OT: Anyone have any tips on starting your own business?

[broncosteven]

I want something that brings in a 2nd income that may be there for the kids.

Thinking about something like a coin op laundry but they see expensive to get into.

Anyone here have their own business or knows the right way to get a small business together?

Thanks!

[Rulon Velvet Jones]

Pimpin' ain't easy, you know.

[Hotrod]

IMO its best to offer either a service or product that is cheap or free to produce; like say selling sperm.

[broncosteven]

I could start: Gene Kranz Mancrush INC.

There has to be others that lust after Gene's innate project management skills and ability to work under fire.

[broncofan2438]

I have an online thing going, nothing big yet but seems to be a good thing in the future. I suggest online for sure. Everyone goes online

[CBF1]

Open a "Pay to Post" Bronco site.... Hope to sink your hooks inot a Mock and Spider and you are set for life.

[Merlin]

The most important and frequently most ignored step (especially in small businesses) is a business plan. I know they are a pain in the a$$, but they are critical to crystallizing your business and it succeeding (try to aim for a 3-5 plan). There should be a lot of help on the web on how to develop a proper one.

[SouthStndJunkie]

Research, research, research.

Develop a business plan that includes a break even analysis, SWOT analysis, and Porter's 5 Forces analysis.

Be honest with yourself in your analysis.

Think outside the box in terms of opening a business that can thrive during a downturn in the economy.

[broncosteven]

So Merlin and SSJ:

My Sister-in-law did her MBA and she told me that they would bring in business owners, she said someone would always ask how did you raise the $ to start your business and they always seemed to have been born in it or had a benefactor.

I am not looking to start a widget company that fills a new need though I do have one idea I would like to try out...I was looking more at either taking over a current business function like Coin op laundry.

Was hoping we had some more personal experiences on a board this big.

[Hotrod]

Home Ice cream delivery. Its an idea I came up with one night going out for ice cream while the wife was prego. I think it could be the next sliced bread I really do.

[broncosteven]

Home Ice cream delivery. Its an idea I came up with one night going out for ice cream while the wife was prego. I think it could be the next sliced bread I really do.

Or better yet: Home Sperm Delivery.

Why does it need to get all sticky at some spooge warehouse, move to Just-in -time model. Think of all the $ saved on all those offices.

[SureShot]

Pimpin' ain't easy, you know.

Yes it is, you're are just not good at it.

[Hotrod]

Yes it is, you're are just not good at it.

LOL classic

[smalltowngrll]

Some great advice...

Here's what I'd suggest...

1. Research (Mentioned above) - Find out the pro's and con's of whatever it is you want to do. Service businesses pro's....not much on Cost of Good's but you may end up working your arse off.

2. Business Plan - You can find lots of sample business plans online. You should be able to answer the following questions: Who is your target market? What is your 1 year sales goal? 3 yr? 5 yr? How will you handle growth?

3. Capital - Don't expect to take out all of the money you make the first year or two. Make sure that you budget to leave money in the business for business develoopment, improvement and investing in other needs.

4. Budget - THIS IS VERY IMPORTANT!! Make sure you create a realistic budget. If you will have a loan, make sure you budget the loan payments (which don't appear in a typical profit and loss statement). When you prepare a budget, make sure to create a balance sheet budget as well. That is very critical. Most businesses will only do an income/expense budget but forget about the capital investments, fixed assets and liabilities. Even simple businesses have these things. Don't just create a one year budget, make sure to create a three year and 5 year budget. Each year, re-visit your budget from the previous year to see how you did and fine tune the next year budget. Then, fine tune your future budgets. Also, make sure to creat a cash flow model as well. (This is important especially if you have any type of inventory)

5. Once you've started your budget, don't forget about your finances. What I mean is, some business owners are so busy doing what they do best (running the business) they neglect the financial aspect. Make sure you prepare or have prepared a Profit and Loss Statement and Balance sheet every month. Don't neglect to enter your expense and income. Make sure to use something like Quickbooks or Quicken to track your business stuff. AND, KEEP YOUR BUSINESS FINANCES SEPERATE FROM PERSONAL! Make sure that when you take money out, you not deposit money from sales into your personal account, but into your business account and then write yourself a check.

6. Make sure you know the laws that regulate the type of entity you choose for your business. Sole Propriotership, LLC or Corporation. They all function differently and all require different things. Educate yourself.

That's just the tip of the iceburg, but should get you started.

Good luck!

[bronco610]

I have owned several, some good, some bad. The number one tip I can give is to work for someone else in what ever field for at least a decent amount of time to get your feet wet and learn the not so great things that might not be apparent in a business. Also it will let you gage the current market for that product or service.
Secondly if you can afford it, franchises are good because if it is a known succesful franchise, someone else already did the marketing and business plan for you and your not just out on your own.
Third, it better be something you enjoy, because believe me if you don't really love it, you will definitley grow to hate it.
If you like PM me and I will share some of the traps and successes I have had.

[spdirty]

know people.

[theAPAOps5]

I want something that brings in a 2nd income that may be there for the kids.

Thinking about something like a coin op laundry but they see expensive to get into.

Anyone here have their own business or knows the right way to get a small business together?

Thanks!

Dollar stores. They are pretty successful and in a down economy or up they do pretty well.

[Willynowei]

Small businesses are ALOT of work especially if you're going it alone, which sounds like the case here. If you want to do it on the side, thats fine but just know that you may not have a life for the duration of the startup period.

And not that I have experience in the field but with laundromats, only one thing really matters - location. My best advice? Look for a block or strip near a mid-range hotel. If you can find a sweet spot within 2 or 3 blocks of 2 or 3 hotels, then you can higher a couple guys to spam advertisement banners to draw in guests who would rather not pay for their overpriced dry cleaning services/etc.

Other than that, yeah you'll need plenty of startup capital, but if you find the right location and have that idea of stealing business from hotels, I bet you could get it funded as long as you present it well. Go to Barnes and Nobles or Borders and pick up a book on presenting business plans or just ask someone you know who's tried to raise money from banks, etc..

As for the best modern day small business that you can start up? I'd say a website. Almost zero startup capital and you can learn all the techniques and necessary skills by yourself using free online sources. It will be plenty of work learning that on your free time but so is starting a laudromat or any other small business. Issue with that is you need a great idea. Ask your wife, kids or immediate circle of trustworthy friends whats the number one issue they've had with online use. Address it and cut them in on the deal if you'd like.

[cutthemdown]

you need to capitalize on a skill or hobby you are really good at. For instance I use the fact i can play the saxophone really well to make extra dollars. Is there anything you are really good at?

[SureShot]

Internet porn.

[Meck77]

I'd strongly consider getting into something you love instead of simply focusing on the cash upfront.

Do what you love....the money will follow.....

Oh and don't take advice from people who have never run their own business. All they do is tell you reasons why you shouldn't do it.

Good luck man.

[broncosteven]

you need to capitalize on a skill or hobby you are really good at. For instance I use the fact i can play the saxophone really well to make extra dollars. Is there anything you are really good at?

Jack of all trades, master of none.

Networking and computers but not something I would jump out on my own and start my own consulting business. I know a lot of good consultants that have come back into FTE roles, mostly due to Health care issues.

Thinking of doing some networking consulting sidework to get my feet wet but I want something more brick and mortar. The thing with networking is the amount of stress and deadlines cancels out the love of doing it lately.

I am pretty good at landscaping and have an eye for design but that is really only a 3-5 season gig up here.

I am studying classical guitar, I am not good enough to play weddings but that is something I have been thinking about for my retirement. i.e. giging on a cruise ship in 10 years or something like that.

Thanks for all the helpful tips.

[TheReverend]

Jack of all trades, master of none.

Networking and computers but not something I would jump out on my own and start my own consulting business. I know a lot of good consultants that have come back into FTE roles, mostly due to Health care issues.

Thinking of doing some networking consulting sidework to get my feet wet but I want something more brick and mortar. The thing with networking is the amount of stress and deadlines cancels out the love of doing it lately.

I am pretty good at landscaping and have an eye for design but that is really only a 3-5 season gig up here.

I am studying classical guitar, I am not good enough to play weddings but that is something I have been thinking about for my retirement. i.e. giging on a cruise ship in 10 years or something like that.

Thanks for all the helpful tips.

Maybe you could start up a NASA newsletter for subs or an online magazine type thing...?

It's one of those things that seems like something you'd LOVE to do, and just about everyone is at least curious about space travels and such.

[Tombstone RJ]

Some great advice...

Here's what I'd suggest...

1. Research (Mentioned above) - Find out the pro's and con's of whatever it is you want to do. Service businesses pro's....not much on Cost of Good's but you may end up working your arse off.

2. Business Plan - You can find lots of sample business plans online. You should be able to answer the following questions: Who is your target market? What is your 1 year sales goal? 3 yr? 5 yr? How will you handle growth?

3. Capital - Don't expect to take out all of the money you make the first year or two. Make sure that you budget to leave money in the business for business develoopment, improvement and investing in other needs.

4. Budget - THIS IS VERY IMPORTANT!! Make sure you create a realistic budget. If you will have a loan, make sure you budget the loan payments (which don't appear in a typical profit and loss statement). When you prepare a budget, make sure to create a balance sheet budget as well. That is very critical. Most businesses will only do an income/expense budget but forget about the capital investments, fixed assets and liabilities. Even simple businesses have these things. Don't just create a one year budget, make sure to create a three year and 5 year budget. Each year, re-visit your budget from the previous year to see how you did and fine tune the next year budget. Then, fine tune your future budgets. Also, make sure to creat a cash flow model as well. (This is important especially if you have any type of inventory)

5. Once you've started your budget, don't forget about your finances. What I mean is, some business owners are so busy doing what they do best (running the business) they neglect the financial aspect. Make sure you prepare or have prepared a Profit and Loss Statement and Balance sheet every month. Don't neglect to enter your expense and income. Make sure to use something like Quickbooks or Quicken to track your business stuff. AND, KEEP YOUR BUSINESS FINANCES SEPERATE FROM PERSONAL! Make sure that when you take money out, you not deposit money from sales into your personal account, but into your business account and then write yourself a check.

6. Make sure you know the laws that regulate the type of entity you choose for your business. Sole Propriotership, LLC or Corporation. They all function differently and all require different things. Educate yourself.

That's just the tip of the iceburg, but should get you started.

Good luck!

What she said... damn, I think I'm in love now, girl, you rock my world.

[Meck77]

I've actually considered getting in the self storage business. What a racket that is. Build some tin sheds in areas where people have too much crap and not enough room to store it. Charge them rent to keep junk that most of them don't even need. If they don't pay the bills you sell their crap to someone else and store it again. Best of all you need little to no employees.

[Tombstone RJ]

I've actually considered getting in the self storage business. What a racket that is. Build some tin sheds in areas where people have too much crap and not enough room to store it. Charge them rent to keep junk that most of them don't even need. If they don't pay the bills you sell their crap to someone else and store it again. Best of all you need little to no employees.

Have you seen the latest and greatest self storage stuff, the "pods" thing. It's actually a good idea. Logistics wise (capital investment) I'm sure it's hella more than the regular storage areas, but the premis seems viable. Actually, it's kinda a moving/storing thing all wrapped into one.

[ak1971]

I've actually considered getting in the self storage business. What a racket that is. Build some tin sheds in areas where people have too much crap and not enough room to store it. Charge them rent to keep junk that most of them don't even need. If they don't pay the bills you sell their crap to someone else and store it again. Best of all you need little to no employees.

Ive thought about this everytime I pass one..live on the site, and no house payments either.

[Meck77]

Ive thought about this everytime I pass one..live on the site, and no house payments either.

Better yet if the property was on colfax you could probably rent a couple of the units by the hour.:pimp:

[broncosteven]

I've actually considered getting in the self storage business. What a racket that is. Build some tin sheds in areas where people have too much crap and not enough room to store it. Charge them rent to keep junk that most of them don't even need. If they don't pay the bills you sell their crap to someone else and store it again. Best of all you need little to no employees.

I was doing a search and as far as franchises these storage places are the most to break into at $250k to $750k. If I had that kind of capital sitting around I wouldn't have started this thread.

[Spider]

well you could always get a job selling Raider home tickets ....... Plenty of free time doing that ;D

[broncosteven]

My Brother-in-law drives a garbage truck.

He always talked about a Rolloff(?) business? He said they were always busy and it was rather easy to start out in.

With Deisel prices so high I wonder if now is not the time...

[Spider]

My Brother-in-law drives a garbage truck.

He always talked about a Rolloff(?) business? He said they were always busy and it was rather easy to start out in.

With Deisel prices so high I wonder if now is not the time...
hmm I doubt it unless you have plenty of start up cash

[Spider]

I wouldnt know how much a trash truck would use in fuel , but I went through 700.00 dollars worth yesterday

[broncosteven]

hmm I doubt it unless you have plenty of start up cash

I want to say he said he could get a decent used Truck something about how many axels needed I guess 4(?) axle holds bigger containers than the 2(?) axles?

Then he said get a couple used containers, he insists that he could get enough business from his route to do part time.

I have an in with a big contractor in our area.

Expecting at least $50k outlay to start.

[Spider]

I want to say he said he could get a decent used Truck something about how many axels needed I guess 4(?) axle holds bigger containers than the 2(?) axles?

Then he said get a couple used containers, he insists that he could get enough business from his route to do part time.

I have an in with a big contractor in our area.

Expecting at least $50k outlay to start.

how much trash are you picking up ?
then you have to apply for your own authority 5k , application fee 350.00 , and if you make a mistake on the form , another 350.00 ,no free do overs , then you have to be bonded , insurance , workmans comp , base plate , cab cards , Cargo insurance ,Unemployment insurance then you get into have road use tax , I dont know if they will make you join IFTA , but if they do , thats another huge expense , Then you have ot get licensed for weight , always pay for more weight then you will haul , you dont want to get caught hauling more then you are allowed to..... Then you have to have annual D.O.T. inspections , D.O.T. Physicals , Drug test ....... Once you get all of that done , you are ready to put your tin in the wind and start trucking

[Bronco_Beerslug]

Dollar stores. They are pretty successful and in a down economy or up they do pretty well.Chinese crap stores, who wants them, who goes to them?

[The MVPlaya]

Get up off your ass and JUST DO IT.

[CoopDawg]

know people.

That is the best starting point, work the network and find out who is already doing well with the type of business you wish to pursue. Ask them about their experiences in the market.

[Merlin]

Chinese crap stores, who wants them, who goes to them?
Done well, apparently investment firms.

http://en.wikipedia.org/wiki/Dollarama

[Meck77]

Here is an article about the the crap stores that nobody wants in yesterday's Rocky Mountain news. They just raked in $1,000,000,000 last quarter and sales are gaining steam.

http://www.rockymountainnews.com/news/2008/jun/14/lean-times-grocery-shoppers/

Steven not sure how much capital you have but have you considered getting in the real estate business? I'm sure there are deals to be had in your area if you are willing to work for them. I don't care how bad any particular real estate market is as there is ALWAYS opportunity within them.

Buy the pig amongst queens and clean her up! If you are very conservative with your approach you could probably net 20k or more and roll that into something else or the business you really want to launch.

[enjolras]

I've started two business at this point, a couple of thoughts:

Starting a 'part time' business is EXTREMELY difficult. As your finding out, capitalizing it can be hard if you don't have your own funds to kick in. Worse yet, actually building a business requires a lot of time and effort. If you can't give it your full attention, it has little chance of success especially if its a service industry business.

That said, I'd be looking for low inventory types of businesses that involve discrete transactions. House flipping is a good one, but extremely risky. I've met folks who are doing well (even in the 'lousy' housing market), but they have a keen eye for real estate and a lot of patience. Its also not a 'second' job.

If you have a good eye for deal spotting, selling things on Ebay is a good business. I have a friend that is making a killing at that, but it involves a lot of trolling flea markets and the like looking for value. Again, a big time sink.

If your looking for something that just 'runs itself', then I don't have any good advice. That's why businesses have such a great payout, they require a lot of money to get out of the ground, and even more effort to run.

[Rock Chalk]

If you do a laundromat, put it in an Hispanic neighborhood. Thats a freakin gold mine. Get that lawnmower money :)

[dbfan21]

I always thought that if my job deteriorated, I would find a shopping plaza where a grocery store either went out of business or relocated and use that space for a children's play area, i.e. Chuck-E-Cheese, Discovery Zone, etc.

Parents are always looking for a safe place to take their kid(s). A large, air conditioned area that allows them to run around and develop their dexterity as well as burn off energy is ideal.

There is this place here in Florida that is like one huge "Moon Bounce House". Your kid can totally fall down and eat it and won't get hurt. My kids are good for a solid afternoon nap after 2 hours in that place. And the price of admission is worth the reward! :yayaya:

Whaddya think?

[smalltowngrll]

I always thought that if my job deteriorated, I would find a shopping plaza where a grocery store either went out of business or relocated and use that space for a children's play area, i.e. Chuck-E-Cheese, Discovery Zone, etc.

Parents are always looking for a safe place to take their kid(s). A large, air conditioned area that allows them to run around and develop their dexterity as well as burn off energy is ideal.

There is this place here in Florida that is like one huge "Moon Bounce House". Your kid can totally fall down and eat it and won't get hurt. My kids are good for a solid afternoon nap after 2 hours in that place. And the price of admission is worth the reward! :yayaya:

Whaddya think?


Great idea...but HUGE liability!

Discovery Zone didn't last long. They couldn't make enough money and the liability when doing something like that is huge. Chuck E Cheese is a great idea because you are relying on something besides the entertainment to bring in money. To rely solely upon admission for your revenue would be difficult to do.

You could probably do somthing a little more scaled back, though. There's a place here that's called Play and Latte (something like that...can't remember exactly) where parents can bring their kids to play and the parents can get a great coffee.

[bronclvr]

I've actually considered getting in the self storage business. What a racket that is. Build some tin sheds in areas where people have too much crap and not enough room to store it. Charge them rent to keep junk that most of them don't even need. If they don't pay the bills you sell their crap to someone else and store it again. Best of all you need little to no employees.

I am half Owner of a Self Storage Facility. Yes, there is good money in it if you can keep it over 70-75% occupied. Start up is Capital intensive, but you do get some Benefits in terms of surrendered Units (which you can Auction), you don't have a lot of upkeep (except idiot's in U-Hauls that hit Ballards, Walls and Fences). Location is everything, and you hope you don't have a lot of new Facilities pop in your Territory. Keeping Managers is an issue-

I am looking into a Car Wash-looks promising-

[itherapies]

I'm a small business consultant. I work especially with owner-operated businesses. My background is as a private practice psychotherapist. Several years ago I started to realize that I had a unique way of seeing what an individuals strengths and weaknesses are in regards to running their own business. This is a long winded way of saying, you better have a pretty solid sense of what you're good at and what you're not. It's business owners personal blind spots that I see cause them trouble. As far as business planning, it is essential. However, make the plan really come alive. Most business plans are so dry and clinical that the only thing they are good for are taking to the bank to get funding. Your business plan should be much richer. It needs to get you thrilled every time you look at it. If not, you won't follow it. Hope this helps. Any questions let me know. Oh yeah, one more thing. Did you know that as many businesses fail from being over-funded as do ones from being under-funded. It's really not about the money.

[TheReverend]

If you do a laundromat, put it in an Hispanic neighborhood. Thats a freakin gold mine. Get that lawnmower money :)

:spit:

[dbfan21]

Great idea...but HUGE liability!

Discovery Zone didn't last long. They couldn't make enough money and the liability when doing something like that is huge. Chuck E Cheese is a great idea because you are relying on something besides the entertainment to bring in money. To rely solely upon admission for your revenue would be difficult to do.

You could probably do somthing a little more scaled back, though. There's a place here that's called Play and Latte (something like that...can't remember exactly) where parents can bring their kids to play and the parents can get a great coffee.

I bet the liability insurance would be huge. I bet there are ways to off-set the costs, whether it is by offering the public something different (i.e. lattes/coffee, internet access, etc.).

Another idea (that would be insurance laden, but popular) would be an indoor rock climbing center. Maybe a signed waiver from participants would reduce the liability a small business owner would have to incur to open the doors and keep them open.

[bronco0608]

Buy an existing business. All the legwork has been done for you and all you have to do is walk in and continue to run it the same way (or even better than it was run.)

Fact of the matter is that most start-up buisnesses fail. Its hard work.

By the way you are talking, its seems like a second priority for you after your first job. If you dont' have 80 to a 100 hours a week to devote to your business in the beginning, you are going to lose. Point blank and period.

In my experience, the guys that are successful in their own businesses make it their lives and work their ass to be successful. The question is, can you do that? Can you miss the big game to work? Can you work late night? If you can't, don't do it.

[itherapies]

Also, Work, Work, Work, Work, Work, Work, Work, Work, Work, Work, Work, Work, Work, Work, Work, Work, Work, Work, Work, Work, Work, Work, Work, Work, Work, Work, Work, Work, Work, Work, Work, Work, Work, Work. You have to REALLY want it. But, it sure can be a lot of fun.

[broncosteven]

In my experience, the guys that are successful in their own businesses make it their lives and work their ass to be successful. The question is, can you do that? Can you miss the big game to work? Can you work late night? If you can't, don't do it.

I have done that for others and after 10 years am getting jaded. Want something for me and my family. I have no problem working, just tired of putting all my time in for someone else year after year and having to worry when the outsourcing talk starts...

[Rabb]

follow Javon Walker around with band aids and champaigne

[no-pseudo-fan]

Start up a pay site that gives access to all the information off of those other paysites. Consolidate.

[Meck77]

Start a trucking company and hire Spider as your general manager. Then get the **** out of the way!

[c_lazy_r]

My one piece of advice would be to avoid too much debt. It can be an abslolute killer.

[c_lazy_r]

follow Javon Walker around with band aids and champaigne

;D

[broncosteven]

My one piece of advice would be to avoid too much debt. It can be an abslolute killer.

This is the only reason I haven't jumped in sooner.

The wife does not approve of any move that is associated with the word risk.