envirojeff Posted August 8, 2005 Author Posted August 8, 2005 Start SMALL to grow big... Dnn't get too excited and overspend like I did. Keep expenses to a minimum, and buy only what is absolutley necessary. Expand when it is required. Wouldn't hurt to have a secondary income coming in for a safety net, like a regular job. 402256[/snapback] Oh yea! I plan on keeping my current job until I can (hopefully) bleed into the business and quit my job. Jeff
BillnutinHouston Posted August 9, 2005 Posted August 9, 2005 Before I go full bore, I'm going to start out with about 10 houses (customers) IE neighbors, friends to work out any bugs. Then I'll get all my legal docs and 800 number, p.o. box, marketing...together. Jeff 401877[/snapback] A.K.A., I came up with this idea while I was drunk. Deep in the recesses of my mind I know it's a half-assed idea, but I'm too lazy for a real job and I just pray this dodge will pan out. I don't know what I'm doing but it's a good tax write-off.
gmac17 Posted August 9, 2005 Posted August 9, 2005 You really need to incorporate now so you can write off all your start up expenses.Go S-Corp and make sure you have a good accountant. you can write things off without incorporating.
obie_wan Posted August 9, 2005 Posted August 9, 2005 You really need to incorporate now so you can write off all your start up expenses.Go S-Corp and make sure you have a good accountant. 402156[/snapback] A Limited Liability Company (LLC) is another vehicle which offers more flexibility than an S Corp. Definitely need a business plan which lays out the nitty gritty for delivering service and more importantly collecting the cash. The plan should have detailed cash flow projections as well, which is updated with actual experience as you move forward. It is almost guaranteed that your actual expenses will exceed whatever you originally budgeted.
IDBillzFan Posted August 9, 2005 Posted August 9, 2005 Good advice, But I doubt he'll need insurance. Try a free-legal membership to cover yourself. 402160[/snapback] He does need insurance in the event he crashes someone's computer or server and they lose everything. If memory serves, it's called Errors and Ommissions Insurance. Regardless of the name, if he is doing something for someone's house and the person loses all the financial data for whatever reason...or his wireless network permits others to steal data from his customer because he forgot to turn on a form of security, he's done. He needs to protect himself.
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