Starting your own business...

[King]

Anyone ever done it? From the ground up, business plan and all?

How long did it take you to write your plan, how big was it, etc.

How long did the business take to get up and running? From idea to first profit.

[batman2883]

i just did today

[SWC Bonfire]

Not much of a business plan... my entrance into self-employment was an opportunity to tie up a tract of land that was being sold at a good price. As time went on, more opportunities have come my way to expand.

So, in a nutshell, I had no formal business plan, but I had plenty of collateral to secure loans (the property/cattle themselves).

I would venture to say that most people who are self-employed (I'm not completely self-employed, btw) never wrote a business plan formally, but had the details worked out ahead of time all the same. You need to find a situation that is advantageous for you, puts you in a posistion to expand/grow, but don't be dependent on expansion. You should be able to sink or swim at the initial stage of the business, or have considerable other income to provide cashflow/security.

Good luck:tu

[SWC Bonfire]

i just did today

:lol

How's the cash/beerflow?

[SWC Bonfire]

Oh, yeah, you're going to love it when you buy new toys for your business and then get to write them off your taxes...until you get aquainted with the IRS' Modified Accelerated Cost Recovery System for depreciation. :depressed :lol

[Marklar MM]

As SWC said, you want to make sure you have assets.

[Shelly]

My husband just did. He went into private practice after the company he worked for decided they no longer wanted to have their clinic.

No business plan, but he does keep a budget. The patients and equipment was part of his severence packaged so he already knew what it was bringing in. The biggest pain in the ass was getting everything transfered over to his name and FEIN. Then there's all the start up fees for new accts. We've paid more start up fees in the last two months....

[Marklar MM]

Accounting is a fun, fun, activity.

[xrayzebra]

Oh, yeah, you're going to love it when you buy new toys for your business and then get to write them off your taxes...until you get aquainted with the IRS' Modified Accelerated Cost Recovery System for depreciation. :depressed :lol

Yeah SWC you forgot one thing, be prepared to work some long hours to make things go. From my observations those who make a success of their business work some god awful hours, but they reap the goodies too. :lol

I loved a remark from a guy who make a real success of his business, you would know him if I named his business, but he said: "well I finally have found some managers (yeah plural) who I can trust so I can get out and play some. Oh, bye the way, he didn't get out and play very much.

[Shelly]

Accounting is a fun, fun, activity.

That's what accountants are for! I do the payroll taxes, but I don't do corporate taxes (He's an S-Corp and a PA)




I loved a remark from a guy who make a real success of his business, you would know him if I named his business, but he said: "well I finally have found some managers (yeah plural) who I can trust so I can get out and play some. Oh, bye the way, he didn't get out and play very much.

That's why I do my dad's books and the main reason I've been telecommuting for 13 years!

[SWC Bonfire]

Yeah SWC you forgot one thing, be prepared to work some long hours to make things go. From my observations those who make a success of their business work some god awful hours, but they reap the goodies too. :lol



Well, that's a given. You'd better like what you are soon to be spending most of your time on!

[Kip Fanatic]

I have witnessed how one starts. My dad is self-employed and has been for like 20+ years. At first it was hard, but he developed customers. Those customers told others and it grew. It takes a long time to develop those type of relationships, but once you do you're set. All I can say is that its a lot of hard work, but very rewarding. No one to tell you when you can take a day off and when you can't. He never buys anything he knows he can't afford.

That's what he always tells me. Save, save, and save. You never know when those rainy days will show up. When they show up and they will, as long as you saved you'll be alright. A lot of people fail because they never prepared themselves for rainy days.

[Gatita]

Yes. Was self-employeed for four years. Wrapped it up in the summer to focus on school. :tu

[Summers]

My husband is working on a masters in accounting and does cheap bookkeeping on the side. If anyone wants to hire him and help feed his family, let me know. :)

[Nbadan]

Been there done that. Unless you have time to get a quick 4-year degree, there are handy books in finer book stores that walk you through the entire process of starting a small business including writing a business plan, finding financing, including SBA loans, filing a DBA with the tax-man, and whether it would be advantageous for you to declare your business a sole-proprietorship, a joint-venture with silent partners, or incorporating your business.

[MannyIsGod]

Anyone ever done it? From the ground up, business plan and all?

How long did it take you to write your plan, how big was it, etc.

How long did the business take to get up and running? From idea to first profit.
I've done it twice and I considred doing it a 3rd time this summer (but I got lazy :lol).

The first business I had was a webdevelopment partnership when I was 18 with a friend of mine. We did fairly well and because we had to buy nothing and we had all of the tools required in our head, we had almost no overhead and saw profits within a very quick timeframe.

The second time around I set myself up as a sole propritership when I was an insurance agent and I saw profits very quickly because I once again had very little overhead.

[2centsworth]

Here's a guideline for you to use:

First you have to determine what product or service you're going to sell.

Second determine if you can make money selling that product or service.

Third draft a WRITTEN BUSINESS PLAN that CONSISIT of at least 80% MARKETING! The remaining 20% revolves around how you're going to support your marketing efforts.

Fourth and MOST IMPORTANT- TAKE ACTION!

[TDMVPDPOY]

Accounting is a fun, fun, activity.

Accounting is a bitch, im doin a bachelors degree, 4 more subjects and i finished, first gotto raise myself $6k to finance those 4 subs, i was hopin if there are any jobs out there in america for work experience graduates?? I seriously need a holiday....

[NoMoneyDown]

It matters what your goals are for the business.

For example, for <$200, you can start your own business by simply filling out a form and submitting the funds to the Texas Secretary of State. See their web site (http://www.sos.state.tx.us/corp/forms.shtml).

I have two LLC's that take care of my assets, and am going to meet with my CPA to form an S-corp to handle my property management company.

It's not that hard.

Edit: Also, it appears that some people assume you need a business plan in order to start a business. Not necessarily true. Usually, the only time you need a business plan is when you start going to lenders for loans. They will want to get a projection of what you will be doing with "their" money. Even then, they will almost always use your personal finances as a means to get the loans for the first year or so. Don't get me wrong, though. Even though a business plan may not be required, it is still a good idea to write one, so that YOU understand what it is you will be doing.

[CharlieMac]

UTSA downtown offers a lot of resources for starting your own business.

[MiNuS]

I have never "started a business" but I have been approached many times by Amway now QuixStar people wanting to recruit me. I can tell who they are from a mile away with their lost look,trying to look sharp and their calender organizer on hand.
I've had to be direct with them and tell them I am not interested in making a "little extra money on the side". I just tell them straight out I'm not in the "market" to run other people's business,smile,and walk as far away as I can.

[2centsworth]

I have never "started a business" but I have been approached many times by Amway now QuixStar people wanting to recruit me. I can tell who they are from a mile away with their lost look,trying to look sharp and their calender organizer on hand.
I've had to be direct with them and tell them I am not interested in making a "little extra money on the side". I just tell them straight out I'm not in the "market" to run other people's business,smile,and walk as far away as I can.
MLM is not a business.

[MiNuS]

MLM is not a business.
Okay. I get it! Its a way to freedom.

Don't get me wrong I know alot of people that are direct and emerald.

[expander]

I own a printing company, NEW LIGHT MEDIA. BEST quality and prices. PM if interested for any quotes. (i.e. 5000 Business Cards 12 pt Card Stock, Full Color, 2 sided, UV Lamination) JUST $250

[NoMoneyDown]

I own a printing company, NEW LIGHT MEDIA. BEST quality and prices. PM if interested for any quotes. (i.e. 5000 Business Cards 12 pt Card Stock, Full Color, 2 sided, UV Lamination) JUST $250

Do you also do postcards? And, do you provide a mailing service as well? I'm always looking for new partners.

[The sone]

i still have equipment from a failed business. let me know if your interested. it was food service.