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    11 Replies Latest reply on Jun 21, 2009 11:36 AM by harishmanek

    Wanting to be my own Boss

    bbobbitt45 Wayfarer
      I am a young gentleman trying wanting to start his own business of some kind I'm think a retail store or Flipping houses which both grabs my intrest hard, but todays market how it is going in both fields are not so well but I believe its the perfect time for both to start but the thing is I have no earthly idea where to start because I am only 21 years of age and I am starting from scratch, no money to invest from myself so does anyone have any advise.
        • Re: Wanting to be my own Boss
          DomainDiva Ranger

          Retail and real estate are fairly opposite ends of the business owner spectrum. Before you borrow any money you need to take a personal inventory to find out what your passion is. Make that passion your business.

          keep us posted....theres more advice where this came from!!!!
            • Re: Wanting to be my own Boss
              bbobbitt45 Wayfarer
              Honestly a retail stor is my true passion now I haven't decided exactly what kind of retail just yet but thats where I really want to do and I know it is truly hard work to do that and I like flipping houses idea because I know it is a fast way to make big money if you play it right.
                • Re: Wanting to be my own Boss
                  DomainDiva Ranger
                  What kind of retail? As far as flipping houses you are going to need both excellent credit and a chunk of money. For every person that does really well in housing there are many more who lose really big.

                  You need to narrow your focus.
                    • Re: Wanting to be my own Boss
                      bbobbitt45 Wayfarer
                      I am still debating on the retail part I have been trying to think of something that is going to stay out on the market for a long time of course just like anyone else...and on the real estate side the credit I have is very well but the lump sum down is the problem and yes you are right I need to focus more on one thing but thats the only to I have narrowed down to what I like and love but I want to go into it the right way because where I live if I could just get my foot in the door I could do really good.
                • Re: Wanting to be my own Boss
                  LUCKIEST Guide
                  Wanting to be my own Boss

                  O K you asked. Many people want to be their own boss, like myself and DD.

                  To start a Business you need a Business Plan. A Bus Plan serves as a tool
                  to reaffirm the viability of your ideas.
                  Then there is SCORE. SCORE is FREE and can help both in person and online.

                  If you want to talk, email me at " pdeig@juno.com " and include a phone number.

                  Good luck, LUCKIEST
                  • Re: Wanting to be my own Boss
                    chinahelpyou Adventurer
                    HI , I AM XIAOMING.FROM CHINA,CAN I HELP YOU?PLEASE contact me

                    my mail toszbuy@gmail.com
                    • Re: Wanting to be my own Boss
                      Tracker

                      There is a saying that is very true:

                       


                      "the man who chases two rabbits, catches none"

                       


                      Or something along that line.

                       


                      To boil it down ... to accomplish anything of importance you have to have focus. You can't go in two directions at once.

                       


                      If you want to be your own boss and have your own business; I believe that the starting point is to determine what type of business best suits you that you can make money at.

                       


                      Elsewhere on this site you'll find a post from me about "7 Steps To Find The Right Business". In that, I talk about how the most important thing to do first is to figure out what the "right" business is for you. You might want to find that post and read it as I think it would be helpful to you.

                       


                      Once you know what business direction you are going in, the best way to launch it is to layout a plan (both for yourself and your business idea). There is a lot of good information and business start-up help to be found on this site from some of the professionals that participate in the community. Do a search for that and read more to get additional feedback that will help you.

                      Good luck and best wishes to you,
                      Dennis Lowery
                      Adducent, Inc.
                      • Re: Wanting to be my own Boss
                        bbobbitt45 Wayfarer
                        Well it is looking like I need to start out what buisness I want first then the do the plan Ive actually known all this now the only thing I really need to know is after I get my business plan done lets say I go with the retail side because thats what I really want to do I have done decided thats what I am going to do, but now lets say I have my buisness plan everythings figured out but I need the money to get it going..now how is a guy like me at my age with no money down of his own to invest into the company get the money to sart it all.
                          • Re: Wanting to be my own Boss
                            Tracker

                            Without credit or collateral to get debt based funding, the only avenue you may have is to try to raise capital by selling equity. If your plan is solid and the business a viable opportunity you may be able to bring in a financial partner.

                            Also, you may be able to find an "Angel" investor who would provide some funding for you. Angel investors can and do put money into small private businesses that are opportunities of interest to them. You can search online for "angel investors" and you will find a number of resources and web sites that will help you with sources of those types of investors.

                            Most Angels that you find that way may be more interested in high growth businesses and larger transactions. Your best bet may be to check locally for smaller "angel" type investors that want to put smaller amounts of money into a business of your type.

                            You also might want to try "social lending" sites such as:

                             


                            http://www.lendingclub.com/

                             

                            https://us.zopa.com/

                             

                            http://www.prosper.com/

                            Dennis Lowery
                            Adducent, Inc.
                          • Re: Wanting to be my own Boss
                            harishmanek Adventurer
                            HI,
                            I HAVE A BUISNESS PLAN WHICH I AM SURE WOULD SUIT YOUR POSITION BUT THERE IS ONE TIME SMALL CONSULTATION FEE TO PROCEED IF INTERESTED GET BACK harishmanek2006@yahoo.com