ForumsStarting a Business

Having over the course of many years started, bought and built up a number of businesses ... I absolutely know that having your own business can be rewarding. But it is a challenge and it comes with risks that you have to prepare for and be aware of.

The best way to launch a business is to layout a plan for it (both yourself and your business idea). Here is a quote from Goethe, I have on my website that says something important for you to read and learn from:

"I respect the person who knows what they wish. The greatest part of all mischief in the world arises from the fact that most do not sufficiently understand their own aims. They have undertaken to build a tower, and spend no more labor on the foundation than would be necessary to erect a hut." ~ Goethe

This is true on so many levels of life. I have seen many business owners fail, and many succeed. Often the basis for both drives back to their preparation (or lack of) early on.

You have to plan and prepare when you want to start or buy a business. It is too important to short-cut or not do!

I believe that the starting point is to determine what type of business best suits you. Elsewhere on this site you'll find a post from me about "7 Steps To Find The Right Business". In that, I talk about how the most important thing to do first is to figure out what the "right" business is for you. You might find that of interest to read.

If your number one passion is comic books I would say go with that one ... but figure out a way to get into that business in such a way as to not take on a lot of expense and overhead by opening a retail/outlet mall location. Perhaps you can do a "kiosk" type of location at that mall or something similar and low expense. Or even "co-locate" your business with a complementary business (maybe a coffee-shop or independent book store that does not carry comics). If possible, focus on a niche product line so that you become a source for people to go to (a destination and not a business that they just "happen" upon while shopping) and develop a loyal customer base.

The point to this is to make your initial steps into your market profitable. In my experience when new business owners are "generalists" i.e. they sell products in broad categories in competitive markets ... they better have a lot of money for marketing to drive volume to their store. Often it is better to specialize, develop word of mouth traffic to your location, make good margins on niche products, before you try to broaden out into other areas or products.

So while you are finishing up your degree ... begin planning your business. Find out what makes good business sense for you based on your studies and on what has succeeded for other businesses. Don't assume that the only way to bo in business is to open a costly retail location. Look at other options and think things through before you start spending any money.

I hope the above helps you or gives you some direction. There is a lot of good information and business start-up help to be found on this site from some of the professionals that participate in the community. Do a search for that and read more to get additional feedback that will help you.

Good luck and best wishes to you,
Dennis Lowery
Adducent, Inc.