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1 Replies Last post: Feb 13, 2009 8:26 AM by Analysight

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Where would I go from here?

Feb 10, 2009 12:00 AM

Professional

Oracle 8 posts since
Feb 9, 2009

Hello, my name is Mitch. I had posted a question reguarding obtaining gov. and or state grants but I seem to be getting the cart ahead of the horse. I own a Graphic Design company called Oracle Technologies. I have been working out of my home in Anchorage, Alaska for over a year now and I seem to be having a lot of trouble really taking off. I have had to get a full-time job to be able to pay for my computers and software along with just evryday things. I want to be able to quit my full time job and just become a successfull business owner. Because I just have me and three of my buddies helping me and since we all have full-time jobs I haven't found much time to be able to really dedicate myself to getting this business going and my buddies, well, their my buddies and are really just kind of there and not contributing a lot to the cause. What I would like to do if find a good solid way to either raise money, find good solid investors, or find some grants that I'm eligible for and be able to really take off. I have a business plan for my company but lack experience in this field of being a business owner. My goal is to be able to either buy or lease a building, purchase computers and software for future employee's, as well as have enough in the bank to be able to hire 10+ employees for sales, marketing, and design. I'm looking for a direction in which way to go to get started. Any ideas are greatly appreciated.

Thanks for your time,

Mitch

Tags: ideas, marketing, advertising, business, design, marketing_ideas, marketing_plan, slaes, small_business, tools, leads, web, website, sales Report as inappropriate

Mogul

Analysight 55 posts since
Dec 30, 2008

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1. Re: Where would I go from here? Feb 13, 2009 8:26 AM

Mitch,

You definitely seem to have great ambitions. By the looks of your post, however, it seems you are trying to do too much too soon. Remember the old adage, "Rome wasn't built in a day?" Well, the same applies to companies.

Sit down with your three buddies and identify one anothers business strengths and weaknesses. Then, each person should be able to work the part of the business that best suits his/her strengths. Granted, there will be some tasks in which all of you must be proficient. However, with each of you focusing on your strengths, there will be synergies that will really help your business take off. If your buddies remain passive, then it's time for the four of you to reassess one another's commitment to the business. Get rid of the least committed and go it with the rest of your partners, or seek new partners,

If you find you must go it alone, there is nothing wrong with doing it on the side. Start small. Each small victory will build your confidence, reputation, skills, and project management skills. As you take on more projects, you can save some of the funds from each project so that you will have built a cushion to leave your full-time job and take Oracle full-time. Then as Oracle grows from there, you can pursue the lofty dreams you've stated below. OR - you may find that your goals have changed. In either case, that's OK!

Mitch, I wish you the best of luck!

Alex

P.S. - If you've got partners, also make sure your business organization is structured as either an L.L.C. or a corporation; in a simple partnership, all partners can be personally held liable for the debts of the business, no matter which partner made the fateful decision that caused the business failure, and no matter what share of the business they hold. If your partners are not committed to the business, a simple partnership can make your financial life miserable. Talk to a lawyer about incorporating or organizing as an L.L.C. if you haven't already.

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