Starting a business

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  • kgvs72

    How did you start? How did you go about it?

  • robotron3k-9

    Tell a friend your idea, if they say it's stupid ask another friend. If that other friend likes it, do it, if they do not think of something else.

  • fruitsalad4

    it's really simple to start a business. Costs about £10 in UK, couple of forms and opening a business current account. Just find an original name, done - your business has started.

    https://www.1stformations.co.uk

    Running a business, generating revenue, making profit, and reaching your exit goal - that's the real meat of question.

    1000's of businesses are started and just as many will fold.

    So first question is - why are you starting a business - what's the end goal? To make x amount of cash, close the business and retire? To grow a business until merger or selling it to a rival is the logical next step for it? Or do you simply want a lifestyle business, a means to pay the bills while enjoying your work?

    • I would say a means to pay the bills while I enjoy my work, but also have a space to experimentkgvs72
    • Wrong answer ^formed
    • Why do you say?kgvs72
    • That sounds like freelancing to me - I'd suggest determining if you want a business, or want to be a freelancerformed
  • formed1

    As fs points out, starting a business is stupid simple. Having a solid business plan and executing on it, not so much.

    Do you want a "business" or do you want to be a freelancer? MASSIVE difference.

    • If you're self employed aren't you a business?kgvs72
    • = junior businessfruitsalad
    • When someone else's livelihood (aka salary) depends on you, that's a business.zarkonite
  • eryx1

    Things I have learned because of the Mistakes I have made:

    1. Lack of planning - Have a plan for the first year of your business. Figure out everything you need and what it will cost, then double it.

    2. Partnership - Going into business with someone is very difficult, especially if you are friends. Have clear defined rolls and objectives. If possible do not get investors or go into partnership, this make things easier in the long run.

    3. Get a good lawyer and accountant - These are expensive because they are worth it. At least meet with both of them to figure out what you need.

    4. Pay your taxes - Your plan should include paying your taxes, you can get yourself into trouble if you don't.

    5. Get insight from other - Talk to other people who have done something similar to what you are about to try. Don't put too much stock into someone who has not started a business but listen. What works for someone else might not work for you. Hear all trust nothing.

    6. Organize - Stay organized as much as possible. Don't put off your paperwork. There are a ton of useful people and technology for this. Personally I find that if I spend money on things that save me time trying to remain organized then it is worth it.

    7. Don't half ass it - I would say that most of my failures in business were due to not putting enough work in or putting to much work into the wrong thing. Because you have a plan and because you are organized you can see if you are succeeding and if not you will know where your need to work harder.

    hope this helps

    • Thanks!kgvs72
    • well saidPonyBoy
    • Great adviceGlitterati_Duane
    • Never assume that others have the same work ethic you have. Cut your expectations in half.spendogg
    • ^yeseryx
    • Start small & scale; home-based then grow out. Don't start with a pricely lease. Don't start with lawyers/accts; they will be the first to gouge you.BustySaintClaire
  • fruitsalad2

    watch all of these before doing anything:

    https://www.youtube.com/channel/…

    listen to this podcast and taken caution to how much BS is out there, but in some cases, some hardwork and luck:

    http://nathanlatka.com/podcast-t…

  • SteveJobs0

    Your first business will teach you all the ways to not start or run subsequent ones. Books, videos, and lectures teaching you how to avoid many common mistakes the first time around are invaluable.

    Find something you're passionate about. Something that you're willing to put in more work then you every have or ever will working for someone else. Be prepared to stay in on the weekends when your friends are all out. Whatever you estimate as the time it will take to go from idea to launch will probably be way short of the mark, especially if you're a perfectionist (a condition common with many ambitious entrepreneurs), so account for that and the additional time you might want to allocate in your already busy schedule. When you're 99% done, you'll have tons of tiny things to complete. That last percent will drain your soul. Deal with it.

    Something else you'll hear from others that also helps, as with most things in life - hope for the best but prepare for the worst. Your first year probably won't be as good as you'd like and all the work you've put into your business will seem like months (years?) wasted getting it going. Most businesses are lucky to break even the first year if they don't fail altogether.

    Last but certainly not least, others may not share your enthusiasm for whatever business you're going into. Let that doubt fuel you not discourage you. Generally most encouragement comes from those who've been down that road or share your passion but for the most part you're on your own.

    Good luck.

  • vero_vandal0

    Your first step, if you are in the USA, is an LLC.

  • kgvs720

    WHat if you have business ideas that aren't exactly related to each other, but you're brainstorming about what business or Industry sector to enter to?

    I like hydroponics/aquaponics, technology, anything design altogether, renewable energies

    • Start doing some feasibility studies - markets, competition, production costs, legal fees, etc. If that goes, then write a business plan. Math and research.formed
    • Will do, I'm guessing taking the jump is also the first step.....kgvs72
  • formed3

    Here's what you need to determine:

    1. Do you want to DO or DESIGN? OR do you want to have a business that DOES or DESIGNS. As a business owner, you'll be looking for ways to delegate so you can run the business.

    2. Do you want a partner? Investors? How are you going to start? How are you going to ride out periods of no work?

    Write that business plan. There are easy templates out there, it's not hard and remarkable how few do it (including myself, I've learned a lot having my business for 15 years now).
    Determine budgets. Don't "wing" spending on AdWords or other costly things.

    Goals. Write them down. Financially, creatively, etc., and think what it will take to reach them. Want a $100k? $1m? How/what do you need to make that happen (hint: you'll need people/teams, processes, etc.).

    Read. Read and read and read, you can never read enough inspirational business books. There is ALWAYS something to learn.

    Coaches and Mastermind groups. Find a mm group and think about a coach. Neither are cheap, but both can be invaluable. If you can find a Mentor even better, but that's a luxury most of us don't have.

    If you are in the US look at the Small Business Development Center. They give free advice and counseling. They also have TONS of good courses, networking, etc.

    Read