If you’re low on start up cash and low on experience as a new entrepreneur I recommend checking out r/flipping - it’s a subreddit about buying things (from fb marketplace, yard sales, thrift stores, estate sales, etc) and reselling them for higher on eBay or Mercari, etc.

It’s a good way to learn about buying, selling, cash flow, customer service, etc., and the barrier to entry can be low like $25-50 low to get started.

My 2 cents - sure if it’s available and the government will register it to you then you own it. Unless you have a trademark they are actually probably free to keep using the name. It may create some confusion for both of your customers. Could be good - could be bad… a name is overrated.

I think a great business (takes care of customers, reliable, honest) will thrive even with a boring or “bad” name but some catchy sounding name that doesn’t actually deliver will not last long.

So my point is - the name doesn’t much matter so long as it isn’t offensive and potentially lends itself to describing your product or service… (doesn’t always have to)

I’d say 1. Access to capital (through having worked a high paying consulting job and saving) 2. Access to networks (connections to others in business through years of consulting) 3. Consulting is shit for work-life balance (often flying and living out of hotels for much of each week) and of course grinding hard as consultants do.

I’d say at some point they are experiencing #3 and say hey I’ve got money - I’ve got connections - I’ll start my own damn business!

I got the chance to work directly with the founder of Domino’s pizza for a couple years. One of the most impressionable things he said to me was: “Treat every customer like they’re you’re most important customer and your business will grow by 50% a year without spending a dollar on advertising.”

I really think it is true - just do the little things, care more, and word of mouth and referrals will propel you a long way.

Great informative post. I am an ex-MSPer and I always know if someone’s spent some time at one - especially 10 years they’ve seen it all. I tried doing an MSSP back in 2017-2018 and got some traction, but in 2018 I took full time employment and it became someone what of a conflict of interest so I shut it all down to play it safe.

Used to play a lot of Fortnite on PS4, but now i pretty much only play Warcraft 3 (I’m 40) on PC.

Def get with an attorney and a CPA on this. For example, you could potentially set up a legal structure like this and pay yourself a salary from the business entity. Any excess profits of the business could be held for future business plans and invested in the stock market til such a time. You could also likely set up a retirement plan that you can contribute to out of that salary and also have the business provide a healthy employer match. All these things could potentially lower your taxable income while preserving your equity in your business.

Just be careful here as you don’t want to be committing any sort of disability fraud (not accusing you) but just make sure you spend the $ to talk to real credentialed tax attorney and CPA.