Tips on how to start a business and have a successful one? (financing, profit)

[BORGUSX]

I am planning on starting a business that give new jobs to the U.S. economy,but I know that it wouldn't happen overnight,so any pointer on the trade of being a business owner?

If you guys want to know,what is my plan at this moment,then ask me to provide more...

[sirron]

Good for you!! Take to it, and don't get discouraged. While I don't have any specific advice, I can tell you two things you must do: Find or create a need for the people; then, convince them they can't live without it. I wish you well.

[BORGUSX]

Oh,darn! Bottled water is taken! I agree with you about the part with finding or creating a need for people. Yes,you do want a product on the market that has a relatively inelastic demand regardless of supply,such as gasoline.

[mbuszu]

1) Create a business plan. It takes time and energy to do so, but writing each section of the business plan will force you to think about things you really must to be successful. There are free business plan examples and templates online.

2) Make a realistic assessment of your own knowledge/skills/capabilities before you begin your business. Wherever lacking, augment your knowledge or skills via books or online research.

3) Find a mentor or someone trustworthy you can bounce ideas off of or brainstorm with. Your mentor or advisers must have a proven record of success and more business knowledge/experience than you.

[wilvan]

Make sure your services or products can't be outsourced to cheaper countries.

[killer2021]

Originally Posted by wilvan

Make sure your services or products can't be outsourced to cheaper countries.

or if they can make sure to be able to beat their prices and provide higher value to clients. In the US I don't think it is so much about outsourcing. There are some things china and India do better than the us - let them do that work. In the US there is other things that we do better so lets focus on that.

Also my advice is to be realistic. If you see your company is a sinking ship. Don't try and revamp it, take what you can and walk.

[KAYLINDA]

My best advice would be to say, either learn bookkeeping, or plan your bookkeeping with a company who will keep you informed on how you're really doing. So many go into business without all the details of all the taxes they will have to pay, how to pay employee wages, can't read a profit and loss, etc. You have to know the figures!

[SSWM]

Just exactly what is it that you want to do?

What's your business plan?

Financing, SBA?

Inquiring minds want to know.

[Raggy dee Ann]

Originally Posted by mbuszu

1) Create a business plan. It takes time and energy to do so, but writing each section of the business plan will force you to think about things you really must to be successful. There are free business plan examples and templates online.

Most important part of starting a new business and keep revising in it. I take a hard look at least once a year.

[bale002]

Originally Posted by BORGUSX

I am planning on starting a business that give new jobs to the U.S. economy, but I know that it wouldn't happen overnight,so any pointer on the trade of being a business owner?

Revenue - expenses = net income.

You seem to be implying that you do not expect to generate net income in the first few years.

In that case, as mentioned, write out a business plan and make sure that you have enough funding to 1) start up the business, 2) cover your own recurring expenses, 3) have enough left over in case it fails.

Also mentioned, and very important, is to learn as much as pertains to your situation about accounting and taxes, do not rely solely on an accountant: unless you have enough funding to hire top-notch CPAs, you will probably wind up advising your accountant; if not, you will probably be less efficient, possibly run into deep trouble.

Speaking of efficiency, always look for ways to be more efficient on both the revenue side and the expenses side.

Always deliver to customers what you say you can deliver, do not disappoint your customers.

Also, do not fear outsourcing, if such a risk exists in your case. As already mentioned, comparative advantages exist everywhere. One of the biggest policy mistakes in the US has been to subsidize reckless consumption rather than the seeking of comparative advantages even in basic manufacturing, for example.

Hopefully your enterprise actually produces something that adds real value to the economy, and does not just push paper around with the aim of extracting a bigger piece from a shrinking pie.

Good luck!