Any very small business owners?? Advice/guidance please!!

[Oceanside78]

So, I'm moving to an area that needs something, and the whole town drives 5-10 miles to get it done. It's not a big thing, but I think it can make a killing. So, my question is, what are the first steps of getting something laid out? Land first? Business loan first? Licenses first? Is there a guidance or step by step book I could read to get the scoop? I'm kinda in a rush, this town is booming FAST and it's a small business rat race

 

[oldmodman]

I would suggest contacting the town's business licensing office to find out what is required before you spend one single penny.

Possibly even contact a local business attorney after getting a verbal go ahead from that business office.

 

[Adam03GT]

So, I'm moving to an area that needs something, and the whole town drives 5-10 miles to get it done. It's not a big thing, but I think it can make a killing. So, my question is, what are the first steps of getting something laid out? Land first? Business loan first? Licenses first? Is there a guidance or step by step book I could read to get the scoop? I'm kinda in a rush, this town is booming FAST and it's a small business rat race

You have already created a business plan, right?

 

[Mr. Mach-ete]

What is it?

 

[Camaro_94]

All depends on the type of business...

 

[Oceanside78]

You have already created a business plan, right?

A very, VERY rough draft

 

[CobraBob]

I agree with checking with your town/city business licensing office as a first step. No sense pursuing property or equipment if licensing is a problem. Unlikely, but since we don't know what product/service you're planning to provide it's best to pursue licensing as that first step. Hope it works out for you.

 

[My Cobra]

Business plan:
Make a killing!

when i started my first business i went to the court house and asked about the license, got all that done, had a lawyer write up all the documents for taxes and banking. Then went to work.

 

[camaross0002]

I would suggest contacting the town's business licensing office to find out what is required before you spend one single penny.

Possibly even contact a local business attorney after getting a verbal go ahead from that business office.

Great advice here first two things I did with was a business attorney they can you in a lot of directions to help you out.

With the venture you are looking to get into talk to the licensing office. There can be a lot of stipulations for the type of work you are doing with zoning and facilities you are going to work out of. You don't want to be tied up in a building that isn't zoned for what you are going to use it for and have to apply for a separate status or exemption can be a real pita.

 

[DaleM]

Can you be a mobile business and bring your business to the customer? Some nice tax ideas can be thrown your way by the gurus here.

 

[Oceanside78]

Can you be a mobile business and bring your business to the customer? Some nice tax ideas can be thrown your way by the gurus here.

Hmmm, I guess I could, but that's not what's initially intended. It wouldn't be a bad idea to have that option though

 

[Camaro_94]

Why don't you just tell the people here what it is that you're planning on starting? Lol. Its not like anyone here is going to steal your idea. You're asking for help but not telling anyone what you're doing.

 

[INNOVATE_1]

Oldmodman is partially correct.

I hate to be a Debbie downer OP but from your post I believe it safe to assume you have no business acumen and should probably work with what disposable income you have instead of getting in debt. You're asking about acquiring land, SMB loan, etc.. without a business plan to present..? Anything well thought out?

Have you calculated the risk? Exit strategy?

My advice, seek professional advice not forum advice ESPECIALLY when $$$ is involved!

People here are under the impression that you're trying to start a "mom n pop" business but from your questions it does not appear that way..

I'm going to take a wild guess and say you're trying to service the wave of O&G tenants in the area..

GL!!

 

[Oceanside78]

Why don't you just tell the people here what it is that you're planning on starting? Lol. Its not like anyone here is going to steal your idea. You're asking for help but not telling anyone what you're doing.

Well, because a few reasons. My location is posted, so anyone else on this board already knows the town I'm talking about. Secondly, I'm not trying to be some secretive A-Hole or anything like that, I'm not under the illusion that this will turn to billions, I haven't shared this with anyone besides my wife, and I consult with my brother about everything. Was just looking at the skeletal structure of forming the foundation of a small, independently operated business.

 

[Oceanside78]

Oldmodman is partially correct.

I hate to be a Debbie downer OP but from your post I believe it safe to assume you have no business acumen and should probably work with what disposable income you have instead of getting in debt. You're asking about acquiring land, SMB loan, etc.. without a business plan to present..? Anything well thought out?

Have you calculated the risk? Exit strategy?

My advice, seek professional advice not forum advice ESPECIALLY when $$$ is involved!

People here are under the impression that you're trying to start a "mom n pop" business but from your questions it does not appear that way..

I'm going to take a wild guess and say you're trying to service the wave of O&G tenants in the area..

GL!!

Most of what you've said I have done, but, I've done it to the extend of my knowledge and research ability. Biggest thing is I don't want to miss out on tax credits by limiting operations but I also don't want to extend to the point of not breaking even. I know start up is rough, but I think it will work long term like a charm. Only thing that worries me is city/county rules and regs on pollution and waste

 

[ChiSVT]

Oldmodman is partially correct.

I hate to be a Debbie downer OP but from your post I believe it safe to assume you have no business acumen and should probably work with what disposable income you have instead of getting in debt. You're asking about acquiring land, SMB loan, etc.. without a business plan to present..? Anything well thought out?

Have you calculated the risk? Exit strategy?

My advice, seek professional advice not forum advice ESPECIALLY when $$$ is involved!

People here are under the impression that you're trying to start a "mom n pop" business but from your questions it does not appear that way..

I'm going to take a wild guess and say you're trying to service the wave of O&G tenants in the area..

GL!!

I'm not responsible for the following -- The most successful people often took the biggest risks to get where they are. Timing is everything, whatever left requires competency.

If you're incompetent and/or sit on your ass playing it safe you probably won't capitalize on something huge, should the opportunity present itself. ;-)

 

[zachcrosen]

My wife and I started a medical clinic last year. She is a Nurse Practitioner. We started researching about opening a NP owner clinic and find a forum with a subscription based service that helps guide you alng the way. It had almost everything we needed to guide us along the way. We got an attorney to draft us our Articles of Organization (I think that's what it was called) and they got us a business started. You can always use an online service for a fraction of the cost but I had rather go with an attorney who knew what they were doing. We were able to put up most of the money for startup ourselves. We did get a small loan so we had some cash in the bank. For that, we used www.lendingclub.com. It's a peer to peer lending program. It seems like a scam but it's not and it is great. I highly recommend them if you need less than around $35k. We also took a second loan out in December to buy a $20k piece of equipment and have since paid it off in less than 6 months!!

I was lazy and didn't want to create a business plan to submit to banks so I went the Lending Club route. I know this is not the preferred route but it did not hurt us. We have been in business for around 16 months and are at 39% profit for the year and we are paying ourselves a little every so often. We each have second jobs so that has kept the money flowing in. We plan to each quit out other jobs and transition to the clinic when it continues to grow.

Hope a little of this helps you out in your journey.

 

[jbs$]

A business plan, to be submitted to a Bank, without sufficient collateral to back it up, is largely a waste of time. If you can raise the cash to start and run your new business, go for it. Keep good records and pay all taxes that you owe, on time.

 

[bumplime]

The first and most importnant thing you have to do is meet with a local business attorney, they'll know the local laws, how to expidite the licensing process, etc.

You better have some serious Capitol that you can risk losing if you plan to make it. How to succeed but plan for the possibility of failure. CYA in all cases.

 

[jbs$]

If OP is filing for a corporate charter, he may need an attorney at this stage, if not, he should go apply for any required lic. and/or permits on his own. Two reasons; one, should not be wasting his start-up capital on an un-needed attorney, two, he needs the practice of doing it and if he is not smart enough to manage this process on his own, how in the hell does he expect to run a business.