Experiences with starting a business

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In summary, starting a business requires a lot of hard work and dedication. You should also make sure to have a business plan and protect yourself from lawsuits.
  • #1
Pengwuino
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Im starting a business and i was wondering what your guyses experiences have been with businesses? What is the big cause for people not making it and what things do i need to consider when planning out the business? Also, what kind of scams should i avoid if there are any and what should i be on the lookout for... any help would be... helpful! :D
 
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  • #2
Starting your own business requires,1% inspiration..and 99% perspiration and spend all you can afford on advertising. Learn to keep your own books/records the correct way.
When I started mine I worked over a year before takeing a day off. Now some 15 years latter..lol I still work too much! I don't mind because my business is fun with very little stress.
 
  • #3
Crap... are you serius? I don't think i have a whole percent of inspiration ;) lol. I am in college so i can't be there 100% of the time. I need an employee for 2 days out of the week. And what would be the 'correct way' of keeping my books?
 
  • #4
Pengwuino said:
Im starting a business and i was wondering what your guyses experiences have been with businesses? What is the big cause for people not making it and what things do i need to consider when planning out the business? Also, what kind of scams should i avoid if there are any and what should i be on the lookout for... any help would be... helpful! :D
Do you have a business plan? http://www.sba.gov/starting_business/

Most of the failures I see in business are due to not understanding the competition, what is going to set you apart from the others that do what you do or sell what you sell?
 
  • #5
I really don't have a formal business plan. Its a computer sales/repair shop and i don't have a formal business plan. The only thing i can see putting my self above the competition is well... i have 2 groups of competition. 1 is the big stores like best buy and such... but they charge a lot and you can't get customized computers from there so i hope to grab onto the market that what's a custom computer but doenst know how to do it themselves. Plus repair work is so expensive at the big stores. The other group is the other shops in teh city. I think i can be more... coop then competative with them. I don't see me driving them out or visa versa and i think its just we all kinda exist within our areas.

Plus I am hopen to get a spot next to this PC gaming place where there has to be a lot of computer-lovers around who like gaming. The just do gaming, no repair or selling or anything.
 
  • #6
http://www.irs.gov/businesses/small/article/0,,id%3D98575,00.html
 
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  • #7
If you can't keep books and can't analyse finances in any way, forget it.
 
  • #8
How complicated can it be?

All my purchases will come from 1 distributor and 1 other website.
Dont see anything special other then a guy comen in and fillen out an order form or a work form and comen back later to pickup the computer and paying.
 
  • #9
Pengwuino said:
I really don't have a formal business plan. Its a computer sales/repair shop and i don't have a formal business plan. The only thing i can see putting my self above the competition is well... i have 2 groups of competition. 1 is the big stores like best buy and such... but they charge a lot and you can't get customized computers from there so i hope to grab onto the market that what's a custom computer but doenst know how to do it themselves. Plus repair work is so expensive at the big stores. The other group is the other shops in teh city. I think i can be more... coop then competative with them. I don't see me driving them out or visa versa and i think its just we all kinda exist within our areas.

Plus I am hopen to get a spot next to this PC gaming place where there has to be a lot of computer-lovers around who like gaming. The just do gaming, no repair or selling or anything.
Then you may have a niche. You don't have any large upfront investments to worry about or employees, that's good.

Make sure you have some kind of disclaimer to protect yourself. You don't want someone claiming you destroyed thousands of dollars of their computer equipment if they aren't satisfied.
 
  • #10
I will have 1 employee though for 2 days a week... and yah I am going to get a lawyer to look at how to protect myself from lawsuits
 
  • #11
Incorporating yourself is the best defence. But please check the link in my last post..down at the bottom of the page go to Publication 583 and read it.
 
  • #12
Oh i really don't think i can incorporate. I wouldn't be able to do everything required that real corporations due (even though a lot of small business corporations don't either). I am looking into a limited liability company (LLC) though...
 
  • #13
The two biggest things you will have to overcome are:

1)Getting clientelle. You will have to do a lot of hustling to do this. Don't rely simply on word of mouth advertising.

2)In that business, you are going to have a heck of a balancing act with your sales vs. your on hand inventory. Since computer stuff gets outdated weekly, you will have to be very prudent with what supplies/items you decide to have on hand for sale. You are going to have to be very good with estimating the absolute minimum amount of capital to invest in your inventory.

An LLC is definitely the way to go. Limited Liability is the key.

P.S. My wife runs her own business.
 
  • #14
Well its going to be more of a shop and not a retail store. Peole come in needing something fixed or want to buy a whole system... we take the orders and fill em. If someone asks for a certain part, we can get it for them too.
 

1. What inspired you to start your own business?

I have always been passionate about entrepreneurship and the idea of creating something from scratch. I was also motivated by the desire to have more control over my work and the opportunity to pursue my own ideas and visions.

2. What are some challenges you faced when starting your own business?

One of the biggest challenges I faced was securing funding for my business. It can be difficult to convince investors to take a chance on a new business, especially in a competitive market. Another challenge was balancing the demands of starting a business with my personal life and other responsibilities.

3. How did you come up with your business idea?

I came up with my business idea by identifying a gap in the market or a problem that needed solving. I also drew inspiration from my own interests and skills, as well as researching current trends and consumer needs. It's important to thoroughly research and validate your idea before diving in.

4. What advice do you have for someone who wants to start their own business?

My advice would be to do your research and create a solid business plan before taking any steps. It's also important to be prepared for challenges and setbacks, and to be open to learning and adapting as you go. Networking and seeking mentorship can also be invaluable resources for new business owners.

5. What has been the most rewarding part of starting your own business?

The most rewarding part of starting my own business has been seeing my ideas come to life and making a real impact in the market. I also enjoy the freedom and flexibility of being my own boss and the constant learning and growth that comes with running a business.

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