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Hiimmj15

New Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
May 5, 2020
22
4
15
Tennessee
Okay I need to post it. I have been searching the question for 2 days and it seems everyone already knows so I need to ask.

How do you actually start a business? I know you need a business license, maybe, and I know i would be looking for an LLC. But thats about it. I do not know how to get the source for my products, (thinking of a pastry selling company) I do not know how i am to pay for starting it (am I buying all the equipment/ingredients?) who to sell to, etc. I mean, I know I would want the product in specific stores but I dont think they would just be like "Hey sure kid sell your product we have never heard of here. Matter of fact, we will distribute them to all out stores."

I assume you go and find companies who make similar items, ask them to make it, and you can sell it. What I do not get is how this differs from licensing a product, which I steered clear from because 1. less control and 2. the rediculous price to obtain a patent. But it that case, what stops them from just taking your product you've given them to make?

I do not think I even know all the questions that I dont know. Or perhaps I am overcomplicating it? Can someone direct me to where I can learn?
 

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Last edited:

Evan G

Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
May 24, 2020
18
28
20
Arkansas
Okay I need to post it. I have been searching the question for 2 days and it seems everyone already knows so I need to ask.

How do you actually start a business? I know you need a business license, maybe, and I know i would be looking for an LLC. But thats about it. I do not know how to get the source for my products, (thinking of a pastry selling company) I do not know how i am to pay for starting it (am I buying all the equipment/ingredients?) who to sell to, etc. I mean, I know I would want the product in specific stores but I dont think they would just be like "Hey sure kid sell your product we have never heard of here. Matter of fact, we will distribute them to all out stores."
I do not think I even know all the questions that I dont know. Or perhaps I am overcomplicating it? Can someone direct me to where I can learn?
You raise a lot of good questions, but I don't think anyone here is going to be able to provide a roadmap of every exact step you will have to take.

To answer your question of sourcing products, there is an interesting Q&A somebody did that you can look at to get a good idea of how it works. You will likely want to start by watching videos or reading blogs to get a general idea of how a pastry/food type business works.

Next answer the question of who do you want to sell to. Do you want to sell products directly to a customer in your own bakery? Do you want to sell pastry making ingredients to bakeries and not deal with the end user? How can you provide value?

I have been searching the question for 2 days and it seems everyone already knows so I need to ask.
I don't think everyone already knows. I certainly don't. Take it one step at a time. You don't have to know all the answers all at once.
 

alexkuzmov

Bronze Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Sep 20, 2019
303
412
192
Bulgaria
Okay I need to post it. I have been searching the question for 2 days and it seems everyone already knows so I need to ask.

How do you actually start a business? I know you need a business license, maybe, and I know i would be looking for an LLC. But thats about it. I do not know how to get the source for my products, (thinking of a pastry selling company) I do not know how i am to pay for starting it (am I buying all the equipment/ingredients?) who to sell to, etc. I mean, I know I would want the product in specific stores but I dont think they would just be like "Hey sure kid sell your product we have never heard of here. Matter of fact, we will distribute them to all out stores."

I assume you go and find companies who make similar items, ask them to make it, and you can sell it. What I do not get is how this differs from licensing a product, which I steered clear from because 1. less control and 2. the rediculous price to obtain a patent. But it that case, what stops them from just taking your product you've given them to make?

I do not think I even know all the questions that I dont know. Or perhaps I am overcomplicating it? Can someone direct me to where I can learn?
If you havent, read MJs books.
What you need is what he calls "domain" experience.
Go work for somebody that is in a business similar to what you want to build and you'll get your answers and then some.
Try and build a business with no domain knowledge and you will fail.
 
OP
OP
H

Hiimmj15

New Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
May 5, 2020
22
4
15
Tennessee
You raise a lot of good questions, but I don't think anyone here is going to be able to provide a roadmap of every exact step you will have to take.

To answer your question of sourcing products, there is an interesting Q&A somebody did that you can look at to get a good idea of how it works. You will likely want to start by watching videos or reading blogs to get a general idea of how a pastry/food type business works.

Next answer the question of who do you want to sell to. Do you want to sell products directly to a customer in your own bakery? Do you want to sell pastry making ingredients to bakeries and not deal with the end user? How can you provide value?


I don't think everyone already knows. I certainly don't. Take it one step at a time. You don't have to know all the answers all at once.
gotcha. Yeah I just need to know where to get an idea I suppose. I will consider the questions you've posed as well. Thank you!
 
OP
OP
H

Hiimmj15

New Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
May 5, 2020
22
4
15
Tennessee
If you havent, read MJs books.
What you need is what he calls "domain" experience.
Go work for somebody that is in a business similar to what you want to build and you'll get your answers and then some.
Try and build a business with no domain knowledge and you will fail.
Okay thank you for the advice!
 

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