Been offered to go into a joint business adventure :/

CaptainComedy

CaptainComedy

CaptainComedy

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hey guys, I've been doing some freelance web design for 2 guys who are friends with each other. (someone correct that line for me it doesn't read well in my eyes) and they have asked if I would go into business with them, they haven't said what kind of business or anything like that, but has anyone here started a business from scratch? I'm thinking probably an online business - maybe that targets a wide audience, possibly to do with media but I am undecided.
 
You need a solid idea and know where the direction of the business is going before even considering it. You need lots of money to invest without any guarentee of a profit for the next year. And also, it can be a bad idea to start a company with friends - this is because your friendship will often become more important than the business ideas, and it could collapse on itself.
 
well I've got a hnd in business but my degree is in multimedia :p not exactly similar but both pretty useful for the scenario...

I have no financial backing myself but the other guys have a fair bit of money. Also experience in business. and they have a good entrepreneurial attitude not that I know what that is but they seem to know what they are doing...
 
Really you need to know what it is, how they plan on achieving it, what you're required for, what cut you would get etc. before you or anyone else can have a chance of assessing whether it's worth it.

Obviously they're not going to want you to post details on a public forum about it so really you'll have to decide for yourself on the strength of the information they give you.

Don't get involved unless you have confidence in the idea and you are happy with arragements of your involvement.
 
Thinking back I think Spie would be a good example for joint adventures. It didn't go swimmingly for him if you can find the thread :p
 
Ensuring you've got a backup plan - i.e. other job etc to fall back on, would be my first priority before committing.

However, ensure you fully understand their business idea, the concepts, and essentially like their product or service.

Also, make sure there is a solid business plan in place and a market for the said product. Pitch it to friends etc to gauge their opinions - getting a different spin on things all helps.
 
codec said:
hey guys, I've been doing some freelance web design for 2 guys who are friends with each other. (someone correct that line for me it doesn't read well in my eyes) and they have asked if I would go into business with them, they haven't said what kind of business or anything like that, but has anyone here started a business from scratch? I'm thinking probably an online business - maybe that targets a wide audience, possibly to do with media but I am undecided.
Click to expand...

This is a joke, right?
 
Forget it, either they have an idea and they need you onboard because of your skills/money, or they dont have an idea and its a non starter.

If its the latter walk away before they take you for a ride and you lose everything.
 
9999/10000 cases like you described in the first post are a recipe for disaster.

I started a business with a friend - he had a proper education in business and I had the technical skills - as it turned out I'm not half bad at business either. We spotted a gap in the market with strong potential, spent 6 months doing feasibility studies, planning both entry and more importantly exit strategy (in case it all goes wrong), raised the capital to keep us afloat until we broke even - spent a lot of time in both planning and research... as it turned out it was a good venture an we hit our 6 month target projection for breaking even in just over 3 months. (Partly due to me playing it overly cautious with the projections).
 
This is a recipe for disaster. Why are you even considering this venture when you've no idea what it is for, how it will operate, your role, the work involved etc etc?
 
for those saying a recipe for disaster, I don't know what the product/service would be so how do you know it could be a disaster?

I'm just looking for advice on how people with start up businesses progressed and what the hardships etc were
 
codec said:
for those saying a recipe for disaster, how do you know it could be a disaster?
Click to expand...
...because...
codec said:
I don't know what the product/service would be
Click to expand...
...usually leads to disaster.

Seriously, there is no point even contemplating it until you know what their idea is.

Re reading your initial post it sounds like there isn't an idea at all, beyond 'lets start a business'. If that is the case, don't bother, it won't work.

You need an idea, then think about the business potential, doing it the other way around will not work.
 
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