Entrepreneurship: Starting your own business

mccoyred · #1 03-21-2007, 01:36 PM

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.

SummerChild · #2 03-21-2007, 02:47 PM

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.

Quote:

Originally Posted by mccoyred

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.

NinjaPoodle · #3 03-21-2007, 03:10 PM

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.

mccoyred · #4 03-22-2007, 03:48 PM

Quote:

Originally Posted by SummerChild

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.

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.

SummerChild · #5 03-28-2007, 06:13 PM

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.

Quote:

Originally Posted by mccoyred

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.

mccoyred · #6 03-29-2007, 11:22 AM

Quote:

Originally Posted by SummerChild

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.

D.COM · #7 08-07-2007, 10:51 AM

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.

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...

SummerChild · #8 08-07-2007, 01:50 PM

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

Quote:

Originally Posted by D.COM

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.

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...

OneTimeSBX · #9 08-07-2007, 02:20 PM

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.

*ClassyKeshia* · #10 08-07-2007, 10:54 PM

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)