starting a Inet Business

[evoIX]

i'm looking into starting a business online. in the food catering services, i was wondering since I hold this hobby in high regards cause of the amount of brain power/knowledge it takes to successfully house a reef tank.

i know there are some entrepreneurs out there and would like to know how you got started.

currently it's in the pre-stage of "I have an awesome product that i think i could deliver and should deliver."

so with that product it evolves around a business plan

question/primary concerns:

what does it cost to start a business?
who do you need to contact to start that business?
licenses required?
suggestions are extremely welcomed....


btw once it's up and running it'll be a free 15% discount for any NJREEFERS member. do i have to pay for sponsorship? it's an open invitation. it's more of a perk then trying to get money out of members/njreefers. if this is not allowed. mods please let me know and i will remove this statement/discount and sorry for the members.

 

[Nickjr000]

Get an investor that takes a percentage, and buy him out over time. Cost too much money to try anything yourself in this economy

 

[evoIX]

luckily it's not myself. plus my mom owns a pretty huge limo/taxi company to assist my endeavors.

 

[Scottyrock]

you cant say that till after macna

 

[Hirobo]

Get an investor that takes a percentage, and buy him out over time. Cost too much money to try anything yourself in this economy

Stay away from investors and partners trust me on this one

 

[Hirobo]

what does it cost to start a business?= depends on how your going to go about it if you are going to sell on the net your looking prolly about a grand to 2 grand to get your site up. plus the cost of someone to maintain it. Also your cost of goods
who do you need to contact to start that business? You need to go to your county govt to fill out your app and reg for your business name etc etc plus your attorney
licenses required? YES
suggestions are extremely welcomed

When I had my business, It wasnt that bad except for the whole sales tax thing. If I was to do it again and in the shambles that this economy is in I wouldnt do it unless i had alot of capital in the bank to hold me over, I would not I repeat not go into business with a friend again. Do it on your own call it your own

 

[Phyl]

I started my business "boot strap" with money from my pocket. It was me and a partner who started and ran the business for 10 years. At about that time he decided he wanted to do something else when he grew up. Luckily the "buy out" was very low, but more because we were good friends than anything else.

I still run the business solo 5 years later.

There were many years where I had to hold a second job so that I could pay my employees and not draw an income. That wasn't fun, but I wouldn't change a thing today. I love what I do, I love the flexibility that it provides and I'm lucky to have a good staff.

If you're interested in starting an inet bus and you don't have the computer skills to get started you might start by finding someone with complementing skills and give them a % for developing the software that you need to run it.

Beyond that, you could probably get started by devoting your nights and weekends to the task. That gets you started until it needs you more than you need your paying job. It is a long (and expensive) road, but well worth it to the right people.

 

[Buffalowing]

Believe you'll need money, business loans will be basically based on your personal credit at the start up stage, so depending how that is will limit you to what you can borrow, places will want money up front until you're established, if you want to accept Visa on your website you'll have to get that setup, though paypal maybe the cheapest easiest way to start that, catering you'll probably need a van & someone to serve food at the events depending on how you set it up. Web design if you can't do it yourself. You'll need the license as Hirobo stated, I think you can do some of it online though, not sure if there's additional licenses since it's a food business or inspections or anything.

The credit union I work for does business loans, the guy in charge of them is very knowledgable, if I can figure out some way to make you eligble to join the credit union I could get you his #. He maybe out for a bit though for a very bad family tragedy. Let me know if you're interested in it.

 

[MadReefer]

When I was looking into starting a business few years back I found out if it was in my wife's name there were many perks. Never did start it for various reasons. Not sure if it is the same for an iNet business.

 

[evoIX]

first, as always like to say thanks to everyone that has put in some information.

hirobo thanks for the info regarding my questions. will look further into that. of course, doing my research and building a business plan now. I don't plan the start or opening day until mid-november.

It's going to be a family business. but I will be the "CEO" of it since i'll be the one to start, manage, initial investment $$, and my ideaR

phyl your awesome.

i'm sure the outcome is usually great as long as the product stands for it. (of course other variables do apply.)



buffalo wing. my main bank is with Navy Federal Credit Union. I've never been in another credit union but the bank has never denied me for a loan. I have never been late in 7 years, credit is in the "good" range and love that bank for it's awesome rates. I'll have to look into the credit card ordeal but paypal will definitely be an option.


luckily for a "family" business we have multiple incomes coming in and as mentioned my mom has a limo/taxi company that is still thriving and expanding with this current economy.




**i don't get it stock market goes up and still possible layoffs at my job and doesn't sound like the stock is actually displaying what is happening in the economy**

 

[redfishbluefish]

Here’s what I did…and by the way, I needed limited capital since I was just consulting, so I didn’t need loans/investors to buy facilities/equipment/inventory.

1. File for your business name with the county – I think $50
2. File to start a Limited Liability Company (LLC) – If I remember, it cost about 100 or 150 dollars. You can do it yourself. It allows you to pass $$ through the company while protecting you from personal liability. It does require a minimum of two people within the company.
3. If you are serving or selling food - insurance.
4. File with the federal government for a tax id number.

The only outside services I paid for was an accountant. I keep records within Quickbooks and passed that on to the account for filing taxes.

 

[evoIX]

redfishbluefish - thanks for the additional info and precise description. i'll be following those steps!!!!! ;D

 

[magic]

Wish you well with the business venture.

 

[evoIX]

thanks magic. we'll see how everything turns out!!!! ;D

 

[Mbodell]

you will need lots of promotion and getting out on the street for a food internet business. I would promote a lot locally and let the local traffic build your base and then expand. That way you will have the kinks worked out already, hopefully some good reviews, and a solid foundation for expanding to a larger distribution.

By local promotion I don't mean buy a lot of advertising. Remember people can't eat ads (unless you make edible ads) go hit the streets with samples all around your local area and let the word of mouth start your business. Also it is best to start simple and then expand the menu of what ever you are making.

 

[evoIX]

thanks. by the way. just to kill the questions of product. it's a filipino catering service. i've been around to MANY filipino restaurants and they don't do anything justice. it's like they open it cause no competition for people looking to just go out and get food.

my family is renown in the area for it's ability to cook. my mother-in-law makes her own recipes and has been doing small caterings here and there. i have a HUGE family base in the bergen county area and feel i could easily promote it by word of mouth. and months down the road expand from iNet into a Restaurant and maintaining the iNet as well.

 

[Hirobo]

thanks. by the way. just to kill the questions of product. it's a filipino catering service. i've been around to MANY filipino restaurants and they don't do anything justice. it's like they open it cause no competition for people looking to just go out and get food.

my family is renown in the area for it's ability to cook. my mother-in-law makes her own recipes and has been doing small caterings here and there. i have a HUGE family base in the bergen county area and feel i could easily promote it by word of mouth. and months down the road expand from iNet into a Restaurant and maintaining the iNet as well.

EWWWWW Can i be a taste tester I never have filipino food before

 

[Mbodell]

some things filipino's eat can be pretty nasty IMHO. From what my friend told me there are some gross delicacies. Balut, worms, urchins, etc...

 

[evoIX]

thank god it's not that type of food. and yes some filipino food sounds nasty but are good. it's mainly beef and chicken that i'll be providing. sinagang, manodo, bistiq, bbq chicken/beef, bbq ribs(specialty)<<once you taste them you will NEVER get enough, pancit, lumpia (filipino eggrolls), several different styles how we cook chicken, etc. lol if the business booms i'll definitely have one get together at my location and you can all have a taste!

 

[BobbyG89220]

it would probably cost you around 2-3gs to start asuming you dont have to buy food untill someone places an order
you would have to see if you wanted to start a LLC a SCORP ect...i would go with a llc like the previous person posted its prolly gonna cost you 150 to stat up for that also you need insurance..just remember a couple things
1. dont go in with partners its the worse thing someone can do...i dont care if its your grandmother or mother its not going to work haha ive bin in business with siblings friends family friends siblings inlaws...just dont put yourself through that lol
2. dont expect to see profit for a couple years especially with catering you can get one order once month no orders the next and maybe six the next you never no and if your seeing lots of income dont jump in and take profit right away thinking like "wow im making alot of money let me take some here and ill make it back in a couple days"
3. the food business sucks and is probably the worse business to start with dont get me wrong if you love what your doing then do it but i currently own a resteraunt and one day you can make 4gs but u gotta reminder 1/2 if not more of that money has to go back into the business for restocking food drinks ect.
4. good luck
if you need anyone to create a website let me no i got a buddy that does it pm me ill give you his info