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    9 Replies Latest reply on Jul 6, 2009 11:56 AM by TransActPOS

    I want my own business, I don't know where to start,

    diapastry Newbie
      <<br />I been wanting to open my own pastry shop ever since i graduated school, i have a AS in Patisserie and Baking and love doing that, i have some experience working in that kind of business, and i really really want to open mine. The thing is that i don't know where to start, i also designed a businees plan a long time ago when i bearly was starting pastry school, i am not sure if with this economic crisis , the bank would be albe to give me a loan, and what do i need to do in order to start?+
        • Re: I want my own business, I don't know where to start,
          LUCKIEST Guide
          I want my own business, Welcome

          The best place to start is to visit SCORE. SCORE is FREE and can help you start.

          Also go to Members page and share some info.

          Bring your Business Plan up to date.

          Good luck
          • Re: I want my own business, I don't know where to start,
            alsresources Newbie
            Start journaling all your ideas for awhile. (Keep your journal going even after you establish your business). Start working on a business plan using some of your journaling ideas as well as a business plan template to fill in the other parts of the business that may allude you. Network yourself --- get involved in your community, donate to community organizations (product, prizes and time) and expose yourself in the best possible - inexpensive way. Word of mouth goes further than spending a lot on advertising. Also, keep on going after you get it off the ground --- if you are passionate enough about being in business and selling your talents - it will work out - no matter how modest your means are at the beginning. The first few years are the hardest --- but you must hang on -- keeping expenses to a minimum and not going into debt. It will work out. Just follow your dream with journaling, planning, networking, and perserving with your dream.
            • Re: I want my own business, I don't know where to start,
              SME_ally Adventurer
              Hi diapastry,

              I am always thrilled whenever I hear people say they want to start a business. I think it's always a challenge to do your own thing but at the same time, a very rewarding experience. Personally, if you want to start a pastry shop, by all means do it. If you are unsure where to start, I would suggest you get acclimated with the industry. Attend some trade shows and meet with suppliers and learn about the industry from a business standpoint (costs for display cases, cooking utensils, machines, raw materials, etc). Next, I would survey the neighborhood where you want to set up shop. Are there any competing pastry shops? If there are, how's the foot traffic for these shops? Are their prices for the pastries high/low? Know what the rent is like in the area so you can guage what you can/can't afford. Know how much you can realistically make a year and project that 3-5 years out. Once you understand these issues, you should be able to update your business plan. Yes, banks are much stricter with credit but they still need to make business. If your business plan is sound and feasible, your credit is great and you have collateral (ie. house) then I'm sure you can get a loan. But before thinking about getting a loan, see if you have family and relatives willing to invest. Best of luck to you!
              • Re: I want my own business, I don't know where to start,
                rcrivera Newbie
                Hello diapastry,
                Where are you located?

                rcrivera
                • Re: I want my own business, I don't know where to start,
                  hconnections Adventurer
                  Hi diapastry,

                  Congratulations! Most people who want to start a business, never get the chance to do so. At least you have taken the first step in posting on this business forum.

                  For starters, you definitely want to learn as much as you can about your industry. Also try to see if you can locate similar shops and meet and interview the owners to gain insight. You also want to begin to learn as much as you can about starting, growing and developing your business. Begin attending business workshops in your area. You can also find a wealth of resources at www.score.org and www.sba.gov. You'll find all sorts of online training and webinars that can teach you so much about marketing your business and writing a business plan, financing and so much more. You also want to save as much money as you can or start jotting down your ideas on how you plan to obtain financing for your business venture. Depending on where you live, also try reaching out to your chamber of commerce and your city's economic office. The IRS' website can also provide you valuable information concerning your business taxes. There's a whole entire page dedicated to Self Employoed Individuals and the Small Business Community. Best of luck to you.

                  --
                  Ktasha, your personal tax partner
                  www.hardgeconnections.com
                  • Re: I want my own business, I don't know where to start,
                    david_aa Adventurer
                    is your business plan up to date enough? reread it, do some additional research and go to a bank for a loan! After you gain some starting capital, consult a lawyer. everyone needs a serious legal background for running business without problems. Also, think about web presentation of yor pastry shop. There are some attractive affordable website building services.
                    • Re: I want my own business, I don't know where to start,
                      TransActPOS Wayfarer
                      One idea is that you would need a well rounded Point of Sale System to help with inventory, accounts receivable, ordering, etc.
                      Go to our website and check us out and let us know if we can help.

                      www.transactpos.com