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Thread: Owning Your Own Business Thread

  1. Owning Your Own Business Thread

    Just curious who owns their own business here on TNL an what advice they could give on my endeavor. I'm interested in starting a convention, would rather not give much details just yet but was just curious if I should start an LLC or if trademarking the name of the convention is enough.
    "Remember, not knowing how to cook is like not knowing how to fuck."
    Geek in the Desert

  2. You can incorporate for $100 or less online. I would just make sure you can acquire the domain name for your business before you settle on a name.

  3. News

    I've been looking into starting at least one business in the last six months or so. Things are moving pretty slowly right now for a few reasons (I would just be a part-owner), but we decided straightaway to do an LLC. You *could* set that up using Legalzoom or something such for $100 or so, but it may be worth it to actually meet with a lawyer so you can discuss any possible concerns and get all the paperwork correct. I believe this cost around $900-1200 but there was some additional paperwork for us having multiple owners.

    Trademarks in our case at least are actually less necessary. Although it would be a good idea to have, it isn't legally required (as far as I know), but we're starting up something fairly local, not really a web app type of thing. I think the cost is probably $600+ though.

    I actually attended a SCORE seminar in my region that was really, really helpful. Two old guys went over a lot of helpful information and frequently asked questions. I would definitely check that out, it's nationwide, and totally free and confidential. I'm not exactly sure how to find a directory of all their chapters at the moment but you can laugh at the hilarious 1997 design for our region's http://scorecpa.org/

    The SCORE guys were apprehensive about Legalzoom just because they pretty much process things with no qualms, for better or worse. So if you mess up or choose to put your business in another state or something, it could screw you if you don't know what you're doing. Or if you do it probably works very well.

  4. #4
    This is one of those things that you don't want to get generic advice on. It is all fine and good to do so for bullshit, but when money is involved, you need to be a little more direct and to the point. There might be enough variance between what you're doing and what some of us have done, that you'll get fucked if you take our advice.

    I'd suggest googling similar events online and seeing if you can contact the people in charge to get advice. First start with people that are doing the same thing, and if you don't hear anything, move on to conventions for unrelated things or conventions far far away. You're more likely to get honest business advice when the people involved can't and won't see you as a competitor.


    There is very little point in incorporating if you are the single owner. You'll pay double the taxes and not see significant benefits over an LLC. You might want to consider a sole proprietor if you're going to be the only one with your neck on the line and you expect to take out a loan. You'll be more likely to get credit or a loan for this if your own shit is on the line. (though this is negotiable if you have proven prior experience or have a sizable amount you will match their loan with) (though I'd do an LLC for an event, so if someone dies, you won't lose your house)

    You don't have to do so, but you might consider writing a business plan. It would help you sort out the financials and can be helpful if you plan to borrow money or bring in a partner(s). This is the book I used "Preparing Effective Business Plans: An Entrepreneurial Approach"

    A lot of this is going to be lighting up the email, phone, and street and talking to people that have done what you want to do, and the people you'll need to hire/pay to make it happen.
    Last edited by Fe 26; 06 Aug 2013 at 12:50 AM.

  5. #5
    Before I go to bed,

    Starting a business is very much like molding soft clay into a work of art. When you start out, there is no real method to it. Just put a lot of effort into it and research as much as you can. Then talk to suppliers/renters/event halls and other people that have done conventions, sharing what you want to do and your estimates and make corrections as they give you input. Most of what you do in the early stages won't be perfect. But the effort will show the people you need info from that you're serious.

  6. Owning a business without a source of funding (partner, sugar daddy, etc) is one of the most stressful things ever.

    I've aged like 7 years in 1.5.
    Boo, Hiss.

  7. #7
    Well, ideally he would save up a good bit before starting, and then take out a loan to actually get started. He should be able to prove that the business will make more than enough to make the loan payment while using his own savings to fill in the gaps.


    Thats kind of why the banking crisis was a big deal. Its hard to get loans now. Which cripples or stagnates businesses in the first 5 years. Those 5 being the most important.

  8. Thanks for the good points and suggestions
    "Remember, not knowing how to cook is like not knowing how to fuck."
    Geek in the Desert

  9. Only start a business in a field you already have experience in.

    This sounds obvious but way to many people start restaurant with no prior food or management experience. Or start mom and pop shops with no retail or management experience and so forth. If you haven't already worked in a field you shouldn't start a business in it. This is general advice not particularly aimed at you since I don't know your work history.

  10. #10
    I don't know if that applies to what he wants to do. I doubt every convention ever was done by someone with previous experience.

    He'll be at a disadvantage though. He's got a lot of research to do. Experience is just one way to gain knowledge.

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