Starting a business

I'm considering starting an LLC. I have a few questions.

Could I do it by myself or should I use a company to fill out all the papers? http://www.legalzoom.com/pricing/llc_pricing.html this place does it for a fee of $129-$359. Is it worth it? The only reason why I think that would be best is because I have a less chance of not turning in an important sheet. But that's a lot of money and just makes my start up costs that much more.

Where should I look for start up money without giving an individual/company my whole business plan? I feel this could be a solid business making $30,000 a year with an unexperienced salesman and nearly $100,000+ with an experienced salesman. I believe if I presented this to a company they could want to snatch it up and go with it. The start up costs are only $1200-$2000 and it's a service that doesn't take much work and it will be valued by other companies with the extra money on hand.(Roughly 500+ companys in Ohio alone.).

If I do find an investor what will he/she be expecting in return? Part of the business, cash per sale, interest(how much?), just the money back? Also, where do you find small start up money?

How do I get people to take me 100% serious? I'm 19 and don't have much experience in business, have only had 5 jobs, one I was a manager for(roughly 5 months but quit due to the owner stop paying me, he is now $50,000+ in debt). I have been creating websites since 4th grade, and have a lot of experience online. I know SEO, html, css, some php, some internet marketing, graphics, and some other skills.

Also, where could I find a partner? Digital Point, newspaper, other forums? I'd really like to work with another person on this project but I'd like for them to be in an office with me and not online. If it was an online relationship I'd need to have phone numbers(home and cell), which shouldn't be a problem if they are serious, right?

Anyways, I'm pretty pumped and ready to go, just need that evil green(money). I'm going through everything, business plan, presentations, research, sales pitches, costs!

Thanks,
Aaron

 

that a nice way to go cause i have my own LLC and company i also have a lot of info that can help you . just me let me know if you have im or yahoo

 

just Pm me

 

LLC forms and cost vary by state. For instance, if you formed you own LLC in Nevada, it will cost you about $200ish or so.

If you are someone that's forgetful, doesn't like to read or gets confused with instructions, have a company do your LLC for you.

Ask your friends and family. Why? Well, let's imagine you come to me and present your "can't miss" idea.

The first question I'm going to ask (and want to see proof of) is your executive training and experience. Did you go to college? If not, that's a mark against you. Have you worked for someone in a management role? If not, that's another mark against you and what you hear next is the closing of the door as I usher you through it.

You see, when you want money from a knowledgeable investor, you need to show the executive assets are in place. Who cares if you know SEO and other stuff if you can't run a business properly?

I'll be blunt. Don't take it personally.

You said the start-up cost is only $1,200 - $2,000. This is an extremely small amount. The fact that you're asking about investors for such a small amount rather than working harder and coming up with it yourself tells me, as an experienced businessman, three things (or at least conveys these points):

1. You're not motivated enough. (talking and doing are two different things.)
2. You're not capable of working hard (or you're not capable of thinking at a higher level required of most business owners).
3. You're not executive material.

All three are serious red flags. If I were to invest, I'd want to put my own executive(s) in place.

Here's my no-frills advice, and it was the same type of stuff I learned before I was your age.

Rather than looking for a partner to do a job you should be doing yourself, go get another job or work more at your present one and come up with the money.

If you truly believe in your upcoming business, you should have no trouble getting some kind of cash from friends and family. It might not be all of it, but it will move you towards your goal.

If you can't do even this much, there's a high degree of probability that you will fail at some point.

And to be honest my friend, you don't want a partner. You've got such a small amount of cash to come up with that you're better off working hard and doing it on your own.

 

Check the website of your secretary of state. In many states the form is 1-2 pages and takes less than 5 minutes to fill out for an LLC. No reason to pay someone else to do it.

When I registered in MN (2 years ago) it was $125 with no annual renewal fee.

 

marketjunction,

Thank you for all your advice. Right now i'm going through some rough things in life and money is a big issue. I live in a small city(less then 10,000) and it's very difficult to get a job right now. I live in Ohio and I'm sure you've heard how bad the lay offs from factorys and such are. Everyone that got laid off from factorys are collecting unemployment for a few months then heading over to wal-mart/k-mart for jobs.

My experience isn't anything big. I was a manager for a junk business for about 3+ months. I have done some independent contracting for small businesses. Tomorrow I have an interview at a small local computer shop here in town(yay!) so that will help add to my resume.

Honestly, I don't really want a partner. I feel I can do this business alone no problem it's just I lack experience and not 100% sure how to go about doing things so thats why I'd like a partner. But maybe I'll learn better on my own with trial and error?

Also, getting money from friends/family is not an option due to personal reasons.

So hopefully tomorrow I get the job and I can start saving up! Wish me the best!

Thanks,
Aaron

 

Thanks Kellix for the information. I have read that there is more to setting up an llc then just filling out that form. I have seen bunches of forms thrown at me left and right. I think for my safety I'll go threw a business to do it for me.

Jaswill77, thanks for trying to impress me with your talk of being so rich, but I really don't want to buy your ebook .....

 

I saw your work, it's really very nice, I thought there is a huge company behind, I am expecting you will have a very successfull buisness either with a partner or alone.

Hany M. Khodair
Customer support
Linkedware

 

I used LegalZoom when I started my business in 2002. They did a good job, but I did not need them to be my representative, that is something I could do on my own.

I since moved to another state, but I had the documents accepted by the state where I now live. If you feel uncomfortable with LegalZoom, then contact an attorney and have him or her draft the necessary documents.

 

Chem,

Yes, I know all about problems. When I was your age, I had financial issues too.

Just make sure you try to think clearly. Sometimes our "situations" cause us to look for quick fixes, which almost always come back to bite us in the ass.

Good luck with your venture!

 

OK. Use a company. Much easier. Its worth the price
Since your startup is low, try the forums. Make potentials sign an NDA and reveal your business plan
Investors obviously want a return, and it varies. In the professional VC world, let me give you an example
You get $100 from me. You give me, say 60% of profits until you have repaid $100. Then, you give me 25% of profits for X amount of time, or until you have paid $X dollars. That is very simplified.

To get people serious, have a GREAT business plan. I've worked in the VC world. Have a Really good executive summary, and be very thorough. You have to have a CONCRETE way of making money and protecting their investment. I've rejected anyone for the slightest grammar mistake, make sure everything is perfect. If you need a check over, send me your biz plan, I guarantee I won't jack the idea. I'll send my plan to you to see what it should look like

I would recommend for you, find a good friend who you can meet a lot, and split the cost. If you don't want to, good luck

A