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5 Replies Last post: Nov 16, 2009 5:10 PM by directconect

What it takes to start a business?

Nov 6, 2009 11:48 PM

Click to view probus01's profile Authority probus01 4 posts since
Oct 30, 2009
Some people would say we are crazy for wanting to start and run a business during this economic time ie family and friends. I am sure you would agree if you could get the passion out of your head things might be easier at times. My suggestion is do your homework and stay active on sites like this that will give you the real truth about what it takes to run a business. First hand experiences have taught me to do all the research possible on a new venture before stepping out into deep waters. My company started to help small business owners avoid some of the challenges I faced after 15 years of being in one business or another. The number one mistake people make is not counting the cost, it's sort of like going to the grocery store on an empty stomach and eating more than you can handle or for that matter afford. I would love for all the seasoned guys to jump in on this thread and share 1 thing with new business owners that will really help in today's business world.

On a final note owning a business can be the most rewarding decision you will ever make. Have fun!
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Click to view probus01's profile Authority probus01 4 posts since
Oct 30, 2009
1. Re: What it takes to start a business? Nov 6, 2009 11:54 PM
Ok I meant "it's like going to the restuarant on an empty stomach" you get the point :)
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,926 posts since
Aug 6, 2007
2. Re: What it takes to start a business? Nov 7, 2009 7:47 AM
What it takes to start a business?

You asked us to share ONE thing that will really help.

One, A Business Plan

Two. SCORE. SCORE is FREE and they can help with a business plan
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Click to view TheSoloGuide's profile Mogul TheSoloGuide 109 posts since
Jul 7, 2009
3. Re: What it takes to start a business? Nov 7, 2009 12:05 PM
Probus01:

I wrote a post a couple of months back titled, "Should I Start a Business in a Recession?"

Here's the link:

http://thesologuide.com/790/should-i-start-a-business-in-a-recession/

Although you need to factor in the economy to your business plan, it isn't the only key component. As a matter of fact, some businesses thrive in a declining market.

In my post, I list 12 factors that are key to consider when starting a business.

I had a near identical article posted by Entrepreneur.com, FoxBusiness.com, MSN Money Yahoo Finance and The Washington Post. I hope the readers here find it helpful, too.

All the Best,

Doug Dolan
The Solopreneur's Guide
http://thesologuide.com
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Click to view phanio's profile Mogul phanio 474 posts since
Apr 7, 2009
4. Re: What it takes to start a business? Nov 8, 2009 9:34 AM
One key - regardless of the economic situation - make sure your personal life (i.e. - personal finances) are taken care of. If you think that you can start a business and it will pay you tons of cash from day one for your personal needs - you are mistaken. It usually takes most businesses 18 to 20 months just to breakeven. In a down economy - this time frame could be longer. Then, even after you reach breakeven, that does not mean that you can start taking cash out of the business - most profits should be retained in the business for growth and expansion.

Things to consider in your personal life before jumping into the business world:

Pay down or pay off as much debt as you can.
Reduce or lower other reoccurring bills like phone bill, cable, utilities, entertainment, etc.
Spend some time living the life of a new business owner while you still have other income - e.g. - work 18 hours everyday, eat like your deprived, give up all social activity, etc (it really does not have to be this bad - but you get the idea).
Save - save for at least 18 months of your current bills.
Fix or improve your personal credit history - everyone looks are your credit history - make sure you want them to see it.

Not only will this take some of the stress off of running a new business - but will also help you make better long-term decissions for your venture as well as allow your personal needs not to interfere with your company.

Business Money Today
www.BusinessMoneyToday.com
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Click to view directconect's profile Authority directconect 11 posts since
Oct 3, 2008
5. Re: What it takes to start a business? Nov 16, 2009 6:47 PM
Hello
1. Incorporate your business to seperate your personal credit from your business credit( form your corporation)
2. build your business credit file the right way. making sure you pick the right business address
Your business license, business phone listed with 411 (landline only) Business checking account, Business merchant account, any certificates your business may need. proper zoning for your business
3. obtain your dun number
4. obtain your dun bradstreet credit builder plus or score builder.
5. obtain your trade lines
6. make sure to fax your company financials to dun bradstreet so you have a complete credit file
7. get your 80 paydex
8. an exlent business plan
9. apply for startup business loan under $50,000

It not hard to build your business with some planning and building your buiness credit right and there is more to it than just above, But you need to find someone to help you without scamming you.

Bob

www.betterbusinessreports.info www.businessstartuploan.us www.businesstradelines.info

directconect23@gmail.com
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