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    11 Replies Latest reply on Nov 3, 2011 4:44 PM by Greg Miliates

    Want to start a small business

    shaq Newbie

      Hi All,

       

      I've been having serious thoughts of trying to start my own business. Just need some good advice and direction on how to begin this process. Thanks!!!!!!!!!!

        • Re: Want to start a small business
          jordandb Newbie

          A few pointers:

           

          • Research your idea. Is it really plausible? Are other people doing it? If so, how are you going to be different?
          • Start thinking about financing. How is the project going to get funded?
          • Look into the logistics. Where are you going to "put up shop?" What are you goals/projections?

           

          Questions like that need to be answered before you start digging in. Really, the best way to do that is make a business plan. That's a good idea even if you're aren't going to give it to venture capitalists or something because it forces you to think in details and writing it down on paper solidifies it in your mind.

          • Want to start a small business
            AsianLady Newbie

            Most important, you need to see if there is a gap and demand of your product in the market, if so, then, check out your competition and in what way will you be different in providing the same services or products and very very important, if you  have a very very good Business Plan, which in my case I found it to be a guideline in starting my business.

            • Want to start a small business
              mrmarvels Newbie

              What type of information do you want? 1st off are you a self starter? Do you need an alarm clock to wake up in the morning.

              2nd Do you have a passion about the product, service or Industry you are going to start your business in?

              3. Do you have any savings you can use to start your business? Getting a loan of any sort in the beginning stages can cripple you.

              4. Can you start it part time (secretly, don't tell your clients that) and test the waters before you upset your life with the risks of business ownership?

              5. Are you going to wear all the hats, bring in partners or hire people?

              What size business is it?

              1.2 million for a McDonalds Franchise or a local catering service in your area?

              • Want to start a small business
                Amy Breslin Newbie

                Plan, plan and then plan!

                Just to list some things to start thinking about:

                Research your idea. Is it viable.

                Make sure you have enough capital to begin and continue.

                If you are selling a product, what will be your distribution channels.

                Research the industry, market and competition.

                Have a marketing plan.

                Prepare a projection to determine financial feasibility

                There is much more but here is a start.

                • Re: Want to start a small business
                  Moderator Jim Ranger

                  What great responses so far! Have they helped?

                   

                  Jim

                  • Re: Want to start a small business
                    chrismarklee Scout

                    My opinion it stats with a a vision.

                    What do you enjoy doing?

                    Even we a big vision you can scale it down.

                    After that becomes the practical part

                     

                    My thoughts

                     

                    Chris

                    Owner Cel Financial CTEC Tax Preparer Services

                    http://www.taxprepfillmore.com/

                    • Re: Want to start a small business
                      bernadette Wayfarer

                      Try to build a website for your upcoming business Shaq.. Observe if your business would work online.. Then, promote it as much as you can to get more traffic/customer. You can also try our web services for help.. Just PM me here! Goodluck!

                      • Re: Want to start a small business
                        fanniecarnes Newbie

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                        • Re: Want to start a small business
                          Greg Miliates Wayfarer

                          There are a ton of work-from-home scams, and most rely on you ponying up cash for product or a system.

                           

                          Instead, I think that starting your own business--not being an offshoot of someone else's--is the better way to go.

                           

                          For most people starting out, I recommend starting with a business model that's fairly simple, and requires very little cash to get started.

                           

                          I truly think that freelancing/consulting is a great business model--either as a side business or with the intent of building it into your full-time endeavor--because a freelance/consulting business has:

                             -->low start-up costs,

                             -->flexible hours,

                             -->a high hourly pay rate, and

                             -->you likely already have the expertise to get started.

                           

                          I started my own consulting business in January 2007 while working full-time and with 2 kids.  I gradually built up a list of a few dozen clients, so that I have a steady workload and income.  It can take a while to get things rolling--as with any business--but the hard work can definitely pay off.

                           

                          Since I started my consulting business, I've QUADRUPLED my former day-job salary, work less, and have a lot more flexibility. 

                           

                          I've seen 2 things sidetrack and/or stymie aspiring freelancers/consultants:  fear and finding clients.  I talk about both those issues on my blog, and recently posted a couple of articles on ways to find clients. My blog also gives specific tips, tricks, techniques, and tools for starting and running a successful freelance/consulting business on the cheap. 

                           

                          Greg Miliates

                          http://www.StartMyConsultingBusiness.com