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    10 Replies Latest reply on May 24, 2009 9:34 AM by LUCKIEST

    New business/ need advice

    fraizer8523 Newbie
      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?
        • Re: New business/ need advice
          amspcs Ranger
          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
            • Re: New business/ need advice
              fastlaneputtp Newbie
              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?
                • Re: New business/ need advice
                  spacemonkey Adventurer
                  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)

                   

              • Re: New business/ need advice
                LUCKIEST Guide
                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
                • Re: New business/ need advice
                  Smallbiz101 Newbie
                  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
                  • Re: New business/ need advice
                    Smallbiz101 Newbie
                    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