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simplechamp · 06:08 AM

I have a few suggestions:

1) If you are really serious and want to set up this small business right I would suggest registering your operation as a limited liability corporation (LLC). There are a few reasons for this, a big one being that having an LLC gives you some protection. If someone should ever sue you or something like that they can only go after the assets of the LLC, not your personal assets. It sounds ridiculous to think someone would ever sue you, but it could very well happen (someone claims your work on their Xbox caused a short, started a fire, and burned down their house). Especially if you are looking into doing the firmware modding and game backups (personal use or otherwise), you don't want to risk losing your house or car if Microsoft catches wind and decides to make an example. Right now you are small, but you could grow quickly, and forming an LLC from the start is a good idea. It doesn't cost much at all, and can be considered cheap insurance.

2) Keep good financial records of all your transactions; payments received, purchases for goods and materials, other misc. expenditures. This way when it comes time to do taxes you can claim the money you spent on the reballing machine and other equipment/materials as business expenses.

3) Register a domain name. Using the free website host and domain is an OK starting point, but doesn't seem very professional.

4) Brainstorm some ways to differentiate yourself from the competition. There are many people out there fixing Xbox's, you need to give the people a reason to choose you.

5) Branch out and diversify your offerings (e.g. someone mentioned fixing PS3's)

Good luck with your new venture!

Edit: Just checked out the website, good idea to mention the reballing machine, highlight that more (pictures showing equipment?) to further differentiate yourself from the competition and show you have invested in this operation. The only thing I would be a bit wary of as a customer is the 2 week warranty. To potential customers that doesn't show much confidence in your repairs. Usually I think 1-3 months is a pretty standard warranty for refurbished items, so you may want to consider that.

	(#42)
simplechamp RC-Monster Titanium Offline Posts: 1,884 Join Date: Jul 2009	03.08.2010, 05:53 AM I have a few suggestions: 1) If you are really serious and want to set up this small business right I would suggest registering your operation as a limited liability corporation (LLC). There are a few reasons for this, a big one being that having an LLC gives you some protection. If someone should ever sue you or something like that they can only go after the assets of the LLC, not your personal assets. It sounds ridiculous to think someone would ever sue you, but it could very well happen (someone claims your work on their Xbox caused a short, started a fire, and burned down their house). Especially if you are looking into doing the firmware modding and game backups (personal use or otherwise), you don't want to risk losing your house or car if Microsoft catches wind and decides to make an example. Right now you are small, but you could grow quickly, and forming an LLC from the start is a good idea. It doesn't cost much at all, and can be considered cheap insurance. 2) Keep good financial records of all your transactions; payments received, purchases for goods and materials, other misc. expenditures. This way when it comes time to do taxes you can claim the money you spent on the reballing machine and other equipment/materials as business expenses. 3) Register a domain name. Using the free website host and domain is an OK starting point, but doesn't seem very professional. 4) Brainstorm some ways to differentiate yourself from the competition. There are many people out there fixing Xbox's, you need to give the people a reason to choose you. 5) Branch out and diversify your offerings (e.g. someone mentioned fixing PS3's) Good luck with your new venture! Edit: Just checked out the website, good idea to mention the reballing machine, highlight that more (pictures showing equipment?) to further differentiate yourself from the competition and show you have invested in this operation. The only thing I would be a bit wary of as a customer is the 2 week warranty. To potential customers that doesn't show much confidence in your repairs. Usually I think 1-3 months is a pretty standard warranty for refurbished items, so you may want to consider that. Last edited by simplechamp; 03.08.2010 at 06:08 AM.