First, being new to the forum I just want to say hello to everyone. I've been browsing the site for a few weeks now and have found it to be very useful. I thought I would log my progress in this new venture with the intent to give/receive help to/from other motivated entrepreneurs.
My goal with this new venture is to reach 1million in annual revenue and franchise within 2 years.
The business concept is nothing new, it's a service provided with a product, something I'm sure most of you have used before. I simply found a niche involving quality and function that will allow me to squeeze the competition and revolutionize the industry.
My start up budget is 5k, primarily wrapped up in manufacturing the product. Since making the decision to pursue the plan about a week ago, we (I have a partner in the venture) have completed the following:
Company name
Logo
Product design/function
Found manufacturer to build product and begin construction the week after Christmas.
Registered domain
Website design ageed upon, development in progress
Marketing strategy, pricing, etc. in place (partner owns marketing company)
The following are waiting on my LLC paperwork to come through:
Create DBA
Set up bank account/intuit payment services
Obtain liability insurance
I also need to find a CPA and small business lawyer.
Thinking about doing provisional patents on the product as well but I have to look into it a bit more to understand benefits vs. costs etc.
The short term goal is to have our first sale on the books by Feb. 1, I will keep you all posted on my progress.
My goal with this new venture is to reach 1million in annual revenue and franchise within 2 years.
The business concept is nothing new, it's a service provided with a product, something I'm sure most of you have used before. I simply found a niche involving quality and function that will allow me to squeeze the competition and revolutionize the industry.
My start up budget is 5k, primarily wrapped up in manufacturing the product. Since making the decision to pursue the plan about a week ago, we (I have a partner in the venture) have completed the following:
Company name
Logo
Product design/function
Found manufacturer to build product and begin construction the week after Christmas.
Registered domain
Website design ageed upon, development in progress
Marketing strategy, pricing, etc. in place (partner owns marketing company)
The following are waiting on my LLC paperwork to come through:
Create DBA
Set up bank account/intuit payment services
Obtain liability insurance
I also need to find a CPA and small business lawyer.
Thinking about doing provisional patents on the product as well but I have to look into it a bit more to understand benefits vs. costs etc.
The short term goal is to have our first sale on the books by Feb. 1, I will keep you all posted on my progress.
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