.com/

^
/half Joking

I started a consulting business on the side just because a few times a year I’d get requests for IT work. I used LegalZoom to register my LLC and would not recommend using them. It came out to over $400 and there was still some paperwork I had to file that they wouldn’t do. I’d pay a lawyer the extra cash if I had to do it again.

I can’t really give you good advice on how to launch a successful non-IT business. Mine is just for extra cash and in the event that I ever get laid off, I’ll have the consulting business established and really focus on it.

Good Luck.

3

[quote]timbofirstblood wrote:
Over the past few months some friends and I have been mulling over an idea for a product to sell. I think it’s a solid idea and would like to make it happen, but do not really know where to start.

I know there are some entrepreneurs who post here, so I thought I would ask for some tips about how you got started, what steps were very helpful/vital and what things I should avoid. I’m also looking for recommendations for books or other resources to help guide me through the steps to make this successful. [/quote]

Do you mean register your company or how to run your business. One is pretty straight forward, the other is well…you need to fork over some information about your product.

4

[quote]timbofirstblood wrote:
Over the past few months some friends and I have been mulling over an idea for a product to sell. I think it’s a solid idea and would like to make it happen, but do not really know where to start.

I know there are some entrepreneurs who post here, so I thought I would ask for some tips about how you got started, what steps were very helpful/vital and what things I should avoid. I’m also looking for recommendations for books or other resources to help guide me through the steps to make this successful. [/quote]

  1. Move to a business-friendly state with no income tax.
5

A small piece of advice from being in the entrepreneurial world:

Always always always always always make sure you are protecting your idea/product. People will try to fuck you in any way they can.

ALWAYS.

Other than that, best of luck.

6

[quote]thethirdruffian wrote:

[quote]timbofirstblood wrote:
Over the past few months some friends and I have been mulling over an idea for a product to sell. I think it’s a solid idea and would like to make it happen, but do not really know where to start.

I know there are some entrepreneurs who post here, so I thought I would ask for some tips about how you got started, what steps were very helpful/vital and what things I should avoid. I’m also looking for recommendations for books or other resources to help guide me through the steps to make this successful. [/quote]

  1. Move to a business-friendly state with no income tax.[/quote]

Unnecessary, just register the company in that state.

7

[quote]Anonymity wrote:
A small piece of advice from being in the entrepreneurial world:

Always always always always always make sure you are protecting your idea/product. People will try to fuck you in any way they can.

ALWAYS.

Other than that, best of luck.[/quote]

O’rly? Explain.

8

[quote]Brother Chris wrote:

[quote]Anonymity wrote:
A small piece of advice from being in the entrepreneurial world:

Always always always always always make sure you are protecting your idea/product. People will try to fuck you in any way they can.

ALWAYS.

Other than that, best of luck.[/quote]

O’rly? Explain.[/quote]

It’s too long of a story to get into but

Patents, contracts, proprietary information, licensing, make sure everything is in check if you are courting or entering negotiations with a business partner.

Some would love to steal your tech and run with it.

9

[quote]Brother Chris wrote:

[quote]thethirdruffian wrote:

[quote]timbofirstblood wrote:
Over the past few months some friends and I have been mulling over an idea for a product to sell. I think it’s a solid idea and would like to make it happen, but do not really know where to start.

I know there are some entrepreneurs who post here, so I thought I would ask for some tips about how you got started, what steps were very helpful/vital and what things I should avoid. I’m also looking for recommendations for books or other resources to help guide me through the steps to make this successful. [/quote]

  1. Move to a business-friendly state with no income tax.[/quote]

Unnecessary, just register the company in that state.[/quote]

Nope. You have to register your out-of-state company in each state you do business.

For example, my drilling company is in Texas, New Mexico, Utah, and OK. Each part has to register and comply with the laws of the state it does business.

10

[quote]Anonymity wrote:

[quote]Brother Chris wrote:

[quote]Anonymity wrote:
A small piece of advice from being in the entrepreneurial world:

Always always always always always make sure you are protecting your idea/product. People will try to fuck you in any way they can.

ALWAYS.

Other than that, best of luck.[/quote]

O’rly? Explain.[/quote]

It’s too long of a story to get into but

Patents, contracts, proprietary information, licensing, make sure everything is in check if you are courting or entering negotiations with a business partner.

Some would love to steal your tech and run with it.[/quote]

Every clown and their mother has an idea. Show me a prototype or a tangible product with steps on penetrating your market, then you can start patenting your ideas.

11

[quote]Brother Chris wrote:

[quote]thethirdruffian wrote:

[quote]timbofirstblood wrote:
Over the past few months some friends and I have been mulling over an idea for a product to sell. I think it’s a solid idea and would like to make it happen, but do not really know where to start.

I know there are some entrepreneurs who post here, so I thought I would ask for some tips about how you got started, what steps were very helpful/vital and what things I should avoid. I’m also looking for recommendations for books or other resources to help guide me through the steps to make this successful. [/quote]

  1. Move to a business-friendly state with no income tax.[/quote]

Unnecessary, just register the company in that state.[/quote]

This is common in NJ. A lot of people register their business in Dullaware for the tax advantages.

12

What industry at least?

Primarily sales? How will you obtain your product?

Channel sales, b2b, b2c…

Marketing budget…

Do you have an official business plan?

13

[quote]thethirdruffian wrote:

[quote]Brother Chris wrote:

[quote]thethirdruffian wrote:

[quote]timbofirstblood wrote:
Over the past few months some friends and I have been mulling over an idea for a product to sell. I think it’s a solid idea and would like to make it happen, but do not really know where to start.

I know there are some entrepreneurs who post here, so I thought I would ask for some tips about how you got started, what steps were very helpful/vital and what things I should avoid. I’m also looking for recommendations for books or other resources to help guide me through the steps to make this successful. [/quote]

  1. Move to a business-friendly state with no income tax.[/quote]

Unnecessary, just register the company in that state.[/quote]

Nope. You have to register your out-of-state company in each state you do business.

For example, my drilling company is in Texas, New Mexico, Utah, and OK. Each part has to register and comply with the laws of the state it does business.[/quote]

Lol. I’ll let people like Warren Buffet and the majority of the Fortune 500 know to stop incorporating in Delaware though they probably don’t even have real estate in that state.

14

[quote]sam_sneed wrote:

[quote]Brother Chris wrote:

[quote]thethirdruffian wrote:

[quote]timbofirstblood wrote:
Over the past few months some friends and I have been mulling over an idea for a product to sell. I think it’s a solid idea and would like to make it happen, but do not really know where to start.

I know there are some entrepreneurs who post here, so I thought I would ask for some tips about how you got started, what steps were very helpful/vital and what things I should avoid. I’m also looking for recommendations for books or other resources to help guide me through the steps to make this successful. [/quote]

  1. Move to a business-friendly state with no income tax.[/quote]

Unnecessary, just register the company in that state.[/quote]

This is common in NJ. A lot of people register their business in Dullaware for the tax advantages.[/quote]

Thanks for explaining.

15

[quote]Anonymity wrote:

[quote]Brother Chris wrote:

[quote]Anonymity wrote:
A small piece of advice from being in the entrepreneurial world:

Always always always always always make sure you are protecting your idea/product. People will try to fuck you in any way they can.

ALWAYS.

Other than that, best of luck.[/quote]

O’rly? Explain.[/quote]

It’s too long of a story to get into but

Patents, contracts, proprietary information, licensing, make sure everything is in check if you are courting or entering negotiations with a business partner.

Some would love to steal your tech and run with it.[/quote]

Oh…so you’re the person that makes every person that comes into their office sign a NDA?

16

[quote]Hellfrost wrote:

[quote]Anonymity wrote:

[quote]Brother Chris wrote:

[quote]Anonymity wrote:
A small piece of advice from being in the entrepreneurial world:

Always always always always always make sure you are protecting your idea/product. People will try to fuck you in any way they can.

ALWAYS.

Other than that, best of luck.[/quote]

O’rly? Explain.[/quote]

It’s too long of a story to get into but

Patents, contracts, proprietary information, licensing, make sure everything is in check if you are courting or entering negotiations with a business partner.

Some would love to steal your tech and run with it.[/quote]

Every clown and their mother has an idea. Show me a prototype or a tangible product with steps on penetrating your market, then you can start patenting your ideas. [/quote]

LMAO! That is EXACTLY my point…“Show me a prototype or a tangible product with steps on penetrating your market, then you can start patenting your ideas.”

yup, let me just show you all the secret sauce BEFORE bothering to protect it.

That sounds like some great advice.

17

[quote]Brother Chris wrote:

[quote]Anonymity wrote:

[quote]Brother Chris wrote:

[quote]Anonymity wrote:
A small piece of advice from being in the entrepreneurial world:

Always always always always always make sure you are protecting your idea/product. People will try to fuck you in any way they can.

ALWAYS.

Other than that, best of luck.[/quote]

O’rly? Explain.[/quote]

It’s too long of a story to get into but

Patents, contracts, proprietary information, licensing, make sure everything is in check if you are courting or entering negotiations with a business partner.

Some would love to steal your tech and run with it.[/quote]

Oh…so you’re the person that makes every person that comes into their office sign a NDA?[/quote]

I would much rather have an NDA or rigid contract than a stolen idea/product that will cripple the business.

18

[quote]Brother Chris wrote:

[quote]thethirdruffian wrote:

[quote]Brother Chris wrote:

[quote]thethirdruffian wrote:

[quote]timbofirstblood wrote:
Over the past few months some friends and I have been mulling over an idea for a product to sell. I think it’s a solid idea and would like to make it happen, but do not really know where to start.

I know there are some entrepreneurs who post here, so I thought I would ask for some tips about how you got started, what steps were very helpful/vital and what things I should avoid. I’m also looking for recommendations for books or other resources to help guide me through the steps to make this successful. [/quote]

  1. Move to a business-friendly state with no income tax.[/quote]

Unnecessary, just register the company in that state.[/quote]

Nope. You have to register your out-of-state company in each state you do business.

For example, my drilling company is in Texas, New Mexico, Utah, and OK. Each part has to register and comply with the laws of the state it does business.[/quote]

Lol. I’ll let people like Warren Buffet and the majority of the Fortune 500 know to stop incorporating in Delaware though they probably don’t even have real estate in that state.

[/quote]

The Ruffian is correct.

Incorporation in Delaware (or any jurisdiciton witout state corporate income taxation) does not prevent a company from having to pay taxes on income generated in jurisdictions (like New Jersey) where there is a corporate income tax.

All “foreign” (which means not from the state where doing business) companies have to register with the “domestic” state (where the business is done) and file an income tax return allocating income from the taxing jurisdiction.

Public and other companies are often registered in Delaware because: (1) it has a very developed and business-friendly set of laws; (2) it is anti-stockholder in its laws (giving boards and founders more control); (3) historical accident, in that it developed its laws and infrastructure much earlier than other states; and (4) the certificate of incorporation/formation in Delaware does not have to disclose the founders, which allows ownership to remain confidential.

Public companies tend to be formed in Delaware for those reasons, and also due to legal inertia — the laws and regulations assume Delaware because that is “the way it was done”, so it avoids legal fees to simply use Delaware formation.

19

[quote]Jewbacca wrote:

[quote]Brother Chris wrote:

[quote]thethirdruffian wrote:

[quote]Brother Chris wrote:

[quote]thethirdruffian wrote:

[quote]timbofirstblood wrote:
Over the past few months some friends and I have been mulling over an idea for a product to sell. I think it’s a solid idea and would like to make it happen, but do not really know where to start.

I know there are some entrepreneurs who post here, so I thought I would ask for some tips about how you got started, what steps were very helpful/vital and what things I should avoid. I’m also looking for recommendations for books or other resources to help guide me through the steps to make this successful. [/quote]

  1. Move to a business-friendly state with no income tax.[/quote]

Unnecessary, just register the company in that state.[/quote]

Nope. You have to register your out-of-state company in each state you do business.

For example, my drilling company is in Texas, New Mexico, Utah, and OK. Each part has to register and comply with the laws of the state it does business.[/quote]

Lol. I’ll let people like Warren Buffet and the majority of the Fortune 500 know to stop incorporating in Delaware though they probably don’t even have real estate in that state.

[/quote]

The Ruffian is correct.

Incorporation in Delaware (or any jurisdiciton witout state corporate income taxation) does not prevent a company from having to pay taxes on income generated in jurisdictions (like New Jersey) where there is a corporate income tax.

All “foreign” (which means not from the state where doing business) companies have to register with the “domestic” state (where the business is done) and file an income tax return allocating income from the taxing jurisdiction.

Public and other companies are often registered in Delaware because: (1) it has a very developed and business-friendly set of laws; (2) it is anti-stockholder in its laws (giving boards and founders more control); (3) historical accident, in that it developed its laws and infrastructure much earlier than other states; and (4) the certificate of incorporation/formation in Delaware does not have to disclose the founders, which allows ownership to remain confidential.

Public companies tend to be formed in Delaware for those reasons, and also due to legal inertia — the laws and regulations assume Delaware because that is “the way it was done”, so it avoids legal fees to simply use Delaware formation.[/quote]

Interesting. Thanks for the clarification. I assumed it was for tax reasons. A few people suggested I should register my LLC in Delaware but I just wanted to keep it simple and register in my home state.

20

[quote]Brother Chris wrote:

[quote]thethirdruffian wrote:

[quote]Brother Chris wrote:

[quote]thethirdruffian wrote:

[quote]timbofirstblood wrote:
Over the past few months some friends and I have been mulling over an idea for a product to sell. I think it’s a solid idea and would like to make it happen, but do not really know where to start.

I know there are some entrepreneurs who post here, so I thought I would ask for some tips about how you got started, what steps were very helpful/vital and what things I should avoid. I’m also looking for recommendations for books or other resources to help guide me through the steps to make this successful. [/quote]

  1. Move to a business-friendly state with no income tax.[/quote]

Unnecessary, just register the company in that state.[/quote]

Nope. You have to register your out-of-state company in each state you do business.

For example, my drilling company is in Texas, New Mexico, Utah, and OK. Each part has to register and comply with the laws of the state it does business.[/quote]

Lol. I’ll let people like Warren Buffet and the majority of the Fortune 500 know to stop incorporating in Delaware though they probably don’t even have real estate in that state.

[/quote]

Per the space Jew’s post above, you really shouldn’t talk about stuff you don’t know about.