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10 Replies Last post: May 24, 2009 9:34 AM by LUCKIEST

New business/ need advice

Apr 22, 2009 12:50 PM

Click to view fraizer8523's profile Start-up fraizer8523 1 posts since
Apr 22, 2009
I'm trying to start a small business for the first time. I need some advice on how to go through the process. What do I need to do first and how? Also how to find the best route for funding?
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Click to view amspcs's profile Mogul amspcs 516 posts since
Oct 18, 2007
1. Re: New business/ need advice Apr 22, 2009 1:30 PM
You would probably get better advise from this forum if you were to provide further details about yourself in your
profile. Where are you located? Specifically what product or service you will be selling? That sort
of thing. Beyond that, you should be Googling resources like SCORE and SBA for help and advise.
Good luck.
AMSPCS
amspcs@juno.com
Click to view LUCKIEST's profile SCORE LUCKIEST 7,938 posts since
Aug 6, 2007
2. Re: New business/ need advice Apr 22, 2009 2:16 PM
New business/ need advice, Welcome

If I was starting a new business I would do two things first.

One: Contact SCORE. SCORE is FREE

Two: Develop a Business plan

Good luck
Click to view Smallbiz101's profile Professional Smallbiz101 4 posts since
Apr 22, 2009
3. Re: New business/ need advice Apr 22, 2009 10:01 PM
Frazier,

First thing is check out your competition and see if you will make money doing it and how hard you are going have to work to make that first dollar. Supply - Demand... If you are in demand.. Check out the IRS.gov site on what you need to know about starting a new business. Then check out the SBA, Small business Association web site on Starting a new business and the free classes they offer online. SCORE is a great reference source, but do your own research on your industry... When follow though the plans that the IRS and SBA tell you and make certain you get all the detail information in.. Don't use your own SSN to start the business and work on getting business credit lines and not personal credit lines. If you want to work with getting some start up capital.. Focus on make opening up a business bank account under company name and structure... If this seems overwhelming already... Get you a small biz wiz that loves to help small businesses get started...

Need more advice you can contact me at

VJennings@blessncompany.com
\
Good luck and great blessings
Click to view Smallbiz101's profile Professional Smallbiz101 4 posts since
Apr 22, 2009
4. Re: New business/ need advice Apr 22, 2009 10:01 PM
Frazier,

First thing is check out your competition and see if you will make money doing it and how hard you are going have to work to make that first dollar. Supply - Demand... If you are in demand.. Check out the IRS.gov site on what you need to know about starting a new business. Then check out the SBA, Small business Association web site on Starting a new business and the free classes they offer online. SCORE is a great reference source, but do your own research on your industry... When follow though the plans that the IRS and SBA tell you and make certain you get all the detail information in.. Don't use your own SSN to start the business and work on getting business credit lines and not personal credit lines. If you want to work with getting some start up capital.. Focus on make opening up a business bank account under company name and structure... If this seems overwhelming already... Get you a small biz wiz that loves to help small businesses get started...

Need more advice you can contact me at

VJennings@blessncompany.com
\
Good luck and great blessings
Click to view fastlaneputtp's profile Professional fastlaneputtp 4 posts since
Mar 24, 2009
5. Re: New business/ need advice Apr 26, 2009 10:19 PM
in response to: amspcs
I have contacted both SCORE and SBA. Neither of which were very much help with financing. Both looked over my business plan and said it was great. Even the bankers said that it was a great business plan. However, the market is too low to risk such a venue as mine. Details on that, are:

Ennis, TX
Indoor Family Entertainment Center
Blacklight Mini-Golf and Arcade

I have done all my homework and know just about everything there is to know about this industry, including every blacklight mini-golf designer/installer there is in the country. I have tried different approaches with no feedback. Where to now?
Click to view spacemonkey's profile Mogul spacemonkey 31 posts since
Apr 30, 2009
6. Re: New business/ need advice Apr 30, 2009 8:47 AM
in response to: fastlaneputtp
Fastlaneputtp,
At this moment there is not enough money for people to invest in your idea due to the low economic state. I see that you have done a lot of research into backlight mini-golf and home/family entertainment however have to found a market for this product. Realize that you might have the best product in the world but if there is no market for it then it simply won't sell.
However if you know that your product will sell take a small loan and invest it in a prototype ---then sell your product online throught affiliate programs.
This way you can make your money back quick and the only money you will spend is the bank loan.

Steps:
1) Business Plan
2) Business/Bank Loan
3) Prototype
4) Affiliate programs
5) Sell ( For this process you might also need a dilivery service)

Ps. know the difference between needs and wants (your product is a want)

Click to view bounceman's profile Mogul bounceman 19 posts since
Apr 13, 2009
7. Re: New business/ need advice Apr 30, 2009 9:29 AM
in response to: LUCKIEST
I tried score and in pa found them to be a waste of time. Every time i had a question they pawned me off to someone else or never returned my call.
Click to view LUCKIEST's profile SCORE LUCKIEST 7,938 posts since
Aug 6, 2007
8. Re: New business/ need advice Apr 30, 2009 9:39 AM
in response to: bounceman
New business,

Sorry about your bad experience. As a SCORE Counselor I would like to try and help you.

How can I reach you?? Email?? Phone??

LUCKIEST
Click to view bounceman's profile Mogul bounceman 19 posts since
Apr 13, 2009
9. Re: New business/ need advice May 24, 2009 3:34 AM
in response to: LUCKIEST
I finally got a call from score. I am going to give them another chance. Somehow I got lost in the phone tag maze.
Click to view LUCKIEST's profile SCORE LUCKIEST 7,938 posts since
Aug 6, 2007
10. Re: New business/ need advice May 24, 2009 9:34 AM
in response to: bounceman
New business/ need advice

Good luck with SCORE. Let us know how you make out

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