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Moving to another state to start a business
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Old Fritz Offline
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Moving to another state to start a business
I want to make this brief.

I am currently planning on moving out of my current state (Maryland) to another state. The primary purpose is to start a business. Said business has to do with engineering, robotics, etc. It is a big deal.

As of now, I have an undisclosed money saved up. I also have certain supplies that will definitely be needed since I will be living on my own. More money and supplies will be accumulated in the meantime.

My current number one option is Austin, Texas. According to my research, Austin Texas has a great business environment. A good talent pool and light on taxes and regulation. I am open to moving to a different state and/or city if that is better but right now Texas seems the number one option to me. I am planning to make my move next year sometime in mid 2015. I will be 22 yrs old when this happens

Any key things I should know beforehand? Anything ranging from certain things I have to do to location to women etc? I'll take anything that will help me know more. I don't mind PM's either.
11-19-2014 09:11 PM
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The_CEO Offline
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Post: #2
RE: Moving to another state to start a business
This almost seems like a "Big Baller" post but I am sure you are earnest.

First I would clarify and separate your request for suggestions into business and personal.

Do you want advice about where to live for social reasons? Ok, visit the travel thread and search.

Do you want start up business tips? Ok, what specific needs does your business have that you would like to scout a location match for?

What do you mean "certain supplies will be needed" since you're going to be on your own? Supplies such as furniture and food? Or supplies such as robotics/business related gear. Some of your post is cryptic so the more you can clarify the better suggestions and help you will get.

Good luck!
11-19-2014 09:55 PM
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Old Fritz Offline
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RE: Moving to another state to start a business
(11-19-2014 09:55 PM)The_CEO Wrote:  This almost seems like a "Big Baller" post but I am sure you are earnest.

First I would clarify and separate your request for suggestions into business and personal.

Do you want advice about where to live for social reasons? Ok, visit the travel thread and search.

Do you want start up business tips? Ok, what specific needs does your business have that you would like to scout a location match for?

What do you mean "certain supplies will be needed" since you're going to be on your own? Supplies such as furniture and food? Or supplies such as robotics/business related gear. Some of your post is cryptic so the more you can clarify the better suggestions and help you will get.

Good luck!

I don't know what big baller is but it sounds funny for some reason.

In regards to social life; i do wonder what it is like. I've heard it's mostly liberal but there is also a good libertarian feel there. People exercise a lot and it's a great tech scene. I've been told a lot of Asians and Latinas live there. I'm black so I am not sure about that ethnic group though. Lots of tacos and dogs too. I've heard more but I am aiming for more information in detail on specific locations.

When I say certain supplies I am referring to essentials. I have a backpack, fire extinguisher, bed, etc. These are basic things that will go in my apartment. I plan to have an apartment by the way.

Business tips are helpful. I am mainly looking for tips about investing. I have money to do that now actually.

I will be find with business related gear along with tech gear.
(This post was last modified: 11-19-2014 10:05 PM by Old Fritz.)
11-19-2014 10:04 PM
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edtf Offline
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Post: #4
RE: Moving to another state to start a business
Investing is a double edged sword if you don't know what you're throwing your money at. What's your background, training, and experience in robotics? If you are a layperson, any con artist can market their snake oil as the next big breakthrough in robotics.

What are your business skills? Can you read a cash-flow statement and evaluate revenue reports? Even companies with the best scientists fail because they are too concerned with doing good science and not concerned with generating income.

How much capital are you putting down? Is it in the millions? I'm also 22, and I only have thousands saved up. Lets say you go in on a solid company which is generating 10-20% profit a year. You better make damn sure that that 10-20% is enough to keep you afloat.

Where is your network? You seem to be choosing a city before even choosing a target to invest in. You should be making a list of conferences, trade shows, and robotics symposiums to meet leading companies and researchers in the field, and then finding the most promising leads to put your money down on.

Also, to clarify, you talked about starting a business and investing in a business. These two are completely different animals, and based on your expertise and experience, you should either do one or the other. Starting a business will put you in direct management of the company's assets, product development, and general direction, while investing in a business will make you take a more passive role.
(This post was last modified: 11-20-2014 03:06 AM by edtf.)
11-20-2014 03:02 AM
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RawGod Offline
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Post: #5
RE: Moving to another state to start a business
Robotics skillz:
   
9000

Financial status:
   
undisclosed

Dr Johnson rumbles with the RawGod. And lives to regret it.

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11-20-2014 04:00 AM
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Old Fritz Offline
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RE: Moving to another state to start a business
(11-20-2014 03:02 AM)edtf Wrote:  Investing is a double edged sword if you don't know what you're throwing your money at. What's your background, training, and experience in robotics? If you are a layperson, any con artist can market their snake oil as the next big breakthrough in robotics.

What are your business skills? Can you read a cash-flow statement and evaluate revenue reports? Even companies with the best scientists fail because they are too concerned with doing good science and not concerned with generating income.

How much capital are you putting down? Is it in the millions? I'm also 22, and I only have thousands saved up. Lets say you go in on a solid company which is generating 10-20% profit a year. You better make damn sure that that 10-20% is enough to keep you afloat.

Where is your network? You seem to be choosing a city before even choosing a target to invest in. You should be making a list of conferences, trade shows, and robotics symposiums to meet leading companies and researchers in the field, and then finding the most promising leads to put your money down on.

Also, to clarify, you talked about starting a business and investing in a business. These two are completely different animals, and based on your expertise and experience, you should either do one or the other. Starting a business will put you in direct management of the company's assets, product development, and general direction, while investing in a business will make you take a more passive role.

Yes, I can read a cash flow statement.

I am not going to start with robots immediately; it is something I have in mind for the long term though. I mention robots because I've already started the process of building a couple. It's something to keep in mind. I have thousands saved up as well

As far as networks go, I have contact with a few people in Austin Texas. I just wanted extra information through here. Need all the information I can get.

I am aiming to start a business but investing is important regardless. It's good to have personal assets too.
11-20-2014 08:15 AM
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edtf Offline
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Post: #7
RE: Moving to another state to start a business
I see, in your situation maybe a startup incubator might be a good fit for you. Its a building where you apply to get in, and they provide you with workspace, tools, office space, and advisors for getting legal, financial, and technical help. Your peers will also be young innovators and entrepreneurs, which will keep your motivation and drive up, as well as keeping you at the cutting edge of what is going on.
11-20-2014 05:21 PM
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WestIndianArchie Offline
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Post: #8
RE: Moving to another state to start a business
If you're ultimate goal is to find funding and build a robot company, find out if there's a robot scene in Austin.

The university is there with at least 2 big labs dedicated to some aspect of robotics, but I don't know if there's a Venture Capital scene there for robotics.

There might be one in Boston from what I read.

Other than you're whole reason for going there, Austin is a dope place to live.
- music, food, culture
- girls
- vibe

Relatively cheap compared to the rest of the hotspots around the country, but not cheap for Texas at all.

WIA
11-20-2014 10:38 PM
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VolandoVengoVolandoVoy Offline
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Post: #9
RE: Moving to another state to start a business
Live life on your own terms. No half measures. Just don't piss off the cartels and you'll be fine.
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"Me llaman el desaparecido
Que cuando llega ya se ha ido
Volando vengo, volando voy
Deprisa deprisa a rumbo perdido"
11-21-2014 12:34 AM
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