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Need advice/info on starting a small business
None | Today | Me

Posted on 04/24/2009 3:21:21 PM PDT by Optimus Prime

I was curious about the process of creating a small business, and I was wondering if anyone could provide any info that I might find useful?

First up, are there any books which're useful for anyone interested in starting a small business? Any titles which provide a lot of help?

Second, where can one find possible sources of funding for a small business? Bank loan, of course, but anywhere else, in addition to fronting whatever you can?

Last but not least, anyone here create and operate their own small business? What sort of things did you plan for ahead of time, and what unexpected turns did you end up taking?

If anyone here has any light to shed on the subject, I'm definitely interested in hearing what you have to say. Thanks. :)


TOPICS: Business/Economy; Hobbies; Miscellaneous; Weird Stuff
KEYWORDS: business; small
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1 posted on 04/24/2009 3:21:21 PM PDT by Optimus Prime
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To: Optimus Prime

How To Make A Small Fortune: Take a large fortune and start a small business.


2 posted on 04/24/2009 3:24:35 PM PDT by FastCoyote (I am intolerant of the intolerable.)
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To: Optimus Prime

Senior Corps of Retired Executives (SCORE) at the Small Business Administration: http://www.score.org/index.html


3 posted on 04/24/2009 3:24:54 PM PDT by 2ndDivisionVet ("The unarmed man is not just defenseless - he is also contemptible." Machiavelli)
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To: Optimus Prime
Yes.

Read this book: E-Myth by Michael E. Gerber

One of the best books for the small businessman I have ever read.

After that read: How to Sell Anything to Anybody, by Joe Girard. Best book on pure selling ever written IMHO

4 posted on 04/24/2009 3:26:47 PM PDT by Nachum (the complete list at www.nachumlist.com)
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To: Optimus Prime

Buy low, sell high.


5 posted on 04/24/2009 3:28:43 PM PDT by Sawdring
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To: FastCoyote

LOL! That’s like the advice for becoming a millionaire. First start as a billionaire, then buy an airline.


6 posted on 04/24/2009 3:29:35 PM PDT by Optimus Prime (Do liberals even qualify as sentient beings?)
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To: Optimus Prime
Starting A Business for Dummies at Half Priced Books. The Small Business Administration can provide loans/grants and mentors to help you with the first series of steps. Your local Chamber of Commerce can help by networking you with other business people in your community.

Research, Research, Research! Market, finacial needs and investors will help as well.

Been there and done that. A Computer and simple bookkeeping software, (Quicken or Quick Books) will help you budget and track your progress. A company checking account will help to keep personal and company funds separate and the Dummies reference will help

7 posted on 04/24/2009 3:32:37 PM PDT by Young Werther (Julius Caesar (Quae Cum Ita Sunt. Since these things are so.))
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To: Optimus Prime

More seriously, before you go getting loans, start the business on some smaller order so you can establish some working experience and markets. People get in up to there eyeballs in warehouse and plant before they even know if they have a viable business.


8 posted on 04/24/2009 3:34:25 PM PDT by FastCoyote (I am intolerant of the intolerable.)
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To: Optimus Prime

SB owner here. 1st off, if you’re s start up, your chances of surviving 5 years are slim. Hire a professional to do your payroll (assuming you have employees) if you can afford it. Employees will be your biggest headache. You’ll sh*t a brick when you see how much taxes you pay. Incorporate. Plan on working much harder than you do now. I haven’t had a vacation in 3 years. Bottom line is that it’s incredibly rewarding at times and incredibly disheartening at times. Follow your dreams. Don’t take no for an answer. Figure out what people want(or need) and the easiest and most cost effective way to get it to them and you’re golden.


9 posted on 04/24/2009 3:40:16 PM PDT by XD45
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To: Optimus Prime

Check the laws and regulations in your state for setting up a business. You can likely find what you need on the website for your State’s government.


10 posted on 04/24/2009 3:41:23 PM PDT by SuziQ
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To: Optimus Prime

Napoleon Hill, Zig Ziglar and other of the genre
start with Think and Grow Rich,
stay away from naysayers, join your local Business association.
read everything you can regarding the type of business you are looking to set up.


11 posted on 04/24/2009 3:42:56 PM PDT by pennboricua
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To: Optimus Prime
The key decision to make is whether to start a small business, not how. There are lots of resources as to how to do it. Never pay anyone for the how.

Instead spend ALL of your time determining WHY and ultimately IF you want to start a small business.

Once you have satisfied all of the reasons to/not to do it, then worry about how.

Especially in this environment.

Having done it 3 times, best of luck, schu

12 posted on 04/24/2009 3:43:43 PM PDT by schu
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To: Optimus Prime
Make sure there's a sufficient market for whatever the business is about.

Don't delude yourself into the belief there's a market for something just because you like it.

13 posted on 04/24/2009 3:44:04 PM PDT by KrisKrinkle (Blessed be those who know the depth and breadth of their ignorance. Cursed be those who don't.)
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To: Optimus Prime

Whatever you think it will cost you in the first 5 years; it will be more, probably much more.


14 posted on 04/24/2009 3:44:53 PM PDT by GoDuke
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To: Optimus Prime

Try to NOT borrow any money.

Work out of your home / garage for free rent first. Less risky ?

Work in the field / profession as an employee first. This may help you decide if you want this type of work before investing any personal money.

Get good insurance, set up legal protection so as to not lose your home if things do not go well ( Think LLC or such ).

Talk to local retired business owners at Rotary, Elk, Eagles, your church...for local issues.

Do a detailed, written business plan and budget.


15 posted on 04/24/2009 3:45:03 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: Optimus Prime
SBA planner page is a good place to start.

Like one of the other posts said - figure out WHY you want to do this. I GUARANTEE you that it's more time consuming than you think it's going to be.

Write out a business plan and have someone reliable look it over.

Retain a GOOD accountant. You might not need bookkeeping from them but a good accountant can keep you out of a LOT of trouble.

Plugging numbers into Quickbooks or some other program is really easy to do. It also doesn't mean a damned thing if you don't know what the numbers mean or if they're showing up the way they're supposed to. Learn what a Balance Sheet, Income Statement and Cash Flow statement are.

After you've done all that, go talk to some other business owners in the field you're looking to get into or similar fields and see what they have to say. Don't do this first because 90% of what they say will be different than what you have just learned.

Go back to the accountant and tell him/her what the other business owners have said and make sure that you can reconcile THEIR answers with the accountants answers (a GOOD accountant will be able to explain what, why and how what you heard from others is BS or good advice).

16 posted on 04/24/2009 4:06:30 PM PDT by Tucsonican
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To: Optimus Prime

bump for later


17 posted on 04/24/2009 4:09:11 PM PDT by randomhero97 ("First you want to kill me, now you want to kiss me. Blow!" - Ash)
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To: Optimus Prime
A guy I know used to be a restaurant consultant.

When I asked him what that was, he said:

"People come to me and ask about running a restaurant. I tell them "Don't do it. That'll be a hundred grand, please.""

18 posted on 04/24/2009 4:37:53 PM PDT by synbad600
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To: Optimus Prime

What kind of business? Where? How old are you?


19 posted on 04/24/2009 4:44:41 PM PDT by bert (K.E. N.P. +12 . Crucify ! Crucify ! Crucify him!!)
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To: 2ndDivisionVet

In my experience the SCORE folks are big business men and know very little about small business.

An IRS agent that came around to bug me but was a very good guy said that SBS gave you enough money to hang you with. If you are a politically connected type, they might help.

I have operated small businesses for 40 years. Until recently, I always had at least two. My rule is stay one corporation ahead.


20 posted on 04/24/2009 4:49:50 PM PDT by bert (K.E. N.P. +12 . Crucify ! Crucify ! Crucify him!!)
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