My partner and I are in the process of incorporating a business on the side. We both have fulltime jobs. We will be selling products online and offline which currently compliment the industry that we are both in.

My question is this? Can an incorporated business succeed with two part time after hours partners? I know it's a broad question, but with the expenses of incorporation, accounting, etc? Since we're selling expensive products I feel we need to be incorporated.

Anyone have any experience starting the way were are?

I would say yes - in the long run. It might be tough until you get everything worked out but I do not really see why not as long as your hearts are into the business

You can succeed. This is often the best way to kick off a business - you still have a regular paycheck and can afford to invest in the business. At some point in the future you'll probably need to have one of you go full-time, but you can cross that bridge when you come to it. As far as how much capital you'll need, that depends on the business. Incorporation is a good idea depending on how much revenue you're bringing in. How much does this cost? How much does accounting cost? It depends on where you're located, but you're probably looking at a few thousand a year.

Yes it can succeed in a part time business and turn it into a full time business. You'd have lots of company.

What I suggest, to start, to keep things organized and working well for you are"

1) create a business and marketing plan
2) determine an ideal client (target market)
3) determine who will do what
4) see a lawyer for a buy/sell partnership agreement.
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Succeeding in a part time business is possible, but in the initial stages some businesses will demand almost what a full time will demand if not more. I would see it as a part time, but drive it as a full time, if possible.

If you break your day up into:

8 hours to work for your boss
8 hours to work for you
8 hours to sleep

Then if your hours to work for yourself also includes family time, spouse time, house time, etc, then it helps to be open minded to the fact that your sleep hours may decrease a little, possibly until things pick up.

Another thing to keep in mind is, the more expensive your product is, the less volume of people you may have purchasing. Yes it may be more profitable per deal, but if that profit is not sustainable, then you may want to think of a line of products that may always bring you some revenue, while you're waiting for the big fish. Just my humble opinion.

Thank you for the responses. We will be selling products which "support" the larger products so once the initial product is sold, we can sell the consumables for those products. In fact, this is the area that is most profitable.

I'm just a wee bit worried since this is my first "incorporated" business. I've had buisinesses in the past but since I'm a freelance web developer, it's as simple as a a busniess name and my time. Easier to swallow when things go downhill.

That said, a second question I have is with regards to all the incorporation paperwork from the lawyer? Should I have my own lawyer (Which means I'll have to get one) look at the paper work or is it all pretty much a standard agreement? Should the lawyer we are paying for the incorporation bring this to our attention or do I need my own lawyer?

Sorry, one more question as well? This will be a home based buisiness to start since it will primarily be online. If we put my home address as the company address, is my home in any way legally tied to the business? Meaning, if the business gets sued (for some strange reason) is my home considered somehow an assett? Is my home somehow on the line?

Hi
Here's wishing you all the best in your new venture. Naturally it's good that you are marketing products, in a field you're familiar with..

good luck