For those of you who have started a small business...

[ShitOnWheels]

...I need some advice. I have an idea that I want to get moving on to implement by Summer 2012, if possible. I would need to have everything ready to go by the end of this year, due to advertising needs as well. I need some advice on where to start.

Forgive the vagueness, but I don't want anyone running off with my ideas, lol.

I've started writing out my plans on what I want to do. I've done a little bit of research, and I know there are a few things I need to do beyond what most small businesses will need because of my target audience.

Would my best bet be to take this information to a business attorney, who could then hopefully help me determine if I need to be an LLC, or incorporate at all, and whether I should be for profit or not for profit, and tax exempt status and all that nonsense? I definitely plan to enlist this advice, but do I do it now, or after I have more solid plans in place and/or money to back it up?

Where does one go to find small business grants/loans? It is a fee-for-service based idea, with staffing necessary for it to work, so I need to have some money in hand before I can implement.

In my research on becoming incorporated, it seems NJ requires 3 trustees...does any one have any idea what this means? I am planning this on my own at the moment, and I don't have anyone else I could name as "management" or "trustees" yet. I need to get the idea off the ground first, in my mind, before I can bring others into the idea.

Any help would be appreciated. Links to research, books to read, attorneys to contact would be helpful.

Thanks!

[Blackbirdws6]

Many of your questions are dependent upon how big of a business you are looking to start. Most LLCs these days will require you to personally co-sign on the business in order to cover the liability. It kind of defeats the purpose of the LLC but it is what it is.

If you are unable to hand the financial portion of the business, getting a good accountant is not a bad idea. From a tax end, they would be able to provide insight into certain things to keep in mind. If you are paying wages, you will need to regularly file quarterly returns with the state.

Again, I would tell us what type of service/product you are looking to offer, # of employees, etc etc. We do not need to know your specific idea to offer some advice on getting started.

[ShitOnWheels]

It's a summer camp idea. Staffing would be based on number and make up of children. But figure anywhere from 25 to 50 employees. Probably not as many to start.

There are very few of the type of camp I want to start, that serve the age group I want to serve. And even fewer in a relatively wide area. I know it can be successful, it just needs to be developed, implemented, and marketed right.

It also wouldn't be year round, except maybe for minimal staffing to plan for the following year. The main staffing is during the summer.

[Anti_Rice_Guy]

Have a business partner(s)?

SBA gives out loans, and depending on your area, you may have venture capitalists offering 0% loans - For a class I am in, I work with entrepreneurs in Orange, NJ, the Intersect Fund, Paul Profeta Foundation, the town's revitalization project, and Seton Hall. We also work with the people from SCORE (A bunch of retired executives who offer free business advise to starts ups as well as business that are already in existence - http://www.score.org/index.html). I have a few business cards from them if you want their names/numbers/emails.

I think that'd be a good route since it's free and they have lots of actual experience.

The Small Business Administration also gives lots of micro loans to startups.

[grazi]

I would definitely speak to an accountant and a lawyer before doing anything, at least to decide if your better off becoming a LLC or corporation. Each has their pros and cons for different liability and tax reasons. From what I remember when I became a LLC, I heard it was pretty difficult to change after it is formed.

[Blackbirdws6]

I would absolutely check into insurance and personal liability with a business like that.

[Artful Dodger]

I would talk with an owner of a similar style camp, asking them the same type of questions. That would give you a better idea as to how to setup your business venture.

Would also check into a good accountant and attorney!!!