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  1. #1
    Senior Member Sparrow's Avatar
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    Default Small Business Owners on the forum? <3

    What is your story? How did you get started? How long did it take for you to get established?

    I really would like to one day own my own business . I went to a SBA meeting last year to get a little information, as of now my plan is to pay off my credit card debt and then save at least $10,000 to $20,000 to put down on a loan. I'm hoping to find a partner as well...but have heard horror stories about having partners.

    Any advice would be much appreciated! Thank you!
    Fe | Ni | Se | Ti ... 3w4 ... Lawful Neutral ... Johari -Nohari

  2. #2
    No moss growing on me Giggly's Avatar
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    Default Good thread

    I tried getting one going with what appeared to be a strong partner a few months go but my partner ended up bailing on me in the final hour. Lesson learned. Having a partner is soooo tempting for reasons too numerous to list. I was told by a successful solo entrepreneur friend of mine (ESTJ) to avoid partners at all costs. I didn't listen then but hindsight is 20/20. My friend recommended getting other people to be investors or advisors if you need that, but never making a partnership. I see the wisdom in this now. I also recommend thoroughly doing your research on the market and incorporating before or soon after opening for business, and if you can avoid getting a loan. Start smaller if you have to and save money to expand, because a loan will own you and your life. That is what small business owners who have a loan tell me they feel.

  3. #3
    Senior Member Sparrow's Avatar
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    Thanks for the good incite mademoiselle . Yea mom had a partner (her best friend), she ended up doing most of the work....they arent friends anymore . Where and how does one get an investor!!!!!?
    Fe | Ni | Se | Ti ... 3w4 ... Lawful Neutral ... Johari -Nohari

  4. #4
    Senior Member Bamboo's Avatar
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    I'm slowly establishing myself as handyman/small scale contractor. I have a few clients who I've met through working what just my weekend job at estate sales. Doing stuff like loading cars gave me a chance to 1) meet clients via one on one interaction, 2) demonstrate competency (of I'll note, somewhat unrelated work, but to some extent it doesn't matter so much) and 3) give them contact information. A card is a basic but important thing to have.

    I'm doing a lot of work right now that I could probably get paid higher for, but that will net me referrals, which is another large component of my growth (about half my fresh work comes from word of mouth referrals). For instance, I just did a project with a lady who seems to have many people over who took an interest in my project. I'm sure I'll hear from people down the line who saw XYZ and could use some help. I also make a point to thank my clients who refer me to others.


    Being organized - project organization and the other things, tools, materials, also sets me apart and gives me an advantage over other workers who may have similar skills but don't have the pieces in place to push their business to the next tier.

    I'm honest. I don't take on work I'm not comfortable with, and I make a point to demonstrate my confidence (or lack thereof) in my ability to do a project that they show me. Since my work is somewhat technical, this is like finding an "honest mechanic" - someone who won't screw you over. People don't want to refer their friends to people they don't trust. This only helps me. I've seen a lot of guys who just jump into projects without really knowing up from down. They might get the initial "bite", but eventually people don't want to work with them when they see the end results.


    I don't mess around with debt. I have none and have plenty in savings. For the most part, I have the tools I need - that is my major investment. They will fail and be replaced over time - don't buy junk. Your "tools" might be different, but if you rely on it, get something that will work and work well.
    Don't know how much it'll bend til it breaks.

  5. #5
    nee andante bechimo's Avatar
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    When considering self-employment, consider the legal and tax implications of what type of business such as a corporation, sole proprietorship, LLC, partnership or others. I wouldn't try to figure your way around this without the professional help of a good tax lawyer and possibly a chartered accountant.

  6. #6
    LL P. Stewie Beorn's Avatar
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    Quote Originally Posted by Jenaphor View Post
    When considering self-employment, consider the legal and tax implications of what type of business such as a corporation, sole proprietorship, LLC, partnership or others. I wouldn't try to figure your way around this without the professional help of a good tax lawyer and possibly a chartered accountant.
    Good advice. But, if your lawyer isn't guiding you toward an llc they better be able to give you a damn good reason.
    Take the weakest thing in you
    And then beat the bastards with it
    And always hold on when you get love
    So you can let go when you give it

  7. #7
    nee andante bechimo's Avatar
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    Quote Originally Posted by Beefeater View Post
    Good advice. But, if your lawyer isn't guiding you toward an llc they better be able to give you a damn good reason.
    It's more difficult to find seed investors if you choose to become a LLC. Why would they trust you with their money if you've stepped so far back from responsibility but have no proven track record?

  8. #8
    LL P. Stewie Beorn's Avatar
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    Quote Originally Posted by Jenaphor View Post
    It's more difficult to find seed investors if you choose to become a LLC. Why would they trust you with their money if you've stepped so far back from responsibility but have no proven track record?
    I'm confused. Are you talking about equity investors that will own a share of the company or those that will merely loan the company money? If it's the latter then the type of entity shouldn't matter as they can always require that the business owner personally secure the loan. If it's the former then low liability is something that is desirable in a company because the seed investor herself will only be putting her investment at risk and not her house and home.

    Have you really heard that seed investors are put off by LLCs? Because that just seems bizarre.
    Take the weakest thing in you
    And then beat the bastards with it
    And always hold on when you get love
    So you can let go when you give it

  9. #9
    nee andante bechimo's Avatar
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    Quote Originally Posted by Beefeater View Post
    I'm confused. Are you talking about equity investors that will own a share of the company or those that will merely loan the company money? If it's the latter then the type of entity shouldn't matter as they can always require that the business owner personally secure the loan. If it's the former then low liability is something that is desirable in a company because the seed investor herself will only be putting her investment at risk and not her house and home.

    Have you really heard that seed investors are put off by LLCs? Because that just seems bizarre.
    Reliant on structure of LLC and jurisdictional differences (per State), managing members are also protected, barring fraud or proven deliberate misrepresentation.

  10. #10
    LL P. Stewie Beorn's Avatar
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    Quote Originally Posted by Jenaphor View Post
    Reliant on structure of LLC and jurisdictional differences (per State), managing members are also protected, barring fraud or proven deliberate misrepresentation.
    So what?

    It's all the surrounding circumstances that matter.
    Did the business owner already get a personally secured loan from a bank?
    How much of their personal money are they putting at risk?
    Have they given up a job?

    I think all of these are better at showing the owner's commitment to the company rather than the legal entity chosen.
    Take the weakest thing in you
    And then beat the bastards with it
    And always hold on when you get love
    So you can let go when you give it

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