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3 Friends Starting An Internet Business 2019

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fastlaner_1992

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Nov 8, 2018
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Hi Fastlaners,

My name is Carlos, I'm from the UK, the business will be conducted from here. I'm 26 years old and live in Birmingham, UK.

Me and 2 friends got the idea to share resources, ambition and time to create a business we are familiar with from the affiliate side. But we're a little clueless as to what to set it up as, llc, sole trader etc.

The business we are going to start is CPA marketing/ Affiliate marketing.

My question

I wish to know if anyone has started such business if not can you point me in the right direction to someone who has done it? I know people who have setup campaigns and what not but we want to go into this and all future endeavors as entrepreneurs, not individuals who just make quick marketing campaigns.

We aren't going into this blind, we understand the mechanics of this business model, I'd just like to get a skeleton to be inspired by.

Thanks for reading and if you feel I have missed anything out, please say so.

Carlos
 

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poseidn

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Aug 1, 2016
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Why do you need 3 people to start this? Are you focusing on CPA or affiliate marketing? Or both? You'd find that they are fairly different with fairly different communities.
 

sparechange

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Working on a business with friends is one the biggest mistakes you can make, tip for ya

SOMEONE will always slack off
 

RazorCut

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Hi Carlos,

You could set up as a partnership of the 3 of you or as a Limited Company (I don't know if there is such a thing as a LLC in the UK) Are you sure you don't mean LLP?

The most logical form your new business would take would probably be a Limited Company. Not difficult or expensive to set up.

I can vouch for Rapidformations as a decent company to use. They also handle Limited Liability Partnerships as well if it is more appropriate (never had cause to form one myself).

I'm not sure I get this. You are going to work as a collective doing affiliate marketing selling other peoples products?

Why do you need to tie everyone together as a single business entity? Do you all have different skills which means you can only work together rather than perform all functions alone? In other words one of you is good with copy, another with graphic design, another with data management and analysis but you all suck at each others roles?

Oh and be very aware that @sparechange is bang on the money with his comment.
 

jpanarra

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You might see a common theme here that a lot of people are against having friends for business partners, and most of those people are speaking from experience or observations.

I’ve been there before where I started up something with my college buddies and there was this one dude that was just dead weight. Of course the business was a failure, and I got very little return from it other than the lesson everyone on here is warning you about.

If you and your friends believe that you all can do it together, get a legal document making it clear that you all are partners and have distinct responsibilities
 

PizzaOnTheRoof

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If you’re going to start a business with friends then please for the love of god write up a contract outlining the EXACT responsibilities of each member involved.

Also outline what will happen should one person fail to deliver on his responsibilities, and how money/assets are divided should it not work out and y’all split up.
 

superb

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I wouldn't think of being in a partnership. I've seen a few implode and presently someone close to me is having MAJOR problems in theirs - and they have a pretty in depth contact! This needs to be one persons business and the others are either sub-contractors or employees.
 

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Nova

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Dec 3, 2017
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I will echo the other messages here.

My first venture was with family members. We put problems aside in the end, but I would not do it again. As negative as it sounds, the job is best done yourself.
 

sparechange

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fastlaner_1992

fastlaner_1992

New Contributor
Read Millionaire Fastlane
Nov 8, 2018
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Currently, I have been reading through TMFL and Unscripted and I am reading Dotcom Secrets.

I've been teaching myself FB Advertising and building on the skills I need to build a brand, not a business.

I've been assimilating the information and I have also built my sales funnel ready to launch the end of the month.
 

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