Entrepreneurship: Starting your own business
 

If you could start your own business, what kind of business would you start?

Would you use it to supplement your current work salary or would you quit your job and do it full time?

Does anyone have his/her own business? What kind of business is it? Did you do an extensive business plan or just make it happen? What is your website?

I'm in the process of starting my own business right now. Its going to be an online costume jewelry store.

I have my own business. It is a private practice for speech therapy. We treat children and adults of all ages and types of communication disorders.

I opened the clinic last year and I did do and extensive business plan with lots of market research. You know what they say "failing to plan, is planning to fail".

I also have a staffing company that staffs therapists and contracts them out to schools, hospitals, and rehab facilities all over Southern California.

Here are the websites

http://www.highdesertspeech.com
http://www.therapysolutions.vpweb.com

i've always wanted a business of my own. i definitely want to own a restaurant one day. and when i was younger, i wanted to own a nightclub for teens so they wouldn't be on the street all hours of the night...

but there's too much liabilities there. anyway, i'd love to be self-employed, but i just need to figure out what...

Soror SummerChild,

You started a thread on homeownership. Now the entreprenuer thread. Hmmm....Have you been reading Black Enterprise lately? LOL!! I LOVE the spirit of homeownership and savvy business sense. I just need to get beyond the walls of school so that I can REALLY get things jumping in my life.

Anyway, a Soror/schoolmate of mine and I are trying to start up a t-shirt company. Being in school, some days folks just want to throw on a tee and jeans and roll out, ESPECIALLY when it's time to study. We have a few designs and all of the kinks haven't been worked out yet, but it should be up and running by the summer/fall.

As an independent project (if I can call it that), I do plan to start my own practice one day. Even if I don't go full steam ahead with a solo practice, I may just dabble here and there with mediation/arbitration, estate planning, successions, etc. Totally off my career path, I would like to do some event planning and/or interior design.

Good Luck Everyone!! :D

Hi Soror, yes, I'm trying to pull some stuff together financially. I actually have gotten BE for awhile now but I just skim the thing for the 1 or 2 interesting articles (or at least the ones that are interesting to me) :). I'm not much of a financial mind so all of this is very hard work for me. LOL.

I've been thinking of getting a few vending machines and putting them in office buildings. Don't laugh...I'm serious. LOL. Just trying to think of some things that are not that capital intensive and don't require a ton of time. Thinking of doing some stuff on the legal side of things too. We'll see.

I'd love to open a food franchise but your girl does not have time to be in their serving up food... and I would need to do that to avoid paying managers all of *my* money.

Got any good ideas?

Real estate seems good, maybe one or two vending machines...lol....

Vending machines are GREAT ideas, especially in office buildings. You can even look into schools (though it's hard to imagine any school in America that DOESN'T already have one). They seem to be low maintenance and people raid them during the day. You'd easily make money off of it. I've also thought about a franchise, but I don't know how good an idea that would be. I know that there are a few joints that I'm sure would be a HIT here in BR with all the N.O. transplants that are living here. But what's my problem? NO EMPLOYMENT, NO INCOME!!! But just wait until I cross that stage! :D

I am DEFINITELY going into real estate once I finish school. I am going to try to get back on at my old job this summer and try to figure out the legal side of it. It's wonderful being an attorney sometimes because there are so many things that we can do for ourselves.

Good luck!!

During my research into franchising, I came across a business where you can put a DVD kiosks in different locations, very similar to the vending machines...and much healthier!

I am not advocating the business since I have no connections with it whatsoever, but it is worth checking out www.dvdnowkiosks.com

Resources
 

I have been thinking about opening my own business for some time now. I know what I am good at and what I want to do but I want to go into it with my eyes wide open. To that end, I started an MBA program this semester; in addition, I am working my grad assistantship at the state small business development center where I perform market research, financial modeling and support the business analysts who offer free (federally- and state-funded) assistance to small businesses throughout the state.

You would be surprised at how many people dig themselves into a hole when starting a business! They are under capitalized, over levereged, have done no market or industry research or have no idea HOW to run a business (bookkeeping, inventory management, financial planning).

I URGE anyone who is even THINKING about starting their own business to contact the Small Business Administration (http://www.sbaonline.sba.gov/), Service Corps of Retired Executives (SCORE) (http://www.score.org/) or your state Small Business Development Center (usually sponsored by a local university) (http://www.asbdc-us.org/). These organizations will assist you in starting up your business or expanding to the next level.

Good stuff McCoyred! My uncle (who does business planning as one of the services that he provides to clients) is really playing up the importance of having a good business plan. He was saying that it can take 100 to 200 hours of work. Not a huge investment of time if one is thinking of sinking $ into some venture.

I will get my business plan at a price that includes the family discount but others should definitely see if that kind of counsel and work can be aided by the SBA (potentially at a reduced price, if any), etc.

Also, a soror-friend of mine whom will be opening a restaurant was telling me that there are a number of companies that give loans to small businesses for start-up.

Freelance photography. I was thinking of having people or companies hire me out to shoot a project for them. And also be a personal photographer.

I am glad that you brought that up. Public Service Announcement: THERE IS NO FREE MONEY! Many people think that the government or venture capitalist will provide grant money for a start up business. Startup businesses are either funded via equity (savings, family, etc.) or capital (small business loans, home equity loans, 401k withdrawals, personal loans or guarantees, etc.); there is always a cost.

Hi McCoyred, have you ever heard of grants for developing businesses in areas that the city or government wants to revitalize? I don't know of any but in this era of inner city gentrification all across the country it seems like there might be something out there. Just wondering.

Yes, they are generally community development grants. These grants are very limited in number and amount and often have guidelines that only the hardiest investors meet. They can be found but definitely not in any email solicitation (I get a whole bunch of these types of emails and it boils my blood!) but generally through political connections.

I have a lot of interests and always pursued going into business after spending some time with my hobbies. I used to offer web design, domain names, and web hosting. Then I thought about having a small all natural cosmetics and soaps shop. And finally I am in the TRAVEL business.

I've been to Europe, South Korea, and South America, etc. I just came back from my two week vacation in the Dominican Republic. :D The more I traveled, the more I realized that this is something I wanted to do more often - learn new languages (I know almost 4) and about other cultures. Not to mention all of the adventures during the journey to my destination as well as people-watching at the airports. I love nature, so I also enjoy taking photographs when I am in another country. This home-based travel opportunity has been the best decision I've made. It's fun, I get to travel and go on cruises, and enjoy all the travel discounts and perks that come along with it.

From my experience, one of the ingredients necessary to become successful is to be passionate about what you do. It all starts in your mind...

D.Com, have you been to Costa Rica? I know that it's technically Central America but I was wondering. Know much about it?

ETA: Where were you in the DR? I was in Punta Cana in February at the Paradisus. How did you like the DR? Aren't the people wonderful?

SC

i want a bookstore/cafe.

i read ALL. THE. TIME. my fiance caters on the side, so i figure we could both do what we do and make money for real.

my fantasy business would be wedding planner. it seems like so much fun helping but i know it is a ton of work.

I have thought about startin my own business in the future. I want to be a forensic psychologist however, i want to have my own social work/day care (something along those lines). I just love kids and i want to help them and their families who are less fourtunate. Help will be along the lines of job placement, parenting classes, after school activities to get kids off the street something like that........(Those are alot of ideas i hope u all understand what I am tryin to say):)

I will be launching my independent grant writing business in the next month or so. I do have one client on retainer now and I've been doing this sort of work off and on for about 5 years.

My short-range goal is to use some of the profits for the purchase of our first home but in the next 5-10 years, I plan to have enough business that my husband can quit his job and work for the business full-time (I'm an academic with a gig I love and lots of flexibility and great benefits) as an independent IT/data architecture consultant.

My business has low start up since I'm selling my skills at technical writing and research.

Oh yeah...one more business
 

I forgot to mention my most recent business venture. I own a franchise of Edible Arrangements, opening soon in Fontana, California. City permits are a beast. What a process. Check out the national website.

http://www.ediblearrangements.com

Let me know what you all think. :)

Wow, Soror, that's great! When I first started this thread, it was b/c one of my ideas was to purchase a franchise. What has been your experience?

SC

Great thread
 

My two business babies are going to be:

career/spiritual life/educational coaching

catering

Starting a business
 

Go, Go, GO!

I have launched several businesses over the years including web design, public relations, coaching, and spa products.

Some worked, some didn't. But I kept going even when things got tough.

Make sure that you are doing something that you REALLY love and doesn't seem like "work." Chances are you will stick with it longer!

Also, consider having several businesses/hustles so that you can have multiple income streams.

Best wishes!

Buisness name- check
EIN- check
What exactly I'm going to do with all of this- Honing my skill level on several different ideas; all I know is God must be ordering my steps on this one because I have no clue as to where He is leading me on this part of my journey...:confused:

I to have been thinking about purchasing some vending machines and putting them in various businesses. I just don't know how or where to start with it.