I want to start my own business. I have always loved the idea of having one and being my own boss. I also love how I wont rely on a pay check to be the same and having an income that can be bigger and bigger every year. I also love all of the risks you can take with starting one. I have some ideas that I have come up with over the past 2 years of products that I have noticed people always buy and keep buying. I'm not gonna say what it is just yet but I am very anxious about one in particular!

Has anyone here started there own business? Successful? Unsuccessful? Any tips or things I should or should not do?

D

 

Yes.One is a success and one was not,but a good learning moment.Sounds like you have the motivation and desire...that's a good start.The best advice I can give you is make certain you have a good business plan even if you are not obtaining a business loan.A good plan will help you manage the daily operations and growth of the business.Hope it all works out.

 

I have my own business that I started about 3 years ago. But, it's just a weekend business. I do still have a full time job with a company. I have a welding shop that I built back in '06. It makes money for me, but not all year long. That's why I kept my job with the company I work for now. Just be ready to have to pay taxes at the end of the year. I only allow myself to make so much with my business to where I don't have to pay back at the end. But anyway. Good luck if you decide on going through with this.

 

Well thanks for all the good luck. Im working on making a business plan now. Luckily my dad does real estate and has had several businesses and I know lots of people around San Diego so I should be pretty well off hopefully.

 

I heard make sure you can make it at least one year with no income (Unless you take the welding shop approach, full time job, part-time owner). It is very hard and I agree with the idea of having a plan before taking the leap.

 

ive thought about going into bussiness for myself also... good place to start is your local chamber of commerce...they are helpful with general info.

 

I started a Lawn care business, and it failed in 3 years. The problem? I had a full time job as a welder, and I was afraid to get too much business. Well, 90% of my business was under 1 big contract. Last year that company set me a letter and said that they couldn't afford to continue using me. I couldn't afford to keep my $8000 mower after that loss, so bye bye it went.

 

The moral to the story? Hire more help instead of refusing business. A lesson well learnt.

 

I'm involved in a Home Based business. I've been successful over the years and it has grown. I believe now is the best time to get started in any kind of business. You don't have to worry about find a JOB, you don't have to worry about getting Hired, Fired, or laid off.

I recommend starting slow, don't get yourself in debt. Cash Flow is King!

Find some good books on buisiness. I'm fond of "The Millionaire Next door" and "The Millionaire Mind by Dr. Thomas Stanley.

It's also good to have a mentor, or someone to help you give direction/bounce stuff off of. Maybe even have a couple people that you could talk with.

Good luck and go get em!

 

That's right, you won't have anybody to rely on for a pay check. And your help will still get paid first, even during the lean times. After thirty years of being in business for myself, I wouldn't have it any other way. It's not always easy.

When you get to the point that you have formulated a business plan and your product or service is well defined, look up a few people in the same line and find one or two that will share their experiences with you. Look at where they have gotten and judge whether or not it fits your model of the life style you expect.

 

I dont have my own business but im a finance guy so ill chime in. Make sure you have a grasp on your target market for the product you want to sell. Based on the post you're selling a product not a service. Get an idea on how much you will need to sell to cover your overhead costs. Ive watched a few businesses in my area fail because they really had no idea how much sales were needed to stay afloat. Also, make sure that you continue to build a reputation as it takes years to build and seconds to destroy. One happy customer will tell 3 people but on unhappy customer will tell 10. A motto i heard years ago but i feel rings true. Trying to keep it short so ill end there.

 

lot of good advice.. another thing I would add, is don't be afraid to use technology to help sell your product.. aka the internet. Whatever your product is, depending if your selling locally, Nationally, or international have a system set up to talk/communicate with customers. They are your biggest Friend/Advertisers! Most of America now days wants answers as fast as possible, so use email/text/IM to communicate.

Good Luck with everything!

 

I'm in the same boat. I'm currently making a business model for a computer repair/supply business catering to mostly small and medium business like hotels, stores, and so on.

One thing I recommend is be prepared. Before you "open" and start advertising.

Make sure you have product to allow customers to try, a website up, a open line of communication, such as working phone numbers, fax, etc.

Make sure other people, companies you work with are aware they will be having an influx of orders so that they can prepare to order or make more product.

As said, make a good model/plan before you get off.

READ READ READ! Read books on this, from start to finish.

And as it was already mentioned, make sure you can live at least a year without a positive cash flow and more over even a negative cash flow from this said business.

DONT BURN BRIDGES!! And, try networking. Dont be afraid to use myspace, facebook, and other social networking websites to find people to expand your business, even use these mediums to advertise your business and spread your idea. You'll be amazed how fast word of mouth gets around

As much as the business could make money, you could lose money, so be prepared for negative impacts the business could have, especially if you have family.

In all sincerity, good luck, Godspeed.