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Old 09-07-2011, 11:58 AM
 
984 posts, read 816,977 times
Reputation: 1213
Quote:
Originally Posted by birdinmigration View Post
There's actually some good wisdom on this thread. Thanks to all who weighed in on starting new businesses.

Maybe we can have a serious advice thread about small business strategies without it turning into an argument over minutiae?
Was looking at perhaps a Web Business selling mobile phones, accessories- the problem with starting these type of things is lack of information. Or Market Research, knowing what your doing as opposed to going on gut feel.

Such as what price to buy goods at and how, finding a right selling price - what is a good price, and what is a bad price - you don't know if your competitors are undercutting you.

Then there is question are any of the existing guys actually making any money running their Businesses - its a huge risk to go out and buy lots of stock - and then nothing sells you have lost money, or you go out and make just a little because all the existing guys are making nothing - this the point where I always look at running your own Business as too much guess work! Plus there is the level of knowledge, expertise you will need to actually put the website up, you will need some expertise in mobile products - what level of expertise do your competitors have. Jusr reading reports is not good enough - you need some REAL experience in that field which is not always easy to get.

If there was a way to really do the market research well, work out the pricing, how to buy the goods you need, what your competitors are making - A sort of real world business plan as opposed to guess work, and positive thinking. If you could really think out every area really and how your going to cover it

I was looking at companies house - where it gives you their Profit, loss etc information - so you can really see what all these business out there are making - and then start plotting your own venture.

If you take a simple Business like renting out a property - its easy to do your market research, you have lived in the area and know the rental prices, you know the mortgage price, and you know there is a university in the area - so easy to get rented most of the year and you can at least cover your costs, and make a little cash - you can do most of repairs - and get electricans and plumbers for the more difficult jobs - you know in your gut that its manageable, and profitable - as opposed to "start your own Business " mentality from wannabe entrepreneurs who have no clue what their doing.

So my question, how do you nail it, really know your business is going to work as opposed hope for the best mentality.
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Old 09-07-2011, 12:40 PM
 
Location: Las Vegas
5,719 posts, read 5,033,012 times
Reputation: 2614
Quote:
Originally Posted by birdinmigration View Post
There's actually some good wisdom on this thread. Thanks to all who weighed in on starting new businesses.

Maybe we can have a serious advice thread about small business strategies without it turning into an argument over minutiae?
Thats a good idea.

And for all those that are business-start-up bashing. You will never know until you try. Trying is better than waiting around not doing anything. One thing I need to add is that when you guys think of small business...you guys are thinking restaurants, ice cream parlor, hardware store.

What about providing a skilled service for low income people? Or doing something from home on the weekends? Using your typing skills, repairing electronics...computers. Non of this stuff would have any initial start up cost..... If you do some research on multi million dollar companies you will see that a lot of them started out in a garage.

10 Big Businesses That Started In A Garage | Young Upstarts
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Old 09-07-2011, 12:49 PM
 
Location: Earth
3,516 posts, read 1,786,571 times
Reputation: 1516
Quote:
Originally Posted by von949 View Post

And for all those that are business-start-up bashing. You will never know until you try. Trying is better than waiting around not doing anything.
Quite true but the key is to make informed decisions, don't jump headfirst into a pool only to find out in mid-air the water's been drained....
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Old 09-07-2011, 12:59 PM
FBJ FBJ started this thread
 
Location: Tall Building down by the river
32,972 posts, read 22,295,756 times
Reputation: 7131
Quote:
Originally Posted by von949 View Post
Thats a good idea.

And for all those that are business-start-up bashing. You will never know until you try. Trying is better than waiting around not doing anything. One thing I need to add is that when you guys think of small business...you guys are thinking restaurants, ice cream parlor, hardware store.

What about providing a skilled service for low income people? Or doing something from home on the weekends? Using your typing skills, repairing electronics...computers. Non of this stuff would have any initial start up cost..... If you do some research on multi million dollar companies you will see that a lot of them started out in a garage.

10 Big Businesses That Started In A Garage | Young Upstarts

I think it would be wise to start a business on the SIDE first and then if it takes off you can quit your current job. Makes more sense that way.
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Old 09-07-2011, 01:03 PM
 
984 posts, read 816,977 times
Reputation: 1213
Quote:
Originally Posted by von949 View Post
Thats a good idea.

And for all those that are business-start-up bashing. You will never know until you try. Trying is better than waiting around not doing anything. One thing I need to add is that when you guys think of small business...you guys are thinking restaurants, ice cream parlor, hardware store.

What about providing a skilled service for low income people? Or doing something from home on the weekends? Using your typing skills, repairing electronics...computers. Non of this stuff would have any initial start up cost..... If you do some research on multi million dollar companies you will see that a lot of them started out in a garage.

10 Big Businesses That Started In A Garage | Young Upstarts
Yep I Agree - we need specifics as I outlined in the post above - the problem with links, and websites etc that tell you that such and such started up a business in the garage - yeah all well and good - but surely behind that there was clever thinking, planning, pricing strategy, such as microsoft when they bought DOS and got it with IBM machines was their turning point. They didn't just start it up and hope for the best....

I'd really just like to see a decent moderately successful business and how they done it rather than vague, unstubstantive articles that actually give away no useful information.
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Old 09-07-2011, 01:16 PM
 
Location: Las Vegas
5,719 posts, read 5,033,012 times
Reputation: 2614
Quote:
Originally Posted by mikeyking View Post
Was looking at perhaps a Web Business selling mobile phones, accessories- the problem with starting these type of things is lack of information. Or Market Research, knowing what your doing as opposed to going on gut feel.

Such as what price to buy goods at and how, finding a right selling price - what is a good price, and what is a bad price - you don't know if your competitors are undercutting you.

Then there is question are any of the existing guys actually making any money running their Businesses - its a huge risk to go out and buy lots of stock - and then nothing sells you have lost money, or you go out and make just a little because all the existing guys are making nothing - this the point where I always look at running your own Business as too much guess work! Plus there is the level of knowledge, expertise you will need to actually put the website up, you will need some expertise in mobile products - what level of expertise do your competitors have. Jusr reading reports is not good enough - you need some REAL experience in that field which is not always easy to get.

If there was a way to really do the market research well, work out the pricing, how to buy the goods you need, what your competitors are making - A sort of real world business plan as opposed to guess work, and positive thinking. If you could really think out every area really and how your going to cover it

I was looking at companies house - where it gives you their Profit, loss etc information - so you can really see what all these business out there are making - and then start plotting your own venture.

If you take a simple Business like renting out a property - its easy to do your market research, you have lived in the area and know the rental prices, you know the mortgage price, and you know there is a university in the area - so easy to get rented most of the year and you can at least cover your costs, and make a little cash - you can do most of repairs - and get electricans and plumbers for the more difficult jobs - you know in your gut that its manageable, and profitable - as opposed to "start your own Business " mentality from wannabe entrepreneurs who have no clue what their doing.

So my question, how do you nail it, really know your business is going to work as opposed hope for the best mentality.
You nail it by doing your research. Its not hard at all if you have the drive and passion for it(if you dont have this, its EXTREMELY hard). Im not talking that research that you can do in about a day or two of reading online sites. Im talking the weeks and months of knowing your market and potential customers research. Basically just gathering data and information. Throw a little human interaction in there also. Before even thinkig about starting a business I had to convince my wife that it was the right thing to do. I spent over a year trying to do this. Showing her market rate data for apartments, income potential, income flow, etc. I basically had to sell the idea to my wife first. If I could persuade my wife, I knew the banks would be a piece of cake.

I spent so much time trying to convince my wife of the idea that I started doubting the idea. "Maybe this isnt a good idea" I started asking myself. "Maybe this is too much work" I wondered. My research led me to some apartment complex owners in my city that used grants and hard money lending for their purchases. Even found out that I qualified for the SBA loan.(look it up) Even found out that there was a major need for low-income apartment housing(section 8) in my city. This is a niche that also qualifies for a state grant. The state of Nevada awards business grants to anything to do with renewable energy, child-care services and low-income housing. Each state is different.

Most apartment/home owners try to stay away from low-income families but my wife already has over 6 years experience in dealing with section 8/42 tax credit properties. So this is no big deal for her. She thinks conventional properties are boring anyway. And yes I did mention tax credit earlier. We may not get ideal perfect tenants(not all sec 8 is bad) but on the back end the tax credit is worth it, especially for a 60+ unit property.

Im glad that you mentioned the cell phone online business because I did it for about 8 months back in 2006. In about 8 months I sold exactly 10 phones with 2 year plans and one phone without a plan. That "business" failed miserable. Oh well, I moved on. Then I tried all the other MLM "business" schemes. I failed miserably in those too.

Lucky I never quit my day job while trying out those ventures. I probably looked at it more as a hobby than an actual day job. Plus I was single back then with less on my plate. Now I have kids and a family so I have to take my next business venture a little more serious.
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Old 09-07-2011, 01:17 PM
 
Location: Las Vegas
5,719 posts, read 5,033,012 times
Reputation: 2614
Quote:
Originally Posted by Greg1977 View Post
Quite true but the key is to make informed decisions, don't jump headfirst into a pool only to find out in mid-air the water's been drained....
Thats why you throw a rock in first.
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Old 09-07-2011, 01:20 PM
 
Location: Earth
3,516 posts, read 1,786,571 times
Reputation: 1516
Quote:
Originally Posted by von949 View Post
Thats why you throw a rock in first.
True but some won't think to do that. That's why I emphasize informed decision-making.
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Old 09-07-2011, 05:22 PM
 
20,289 posts, read 15,054,037 times
Reputation: 9316
I failed 4 times before I had a single success. In fact, I have one business that is just below breaking even-- which means I have a negative paycheck (oversimplifying it).

There are people who fail to work for 2 years straight. It's no different than failed attempts to start a business.
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Old 09-07-2011, 05:25 PM
FBJ FBJ started this thread
 
Location: Tall Building down by the river
32,972 posts, read 22,295,756 times
Reputation: 7131
Quote:
Originally Posted by NJBest View Post
I failed 4 times before I had a single success. In fact, I have one business that is just below breaking even-- which means I have a negative paycheck (oversimplifying it).

There are people who fail to work for 2 years straight. It's no different than failed attempts to start a business.
And like I said before, you start a side business once you get a job and if it pops then you can quit and focus on that business.
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