• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. Join 50,000+ entrepreneurs
    who are kicking butt and
    winning their dream life.

    Unscripted™ Entrepreneurship:
    A Business That Pays More Than Money, It Pays Time.

    "Fastlane" is an entrepreneur discussion forum based on The Unscripted Entrepreneurial Framework (TUNEF) outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED™). From multimillionaires to digital nomads, the forum features real entrepreneurs creating real businesses.

    Download (Unscripted) Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

3 Friends Starting An Internet Business 2019

Discussion in 'Business Models, Niches, Industries' started by fastlaner_1992, Dec 18, 2018.

  1. fastlaner_1992
    Offline

    fastlaner_1992 New Contributor Read Millionaire Fastlane

    Messages:
    8
    Likes Received:
    4
    Joined:
    Nov 8, 2018
    Gender:
    Male
    Rep Bank:
    $21
    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
     
  2. poseidn
    Offline

    poseidn New Contributor

    Messages:
    12
    Likes Received:
    15
    Joined:
    Aug 1, 2016
    Rep Bank:
    $87
    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.
     
    superb, Kak and Xeon like this.
  3. sparechange
    Offline

    sparechange Gold Contributor Speedway Pass

    Messages:
    1,205
    Likes Received:
    1,377
    Joined:
    Nov 11, 2016
    Gender:
    Male
    Location:
    Canada (Vancouver/Calgary)
    Rep Bank:
    $4,210
    Working on a business with friends is one the biggest mistakes you can make, tip for ya

    SOMEONE will always slack off
     
    Determined2012, superb, Kak and 8 others like this.
  4. RazorCut
    Offline

    RazorCut Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    1,396
    Likes Received:
    4,341
    Joined:
    May 3, 2014
    Gender:
    Male
    Location:
    England UK
    Rep Bank:
    $27,023
    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.
     
    sparechange likes this.
  5. srodrigo
    Offline

    srodrigo Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    227
    Likes Received:
    311
    Joined:
    Sep 11, 2018
    Gender:
    Male
    Rep Bank:
    $1,669
    Friends + Business = Recipe for disaster
     
    superb and Xeon like this.
  6. TinyTim
    Offline

    TinyTim Contributor Speedway Pass

    Messages:
    70
    Likes Received:
    88
    Joined:
    May 1, 2016
    Gender:
    Male
    Location:
    The World
    Rep Bank:
    $532
    Do it on your own.
     
    superb and Xeon like this.
  7. jpanarra
    Offline

    jpanarra Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    847
    Likes Received:
    2,471
    Joined:
    Jan 9, 2014
    Gender:
    Male
    Location:
    Indianapolis, Indiana
    Rep Bank:
    $16,816
    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
     
    Xeon, TinyTim and jon.M like this.
  8. MrMcCollum
    Offline

    MrMcCollum PARKED

    Messages:
    1
    Likes Received:
    0
    Joined:
    Dec 23, 2018
    Gender:
    Male
    Location:
    Koln
    Rep Bank:
    $6
    In what way should I start my own trading business?
     
  9. jpanarra
    Offline

    jpanarra Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    847
    Likes Received:
    2,471
    Joined:
    Jan 9, 2014
    Gender:
    Male
    Location:
    Indianapolis, Indiana
    Rep Bank:
    $16,816
    What is this?
     
  10. PizzaOnTheRoof
    Offline

    PizzaOnTheRoof 1% Better Every Day Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    396
    Likes Received:
    878
    Joined:
    Jul 30, 2018
    Gender:
    Male
    Location:
    Texas
    Rep Bank:
    $4,831
    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.
     
  11. superb
    Offline

    superb Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    139
    Likes Received:
    206
    Joined:
    Sep 8, 2013
    Gender:
    Male
    Rep Bank:
    $1,157
    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.
     
  12. Nova
    Offline

    Nova Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

    Messages:
    19
    Likes Received:
    27
    Joined:
    Dec 3, 2017
    Gender:
    Male
    Location:
    United Kingdom
    Rep Bank:
    $142
    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.
     

Join 1000s of entrepreneurs who are rewriting life's script and winning financial freedom.

---- ----

You must be a member to join the conversation.

Create Account

Join the community fast and easy!

REGISTER

Log In

Already have an account? Login here.

LOG IN

Share This Page