[Momaw Nadon]

Any advice is greatly appreciated!!!

[Momaw Nadon]

If tomorrow all the things were gone I’d worked for all my life,
And I had to start again with just my children and my wife.
I’d thank my lucky stars to be living here today,
‘Cause the flag still stands for freedom and they can’t take that away.

--Lee Greenwood, God Bless the U.S.A.

[the_devils_advocate_666]

Best advice I ever got starting a business: "Don't count your money until it is in your hand."

Oh, and I hope you like working 80+ hours a week.

[truthkeeper]

I'm interested in doing the same thing. I hope you gets lots of helpful advice...I'll be reading along with you.
P.S. Good luck.

[Always Right]

It has it's rewards if you can make it. Most small businesses fail. You need a good plan and determination. Long hours and more stress.

[Cagey]

I gave up a company car, health insurance, and a steady pay check to start my own business. I took an enormous cut in income the first year and a half but it's been a steady climb since with the normal amount of bumps in the road along the way.

Owning your own business will cause some sleepless nights but in today's business climate so does working for a company.

Best of luck and the odds are your return will be based on the effort you put into what you do. Luck helps, but there is no substitute for hard work.

[patton]

1) have a plan to pay the bills.

2) don't give up your day job.

3) find something that you like to do.

4) find somebody willing to pay for it.

5) repeat 1 & 2

6) start small.

7) repeat 5

8) when your business pays more than your day job, repeat 7

9) when your business pays twice your day job, talk to a bank.

10) hope like heck it was not a fad.

[PayNoAttentionManBehindCurtain]

When you're making money, it ain't never as much as you thought it would be.

When you're losing money, its always more than you thought it would be.

What do you want to do?

BigMack

[ken5050]

You're doing something right already with this thread. Most people are willing to help, offer advice if asked. You shoudl seek them out. It's hard to offer advice when speaking in generalities. Your idea/concept has to be viable..i.e. fill a need or niche in a service or product, and more importantly, it has to be FINANCIALLY viable..that is, it will earn you a return, and won't be a " hobby " (G) Whatever your idea is, make a list of your target customers, and go out and talk to them...get the sense if the need exists..tell them you're exploring the idea..what do they think. Often times, they'll tell you exactly what you'll need to know to later on come back and sell to them. Also you have to develop a viable, realistic business plan, and hopefully there is someone you trust, who is capable, who can review it for you.

Whatever your start up costs are, make sure that it is money that you can afford to lose... that you have enough working capital to carry the business for a time until orders, and then receipts, come in.

[GOP Poet]

I think it is an excellent idea. I have started a home based business and will be happy to answer your questions, but not until much later tonight. But I can say it is all worth it. Especially if you are a natural entrepreneur and not a dependent type. What state are you in? Just curious as we are in Cali and I wondered if location specific info. might help.

[Young Werther]

1. Go to Half Price and buy "Starting a Business for Dummies" or some such book.

2. Prepare a business plan so you can chart your progress in investing, selling, expenses and other operating stats.

3. Get the IRS book on Small Business and Self Employment. Read and learn the many ways that the IRS tax code can benefit you.

4. See if there is any grant of start up money available.

5. The SBA has a small business incubator facility which is designed to help you the smiling, entrepreneur wannabe.

6. Chamber of Commerce???

My consulting fee is $19.95 plus no shipping and handling!

[Fierce Allegiance]

The SBA has some really helpful resources, and can hook you up with a mentor type. They are there for a reason, solicit their help on everything!

[Talking_Mouse]

I do a MLM as well as my day (or for me night) job. I like the company and I use the products, so telling other people about it is not the problem it is for other people. I have been doing this for a while, and while not getting rich, it funds the IRA and a couple of other investment accounts.

If you are going to join any MLM:

1. Research what it is that you are joining to be sure that you like the product(s) and can talk about them intelligently. Check if there is any minimum amount you must buy each month. Check the web for stories of people who have left the company and see why. (do your due diligence).
2. Expect to spend an extra 60 to 90 hours a month working for little return for your first year to two years.
3. Check out some good sales books from the library to study (not just read), instead of buying all the books and tapes sold weekly by your upline.
4. For your first 6 to 12 months you will be spending more than you are making.

[politicalwit]

Take a look here http://www.mass.gov/?pageID=eoedhomepage&L=1&L0=Home&sid=Eoed

and here

http://www.mass.gov/?pageID=pressreleases&agId=Eoed&prModName=econpressrelease&prFile=econ_pr_smallbizloan.xml

[Maceman]

Where to begin?

I've been working for myself from home since 1992. Do you have specific questions?

[GVNR]

I don't have business-starting-explicit advice, but as someone who's "been around the block" I'd advise you to always treat your customers and business acquaintenances courteously.
A friendly, knowledgeable business-person gets a few referrals.....never hurts to be recommended.

Old saying used to be something like: "A satified customer will tell 3 people. A dissatisfied one will tell 10".

[GVNR]

I don't have business-starting-explicit advice, but as someone who's "been around the block" I'd advise you to always treat your customers and business acquaintenances courteously.
A friendly, knowledgeable business-person gets a few referrals.....never hurts to be recommended.

Old saying used to be something like: "A satified customer will tell 3 people. A dissatisfied one will tell 10".

[CTOCS]

6 years ago, I left the telecommunications industry to open a small business. I now own and operate a small, independent grocery store in rural Virginia. Biggest change in my life (I'm 58yo).

It was a vertical learning curve but it all boils down to business practices.

- Banks will shun you
- Vendors will screw you
- Customers will screw you
- Provide your own health care
- Provide your own life insurance
- Provide your own retirement
- Your employees will screw you
- Your state and federal tax people will screw you
- Have escrow accounts for you taxes (state, sales, fed, 941, etc)
- Employees are hard to deal with. They never have the same work ethic as you do. (Why should they? It's not their money!)
- I get one day off per year. (Christmas). I work 100+ hours per week, 7 days per week, and only pay myself $700 per week. When I was with Lucent, I made $200k+ per year.

But I've never been happier. I'm my own boss with my own employees. I set the tone of everything.

I don't shave every day. I wear jeans and sneakers.

I AM IN CHARGE!

Downside....

If you fail, there is no one to bail you out. You don't get unemployment, you don't get severance, you don't get dick!

Good Luck!!! It's scary, but I wouldn't have it any other way.

[Sherman Logan]

I've had several business, ranging from disaster to moderate success.

Realize that a business is much more than the production of the service or product.

The most challenging part of any business is getting and keeping customers.

If you are thinking about going into a field you've never worked in before, don't start a business. Get a job in a small business of the same type and get paid (some, anyway) for learning the business for at least a year. If you aren't a manager within a year, you probably aren't suited for the field anyway.

Avoid most franchise systems. You will learn more by getting a job in the field than you will from any franchisee traning.

[LibFreeOrDie]

Home-based businesses may be restricted or illegal in your neighborhood due to zoning laws, especially if you live in a condo or a development subject to a home-owner's association. It doesn't matter if the business is "clean" (such as writing for a living), or if it doesn't require customer parking. Research the local laws at your town/city hall.

You may also be subject to state business profits taxes. (In NH, every business is subject to a minimum business profits tax. So even though NH doesn't have a state income tax, if you're a one-man business, you get taxed. I'm assuming that MA will be at least as tax-heavy.)

[metmom]

Don't do it in NY. My husband owned his own business for a time here and said, "Never again."