The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  • Join 50,000+ entrepreneurs who are earning their freedom and living their dream.

    "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

fastlaner_1992

New Contributor
Read Millionaire Fastlane
Nov 8, 2018
8
4
16
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
 

poseidn

New Contributor
Aug 1, 2016
12
15
14
21
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.
 

RazorCut

Platinum Contributor
FASTLANE INSIDER
Speedway Pass
May 3, 2014
1,427
4,461
1,016
England UK
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

Gold Contributor
FASTLANE INSIDER
Speedway Pass
Jan 9, 2014
847
2,474
571
30
Indianapolis, Indiana
www.thedailyearner.com
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

1% Better Every Day
FASTLANE INSIDER
Speedway Pass
Jul 30, 2018
413
919
337
Texas
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

Bronze Contributor
FASTLANE INSIDER
Speedway Pass
Sep 8, 2013
139
206
165
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.
 

Nova

Contributor
I've Read UNSCRIPTED
Read Millionaire Fastlane
Dec 3, 2017
19
27
22
29
United Kingdom
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.
 

FORUM SPONSOR

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post thread…

Search the Forum

New Topics

FASTLANE INSIDERS

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom