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Starting A Small Business


Business and Professional Relationships Networking and maintaining a positive environment in the work place is important! Surviving the 9-to-5 within.

Old 12th May 2014, 2:45 PM   #1
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Starting A Small Business

So.. I'm on day one of crafting a business plan. As such, I'm at the point where I don't even know enough to formulate cogent questions. Therefore, I'm wondering if anyone has any general advice on what to do/not to do?

Hopefully in a few days I'll have better questions.
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Old 12th May 2014, 2:53 PM   #2
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Check out the Small Business Adminstration's website. Make an apointment with your local SBDC office.

Also sign up for free classes & coaching through SCORE.org

Read all the small business books you can get your hands on.

Go to entrepreneurial meetings you can find through MeetUp.com
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Old 12th May 2014, 3:14 PM   #3
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IMO, a lot depends on the focus of the business but I can tell you what I did, a few decades ago:

1. While still employed, I capitalized the essentials of the business and set aside a capital asset fund to provide working capital and personal expenses for at least one year. In addition, I purchased, for cash, essential machinery (this may be irrelevant to you but the machine shop business is very machinery intensive and costs can be high).

2. I networked and gained a business mentor, someone who both had some experience in the general industry as well as business and financial experience.

3. I established a relationship with a source of capital funding and arranged for a credit line.

4. I prioritized the essentials of the startup over other considerations, so stopped racing, didn't date and became accustomed to working 14-16 hour days, in the beginning a normal 8 hour shift at my job then working on the business and then expanding the business hours after the job ended. This period lasted a couple years.

Your specifics may be different but generally business take money and they take time. No free lunch.

Tip: Gain an understanding of an asset-based company versus a debt-based company and decide what methodology best reflects your personal goals and philosophies.

Tip: If accounting isn't a strong suit, establish a relationship with an accounting firm to handle the financials. It's also a good idea to establish a relationship with a law firm as one never knows what legal hurdles will be encountered, and they can become very complex if your business takes off. Ditto with insurance. Liability, errors and omissions, workman's comp, etc, etc.

Good luck!
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Old 14th May 2014, 1:34 PM   #4
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Any input on website design? Specifically, hiring someone to create one versus making one oneself? I've received wildly divergent estimates.
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Old 14th May 2014, 4:08 PM   #5
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You get what you pay for. I would never pretend to know enough about color, design, pagination or search engine optimization to DIY a website.
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