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      10-16-2019, 02:54 PM   #1
NorCalAthlete
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Starting your own business - entrepreneur thread

So like many people Iíve had some good ideas over the years that I just never took action on to make a reality. Some of that was a lack of funding or knowledge of how much / little it takes to get started. A lot was lack of knowledge on process - wtf is the first step and whatnot.

Iíve got another one that I want to actually make a reality this time and am actively starting to take steps towards that goal. So I thought Iíd start this thread to chronicle the journey, ask for advice, and discuss things with people who have ďbeen there, done thatĒ and can help me avoid some early pitfalls hopefully.

I donít expect to become a billionaire off of this one, but I hope to make enough to fund a bigger idea Iíve been kicking around for ~ 5 years. That one may well make into the 8-9 digits depending on how it goes but itíll be a 5+ year process easily. This smaller idea I think I can turn into a profitable reality before next summer.
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      10-16-2019, 04:32 PM   #2
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Before you start, do TONS of research. Not knowing what this idea is (nor do I expect you to release it) kinda makes it hard to give any tips or strategies aside from the basic tips you can find on many business YouTube videos
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      10-16-2019, 04:33 PM   #3
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Bon Chance!!

Get a Great Lawyer. Listen to them.
Get a great mentor. Listen to them.
Build a great board. Listen to them.

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      10-16-2019, 04:36 PM   #4
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Originally Posted by MKSixer View Post
Bon Chance!!

Get a Great Lawyer. Listen to them.
Get a great mentor. Listen to them.
Build a great board. Listen to them.

Cheers-mk
+1

Also find you a good tax guy as you can write off pretty much anything if creative enough.
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      10-16-2019, 05:01 PM   #5
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Have a creative tax guy
Have a lawyer friend Iíve discussed things with and who I plan on retaining once I figure out funding (he ainít cheap, his current firm bills him out at about $450/hr)
Have 2 friends for business mentors who have both built and sold multiple companies. One was in tech the other in real estate / construction.
Board - dunno yet

Industry research - have done some limited research. I know the market, price points to target, relative size, space I want to fill / create / build. I have a tentative plan for go to market strat, initial sale model, and expansions.

I need: mechanical eng / electrical eng / industrial designer to get the prototype built. May just contract a shop that already has all 3 to build it for me. Also need to figure out marketing / production video production, though Iím hoping to leverage othersí channels as part of my strategy. Will also leverage forums like this one, social media, etc.

Initial funding will likely come from the aforementioned mentors + friends to get the prototype built, then crowdfund initial run for launch, then angel investors to scale. Donít think Iíll need VCs. If it gets to the point where itís that big, Iíll happily sell for a few million and dump that straight into the next project and become a serial entrepreneur.
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      10-16-2019, 05:18 PM   #6
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Undercover billionaire?
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      10-16-2019, 06:26 PM   #7
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Undercover billionaire?
I loved that show! So much so I bought their sauces the moment I heard the name of the restaurant
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      10-16-2019, 06:30 PM   #8
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I loved that show! So much so I bought their sauces the moment I heard the name of the restaurant
Good? I half thought it was going to be fake and I wouldn't find them, so didn't look. But damn I was hungry near the end of the season!!!
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      10-16-2019, 06:49 PM   #9
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Quote:
Originally Posted by colorado.e9x View Post
I loved that show! So much so I bought their sauces the moment I heard the name of the restaurant
Good? I half thought it was going to be fake and I wouldn't find them, so didn't look. But damn I was hungry near the end of the season!!!
Best BBQ sauce I've ever had out of a bottle (no I dont drink it )

Looks like they got nonstop orders now that the show has surfaced their quick success
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      10-18-2019, 08:11 AM   #10
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I have a side business that I've been running for about 10 years now. My advice is if you want to start your own business, don't quit your day job and go balls to the wall until you feel it is the right time to transition. Start your new business as a side gig, then build it up until you are confident enough your idea will work out and you can quit your day job. Running a business is very exciting, but it's also a 24/7 commitment.

For me, I could probably do my own thing as a primary source of income, but then again I'd never be able to put it down and relax, I'd be working 24/7. Having the option of doing that if something happened with my day job, and using the business as a supplemental income when I want to has worked out really well.
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      10-18-2019, 10:42 AM   #11
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Quote:
Originally Posted by CTinline-six View Post
I have a side business that I've been running for about 10 years now. My advice is if you want to start your own business, don't quit your day job and go balls to the wall until you feel it is the right time to transition. Start your new business as a side gig, then build it up until you are confident enough your idea will work out and you can quit your day job. Running a business is very exciting, but it's also a 24/7 commitment.

For me, I could probably do my own thing as a primary source of income, but then again I'd never be able to put it down and relax, I'd be working 24/7. Having the option of doing that if something happened with my day job, and using the business as a supplemental income when I want to has worked out really well.

This is exactly what I do/did...although I don't take on the amount of extra business on the side that I used to anymore. For about 5 years, I was making the equivalent of my full time job. Biggest thing that kept me from transitioning into it full time was I knew I would have to put a lot of hours into it to break away from my benefit package at my full time job.

But it served its purpose. I put a kid through school with no student loans, and I paid off all of my debt. After that...I took less and less work as I valued my personal time more.

But for around 8 years...I was working all the time. I didn't ask for any extra work, but "word of mouth" brought enough to me that I didn't have to look for it.
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      10-29-2019, 09:52 PM   #12
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Quote:
Originally Posted by CTinline-six View Post
I have a side business that I've been running for about 10 years now. My advice is if you want to start your own business, don't quit your day job and go balls to the wall until you feel it is the right time to transition. Start your new business as a side gig, then build it up until you are confident enough your idea will work out and you can quit your day job. Running a business is very exciting, but it's also a 24/7 commitment.

For me, I could probably do my own thing as a primary source of income, but then again I'd never be able to put it down and relax, I'd be working 24/7. Having the option of doing that if something happened with my day job, and using the business as a supplemental income when I want to has worked out really well.
Quote:
Originally Posted by Rmtt View Post
This is exactly what I do/did...although I don't take on the amount of extra business on the side that I used to anymore. For about 5 years, I was making the equivalent of my full time job. Biggest thing that kept me from transitioning into it full time was I knew I would have to put a lot of hours into it to break away from my benefit package at my full time job.

But it served its purpose. I put a kid through school with no student loans, and I paid off all of my debt. After that...I took less and less work as I valued my personal time more.

But for around 8 years...I was working all the time. I didn't ask for any extra work, but "word of mouth" brought enough to me that I didn't have to look for it.
This is about where I hope to take this one.

Went to a VC mixer the other day. Got some good advice and some good contacts. Next steps - file provisional patent, get boilerplate NDA, complete Y-combinator startup school.
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      11-05-2019, 06:13 AM   #13
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Own business sounds really cool. But you need to have pretty well idea for your business and do not forget about using different business tools and apps. I have plan to start own business too so I will contact with EffectiveSoft Corporation for developing some business soft.

Last edited by samui; 11-06-2019 at 01:08 AM..
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      11-05-2019, 10:15 AM   #14
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Nowadays the best business it's IT and development as for me. And the most hard anyway
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