What do you do, how did you get started, what would you do differently, etc.
Any advice for aspiring entrepreneurs?
Any advice for aspiring entrepreneurs?
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Small business owners/entrepreneurs, tell me your stories and wisdom.
- Thread starter wtturn
- Start date
it's a lot of hard work....you get paid last and prepare to be broke for a bit.
what type of business do you want to start and what you intend to do?
what type of business do you want to start and what you intend to do?
Buy an existing, successful business. Don't change anything. Even the name.
Location, location, location... Trust your gut and if it doesn't work, do it again and do it better. YMMV
Find someone already in the business your looking to get into and work under them if posible. Learn the ropes and decide if its something your willing to work 60+hrs a week at while bringing home little if any income from it.
I started a painting business a few years back. I had been painting on and off professionally for 10 years and had plenty of experience. The main lesson I learned from that is how little I knew about the administrative side of running the business. Labor laws, tax laws, accounting, payroll. So I would suggest doing alot of homework on that side of running a businees, or be able to hire someone with the experience to do it for you.
Luckily I was a one man crew, working for myself, and painting companies in Ga aren't really that regulated.
I only stopped because I was already in the army, and the wife was tired of me coming home late all the time. Made good money though. Just pick something you like with as little overhead as possible.
Luckily I was a one man crew, working for myself, and painting companies in Ga aren't really that regulated.
I only stopped because I was already in the army, and the wife was tired of me coming home late all the time. Made good money though. Just pick something you like with as little overhead as possible.
If everyone owned a business at least once in their life, there would be no more burdensome tax system and IRS, and there would be no more liberals. Once you have to pay both sides of the payroll tax equation, social security, etc., and you have to pay taxes quarterly, you quickly realize how our government is setup to destroy small business. Now that being said, here are a few things to do.
Decide how you want to start a business. You can just do a startup, buy a franchise, or buy an existing business. Once you decide the route you want to take, buy several books and read them. Obviously it is ideal to start a business in a field you already know, but if you want to be adventuresome, a franchise can actually be a good route to go if you do your homework.
You are going to need capital, and more so if you are hiring employees, manufacturing something, or go into a supply intensive business. Forget a small business loan unless you are willing to jump through every hoop imaginable. So this will leave you with your own money, friends and family, outside investors, and/or credit cards. And you can actually use your 401K without incurring a tax penalty, but it needs to be done the right way so it generally costs you around $5k or so to go this route. A lot of people use their 401k when they buy a franchise.
Also you need to put together a business plan even if you are not going to go the investor route. Consider it a guide to starting your business and researching the existing competitive landscape, and it will be a necessity if you are looking for outside investment.
And then you will need to determine the type of business you are going to run such as LLC, S-Corp, C-Corp. There are advantages to each depending on how much money you will make, if you have employees, where you are located, etc. I would talk to a CPA to determine your business route because it can really make a big difference from a tax standpoint. Once you determine the type of business, you can either engage a lawyer to set it up, or there or plenty of online websites that will allow you to do it.
Those are the highlights, but I probably left some stuff out so feel free to ask questions. I have my own consulting business that I have been running for over 3 years. On the plus side, I work from home, the hourly rate is great, and I set my own hours. Once deer season starts, I will be in the field as much as I want. On the down side, I am on my own, and I miss working in an office sometimes with other people, I have to pay for everything, and right now I ain't getting rich doing it. I also dabble in other business areas though so at some point I know I will hit a homerun. I actually wrote a blog detailing my research into starting a business and everything I did to start up. Several people have told me to turn it into a book, but who has the time?
You just have to stay positive and keep moving forward. Despite how much this government hinders small business, if you work hard, you can still succeed - at least for now...
Decide how you want to start a business. You can just do a startup, buy a franchise, or buy an existing business. Once you decide the route you want to take, buy several books and read them. Obviously it is ideal to start a business in a field you already know, but if you want to be adventuresome, a franchise can actually be a good route to go if you do your homework.
You are going to need capital, and more so if you are hiring employees, manufacturing something, or go into a supply intensive business. Forget a small business loan unless you are willing to jump through every hoop imaginable. So this will leave you with your own money, friends and family, outside investors, and/or credit cards. And you can actually use your 401K without incurring a tax penalty, but it needs to be done the right way so it generally costs you around $5k or so to go this route. A lot of people use their 401k when they buy a franchise.
Also you need to put together a business plan even if you are not going to go the investor route. Consider it a guide to starting your business and researching the existing competitive landscape, and it will be a necessity if you are looking for outside investment.
And then you will need to determine the type of business you are going to run such as LLC, S-Corp, C-Corp. There are advantages to each depending on how much money you will make, if you have employees, where you are located, etc. I would talk to a CPA to determine your business route because it can really make a big difference from a tax standpoint. Once you determine the type of business, you can either engage a lawyer to set it up, or there or plenty of online websites that will allow you to do it.
Those are the highlights, but I probably left some stuff out so feel free to ask questions. I have my own consulting business that I have been running for over 3 years. On the plus side, I work from home, the hourly rate is great, and I set my own hours. Once deer season starts, I will be in the field as much as I want. On the down side, I am on my own, and I miss working in an office sometimes with other people, I have to pay for everything, and right now I ain't getting rich doing it. I also dabble in other business areas though so at some point I know I will hit a homerun. I actually wrote a blog detailing my research into starting a business and everything I did to start up. Several people have told me to turn it into a book, but who has the time?
You just have to stay positive and keep moving forward. Despite how much this government hinders small business, if you work hard, you can still succeed - at least for now...
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Have a business plan , then triple what you think it will cost and if you make it after the 1 year mark you should be fine 
If you have one partner, under no circumstances make it 50/50. One of you needs to be a majority owner. And seriously think twice before putting family members on the payroll.
Expect to work 60-100hrs a week for free for a while. Expect any profits to return to the business for a while. Expect business to be really slow until people learn you exist. Have backup income.
Make sure you have a business that fills a NEED. Opening another burger shop, in a town with 5 already...is going to be a struggle, Unless you have the best burgers by far AND are competitively priced AND can get people to see both of those factors.
Make sure you have backup income/savings, you will struggle for a little while until people know you exist, depending on the business, a little after that as you build clientele.
Have a plan to get your name out there. BIG. It doesnt matter how awesome your product is, if no one knows who/what you're selling or how great it is.
Expect to work 60-100hrs a week once you're successful until you can afford SEVERAL employees.
Don't have partners. Own it completely. Partners even non-equal will only get upset when you make a different decision than them.
Make sure you factor how many hours Administrative tasks will take into your costs. You might make good money doing the work, but then you're doing administrative for free. Factor it in beforehand. Assume its going to take you longer than you think.
Make sure you have a business that fills a NEED. Opening another burger shop, in a town with 5 already...is going to be a struggle, Unless you have the best burgers by far AND are competitively priced AND can get people to see both of those factors.
Make sure you have backup income/savings, you will struggle for a little while until people know you exist, depending on the business, a little after that as you build clientele.
Have a plan to get your name out there. BIG. It doesnt matter how awesome your product is, if no one knows who/what you're selling or how great it is.
Expect to work 60-100hrs a week once you're successful until you can afford SEVERAL employees.
Don't have partners. Own it completely. Partners even non-equal will only get upset when you make a different decision than them.
Make sure you factor how many hours Administrative tasks will take into your costs. You might make good money doing the work, but then you're doing administrative for free. Factor it in beforehand. Assume its going to take you longer than you think.
