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Starting Online Business w/ Girl Issues

Turbo MugenTurbo Mugen Registered User regular
edited January 2007 in Help / Advice Forum
Hello,

I have long dreamed of being my own boss...and well, I have received some good advice recently asking me to do this. Now, I am so in love with this idea, that I will not share it exactly...but uh, I of course have some questions.

What is the best way to go about hooking up with reputable and cheaper sources of various items such as movies and distributing them?

What is a good size Scrooge McDuck vault to start from...(mine liquid is ~35K dollars, if I was getting really weird I could like, use my hidden 401k stash of $50K but I do not want to touch it if at all possible.

I am a super fast typer and I love talking to people and these things would be like, the Turbo Mugen difference for my brand.

Also, any common pitfalls that are just so obvious I would like totally get wrecked by them...if you guys could give me any and all pointers I would very much appreciate it.

Edit: Also, I have had a very fast but late dating history and my last few serious relationships were utter disasters that I am not sure where to begin. Should I just push all that off to the side to focus on getting a business of my own going, or is there an easy way to do both at the same time so that I could get to a better place so much faster than on my own?

Thank you in advance. :)

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Turbo Mugen on

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    Turbo MugenTurbo Mugen Registered User regular
    edited December 2006
    I was so hopeful when I saw all the views. Should I talk more about my women issues? I'd rather not. I want to make money doing the things I am good at instead of cursing every waking moment.

    Hell, just any advice on setting up a Small Business Loan. I could do the research by myself super fast but I much prefer to talk it out...

    Turbo Mugen on
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    ege02ege02 __BANNED USERS regular
    edited December 2006
    This is a great resource.

    Go through his blogs. Some of them are related to setting up small businesses.

    ege02 on
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    supabeastsupabeast Registered User regular
    edited December 2006
    Move to Silicon Valley and start the business there. Venture capitalists are everywhere out there, investing in everything that smells of Web 2.0 (how do you think YouTube got funds?) and are getting turned away by people still resentful of how the VC guys treated them during the last bubble. Sure you'll lost a lot of control over the business, but at least you'll live fat during those early years, and if it crashes and burns, hey, it's mostly their money, not yours.

    supabeast on
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    Turbo MugenTurbo Mugen Registered User regular
    edited December 2006
    supabeast wrote:
    Move to Silicon Valley and start the business there. Venture capitalists are everywhere out there, investing in everything that smells of Web 2.0 (how do you think YouTube got funds?) and are getting turned away by people still resentful of how the VC guys treated them during the last bubble. Sure you'll lost a lot of control over the business, but at least you'll live fat during those early years, and if it crashes and burns, hey, it's mostly their money, not yours.
    Wouldn't I burn through so much cash over there? Why shouldn't I just start out from my hometown. It would be on the internet. I really like my home city and would not wish to live it except in style.

    Turbo Mugen on
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    Kewop DecamKewop Decam Registered User regular
    edited December 2006
    what kind of online business is it though? Are you just selling DVDs and stuff or wha?

    Kewop Decam on
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    ZeonZeon Registered User regular
    edited December 2006
    Can you even give a sort of idea of what youre going to do? I mean, ok... you can type fast and like talking to people. I can type fast and i talk to people for a living. Doesnt mean anyone would want to give me 100k dollars to start a business. And im kind of doubting your idea is so super top secret and no ones ever thought of it before, especially since it sounds like youre basically going to be selling... something.

    Basically, if you want a small business loan, go to the bank and apply for one, put your house up against it or whatever. Or get a small business lawyer and explain your idea to him, and have him find whatever free grants and start up loans there are for that sort of business.

    To find goods, just search around the internet for a company that imports/manufactures/resells whatever you want to sell. Call them up and ask to have a merchandise catalogue or something. Usually all the rates and purchase amounts are in that. Since i dont know exactly what youll be doing, i cant give you any more specific advice.

    Zeon on
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    ThanatosThanatos Registered User regular
    edited December 2006
    The number one reason most businesses fail is under-capitalization. $35k is most likely not anywhere near enough money. You need to develop a business plan, and take it to a bank to ask for a small business startup loan.

    Thanatos on
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    Turbo MugenTurbo Mugen Registered User regular
    edited December 2006
    Thanatos wrote:
    The number one reason most businesses fail is under-capitalization. $35k is most likely not anywhere near enough money. You need to develop a business plan, and take it to a bank to ask for a small business startup loan.
    I have been considering this. I just need some quiet time without any distractions to write one up. I know exactly what I want to do, but if there is like a coach that I could be a small fee, like say 150 USD or so that would be so helpful in helping me rush to the bank with my plan in hand.

    Turbo Mugen on
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    DynagripDynagrip Break me a million hearts HoustonRegistered User, ClubPA regular
    edited January 2007
    Does anyone have a recommended bank/financial institution to approach with a request for a start-up loan for my small business idea?

    Is Bank of America the worst idea ever? I have a checking account with them. Uh, please advise...

    Dynagrip on
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    wmelonwmelon Registered User regular
    edited January 2007
    I have been considering this. I just need some quiet time without any distractions to write one up. I know exactly what I want to do, but if there is like a coach that I could be a small fee, like say 150 USD or so that would be so helpful in helping me rush to the bank with my plan in hand.

    You definitely need to do this. A business plan will help you figure out where you're going to get your customers from, where you're going to get your supplies from. where your income is coming from and where your expenses are going to go. You'll also need to figure out the form your business will take (ie. class s corporation, class c corporation, llc, etc), as well as what will happen if your business fails or succeeds.

    This is not a trivial process, and while you can do it yourself, I'd suggest finding someone who can help you with it. Contact the local SBA organization and they can point you in the direction of someone who can help you. This can be cheap or very expensive. I've done it twice now, the first time we spent a lot of money on a lawyer to help set up the corporation and write our business plan. The second time, with more experience was easier and cheaper.

    Expect to spend lots and lots of time doing stuff not directly focused on your actual business. Don't be surprised if you end up working 60-70 hours a week.

    Rushing out to the bank isn't necessarily the best way to go. There are several other funding methods that might work out better for you depending on your business model. You can talk to friends/relatives to see if any of them are interested in essentially buying stock in your company to help fund it. There are also groups in most areas that are interested in funding small businesses, these will require a really GOOD business plan. You can also apply for a small business grant from the government. Those will take a long time to go through and may or may not be approved.

    Starting out many suppliers will either require large up front purchases or have a contracted amount of purchases over time. If you're lucky you can find some that will eventually let you buy on credit or will bill you Net 30/ net 60.

    Hopefully this didn't scare you too much. Starting a business is a ton of work and can be pretty scary. You'll definitely want to keep something back to live on while you're doing this. It can be very rewarding and its a great feeling knowing you don't have to report to anybody but yourself.

    As for the dating, i wouldn't say take a break from it. but it definitely will be harder since you'll be working so hard. If you can find a woman that'll support you (emotionally) and not be turned off by your work schedule, you're set.

    wmelon on
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    ThanatosThanatos Registered User regular
    edited January 2007
    Dynagrip wrote:
    Does anyone have a recommended bank/financial institution to approach with a request for a start-up loan for my small business idea?

    Is Bank of America the worst idea ever? I have a checking account with them. Uh, please advise...
    If you've been a customer of theirs for awhile, it's a good place to start. Try shopping around, though, see what other places offer you.

    Thanatos on
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