Have any FReepers ever started their own small business or home-based business?

My American Dream | Thursday, February 8, 2007 | Momaw Nadon

[Momaw Nadon]

I am thinking of starting a small business and am wondering if any other FReepers have done so.

To me, starting a business and being your own boss is one of the greatest of American dreams. Financial freedom is possible in America, and I would like to achieve it doing something that I love.

I'm looking for advice on getting started and what it takes to succeed.

What is the experience like?

How did you decide what you wanted to do for a living?

What is the most difficult part of the journey?

Have you been successful in your pursuit of happiness?

[Momaw Nadon]

Any advice is greatly appreciated!!!

[Momaw Nadon]

If tomorrow all the things were gone I’d worked for all my life,
And I had to start again with just my children and my wife.
I’d thank my lucky stars to be living here today,
‘Cause the flag still stands for freedom and they can’t take that away.

--Lee Greenwood, God Bless the U.S.A.

[the_devils_advocate_666]

Best advice I ever got starting a business: "Don't count your money until it is in your hand."

Oh, and I hope you like working 80+ hours a week.

[truthkeeper]

I'm interested in doing the same thing. I hope you gets lots of helpful advice...I'll be reading along with you.
P.S. Good luck.

[Always Right]

It has it's rewards if you can make it. Most small businesses fail. You need a good plan and determination. Long hours and more stress.

[Cagey]

I gave up a company car, health insurance, and a steady pay check to start my own business. I took an enormous cut in income the first year and a half but it's been a steady climb since with the normal amount of bumps in the road along the way.

Owning your own business will cause some sleepless nights but in today's business climate so does working for a company.

Best of luck and the odds are your return will be based on the effort you put into what you do. Luck helps, but there is no substitute for hard work.

[patton]

1) have a plan to pay the bills.

2) don't give up your day job.

3) find something that you like to do.

4) find somebody willing to pay for it.

5) repeat 1 & 2

6) start small.

7) repeat 5

8) when your business pays more than your day job, repeat 7

9) when your business pays twice your day job, talk to a bank.

10) hope like heck it was not a fad.

[PayNoAttentionManBehindCurtain]

When you're making money, it ain't never as much as you thought it would be.

When you're losing money, its always more than you thought it would be.

What do you want to do?

BigMack

[jack308]

I started a company manufacturing fiber optic test and measurement equipment. I learned the business side as well as the technical side by being an electrical engineer in a small company.

The whole secret to business success as stated by Walter Williams is to find a way to please your fellow man. Find something that you're good at and find a way to make the goods or service you provide valuable to a large number of people.

The mechanics of a small business involve endless quantities of small details. Everthing from bookeeping, acounting, payroll, purchasing, shipping, advertising, etc. must be juggled.

Eighty hours a week as mentioned in a previous post would not be uncommon.

The benefits for me are above average income, independence and never having to worry about being laid-off. I'm only sorry that I did not start sooner.

[ken5050]

You're doing something right already with this thread. Most people are willing to help, offer advice if asked. You shoudl seek them out. It's hard to offer advice when speaking in generalities. Your idea/concept has to be viable..i.e. fill a need or niche in a service or product, and more importantly, it has to be FINANCIALLY viable..that is, it will earn you a return, and won't be a " hobby " (G) Whatever your idea is, make a list of your target customers, and go out and talk to them...get the sense if the need exists..tell them you're exploring the idea..what do they think. Often times, they'll tell you exactly what you'll need to know to later on come back and sell to them. Also you have to develop a viable, realistic business plan, and hopefully there is someone you trust, who is capable, who can review it for you.

Whatever your start up costs are, make sure that it is money that you can afford to lose... that you have enough working capital to carry the business for a time until orders, and then receipts, come in.

[GOP Poet]

I think it is an excellent idea. I have started a home based business and will be happy to answer your questions, but not until much later tonight. But I can say it is all worth it. Especially if you are a natural entrepreneur and not a dependent type. What state are you in? Just curious as we are in Cali and I wondered if location specific info. might help.

[Momaw Nadon]

What do you want to do?

I find computer hardware repair to be very interesting.

[Momaw Nadon]

What state are you in?

Massachusetts.

[Young Werther]

1. Go to Half Price and buy "Starting a Business for Dummies" or some such book.

2. Prepare a business plan so you can chart your progress in investing, selling, expenses and other operating stats.

3. Get the IRS book on Small Business and Self Employment. Read and learn the many ways that the IRS tax code can benefit you.

4. See if there is any grant of start up money available.

5. The SBA has a small business incubator facility which is designed to help you the smiling, entrepreneur wannabe.

6. Chamber of Commerce???

My consulting fee is $19.95 plus no shipping and handling!

[Fierce Allegiance]

The SBA has some really helpful resources, and can hook you up with a mentor type. They are there for a reason, solicit their help on everything!

[Fierce Allegiance]

Have you researched local competition?

Do you have a backup plan?

You won't use your primary residence to finace it, will you?

How much busines education do you have?

[OregonRancher]

You open and close up

You'll work 7 days a week

You're the last paid

You do all the worrying

You will not golf

You will eat at home and bag your lunch

and if you're lucky, smart, financially savvy, have a
good product and you're marketing is good and you survive the first three years, you, my son, are on the way.

[OregonRancher]

I've done this three times, started, nurtured, matured,
and sold three businesses and retired at 52. Now I work more.....go figure

[Talking_Mouse]

I do a MLM as well as my day (or for me night) job. I like the company and I use the products, so telling other people about it is not the problem it is for other people. I have been doing this for a while, and while not getting rich, it funds the IRA and a couple of other investment accounts.

If you are going to join any MLM:

1. Research what it is that you are joining to be sure that you like the product(s) and can talk about them intelligently. Check if there is any minimum amount you must buy each month. Check the web for stories of people who have left the company and see why. (do your due diligence).
2. Expect to spend an extra 60 to 90 hours a month working for little return for your first year to two years.
3. Check out some good sales books from the library to study (not just read), instead of buying all the books and tapes sold weekly by your upline.
4. For your first 6 to 12 months you will be spending more than you are making.

[zerosix]

Better add, "After the IRS gets through with you."