Starting a Small Business

[Anonymous No.13428810]

Hey /biz/
Me and two of my good buddies are in the baby steps of starting a small kayak guiding business. We've given ourselves 1.5 years to get our shit together before going live. Friend #1 is a finance guru, friend #2 is a professional kayak instructor with all the needed certifications, and I am in charge of marketing/internet presence. The overhead cost is fairly low, so we're going to try and cash-flow the whole thing.
To sum up a lot of research, we're thinking we'll need ~30k to get up and running (including kayaks, a van, insurance, legal fees, various business expenses, etc...) which we have.
Any anons have experience in starting a small business with your friends? What were the struggles? Any advice? Not looking for a novel, just general suggestions.
Oh and to make it crypto-related I'm putting a lot of my gains into this business.

[Anonymous No.13428848]

>>13428810
>starting a business with your friends
Would not recommend.

[Anonymous No.13428855]

>>13428848
same

[Anonymous No.13428897]

>>13428848
>>13428848
I've heard this a lot, but we've actually negotiated a partnership agreement with a lawyer that is pretty rock-solid. None of us are fuckups either, and if things don't work out, it would not be the end of anyone. We've all got well-paying jobs that we can fall back to in the event shit goes south. Plus no debt.

I have def. been thinking about this though.

[Anonymous No.13428934]

>>13428848
This, you think they are smart/will work their ass

But eventually they will give up(or meaby you will)

You guys should take into account AT LEAST 6 months without profit, its going to be hard, and you will probably fail, and probably will destroy your frienship

Have you take into account the legal part?

[Anonymous No.13428954]

>>13428897
retard they are talking about arguments. Sooner or later you guys are going to disagree on shit. a seed will be planted in each of your minds and it will grow and you will think the other are fucking stupid. You will grow to hate them and vice versa

[Anonymous No.13428968]

Do it. You will not regret it. Make sure you all work hard, and make smart financial decisions. The backend of the business is where you make or break. Reinvest revenue into expanding. Make sure your mission is the same. Be the very best in your industry and you will make it. Also bootstrap everything

[Anonymous No.13428975]

I mean it could be cool but yeah dude it’s hard to collaborate with other people. What if one of them doesn’t put in as much work, is he going to get equal profits? It could be really fun too. Most people are too afraid to try to do anything themselves so they’ll say don’t do it. Definitely read a few books on how to run a business though. Your job sounds the least useful as well. Target hippies, pot smokers, etc in instagram

[Anonymous No.13429010]

>>13428975
No, target big groups

Schools and shit, make sure its an easy route to avoid troubles, hire another instructor on demand

[Anonymous No.13429038]

You are about 10 years too late for kayaking stuff.

Maybe 15.

[Anonymous No.13429076]

>>13428975
Agree with this man. Weed kayak trips in colorado or something. Combine with the high mountain tours with another agency. Link up with a company that does cabins or smth.

[Anonymous No.13429164]

Boy this is awesome thanks guys!

>>13428934
We have accounted for going one full year operating at a loss (from going live, not including investment period). As I mentioned, we have already negotiated an agreement that spells all of this out. Nobody is allowed to withdrawal equity from the business account for three full years, as an example.
>>13428954
Trust me this has been my #1 concern and all three of us are hyper-aware of it.
>>13428975
I am also an experienced kayaker along with friend #2. We're planning on being the extra help for tours during expansion until we can hire. Plus marketing is actually a pretty big deal but I hear ya on your point anon.
>>13429038
All the data from our region shows the opposite.
>>13429076
This would be tricky legally. If we had an incident with a customer and their toxicology report came back with weed it would be bad news.

[Anonymous No.13429205]

Start small then grow.

You don't know if people want this service and you're gonna sink 30k?

Just get a few kayaks and some ads and see if you can get customers before you spend thousands.

[Anonymous No.13429221]

>>13428968
Thanks! Your post reads like a summary of our plan.

[Anonymous No.13429254]

>>13429205
The investment will not be a lump-sum. We've done some surveying and there's definitely a demand for more recreational activities in the area. The business is based on an island where tourists go to drink craft beer and that's it. There's a huge hole to be filled.
Not a bad idea though.

[Anonymous No.13429666]

>>13428897
did u make an llc and associated bank accounts? if not, hire somebody who can

[Anonymous No.13429693]

>>13429666
>>13429666
sorry im satan here but just fuck your personalities and make a corp and either meld into a corp and take on debt while you increase capital and labor or fail like everyone else that can't run a business