Advice on Starting a Business

[ECeptor]

Any advice from those of you who have done it?

[OC-PARTYCAT]

what kind of biz?

[BIGTYME]

Whatever you estimate your startup cost will be, double it! You WILL use it!

[ECeptor]

I have about 3-4 ideas. Just looking for generic advice that would apply to anything from a pure service company (consulting) to a franchise (food, etc.) to a light manufacturing business.

[RiverDave]

Whatever you estimate your startup cost will be, double it! You WILL use it!
Fock that.. I'd say tripple it!!
RD <--- spending money like it's going outta style

[totenhosen]

I have about 3-4 ideas. Just looking for generic advice that would apply to anything from a pure service company (consulting) to a franchise (food, etc.) to a light manufacturing business.
Thats kind of a broad area and difficult to give you an real constructive advice. So on that make more money than you spend.

[canuck1]

my first rule is under promise and over deliver,
the second rule is learn to say NO, it is better to walk away before you commit than to loose money/time

[Slider]

No

[HavaTan]

Amen, Canuck!!!
Do all of those things and most important come up with a solid idea. Then you need to really do a business plan. If you don't know what that is, get a book and look into some software to help you. It is the most important part of any starting business. Make sure your idea is viable. Be honest in your projections for what your business is, what it will cost, how much it will make, and what your BEP (Break-Even Point) is. Make sure you have enough money saved to survive at least 6 months past your BEP.
If so, get a NAME!!! Go to your county hall of records and look up FBNs (Fictitious Business Names), get your name secure and then start looking for a location. And be an advertising ***** everywhere you go...talk about it, talk about it, talk about it.
Once you open, beware, that's when the real advertising whores come out!!! As stated above, learn to say NO!!! It may just save your life :rollside: They are all the "best" and reach the "most", they'll guarantee response, and so on, and so on, and so on. The best this is to ask the businesses around you, see what they advertise in, and how it may complement your business.
BEST OF LUCK!

[canuck1]

Fock that.. I'd say tripple it!!
RD <--- spending money like it's going outta style
RD has a job?

[Delta Jets]

You get to handle alot of money but get to keep very little for personel use and if you have employee's their paycheck comes before your's in lean times and they will get lean. I have always heard it takes 5 yrs to get established so plan for that. Oh yea YOU CAN'T BORROW YOURSELF OUT OF DEBT OR RICH just my .02 worth so if you do it good luck.

[058]

I have about 3-4 ideas. Just looking for generic advice that would apply to anything from a pure service company (consulting) to a franchise (food, etc.) to a light manufacturing business.You don't know what kind of business you want to go into? Wrong approch, my friend....You'll need to want to earn a living at something you would do for free just because you like to do it. And just because you like to do it doesn't mean you can earn a living at it. Maybe you can buy an existing business that is already sucessful but that is no guarantee YOU will be sucessful. Be prepared for long hours, 7 days a week and losing money until the business takes off. Thats a tall order to someone that may be used to a steady paycheck and benefits from someone who assumed all the risks of being in business and they are many. Oh, BTW you will need to provide for your own hospitalization, retirement plan, Self-employment tax and some sort of disability in case something happens to you. Still sound appealing? :rolleyes:

[a catered life]

my first rule is under promise and over deliver,
the second rule is learn to say NO, it is better to walk away before you commit than to loose money/time
sounds like a business man to me :coffeycup

[AirtimeLavey]

my first rule is under promise and over deliver,
the second rule is learn to say NO, it is better to walk away before you commit than to loose money/time
Until you been there, you'll never realize how inportant this is. Practice it...no, no, no. Also, planning and persistence. You gotta really want it, and never take your eye off the ball. Oh yeah, and incorporate as soon as you can. Good luck! It's scary as hell, but rewarding as hell. :)

[a catered life]

good luck but you better research you options first as a business owner for almost 9 years i didnt start to make some real money until almost 3 years after my start up. a lot of your money you make at first goes right back in to the business not your pocket and get ready for those jobs you will have to redo for no additional payment because your lack of experience from just starting up. remember as a boater customer service makes money not just a name and a face

[lucky]

STARTING A BODELLA BY HAND IS NOT WISE - CAFUSSIA SAY ONE BECOMES CALLIS :rolleyes:

[ECeptor]

You don't know what kind of business you want to go into? Wrong approch, my friend....You'll need to want to earn a living at something you would do for free just because you like to do it. And just because you like to do it doesn't mean you can earn a living at it. Maybe you can buy an existing business that is already sucessful but that is no guarantee YOU will be sucessful. Be prepared for long hours, 7 days a week and losing money until the business takes off. Thats a tall order to someone that may be used to a steady paycheck and benefits from someone who assumed all the risks of being in business and they are many. Oh, BTW you will need to provide for your own hospitalization, retirement plan, Self-employment tax and some sort of disability in case something happens to you. Still sound appealing? :rolleyes:
Good advice. There are several opportunities I've been researching and all are appealing in their own way. My goal is to start small enough I can keep my 9-5 job and therefore reduce my financial and benefits risk. I have too much to lose with my current job to just cut bait and do something totally new.
So, it has to start out as a sideline business...

[SHAKEN Not Stirred]

How much time do you have to talk?????? :mad:
Can you do it without employees ???? Their the weakest link !!! :eek:
I still enjoy it after 15 years, but workin' for someone else would be a lot easier.......Not as much money, but easier..... :sleeping:
PM me if you want to chat.... :)
CJG
:wink:

[uclahater]

The most successful business owners that I know all had a vision, and an idea in a specific area where they figured out a way to differentiate themselves from the competition. You cant just start up a Bus because it sound good.
Every Business is dependant upon a clientel of people.
1. Who are you prospective clients
2. What do you have compared to your competition that makes you better. (Price doesnt count and if thats all you have than you wont be succesful in the long run). This will be one of the keys to the sucess of your business
3. How are you going to sell your Business( sales people, marketing, and advertising, internet, word of mouth)
4.What is your expertise, and how much knowledge do you have in the are of business that you want to start(The more knowledge the better)
5. Why do you want to do this, and if its only for the money than you'll fail. Make sure its so that its something you love to do, and that your time down the road is as important as the money.
I started mine about 3 1/2 years ago(but I have 18 years of experience in my field of expertise), and just relocated to another State. This is one of the many great things of being a business owner. It allows you freedoms that a normal job cant
Good Luck
Jim

[OutCole'd]

Best piece of advise I could offer, Go out & but a book called the e myth. read it & live it.

[schlepy]

most business's fail when you try to keep your day job and start a new biz. it takes a lot of dedication to get things up and running. if you are looking into a franchise a lot of things are already in place for you to jump in running just beware of royalties and other ongoing fees...

[dmontzsta]

This may be off topic, but do you have some money you are just looking to invest? cause it really does not seem like you are ready to start a business. If you just have some money to invest, look in to other areas, a business carries alot of responsibility.

[ECeptor]

This may be off topic, but do you have some money you are just looking to invest? cause it really does not seem like you are ready to start a business. If you just have some money to invest, look in to other areas, a business carries alot of responsibility.
I have both time and money I'd like to invest in something with a better return than I've been getting...

[Sportin' Wood]

I'll add another to the book of the month club.
" The richest man in Babylon"
By George S. Clason

[dmontzsta]

I have both time and money I'd like to invest in something with a better return than I've been getting...
Real Estate would have made you pretty rich around here, but that would have been 3 years ago til now. I have a buddy that had money and credit. He started buying land and building houses. He just finished a house in Canyon Lake it cost him 600k to build all said and done with land, permits and all labor. He is selling it for 1.25k. Already has another piece of land on the side that has made 65k just sitting there. He had ANOTHER piece that he sold and made 100k on just the land.

[uclahater]

I'll add another to the book of the month club.
" The richest man in Babylon"
By George S. Clason
Great book to read weather you own your own business or not :cool: :cool:

[canuck1]

I have both time and money I'd like to invest in something with a better return than I've been getting...
Build homes or small commercial buildings, best way I found