Starting your own buisness

[SupraOfDoom]

Let's say this:
- My parents aren't Rich
- I have NO credit what so ever besides one negative against me.
- I don't know where to start, maybe buisness school?

What do I do? I'm going to try and open up an arcade / lan / console center with lots of tournies here in WI or maybe IL, and I need some help or a point in the right direction! Anybody here that started there own succesfull/non-succesful buisness?

Thanks.

PS, Imagine the Supra meets I could arrange.

 

[JustAnotherVictim]

I'm sure you know, but most arcades don't make much money anymore.

 

[rakkasan]

Do you have any idea of the costs it will take & do you have them means of raising the required capital?

'starting' your business is easy, just file with your state (or any state, actually) for Corporation status. Once you have a have that, ask the IRS for a EIN so you can open a corp bank account. Business is started.

With that said, It's hard as hell to run a successful business. I've worked 60-80 weeks for the last 9 years, and it takes a toll on you. There is constant worry about how much money you make, bills you can't possibly imagine and a constant stress that can't be explained with words. I've been self employed for 9 years, but I'm selling the company to return to my roots.

It's a lot to think about, just make sure you think about it throughly before you commit to it. If you do, best of luck.

 

[SupraOfDoom]

Yeah, but most arcades are owned by corparations that put no effort to find out what people like. There is an arcade I go to here in Milwaukee, that survive's purley on regulars... but it has a enough. Funny thing is, you ask people that like games or around my age / younger and they never even knew the arcade exsisted... simpley because of lack of advertising and poor location. I have a spot in mind that would be pretty good with a huge sign.... and I know what gamers want... It would be as much as a social event as it would be a time to game, a healthy alternative to say socail drinking...and look how popular that is. Anyway, I think I can pull it off, and if need be I can change it into an arcade / something else. Just imagine how many people would show up if I ran a halo tourney or cs / sc2, doom3 / fear / ect ect tournies. That and, the profit I would make on consessions could be pretty good considering soda costs nearly nothing and you can mark it up quite alot.

 

[SupraOfDoom]

Do you have any idea of the costs it will take & do you have them means of raising the required capital?

'starting' your business is easy, just file with your state (or any state, actually) for Corporation status. Once you have a have that, ask the IRS for a EIN so you can open a corp bank account. Business is started.

With that said, It's hard as hell to run a successful business. I've worked 60-80 weeks for the last 9 years, and it takes a toll on you. There is constant worry about how much money you make, bills you can't possibly imagine and a constant stress that can't be explained with words. I've been self employed for 9 years, but I'm selling the company to return to my roots.

It's a lot to think about, just make sure you think about it throughly before you commit to it. If you do, best of luck.

See the problem is, I can't imagine being completely satisified doing something else... thanks for the comments though, I will think about it.

 

[rakkasan]

See the problem is, I can't imagine being completely satisified doing something else... thanks for the comments though, I will think about it.

Don't let me give you the impression that I'm discouraging you. The opposite actually, I hope you follow your dream. I just wanted to give you some sort of idea about what it's like after you've committed to it.

 

[da89soup]

^^^^ Dont know how much you want to hear this but what you need is some schooling. Most people here know I work in admissions at a college here in fargo. I help people decide what they want to do with their lives everyday. My advice would be a business school. At a business school you get strait to the point classes on how to run your own business. You dont need a B.S. just an ASS degree would get you the basics for success.
A bank is going to want to see that you have some exsperience and an education to borrow you the money to get going. Most Business Colleges will help place you right out of college. I would work for someone else for a while and then make your move. Always keep on top of your credit for your future goals. This is what an associate degree in business Managment looks like at the school I work for..
English Comp
Speech
2 Classes of a humanities
2 classes of math/natural sciences
2 classes of social sciences
accounting 1
intro to business
principals of finance
principles of mgmt
bus law
professional communication
Business capstone
Microcomputers
Success Strategies
Career Development
accounting 2
payroll
customer service
hr managment
bus ethics
excel
computer focused principles
ect

You can see how that would help you. At a business college you should be able to earn your assoc in about a year and a half. Lots of programs to help pay for school. Pm me if your looking for more info or schools in your area I am happy to help!!!!
Soup
(sorry about spelling had to type fast)

 

[born2drv]

Just imagine how many people would show up if I ran a halo tourney or cs / sc2, doom3 / fear / ect ect tournies. That and, the profit I would make on consessions could be pretty good considering soda costs nearly nothing and you can mark it up quite alot.

My 2c - It just doesn't sound like a good idea to me. With tournaments and stuff all going online/virtual there is no reason to do this other then to meet the other players, etc... Don't start a business that will be obsolete in 10 years.

I run my own business, have for the past 6 years, I sell jewelry online. I've seen the retail jewelry industry go down the tubes from people like myself who sell better quality jewelry for less on the internet. Margins for loose diamonds has plumetted the most since most websites have search engines where you can search all diamonds, sort them by price and compare specs between different online vendors. I still plan to open a jewelry store, but only so I can stock more merchandise and as a means to support my online business.

Don't ignore trends in your industry and think you can fight against change, try to adapt it into your business model. For example, make a website where you facilitate the ranking of gamers and arrange battles and send out awards, etc.... then you could arrange local events all over the US for gamers to get together and talk smack to eachother, bring their hardware and battle it out, etc.

Also personal credit is VERY important. Fix up your credit ASAP. Get some good credit lines on there. If you have to, get your parents to add you to their credit card accounts even if they do not give you the credit card. By being added on you gain all their payment history going back and going forward, and it will increase your scores. Once you have a decent personal credit score of around 650+ you can start getting more credit for the business. Also if you're thinking about opening a business any time in the future, go and register a corporation RIGHT NOW. Even if you don't do anything with it, open a bank account and just sit on it for a while. Let it accumulate some dust (and history). A corporation that was founded 5 years ago and still has all records up to date and is still in business with a bank account also opened up 5 yrs ago can get much better credit then a corporation that was just started last week. Your corporation will need you (or someone else) to co-sign for it to start establishing credit, so it's important that you fix your personal credit ASAP so you can build corporate credit.

 

[suprasport91]

My 2c - It just doesn't sound like a good idea to me. With tournaments and stuff all going online/virtual there is no reason to do this other then to meet the other players, etc... Don't start a business that will be obsolete in 10 years.

I run my own business, have for the past 6 years, I sell jewelry online. I've seen the retail jewelry industry go down the tubes from people like myself who sell better quality jewelry for less on the internet. Margins for loose diamonds has plumetted the most since most websites have search engines where you can search all diamonds, sort them by price and compare specs between different online vendors. I still plan to open a jewelry store, but only so I can stock more merchandise and as a means to support my online business.

Don't ignore trends in your industry and think you can fight against change, try to adapt it into your business model. For example, make a website where you facilitate the ranking of gamers and arrange battles and send out awards, etc.... then you could arrange local events all over the US for gamers to get together and talk smack to eachother, bring their hardware and battle it out, etc.

Also personal credit is VERY important. Fix up your credit ASAP. Get some good credit lines on there. If you have to, get your parents to add you to their credit card accounts even if they do not give you the credit card. By being added on you gain all their payment history going back and going forward, and it will increase your scores. Once you have a decent personal credit score of around 650+ you can start getting more credit for the business. Also if you're thinking about opening a business any time in the future, go and register a corporation RIGHT NOW. Even if you don't do anything with it, open a bank account and just sit on it for a while. Let it accumulate some dust (and history). A corporation that was founded 5 years ago and still has all records up to date and is still in business with a bank account also opened up 5 yrs ago can get much better credit then a corporation that was just started last week. Your corporation will need you (or someone else) to co-sign for it to start establishing credit, so it's important that you fix your personal credit ASAP so you can build corporate credit.

"king of bling" its all making sence now

 

[fandffan]

I've wanted to open many buisnesses and still do. But lack of being 18(one more month) has stopped me. BUT I have done a ton of research. First off arcade no matter if it is successful is still an expensive venture you are taking $100,000 on the low end just for the cabinets(listen to me on this I used to kind of work at a gamestore/arcade and my friend still owns half of it). BUT if you add LAN'ing then you start to see a lil more money. And if you put in a snack bar, you'll be making even more. So you'll need around 150k for all of that. NOW since you don't have credit and like me you're parents are not rich. Then you make an entire buisness plan. Research everything down to the penny of start up cost. Figure your monthly return and profit all of that fun stuff. Then you'll have the task of finding investors. If you get investors then you won't need credit you'll just need to be a smooth talker.

I think that is it but ask if you have any questions small buisness is my love, as it is what drives america.

 

[NgoFcukinWay]

There's a place here in Houston called Planet Zero and it's a massive arcade with machines imported from Japan and I also believe they have a lounge out to the side where you can chill out and order drinks tapioca, JDM drinks, and whatnot. They hold car meets every other week or so and they have a live DJ out there every night when they do. They hold Tekken and MvC2 tourneys pretty much each week. The place has been booming ever since it opened up. The owners of the place own a GTS-T Skyline which they're trying to sell right now, along with a 1JZ Soarer, and a race prepped MK4.

It's a pretty kool place. It's been a while since i've been down there.

http://www.houston-imports.com/forums/showthread.php?t=327362

there are some pics from one of the meets.