I'm looking to start my own business. What are some tips?

SPC Private RallyPoint Member — Fri, 20 Jan 2017 02:05:17 -0500

Looking to start my own business anybody current business owners got some tips?

Response by Cpl Mark A. Morris made Jan 20 at 2017 2:25 AM

Cpl Mark A. Morris — Fri, 20 Jan 2017 02:25:34 -0500

What kind of business and what regulations, if any, are there?
M. Morris RVT

Response by SPC Erich Guenther made Jan 20 at 2017 2:29 AM

SPC Erich Guenther — Fri, 20 Jan 2017 02:29:06 -0500

Yes, two most important things when starting a business are a business plan AND believe it or not an exit plan. You need a business plan to project sales and profit to measure yourself and see where your at at achieving break even or better. You need an exit plan in case your business does not meet it's objectives so that you EXIT the business prior to entering bankruptcy and your able to find a job in time before your savings runs out. Ever watch "The Profit" on TV. That show is accurate about one item in particular and that is most small business owners are in denial about how profitable or successful their business is and because they have no business plan (they are not clued in) and because they have no Exit plan, they are trapped on a path to eventual personal bankruptcy or just barely keeping their heads above the water line. So don't end up like that. I can tell you story after story that I personally witnessed. Last bit of advice, conduct the business from your home or apartment as much as possible until your at a income level where you can afford to lease office space. Office space leases and Commercial leases are written to fleece small businesses of as much income as they think they can.

Response by SPC Erich Guenther made Jan 20 at 2017 2:31 AM

SPC Erich Guenther — Fri, 20 Jan 2017 02:31:14 -0500

Also, Good Luck. It's a big step that most people do not even venture to try and even if your business fails. The fact that you tried looks great on your resume.

Response by CPT Daniel Walk, M.B.A. made Jan 20 at 2017 9:48 PM

CPT Daniel Walk, M.B.A. — Fri, 20 Jan 2017 21:48:14 -0500

1. Start networking immediately. Network with people who own business, network with potential customers, network with people who might be champions for your business. Join something like the rotary or a Business and Industry Group (there are costs associated with both, but those costs can be tax deductible)
2. Volunteer with a non-profit in your community and make sure you are interacting with their board of directors.
3. Business Plan. There are hundreds of books and free online examples.
4. Start sleeping less and working more.

Frankly, there's too much to put here. Get on amazon, audible, and iTunes. You need to start absorbing as much information as possible on startups.

If you want to message me your idea, I will give more information. I have an MBA focused on Entrepreneurship.

Response by LT John Chang made Jan 21 at 2017 5:39 PM

LT John Chang — Sat, 21 Jan 2017 17:39:45 -0500

One of my favorite Jim Rohn stories is his discussion with a friend about which is better / worse - being motivated but not educated, or being educated & not motivated. Bottom-line is that you need both. There's too much to put into few comments without overloading you, (which is also the other problem - knowledge indigestion,)

Maybe the most important tip I can offer is that it's a journey. The biggest thing in people's way isn't money or lack of opportunities / ideas - it's themselves - their unwillingness / fear to change and grow. I can put all the money, info about a deal, etc. in front of you, and like the lottery winners who go bankrupt after winning, it wouldn't make a difference.

This isn't meant to put you down. I know, because I've been there. After getting laid off from AT&T, I somehow got a unsecured loan for $20k and promptly blew through it. Then, when a real estate investment paid off after 10 yrs, I lost that.

Through it all, I kept learning - kept trying different things. Am I a Donald Trump? No, of course not. But I do have things I've been sharing on my journey, and the most important is about the importance of what I call the entrepreneur's journey. Because who you are got you here, who you need to become will get you where you want to go! http://entrepreneursjourney.quora.com

Entrepreneur's Journey - Quora

Talking with indie author / veteran Aaron Kennedy last night was a great reminder of why I do what I do. To be honest I’ve been in a creative funk lately. I let disapproving family members and so-called fri...

Response by SSG Michael Tellekamp made Jan 24 at 2017 12:57 PM

SSG Michael Tellekamp — Tue, 24 Jan 2017 12:57:59 -0500

Make you business around something you love doing. Your passion for doing something will make work not seem like work and you will excel. Having a business is not like having a job. Good luck!

Response by PO2 David Giles made Jun 7 at 2017 5:08 PM

PO2 David Giles — Wed, 07 Jun 2017 17:08:49 -0400

Ask yourself why? Is it to get rich? If so, don't. Is it to be your own boss? If so, don't. If it is to enable you to do something you love and you will never feel like you are working because you are living your passion, DO IT!