Business

[Valk]

I know at least one of you (Spike) has started his own company. How did this come about? Which steps did you take? How difficult was it? Any recommended reading?

[ArTee63]

I've done it. It's a LOT of work and lots of dedication. You'll need to wear many hats, at least in the beginning. Depending on what type of business you intend to start, you may need a shitload of capital. The most important part is to stay focused on your goal. Don't let anything get in your way to success. There are many out there who would like to see you fail. Mainly, your competition.

Good luck.

[Valk]

Is the place were you're working now your own thing?

[ArTee63]

Pretty much. I've gone into business with some other people in my industry.

[Valk]

That's cool. Starting your own business and posting almost 10.000 posts on an penis enlargement forum. Hats off. :wink:

Just kidding. Did you had alot of business knowledge before you threw yourself into the deep?

[ArTee63]

I had worked for others in my industry and learned the many thing to do but more importantly, things NOT to do. It hasn't been easy. At times I wanted to chuck it all in. It's been a long road but very well worth it. There is no feeling like being your own boss. :P

[wern]

I have been in the business world for quite a whie. I manage an accounting firm, 10 IT companies, a construction company and a property development company. People pay me to tell them how to be successful in business, among other things.


Here is a pointer: get some proper tertiary training. Go to a university/college/business school etc to get formal business training. One of the biggest reason for business failure is lack of general business knowledge and lack of industry-specific knowledge. Both are equally important. Doing a 6 month course would do you a lot of help. Doing a 3 year course would obviously be better but that's a lifestyle choice kinda thing.
One of my clients once said something very wise: the best investment you can make is in yourself.

[Matt]

I went to Uni to study business and I tell you, in 1 and a half years I didn't learn ANYTHING that would help towards business.

Best advice, get out there and do it. Limit risk as much as possible and try to emulate others in the market place that are successful and try to improve whatever they do. If it's working for them, it can work for you.

[Valk]

So what kind of stuff do you specialize in? Weed? :D

[Matt]

Bumming young men from the nipplelands :P

[ArTee63]

Jinkies!!! :shock: :lol:

[Valk]

Jinkies. lol :lol:

Hey Matt, why havent I been bummed yet? I dont know how many you do a day but our population isnt very large.

[smooth]

I'm actually starting a business now. Got the papers filled out and just gotta mail out. I'm starting an internet modeling websites/adult websites. Had a photoshoot this weekend. SIte should open may 1st

[OneMoreRep]

what kind a business smooth

[Clockers]

I'm actually starting a business now. Got the papers filled out and just gotta mail out. I'm starting an internet modeling websites/adult websites. Had a photoshoot this weekend. SIte should open may 1st


That sounds great there smooth glad for ya! :P

[Matt]

Jinkies. lol :lol:

Hey Matt, why havent I been bummed yet? I dont know how many you do a day but our population isnt very large.

Cos I had to "respect the cock"... but now you're tagged for the 23rd.

[smooth]

what kind a business smooth

basically adult websites. as we start making money, then our own dvds we will be selling through the site.

[Godma]

You on the West Coast? L.A.?

[OneMoreRep]

basically adult websites. as we start making money, then our own dvds we will be selling through the site.

adult website... do you make your own porn?

[ArTee63]

You on the West Coast? L.A.?

New Jersey, right Smooth?

[wern]

adult website... do you make your own porn?

I think many of us would like to be owning that kindof business.

[Shane_Bos]

Id like to sell some of these wonderful products....

http://www.delphion.com/gallery

[Valk]

I think the internet adult business is pretty saturated if you ask me. The golden age is over and its gonna be tough to keep your head above the water.

[Clockers]

Id like to sell some of these wonderful products....

http://www.delphion.com/gallery


Lol.

[wern]

I think the internet adult business is pretty saturated if you ask me. The golden age is over and its gonna be tough to keep your head above the water.

No way. Porn for women is the next big thing. Don't worry you will see... hmm i think I should get a patent for that idea.

[OneMoreRep]

I think many of us would like to be owning that kindof business.

for sure :D

[wern]

Actually I'd prefer to won a modelling agency. There's this modelling agency in our building. I thank the good lord every day for it. I'll give you an example why:

I was on their floor to use the bathroom, as ours is being renovated, and there were two cublics. I could hear two female voices talking to each other so I was thinking "damn these chicks are going to be in there for ever chatting" I was just about to leave when one cubicle opened and two chicks came out. Did I say chicks? I mean GODESSES seriously though. And they were in bikinis. Oh and they were GODESSES!!!!!! So I walked into their cublice to use it and there were g-strings all over the place. Obviously these chicks were getting changed for a photoshoot.

I LOVE THIS BUILDING!!!!! I only use that bathroom now.

... and I have a g-string in my pocket :neut:

[smooth]

I'm Eastcoast. True the golden age is over. However, the adult industry reaps in billions each year and its growing. I wouldn't get in this business if my ideas and concepts and strategies were on point. Im not a risk taker. I'm not saying this will make me millions, but this will make me a good chunk of change each month, plus i'm in college? What. Have a job, porn on side, make those loans look real small.

[wern]

why don't you just become a gigolo. More sex + more money + more milfs. How can you go wrong

[Clockers]

Or just go in business and open up an 'Escort Service' over here that's when you get call's from the "Rich" and they look at your Pic/Video and if they like you they call your service then they disscuss a price then you send the person they want..lots of money in Escorting to the "Rich" :twisted:




But over here it's against the *Law* that sucks.. :x :cool

But they still do it!! :twisted:

[wern]

In sydney prostitution is illegal if it is on the street. If it is within a brothel it is legal. lol.

[Matt]

http://www.sudburytaylor.com/dixiechopper/images/president_on_mower.jpg..

[wern]

Which president is that?

[smooth]

Or just go in business and open up an 'Escort Service' over here that's when you get call's from the "Rich" and they look at your Pic/Video and if they like you they call your service then they disscuss a price then you send the person they want..lots of money in Escorting to the "Rich" :twisted:




But over here it's against the *Law* that sucks.. :x :cool

But they still do it!! :twisted:

Yeah, nothing illegal for me. been there done that.

[Shane_Bos]

You were a male escort? :D

[smooth]

but i wasn't paid for it. :(

[Shane_Bos]

Should have asked for cash in hand :roll:

[Clockers]

but i wasn't paid for it. :(

Why Not!!

Should have asked for cash in hand :roll:


:lol: :lol:

[Clockers]

http://www.sudburytaylor.com/dixiechopper/images/president_on_mower.jpg..


Matt!!

Tell your dad he looks Great in that photo! :lol:

[OneMoreRep]

I'm Eastcoast. True the golden age is over. However, the adult industry reaps in billions each year and its growing. I wouldn't get in this business if my ideas and concepts and strategies were on point. Im not a risk taker. I'm not saying this will make me millions, but this will make me a good chunk of change each month, plus i'm in college? What. Have a job, porn on side, make those loans look real small.

curious. how did you learn about how to do this?

[Spike]

curious. how did you learn about how to do this?

http://cgi.ebay.co.uk/ws/eBayISAPI.dll?ViewItem&category=324&item=5573737164&rd=1

[Clockers]

:cheeky:

[Valk]

3 pounds for a hot girl in bikini. Nice! :D :lol:

[Shane_Bos]

What it is, shares in a porn company?

[Valk]

So I got another business questions:

Is a Limited company just the UK version of an Corporation in America.
So a seperate legal identity with very limited liability (for the owners)?

[Matt]

yup spot on.

[Valk]

Ok thanks. http://www.verticalcircle.co.uk/misc/Cherry.gif

[wern]

What sort of a business are you thinking of starting Valk?

[Valk]

I'm thinking about starting a small, independant Record Label with my band (Valk and the Ugly, Fat Chicks) as main act.
But maybe I will expand to other activities to, like writing music for other media and organizing small to medium 'live music' venues.

[wern]

Valk and the Ugly, Fat Chicks? LOL

But maybe I will expand to other activities to, like writing music for other media and organizing small to medium 'live music' venues.

I am guessing this is the actual intended venture. It definately seems wise to run this venture through a limited company.

[Valk]

What are the advantages and disadvantages of the limited company against private ownership and partnerships?

As for the actual intended venture: It all depends on how good my band is going. Its hard to make money as a band but if for some reason luck is on my side, I will concentrate more on the band aspect.

[wern]

I privately owned limited company limits your personal liability. As you are a shareholder all you can lose the the assets in the company. So if you own a house and a company called Valk Co, and Valk Co owns some sound machines/instruments, and Valk Co gets sued for neglegence causing loss of income (ie that night you got pissed and didn't turn up to a gig you were contracted to do), all they can take is the assets owned by the company. Of course it's more complicated than that and each country has different rules but a limitied proprietary/incorporated company will give you the peace of mind that comes with limited liability.

In Australia there is legal recourse that will enable a director of a company to become personally liable in some cases but that results from being dodgy and breaching your duties as a director. So a director who plays by the book (in Australia) will not likely ever become liable for the company's debts.

Also, operating under a company may seem more professional but that is a marketing issue.

[Valk]

Yes, I know about the limited liability part but what are the disadvantages of a limited company? Whats the reason that some companies arent a Ltd. or a corporation? More paperwork? More regulations? More rules?

[wern]

Exactly. Costs more money. In Sydney it costs between $1000-2000 to set up, and at least $200 annually.


Also the laws governing a private company are very extensive. You need to do a university course in commerce or law to have a thorough understanding.

On the other hand, you save a lot of tax by doing business through a Company in Australia, as the corporate tax rate is 30% compared with the personal tax rate that can be up to 48.5% (depending on the amount of income you earn).

[wern]

Oh and another thing. By running a business through a seperate entity (a Company) you can attract funding by getting people to invest in the company by selling them shares.

[Valk]

Okay, thanks for the help buddy. I will donate half of my revenue to you. :D

[wern]

As I said, that is the way it works in AUSTRALIA. Don't know about the netherlands.

[Valk]

I probably wont run my company from the netherlands. The most likely candidates are the UK or the US.

[wern]

You plan to move there?

UK laws are much more similar to Australian laws (as we dervied our legal system from the UK). So my advice would be much more beneficial to someone operating from the UK.

[Matt]

Werns is just about spot on with all of the above even here in the UK so it looks like good ole oz and uk are similar.

[Valk]

You plan to move there?

Yes, I will be moving there. I dont think its even possible to operate a business from those places without having residence there. (especially america). But I could be wrong.

[wern]

Werns is just about spot on with all of the above even here in the UK so it looks like good ole oz and uk are similar.

Our laws are very similar. Sometimes UK case law (law that was used in the determination of a case in the UK) is used in Australian cases. Ofcourse Oz is better than the UK but that's besides the point. :mrgreen

[soserious]

you could be right, ive never liked the law. its never really seemed to HELP. from where im standing anyway.

[Matt]

Our laws are very similar. Sometimes UK case law (law that was used in the determination of a case in the UK) is used in Australian cases. Ofcourse Oz is better than the UK but that's besides the point. :mrgreen

lol I'll let you to believe that :wink:

[wern]

Well we have hot laid back quality chicks who are very open about sex. And we also have lots of sluts. (something for everyone), but then again all countries have sluts in them. Thank gawd for sluts.

[The Big Banana]

Pfft, if you think we have more sluts than the UK, youre dreaming... in fact the biggest aussie sluts are IN the UK

[wern]

:lol:

[Valk]

I have read that when a company breaks even its actually making 'normal profit'. Can someone explain to me what that normal profit implies?

[The Big Banana]

There are many different definitions of this but generally

normal profit = cost of labour + cost of capital
pure profit = anything on top of that

so at the break even point youre making normal profit, once you go past the breakeven point you make pure profit. Even though I did eco in year 12, that was a few years ago, so take it with a grain of salt

[Valk]

With normal profit, are the shareholders making profit? I assume that the costs of labour include the costs of the Board of Directors and the CEO(s).

[Spike]

What about Cost of Goods Sold, depreciation etc,etc.

[Valk]

ehh...one more time?

[Spike]

normal profit = cost of labour + cost of capital


In addition to...

[wern]

I've never heard of normal/pure profit, but I know what breakeven is. It's when costs = revenue. And that means there's no profit.


Whether or not shareholders receive a dividend is another issue all together.

[Matt]

Break even is when you reach the point at which you are neither making money, nor losing it. $1 over break even and you're making a $ profit.

[Shane_Bos]

Normal profit will occur in perfectly competative markets. If demand was to increase and firms were to get more profit (known as abnormal/pure profit) then businesses would see this and enter the market as there is an incentive to soak up some of this extra demand, until profits are once again shared equally and normal profits are once again made. Similarly, if demand falls, businesses will exit the market until normal profit is once again made.

[Spike]

You must be a student and not a real-world businessman. :lol:

[wern]

Similarly, if demand falls, businesses will exit the market until normal profit is once again made.

That's simply not true. I don't care what textbook says that (even though I never read that anywhere).

[The Big Banana]

Its economic theory... it doesnt have to be right

[wern]

Economist = fortune teller with a degree

[Shane_Bos]

Economics is all theory. There is no such thing as a perfectly competitive market, it doesnt exist in the real world. And yes im a student :mrgreen