idqrocks

I was thinking about start my own business, but I don't know how to go about doing something like this.

It would be an Office supplies company. (sales/service in copiers, printers, networking)

Thats the field I work in now, but I want to make more $$$.

Any help would be great!!!

Jerky

well u need a business licence to be legit

and oh yea...how about customers?

idqrocks

The dealer in that area lost the manufacters contract, so I could take over the customers and try and aquire more customers.

I don't know how to fund the new business. Do you look for investors? Borrow from a bank? Max our my credit cards? ha!

Plus I'll have to quit my job. Or else I'll get fired when they find out what I'm doing.

Jerky

Do you look for investors? Borrow from a bank? Max our my credit cards?

These are all valid ways to get seed funding...what's ur credit like? if it's good, go get a business loan from your local bank.

avoid credit cards if possible however.

(borrowing money from family has its rewards and risks...be careful)

good luck man, and props for being an enterpreneur.

idqrocks

Ok,

Thanks for the help!

doopstr

I would avoid looking for loans from your family. Now if pops wants to give you some money and not expect it back, I would take that.

If it were to fail I'd rather have a bank mad at me than a family member. You could just claim bankruptcy and tell the bank to kiss your ass. Not so simply telling a family member that.

matisnati

thats the dumbest shit i have ever heard. What if you need 800,000$ to buy a house for your family..you aint paying that straight out..you need a mortgage. Claiming bankruptcy ..would never allow you to be approved for a 10$ loan..Maybe in 7 years though. I rather a family member never speak to me again. FUCK THEM.

SilverIce2000

claiming bankruptcy is not the best thing... avoid it at all costs i know someone who did 3 years ago, now the person is sort of on his feet but cant get ANYTHING from a bank, credit card, or any of that sort.... cant get the smallest loan for anYTHing at alll.. be careful with what you do and consult plenty of people and get honest opinions on everything you do

doopstr

That's what .INCs are for

matisnati

true that

JayC

If you put together a solid business plan and model (not really that tough to do if you know the industry and the market), there is so much VC (Venture Capital) out there that you may have a shot at investors...Keep in mind, if you do have a plan for bringing in investors, you need to consider how you are planning on structuring your company and their agreement...

Loans are another viable option, but keep in mind that you'll require a good amount of collateral if you're planning on getting a good rate for something like this---then, if you fail, the risks are greater...

Either way, start with a business plan---unless you know some very naive, generous people out there, no one is going to give you money w/o you convincing them that you're serious, prepared and committed to making it work.

giovanni

have a Biz plan......know how you plan to market your biz.....who so ever you go to for financing will want to hear what you have put down in your Biz plan....Register as a Limited....INC cost way to much and not really realistic....and be prepared to lose money for a but till you build a market for your product and a little bit luck does help.

Jerky

The average startup business is in the 'red' for the first two years

only 25% of most companies stand to remain after 2-3 years...

(these are stats i remember reading a few years ago in silicon valley, they may be a bit outdated now)

CCns24

Start with your state's website. I know here in PA they have a website that is completely dedicated to starting a business. It has all of the necessary forms, explains each of the different types (LLP, INC, etc.) and also gives links to lenders that can assist with financing.

giovanni

Research and research on your biz plan......do not go into a biz.....unless you have covered all aspects of it.

iTimmy

A lot of good ideas shared so far, some not so good ideas. Its hard for anyone who doesn't actually own there own business(s) to make accurate recommendations. Yes there are great rewards, but they come with a price, and some are not aware or willing to pay this price. I consider myself to be a successful business owner(currently own 2 seperate business' in unrelated fields and both are doing quite well). I am JUST starting to reep the rewards of the last decade of my work(I have worked over a month straight with no days off, averaging over 80 hours a week on more then one occassion), the flip side of this coin is I have ZERO "bad" debt and make more then anyone I know that's even close to my age- and more importantly I learned things you will find in no classroom and managed to do it MY WAY. There is no set in stone method to success, what works for one person may not work for another- though there are some basic "styles" to making it.

There is the Henry Ford method(which I have started using a few years ago with great success), surround yourself with the BEST in there respected fields and watch the money come in. This take a LOT of money up front and a lot of time and dedication, but when things are up and running and flowing well, its all worth it. Start with a good business planner(you may think you can do this yourself, but not nearly as good as they can), a good accountant, a good lawyer(s) and a good financial advisor/planner- and if you need any experts from your field get them right up front! This is very expensive to do but works, it may take some of your "vision" out of running a business, but lets face it your "vision" doesn't always make money. And ultimately you should be in business to make money, even if it means compromising your dream a bit- don't get me wrong do the right thing, always, but it doesn't always go as you plan.

Other techniques that I have seen/tried include the WIT method(whatever it takes), the low ball method, the absent minded method, the perfect world method, the going small method, the bean counter, the BS method, the screw the government method and the free spirit method to list a few. This are not the official terms for them, but it gives you an idea, to recap....

WIT method- will do whatever it takes, you can catch the drift this person may or may not become successfull though they most definately will lose there hair and amany nights sleep. Having lived this life, I would never recommend it to anyone unless you really don't understand the value of the dollar or the value of YOUR LIFE.

Low ball method- Will sell at a loss just to close the sale. Not a good tactic, your not Wal-mart you can't survive with a 0.01% profit margin. You see these people all over the place sometimes they borrow enough and make it, but its no way to create a business that is worth anything.

Absent minded method- This is much like some of the others I have listed, they get the idea to open a business at 7:18pm and by 8:00am the next morning they are open , as you can imagine these don't work well.

Perfect world method- Not unlike absent minded, though they may have put some thought into there venture. The only thing they don't bank on is anything going wrong! I mean why wouldn't people want to deal with ME? This person said they will pay next week..... As we know its not a perfect world- stop dreaming.

Going small method- This is common among slightly successful business' they see success and it scares them, they are affraid to higher people, affraid of things getting out of hand. This keeps them trapped in the SMALLEST possible place for there whole life, you must take risks to see success. Its not uncommon for a going small business to go out of business when it happens.

Bean Counter method- Just because the numbers jive doesn't mean it will work. These people are typically cousins to the perfect world methoders, sometimes it works but they are too uptight to enjoy it or even realize it!

BS method- This is the person who makes sure he tells you that he's worth $XXmillion, that has a new benz and everyone loves him. Chances are he couldn't be further from reality, the only problem is they actually start to believe there BS- that is VERY dangerous. They think they are invinsible and lack any form of humility this will be there demise. The only thing these people have a is lot of unsecured high interest debt- there are a lot of these people out there, most have the good will not to open a business. Just imagine the BS'ers you know running a business- nuff said.

Screw the government- Every business owner goes through there phase of wanting to avoid paying taxes, the problem is when that becomes the sole reason you run your business. When you have "My best friends call me cash" on your business cards, if you report $7k a year in income, these are signs that you are "that guy". They will never accomplish anything more then saving a few dollars, there business' will never be worth anything and they are always watching over there shoulder. If you smoke a lot of weed this is the way to run your business, but you will never become a contributing member of society and never maximize your potential in business, you will merely "get by". And besides its just a matter of time before big brother catches you, and then the pennies you saved over the years will matter for NOTHING.

Free spirited method- Much like some of the other method's this person is sick of there boss and wants the 9 weeks vacation time a year they deserve. There dream of wearing flip flops to work is about to become reality, if your into making hand blown glass bongs you may have a future. But when you get the munchies with in your first week of work and close to run over to taco bell, you'll be losing money. Some how the people who run the Deja Vu stores have made this work, but I am not sure that market is big enough for another competitor.

Sorry for the ramblings, I just felt like sharing some of the things I have seen over the years. To sum things up(that's what the last paragraph is all about!) trust your instincts, if it doesn't make sense or you don't feel right about doing it- DON'T DO IT! Think of the worse case scenario and also plan for best- be prepared for success or failure and its just a matter of time before you find what works for you.

rondog

iTrader: (1)

wow, that was a long post, the thng about smoking pot is true, I had to quit and it paid off. anyway, only start a business if you still have a job that will support you while you invest in your business, might take 5 years to break even and actually make a profit. and only do the business if you would do it for free, money doesn't motivate for long, passion does. good luck, and it def is not easy, very emotionally draining when slow, yet it can get you on a serious high when things are on the up & up.