first time help

Discussion in 'Growing and Managing a Business' started by nikkomendoza, Apr 5, 2012.

  1. nikkomendoza

    nikkomendoza
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    first time here so please be gentle. i know where i want to go and i know what i envision. i just dont know where to start...

    life is too short. if people arent laughing and having fun in their lives, then that's a problem for me. i see a company that specializes in changing the way things are done; making them more interactive, more engaging, and more fun.

    i have ideas for what industries i want to tap but i'm not sure where to start.... do i become a corp, LLC, etc? where do i find investors? i can see where i want to go, but i dont know how to get there....

    any help would be greatly appreciated. thank you very much
     
  2. sigma

    sigma
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    corp or LLC is all up to you, it doesnt really a matter at the beginning stage, you can change the company after that.
    For the investor, you can actually call up or email to some big company or go to the bank for the loan.
     
  3. firstchoicecar

    firstchoicecar
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    Finding an investor is the hardest thing in this one. You must present your proposal very good.
     
  4. Fergal

    Fergal
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    Welcome to Business Advice Forum nikkomendoza, thanks for joining and posting your business questions.

    When you talk about a "company that specializes in changing the way things are done; making them more interactive, more engaging.." what kind of things do you want to change? Will it be an online business?

    In what country or state will your business be located?
     
  5. nikkomendoza

    nikkomendoza
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    well, i cant just tap into some random industry and start changing things. i want to start with what i personally love to do. i love to play video games, i love to eat, and i love to work out. so with that said, i would like to change the way the arcade scene is done. also, change the way we eat out, as well as rethink the way we see how "fit" someone is. i'm currently in california.
     
  6. AshleyWhiteBusin

    AshleyWhiteBusin
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    I can see lots of opportunities for you. Since you love to work out, how about starting in fitness industry...
     
  7. ArcSine

    ArcSine
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    Welcome, Nikko. Don't worry yet about what type of vehicle you'll use (corporation, LLC, ...) nor how you'll find and approach investors. Those questions occupy a stage that's quite a bit later than where you are right now.

    Your next move is translating your very broad ideas into specific plans. Keep this in mind: Eventually you'll need a detailed business plan on paper. Then and only then can you address questions regarding the optimal entity-type, how much capital you'll need, what kind of financing structure will be most suitable for your funding needs, and what type of lenders and investors will be most appropriate.

    If you're not already familiar with 'em, Google around for "business plan"; check out several to get an idea of their composition and contents. It's pretty focused and detailed stuff, but investors focus on the details.

    Where you are right now---broad conceptual idea of what you want to do---is absolutely essential; nobody gets anywhere without that vision, so congrats on that. What I've described above is where you'll eventually need to be, and you won't jump that chasm in a single leap. Get a real good idea of what a written business plan should contain, and keep that in front of you as a target. Then begin adding details to your vision, a bit at a time, with each step getting you closer to having a focused and detailed business plan that can stand with the best of 'em.

    The process of developing this biz plan will force you to consider questions that never would have occurred to you, absent this structured process. But until you've addressed those details, asking about investors is premature.

    Best of success with it, and keep posting to keep the discussion rolling.
     
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  8. jcworlditsme

    jcworlditsme
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    Business plans tend to vary depending on the type of business you are planning to setup. I would say that the key to a successful business is making it as unique as possible.
     
  9. Business Attorney

    Business Attorney
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    nikkomendoza, welcome to Business Advice Forum.

    Your question about Corporation or LLC can't really be answered without a lot more information. Even then, there is really no right or wrong answer because there are advantages and disadvantages of both, so it depends on what is more important to you.

    Particularly being in California, you might want to hold off on either because in California there is a fairly substantial ($800) annual cost to either entity. If you are just getting off the ground, you might consider remaining as a sole proprietor until the business gets going.

    You should discuss the formation questions with a California attorney.
     
  10. nikkomendoza

    nikkomendoza
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    thank you so much for your reply. it's been super helpful. i'll start rolling on what i need to do in this very early stage.
     
  11. amac

    amac
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    What kind of company would this be? Consulting?
     
  12. riteshnarula

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    If your interested in LIC and you want to start business in same field so you should try in this field
     
  13. Webcs-Peter

    Webcs-Peter
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    You should try to see how it works in reality.
     
  14. nikkomendoza

    nikkomendoza
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    no sir. it's a company that takes what is already out there, and changing the way it's functioning. hard to explain without giving myself away haha. all i know is that i see a place i want to go, and now i want to know how to get there....
     

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