Anyone out there start their own business?

[Jersey Girl]

Am seriously looking into doing this, and would like initial thoughts, advice and insights.

My current plan is to take some small business courses online. I have a background in marketing and PR, so I'm not concerned about that angle. My proposed business will also involve those with special needs, which I also have experience in. I guess my weaknesses include financing the thing, insurance stuff and all the unknowns that come up.

So, where would you have me start? I am thinking I am about a year out from really making this a reality.

 

[Southpaw]

Stay away from partners. If you need one have an exit plan.
Have a solid marketing plan. Clients/customers don't just show up.
Financing is a very tough road. Banks laugh at you, friends will become unfriends, ... you get the picture.
Write up your business plan in as much detail as possible.
Protect yourself from personal liability as much as possible. Incorporate via LLC.

Hate to sound so negative but most start ups fail.

I started my own Marketintg/Advertising company 25 + years ago and the first few years went well. Then things got complicated when expansion itch got to me. Babysitting employees and chasing payroll became consuming. Downsized and things went well again. Retired early 2 years ago.

PS.... when you make money, save that money. That's how to retire early.

I could be more specific but .....

 

[Jersey Girl]

Thanks, Southpaw. I appreciate your advice. I don't plan on having any partners. And I definitely will go the LLC route.

I know most start ups fail, so I don't think you being realistic is being negative. I mentioned my idea to my sister and didn't get more than one sentence out before she shot me down.

I know if things fail I can always go back into education, so I'm not too concerned about that.

I plan to seek some grants and start a kickstarter campaign to assist with funding, but I need to look into the specifics of those things.

Thanks again for your advice! I can't wait to be retired, lol!

 

[Southpaw]

I plan to seek some grants and start a kickstarter campaign to assist with funding, but I need to look into the specifics of those things.

Thanks again for your advice! I can't wait to be retired, lol!

If you qualify for minority grant assistance, do it. Years ago when I was working on my MBA, I was involved with the Small Business Administration. We analyzed and advised new start ups and also those on a bad trail. If they still exist you might look into that. Maybe you can find a mentor.

It ain't luck, but it does require a huge amount of energy.

P S. Make your own mistakes. I often said if my business fails it will be because of me, not others. I stumbled but finally figured it all out to a good end.

PSS Keep tight terms when negotiating. You are not a lending institution. Took me a while to figure out I would rather do no work at all than do work for people who weren't going to pay me.

 

[Shane]

Thanks, Southpaw. I appreciate your advice. I don't plan on having any partners. And I definitely will go the LLC route.

I know most start ups fail, so I don't think you being realistic is being negative. I mentioned my idea to my sister and didn't get more than one sentence out before she shot me down.

I know if things fail I can always go back into education, so I'm not too concerned about that.

I plan to seek some grants and start a kickstarter campaign to assist with funding, but I need to look into the specifics of those things.

Thanks again for your advice! I can't wait to be retired, lol!

Have you vested with the school district yet?

 

[AZCrazy]

Clearly define your plan ahead of time. How will you make money - specifically? What will your line item budget be for expenses?
How will you market? Most businesses fail because they never get off the ground as they are undercapitalized and fuzzy on the operational details.

Look up advice on business plans, they will help define your mission, your specifics and needs, and outline how much you have to acquire to get started and feed yourself while you grow to a point of business self sufficiency.

 

[Mainstreet]

Although things have changed some with the internet but in regard to a physical business it's often, location, location, location.

I knew a business that was in demand close to my home. It was run by smart people who marketed it properly but it failed simply because it was off the beaten path.

 

[Southpaw]

Although things have changed some with the internet but in regard to a physical business it's often, location, location, location.

I knew a business that was in demand close to my home. It was run by smart people who marketed it properly but it failed simply because it was off the beaten path.

People drive by businesses mostly. It's Point A to Point B tunnel driving vision. You can eat up your marketing budget with high profile location rent.

 

[AsUpRoDiGy]

People drive by businesses mostly. It's Point A to Point B tunnel driving vision. You can eat up your marketing budget with high profile location rent.

Yep. Marketing is much more essential than location. Unless you're a high end boutique, or something where you're targeting specific clientele, then location matters.

 

[Mainstreet]

People drive by businesses mostly. It's Point A to Point B tunnel driving vision. You can eat up your marketing budget with high profile location rent.

This is true in some cases but people like convenience and they often remember places they drive by. I'm not saying sink all your money into location but thinking about where one locates a business is very important. Often there are less expensive intermediate zones to locate. Of course for some businesses that rely on the internet or less consumer oriented, it may not matter at all.

 

[DeAnna]

I was involved with the Small Business Administration. We analyzed and advised new start ups and also those on a bad trail. If they still exist you might look into that. .

From what I understand, they only guarantee the loan, not actually give you the loan - correct?

 

[Jersey Girl]

Have you vested with the school district yet?

I'm 40% vested. Have to work 10 years to be 100%.

 

[Southpaw]

From what I understand, they only guarantee the loan, not actually give you the loan - correct?

That was correct then. Likely still is. The SBA assisted in planning and strategy which was of assistance when applying for a loan through the local lenders.