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    3 Replies Latest reply on Aug 2, 2008 11:04 PM by snipperred

    Want to start a business for myself and my family

    ShawnSoules Newbie
      I am 37 years old and work for a NASCAR team. Everybody I know seems to be involved in real estate to fall back on after they get out of racing. That does not interest me at all, but a business does. I am an ex skateboarder, not professional, and my oldest son is now and all of his friends. There used to be a skatepark here in town but the team I work for bought the property and built a race shop there. Now all of the kids travel about 25 miles to skate at a different park. I have been thinking about this for awhile now and im dead set on opening an indoor skatepark with a pro shop in it. The place all the kids go to is maybe 2500 sq ft inside and im looking at maybe 10,000 sq ft. I dont have the funds in the bank to do this, have a mortgage and kids and everyday bills, but I know this will be a success. Me and my oldest son, who is 14, have been making lists of what to sell and the brands that everybody wants, to the different ramps to have, to what to sell for refreshments. Where do I start? Ive been looking at rental buildings that could work but it almost seems better to build. Im not sure what to look for in investors or sponsors or what to even ask for. Any help would be greatly appreciated. Im in Cornelius, North Carolina incase someone would like to know.

      Thanks,
      Shawn Soules
        • Re: Want to start a business for myself and my family
          Tracker

          Hi Shawn,

           


          If you have not done it yet, take what you put in your post and use that as a basis to begin to create a real business plan with real financial projections. You can search this site for "business start-up help and you will see a lot of good advice from the professionals who participate in this community. Again, it is always a good idea to get your business idea or plan down on paper. It's especially important for start-ups that may be looking for funding or investors.

           


          In general Business Plans are made up of the following:

          1. Executive Summary
          2. Market Opportunity
          3. Vision, Mission, & Objectives
          4. Management
          5. Business Strategy
          6. Competition
          7. Risk
          8. Financial Plan/Capital Requirements
          9. Summary

          Once you have your plan at least in a draft stage; then search in your local area for a private investor, interested in the type of business you are looking at starting ... they provide the funding and your provide the effort. Look for business owners whose operations may complement what you have planned ... they may see that putting some capital into your business will not only be a good investment but might help them grow their own business as well.

           


          Unless you have credit and collateral to secure a conventional bank loan that will probably be the surest way to raise money for a start up business of this type. There are a number of online resources designed to help you find investors and are worth trying. But I've invested in, raised funding for, bought and sold a number businesses. In my experience, it works much better if you first try developing interest through off-line contact with friends, family and your current business contacts to get a feel for how your venture is perceived. That way you can see if there is some initial interest in the business. But again before you do that you should first have a well-crafted business plan that fully covers the things of interest most to investors.

           


          Good luck with your business start up plans.

           


          Dennis Lowery

           

          Adducent, Inc.
          • Re: Want to start a business for myself and my family
            LUCKIEST Guide
            Want to start a business for myself and my family, Welcome and good luck.

            Adducent did a great job of suggesting how to get started. My only other suggestion is
            to reach out to SCORE. SCORE is FREE and can also help in person or online.

            thanks for telling us that you are from Cornelius, N C. I was going to ask.

            Again good luck, LUCKIEST
            • Re: Want to start a business for myself and my family
              snipperred Scout
              Hey Shawn, why don't you network with skate communities and shop owners. I just set up a social network for this kind of thing. It would be great to have your interest represented in my group and maybe you could share what it's like to work in NASCAR.

              Check out Area Light www.arealight.ning.com