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Full Version: Need some help guys on starting a Small Business
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I want to start a small business where I live. This business is needed as the nearest ones like this are 25+ miles away from here.
I have the knowledge and expertise to make this work and will have a "silent partner" providing funding for startup (a good friend for 20 years).
I need some websites for things like "making a business plan" and "starting a small business" especially in Texas and what you need to do.
I have done the looking and there are literally 1000's of sites out there for this info and a bunch are obviously "scam" sites.
Looking for legit links that provide legit info and that don't want money.
Thanks in advance......
(09-08-2018, 06:25 PM)Grendelmort Wrote: [ -> ]I want to start a small business where I live. This business is needed as the nearest ones like this are 25+ miles away from here.
I have the knowledge and expertise to make this work and will have a "silent partner" providing funding for startup (a good friend for 20 years).
I need some websites for things like "making a business plan" and "starting a small business" especially in Texas and what you need to do.
I have done the looking and there are literally 1000's of sites out there for this info and a bunch are obviously "scam" sites.
Looking for legit links that provide legit info and that don't want money.
Thanks in advance......

what sort of business?
(09-08-2018, 06:25 PM)Grendelmort Wrote: [ -> ]I want to start a small business where I live. This business is needed as the nearest ones like this are 25+ miles away from here.
I have the knowledge and expertise to make this work and will have a "silent partner" providing funding for startup (a good friend for 20 years).
I need some websites for things like "making a business plan" and "starting a small business" especially in Texas and what you need to do.
I have done the looking and there are literally 1000's of sites out there for this info and a bunch are obviously "scam" sites.
Looking for legit links that provide legit info and that don't want money.
Thanks in advance......

Good for you and I wish you much success!

Who are you creating the business plan for? Since you already have an investor, you don't need to sell the idea to anyone. Yeah, I think it's wise that you create some goals and some timelines, but that's just so you can personally track your progress.

The hardest part for me was getting credit with all the various vendors. The systems I design and sell are costly...one system averages around $30K in components. It didn't take long at all to blow through the start-up capital. I finally came up with the idea of charging a 30% deposit for the bigger orders. The plan worked...not one Customer ever refused or complained and now, suddenly I had all the expense money up front.

I then ran into some cash flow issues since many of my Customers are the really big boys and these guys like taking 60 to 90 days to pay their bills. My Vendors wanted their money in 30 days of course. So, I raised my prices 3% and started offering 2%-10/Net 30 terms. Every Customer is now taking advantage of the 2% discount and paying in 10 days or less. I often have the full value of the order in my hands before my bills come due.

My very best advice is to get started, find an Accountant that does work on the side. Use them to help you get things going. They won't charge you a lot, but will help you get through the process of a tax ID, business license and other legal matters. Will you require insurance? That shit's expensive.

I'd look at using Quickbooks Online as your accounting software starting out. We eventually migrated to Quickbooks Desktop, but the Online version is simpler and has 30 day trials, etc. It's important you come up with a plan for your Company right from the start...chart of accounts, part numbering sequence, inventory, Customer discount rates, etc. It gets messy if you try to make changes later on.

I'm excited for you :) Don't get discouraged...my life sucked for the first two years. But, once you survive the start-up, things get much better.

Yell if I can help in any way.
(09-08-2018, 06:27 PM)PinkInside Wrote: [ -> ]
(09-08-2018, 06:25 PM)Grendelmort Wrote: [ -> ]I want to start a small business where I live. This business is needed as the nearest ones like this are 25+ miles away from here.
I have the knowledge and expertise to make this work and will have a "silent partner" providing funding for startup (a good friend for 20 years).
I need some websites for things like "making a business plan" and "starting a small business" especially in Texas and what you need to do.
I have done the looking and there are literally 1000's of sites out there for this info and a bunch are obviously "scam" sites.
Looking for legit links that provide legit info and that don't want money.
Thanks in advance......

what sort of business?
Small engine repair. Not many around here.
Will repair mowers, weedeaters, chainsaws, generators, boat motors, and if needed motorcycles, ATVs and such.....
Thanks Catch, good advice the brother !
I have the funding, I know the job inside and out, I just need someone that knows the "legalese and the law".
For a summer in high school, I worked at a small engine repair shop. I loved it actually and learned a lot. Eventually, they let me use the shop to build a garden pulling tractor. I had a lot of fun with that beast lol.

Good luck to you...I am sure you will do great!
Been repairing small engines for about 5 years now.
Been doing it on the sly and "cash only" but want to take it legit. I have had to turn away big money customers because of the "cash only" thing which they refused to do.
(09-08-2018, 06:54 PM)Catch Wrote: [ -> ]For a summer in high school, I worked at a small engine repair shop. I loved it actually and learned a lot. Eventually, they let me use the shop to build a garden pulling tractor. I had a lot of fun with that beast lol.

Good luck to you...I am sure you will do great!

LOL, when I was 12, me and my buddies took an engine out of a wrecked Kawasaki KZ-400 and put it in a commercially built go-cart frame.
We rigged a clutch and a shifter and could get this thing up to about 60 mph.
Its a wonder we didn't kill ourselves.....
(09-08-2018, 06:42 PM)Grendelmort Wrote: [ -> ]
(09-08-2018, 06:27 PM)PinkInside Wrote: [ -> ]
(09-08-2018, 06:25 PM)Grendelmort Wrote: [ -> ]I want to start a small business where I live. This business is needed as the nearest ones like this are 25+ miles away from here.
I have the knowledge and expertise to make this work and will have a "silent partner" providing funding for startup (a good friend for 20 years).
I need some websites for things like "making a business plan" and "starting a small business" especially in Texas and what you need to do.
I have done the looking and there are literally 1000's of sites out there for this info and a bunch are obviously "scam" sites.
Looking for legit links that provide legit info and that don't want money.
Thanks in advance......

what sort of business?
Small engine repair. Not many around here.
Will repair mowers, weedeaters, chainsaws, generators, boat motors, and if needed motorcycles, ATVs and such.....

there are no standardized ways to write a business plan but https://en.wikipedia.org/wiki/Business_plan should give you a good overview of the fields you should dive into.
the basic idea behind a business plan is that you get a grasp of how you are going to operate your business and what the market situation in your area is. you usually start out with a marketing plan which means that you check out what the situation in your area is like and what competitors you have to deal with. you try to figure out if your business is needed (in your area) and what the differences between your business and your competitors is to see what differentiates your business from your competition (strengths and weaknesses etc.). you also need to find out who your costumers are and how many of them and how frequently they will use your services.
after you're done with that stuff you can move on and think about where you're going to buy your parts and where to open your shop etc. all the financial stuff. how many ppl you need to get shit done etc. it's crucial you spend some time writing down everything because only then you will be able to see if your plan is going to be successful and where you might stumble across problems.
a business plan is basically you looking deeply into how stuff is going to work out in detail. if you really sit down and think everything through you'll be at 50 pages in no time. Chuckle
One recommendation I'd give is keep what you charge in taxes separate in it's own account. So if you go the bank weekly, monthly, etc.. Figure out what you charged in Taxes and put that money aside in its own account. One thing that kills small business startups his not setting aside the taxes regularly and then get hit with a huge tax bill at the end of the year.
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