New Again Posted December 7, 2009 Share Posted December 7, 2009 I know several posters here have at one time or currently run their own business. I've been thinking about starting my own (side) business for a couple years now, and I think it's time to move forward. I think I have a solid idea about what product/service I want to deliver, how to do it, etc. I think I'm ready to start figuring out what steps I need to take in order to get going with this. I've started outlining a business model, but I don't even know everything that I need to do/think about. Can anyone recommend some good resources to help me figure out how to get started? Link to post Share on other sites
threebyfate Posted December 7, 2009 Share Posted December 7, 2009 New Again, can you plse provide your country of origin? I'm guessing you're American, right? The reason I ask this, is that different countries have different legal requirements. Also, will this include an online presence which also sells the product(s) to other countries? Link to post Share on other sites
carhill Posted December 7, 2009 Share Posted December 7, 2009 IME, if what you propose as a business is out there in any volume, there are forums just like this one where people share their experiences and ideas and advice. IMO, that would be a good place to start. A business mentor is a great asset. If you know someone whose business acumen you admire, ask them for help. Beyond that, the parameters are just too complex and individual to go into in a forum posting. Looking back, the single most pivotal decision for myself was whether to model the business to grow and live beyond myself or not. That sounds antithetical but, trust me, it's really good to have a clear vision of what both paths mean when you start out. It's not easy to change mid-stream. Hope it works out Link to post Share on other sites
Author New Again Posted December 7, 2009 Author Share Posted December 7, 2009 New Again, can you plse provide your country of origin? I'm guessing you're American, right? The reason I ask this, is that different countries have different legal requirements. Also, will this include an online presence which also sells the product(s) to other countries? Yes, American, and yes, I will have a website, but to start I would only market to/sell in the U.S. IME, if what you propose as a business is out there in any volume, there are forums just like this one where people share their experiences and ideas and advice. IMO, that would be a good place to start. A business mentor is a great asset. If you know someone whose business acumen you admire, ask them for help. Beyond that, the parameters are just too complex and individual to go into in a forum posting. Looking back, the single most pivotal decision for myself was whether to model the business to grow and live beyond myself or not. That sounds antithetical but, trust me, it's really good to have a clear vision of what both paths mean when you start out. It's not easy to change mid-stream. Hope it works out Searching for other forums is a good idea (I stumbled across this one and it's the only one I'm on, aside from an industry one that's focused more on products/clients and not so much a how-to or getting started thing). So that's the kind of suggestion I'm looking for. Also, if there are any particular websites or other online resources anyone has found useful, or a book. Things like that. Even if it's just general info, I want to have a list of things that I need to look into, get ideas on topics or issues I may not have thought of, etc. before I start talking to lawyers and what not. I want to be as organized as possible before taking that step. I do have a couple of family members who built their own businesses, so I'll be asking them for resources in regards to networking (lawyers, accountants, bank employees, etc.), and other more specific information. Thanks! Link to post Share on other sites
BUENG1 Posted December 7, 2009 Share Posted December 7, 2009 Yes, American, and yes, I will have a website, but to start I would only market to/sell in the U.S. Searching for other forums is a good idea (I stumbled across this one and it's the only one I'm on, aside from an industry one that's focused more on products/clients and not so much a how-to or getting started thing). So that's the kind of suggestion I'm looking for. Also, if there are any particular websites or other online resources anyone has found useful, or a book. Things like that. Even if it's just general info, I want to have a list of things that I need to look into, get ideas on topics or issues I may not have thought of, etc. before I start talking to lawyers and what not. I want to be as organized as possible before taking that step. I do have a couple of family members who built their own businesses, so I'll be asking them for resources in regards to networking (lawyers, accountants, bank employees, etc.), and other more specific information. Thanks! Is this something you'll need a patent for? http://www.sba.gov/smallbusinessplanner/index.html Link to post Share on other sites
lovehurting Posted January 28, 2010 Share Posted January 28, 2010 also you can check http://www.startingyourownbusiness.org good tips and advice Link to post Share on other sites
meerkat stew Posted January 28, 2010 Share Posted January 28, 2010 Also, if there are any particular websites or other online resources anyone has found useful, or a book. I find inc.com and entrepreneur.com have good content. For marketing, the Guerilla Marketing series is what I use, "Guerrilla marketing on the Internet." and "Guerilla Marketing" are the basics of the series. As someone suggests, the SBA can be a good place for certain information, but don't expect much brilliance or timely assistance from your local SBA office. IMO, the big three of starting a new business are 1. capitalization, 2. management team, and 3. planning and plan execution. Specific product or service is secondary to these three keys, but people usually approach this backwards and overfocus on the specific product or service involved. The most successful entrepreneurs get their money, team and planning in place, and then let the market dictate what their business actually does within broad parameters of what they'd like to do. Starting on a shoestring is not a good idea. Going into business by yourself (unless you have significant experience as an entrepreneur) is not a good idea. You needn't have a full-blown business plan to start, the operational plan can be very summary. You do, however, need a fully fleshed out marketing plan, down to the dollar and specific activities you will do daily for promotion of your new business. Social networking sites can be very useful in not only marketing, but finding funding and maybe team members also. Do some research into the thousands of small businesses out there that are making money hand over fist and either contract with them to expand their idea to a similar market or just copy it if intellectual property isn't involved. I am not a fan of franchises, but rather finding quality non-franchise ideas out there. Did I say that the actual product or service is far secondary to 1. capitalization, 2. team, and 3. planning enough yet? Another possibility is to search business listings on bizbuysell.com or some similar site, looking for small business owners seeking retirement or escape from a business with extremely strong financials. Because the small business M&A market is dead at the moment, many owners may be open to partnering with new blood under creative Purchase/Sale agreements or owner financing that involve continuing participation in the business. This is actually the best way to buy a business in any market. Stay away from retail and especially restaurants your first time out. Can't overemphasize that. Link to post Share on other sites
Recommended Posts