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    3 Replies Latest reply on May 3, 2011 12:06 AM by She'sMyPA

    To be or not to be?

    tkp123 Newbie

      I have been trying to figure out what I want to do with my life.  I've come to the conclusion that I would like to open my own boutique.  I know quite a few business owners, and I like the lifestyle they lead.  They are their own bossess, and they enjoy going to work everyday, which is something I haven't been able to say in a long time.  I know how to operate the business, I just have no idea how to get started.  It's overwhelming!!  I have no money so do I try to get  a small business loan or look for investors?  What about inventory and fixures?  How do I go about finding all of that?  Please help!!

        • To be or not to be?
          WSBryanJaneczko Wayfarer

          Hi tkp123,

           

          I would reccomend that you open a business not just because you like the idea of being your own boss but because you will love what whatever you'll be doing every single day. Being your own boss does not mean less stress, it actually means more responsbility, inumerable sleepless nights working, the instability of not having enough money to sustain your business etc. and the reward of owning your own business does not come fast. I assure you it can take years, if it comes at all.  Are you prepared for that? What makes a great entrepreneur is not amazing skills or a high IQ, it always boils down to persistance...so much so that a good entrepreneur could even be deemed irrational.

           

          Serial entrepreneuers are good at launching businesses because they have sharpened their abilities to do many things at once, they are okay with devoting much of their lives to their businesses and they are great at making the right contacts. You don't need to come equipped with these qualities but you do need to learn them.

           

          If you have no money right now you'll need to first get incorporated, you can't get a small business loan without being a business first. Same is true for finding an investor. Turning to friends and families for an investment would be a good place to start, that would take convincing them that your idea is viable and would provide a good return. Finding an angel investor or any larger scale investor would be very hard unless you can prove that your business can be scalable. I would not even consider that option right now.

           

          I would suggest that right now you start putting together a business plan. This will help you so much and it will help you determine step by step what you'll need to do if you want to start your business succesfully. A good business plan will take several weeks to several months to craft so start cracking.

           

          I would recommend signing up for Wicked Start, it's an online tool to help people identify whether they have good business ideas and then launch them. It's free, it's convenient, why not sign up? (It's also a tool that I created, and I have years of experience in starting my own businesses)

           

          When they say that starting a business takes hard work, that's a huge understatement. But you can be very succesful if you do it right and plan well. Good luck!

           

          -Bryan Janeczko

          Founder of Wicked Start

          • Re: To be or not to be?
            kingwholesales1 Wayfarer

            I was where your at about a month ago or so. I had so many questions and no direction.

            Starting a business is easy. You just have to start small and work your way up.

             

            I started mine with 3 grand.

            I wanted my own store but the funds were just not there. I did not want to get a loan. ( The borrower is a slave to the lender!)

            So I decided to buy my inventory at wholesale of course and get some merchandise racks. I than went out and hit the road with my products and business card and looked for business vendors willing to sell my products in their store on consignment. I landed 5 contracts in one month! So this is what I did to get started.

            The great part is I have no overhead! No Debt! No Loans to pay back. I kept my day job and I work my vendor contracts on fridays.

            This is what worked for me. I still plan on opening my own store one day. All of the money from my sales goes into my business account and I use it to buy more inventory and to expand my company to take on more contracts. maybe you might try something like this to start out. Good luck.

            • To be or not to be?
              She'sMyPA Wayfarer

              I applaud you for taking the step to your happiness. As for having no money, if you are able to get investors and loan that is an option. However, you must think about the fact of sharing profit and backing back debt. Although, many have found this route to befit them.

               

              The other route, could be starting by selling on ebay. You could also sell vintage clothing. Then increase you level as your profits increase. In addition, you start-up fund could come from a garge sale.