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Thread: I have decided I want to start my own business. Now what?

  1. #1

    Question I have decided I want to start my own business. Now what?

    Other than saving as much money as I possibly can, I would like to direct my time and energy when not at work improving my chance of success as much as possible.

    I should note that I am not brave/suicidal enough to attempt this in CA, I am looking at AZ.

    ie: Reading the most helpful books (looking for recommendations)

    ie: Taking classes that will be the most helpful (looking for recommendations)
    Personal & Business finance, Business mgmt, etc...



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  3. #2

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    Depending on what kind of business you're running, I have greatly enjoyed the books put out by Clayton M. Christensen, a tenured professor of the Harvard School of Business. This is his most famous offering: http://www.amazon.com/The-Innovators...or%27s+Dilemma

  4. #3

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    Starting A Small Business

    U.S. Small Business Administration

  5. #4

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    The most important thing is knowing what it is you enjoy doing. To be a successful small business, you had better enjoy the 60+ hour weeks you're likely to put in. I am in Wildlife Pest management. I make good money, and I work long hours, but since I enjoy crawling into tight places and wrestling angry mother raccoons, the long hours are not a problem.
    CPT Jack. R. T.
    US Army Resigned - Iraq Vet.
    Level III MACP instructor, USYKA/WYKKO sensei
    Professional Hunter/Trapper/Country living survivalist.

  6. #5

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    Icymudpuppy is right. I grew up around a family business and it does take a lot of time and effort, more than a normal job. But the rewards can make up for the extra work.

    I've found that having a lawyer you can trust, and a good accountant, help too. While you can file all the various paperwork yourself knowing who to get ahold of when you need them, and quickly, is worth planning for.

    As to education there are a lot of new online education resources. Schools like MIT are offering free courses online. I haven't looked through them but I have heard the hype, might be worth looking at.

  7. #6

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    S.C.O.R.E can be a source of good advice....IF.....IF....you get the right guys to help you out. Depends on what sort of business and what sort of retirees you can find in your area. Don't expect a whole lot of help when it comes to using the internet as a business tool because most of these guys are pretty weak in that area since it wasn't a tool they likely used much if at all, but when it comes down to other aspects of business, it is possible to find very sound advice.
    "Sorry, guys, the rebellion is off. We couldn't get a rebellion permit."
    "What is this, a home owner's association? Why the need to try and control other people's behavior?"



  8. #7

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    In my view, the most important thing is knowing how the business is going to get revenue. You have to be effective in reaching your target market, and converting interest in the product / service into buyers.

    As long as you have a revenue stream, you have something to manage and grow. You can't manage the number 0, no matter how talented you are.
    Out of every one hundred men they send us, ten should not even be here. Eighty will do nothing but serve as targets for the enemy. Nine are real fighters, and we are lucky to have them, upon them depends our success in battle. But one, ah the one, he is a real warrior, and he will bring the others back from battle alive.

    Duty is the most sublime word in the English language. Do your duty in all things. You can not do more than your duty. You should never wish to do less than your duty.

  9. #8

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    My 2c - find a partner who is passionate for business as you are.

    1 + 1 = 10

  10. #9

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    step 1: start business

    step 2: ????

    step 3: profit
    if modern agriculture continues to follow the path it's on now, it's finished. The food-growing situation may seem to be in good shape today, but that's just an illusion based on the current availability of petroleum fuels. All the wheat, corn, and other crops that are produced on big American farms may be alive and growing, but they're not products of real nature or real agriculture. They're manufactured rather than grown. The earth isn't producing those things.. petroleum is! -Masanobu Fukuoka

  11. #10

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    opcorn:
    "Life, Liberty and the pursuit of Happiness"

  12. #11

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    Quote Originally Posted by Reason View Post
    Other than saving as much money as I possibly can, I would like to direct my time and energy when not at work improving my chance of success as much as possible.

    I should note that I am not brave/suicidal enough to attempt this in CA, I am looking at AZ.

    ie: Reading the most helpful books (looking for recommendations)

    ie: Taking classes that will be the most helpful (looking for recommendations)
    Personal & Business finance, Business mgmt, etc...
    A banker once told me that most of the businesses she saw fail were started by people who had little or no experience in that field. Like a construction worker opening a restaurant.

    Good luck!
    .[QUOTE]"Every great new thought was opposed. Every great new invention was denounced. The first motor was considered foolish. The airplane was considered impossible. The power loom was considered vicious. Anesthesia was considered sinful. But the men of unborrowed vision went ahead. They fought, they suffered and they paid. But they won." - Ayn Rand, The Fountainhead[/QUOTE]
    ..
    .

    I blog at Red State Eclectic, and I tweet here,.

  13. #12

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    As a way to get started, I like the nolo series of books. www.nolo.com

    They have one on how to write a business plan that helps point out all the different aspects of running a successful small business.

    In addition, the next best source of information are people in your network of personal connections who know stuff about different fields of business. Use these sources, wisely, of course.
    "Freedom is Popular!" - Ron Paul
    "...if the Son sets you free, you will be free indeed" - Jesus Christ
    "Time to nut up, or shut up" - Tallahassee
    "Your heart is free; have the courage to follow it." - Malcolm Wallace

    Quote Originally Posted by supermario21 View Post
    Raul Labrador just threw the hammer down..."said we need to stop acting like moderates and talking like conservatives" and start "talking like moderates and acting like conservatives".
    looking for a second major political party

  14. #13

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    Quote Originally Posted by Reason View Post
    ie: Taking classes that will be the most helpful (looking for recommendations)
    Personal & Business finance, Business mgmt, etc...
    IMO, taking classes may not be compatible with starting a business. Is this retail where you need a warm body at that counter 8+ hours a day? Assuming cash flow is the most important issue, that warm body may have to be yours. Go online or buy books as suggested. You can do this while you are bored waiting for customers to walk in the door or phone you.

    Please forgive my post if you already have a business plan and know clearly what products/services you will be offering (leaving only the accounting/management details as you suggest).

    That said, if *I* were starting a business, I would maximize use of free resources as suggested and self-help legal templates. I wouldn't lay out cash for shit! Go with 100% free software to minimize license and expansion costs. You don't want some minimum wage monkey calling the BSA on your ass and you ought not want to pay for any software that is not integral to your business (e.g., if you need specialized CAD, Adobe Photoshop, or any other Windoze-only software specific to your business).

    Although I'm a Linux zealot, you can dabble in the free software arena without Linux. If you run Windows 7/ Vista/XP, then go to "ninite.com" (DO IT!). Free software packages (available on Linux, Mac, or Windows - typically) you may find useful include:

    Firefox (web browser)
    LibreOffice (word processing, spreadsheets, database, presentations) (or Open Office - 2nd choice, IMO)
    GIMP (photoshop like abilities - be sure to search the web for 'how to' tutorials)
    Thunderbird (email client with calandering - stay away from MSFT Outlook!!!)
    Audacity (edit audio files)
    "Developer Tools" (programming category) (though I don't know which is free/open source besides "Eclipse")

    When/if you expand to more workstations, you ought not have to pay hundreds/thousands in licensing. There are even open source packages for accounting, point of sale (POS), customer relations managment, inventory management, et cetera. Now would be the time to dabble in any of those while the data set is likely small/managable.

    Are you moving too? Can you move to where you are zoned to run an office or small business? You don't want some busybody HOA mofo complaining about clients in your driveway.

    And remember: CASH FLOW!!! Be sure to minimize all ongoing and living expenses. Minimize risk: lease/rent. If you don't buy shit from ebay, why not? I find many industrial parts more readily available there than from the manufacturer's published distribution chain. I.e., ebay will have people ready to ship NDA (next day air) at a lower cost but some distribution outlet is going to have a lead time of weeks.
    Last edited by The Free Hornet; 10-11-2012 at 09:52 AM.

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    Another source. Look to see if any of the local colleges, or maybe the local gov't, have a Small Business Development Center. They often times give free consultation and guidance.
    "Freedom is Popular!" - Ron Paul
    "...if the Son sets you free, you will be free indeed" - Jesus Christ
    "Time to nut up, or shut up" - Tallahassee
    "Your heart is free; have the courage to follow it." - Malcolm Wallace

    Quote Originally Posted by supermario21 View Post
    Raul Labrador just threw the hammer down..."said we need to stop acting like moderates and talking like conservatives" and start "talking like moderates and acting like conservatives".
    looking for a second major political party

  16. #15

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    I'm not an expert, but I would suggest starting a business that can operate in the underground economy as well as above ground. You may need to make that transition someday.
    The proper concern of society is the preservation of individual freedom; the proper concern of the individual is the harmony of society.

    "Who would be free, themselves must strike the blow." - Byron

    "Who overcomes by force, hath overcome but half his foe." - Milton

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    Lots of good advice in this thread. I would add learning how to write a business plan, manage cash flow, talking to people who are already successful in your field, look into the SBA (small business association), and try a class on small business operation(make sure the class is focused on practice instead of stupid theory and that the instructor has actually run a business).
    Quote Originally Posted by Ron Paul
    The government is incapable of doing what it's supposed to do. A job like the provision of security is something best left to private institutions.
    My music/art page is here"government is the enemy of liberty"-RP
    That which doesn't kill me has made a grave tactical error
    Quote Originally Posted by Anti Federalist View Post
    This whole board is a thoughtcrime in progress.
    Quote Originally Posted by danke View Post
    I carry my man purse for fashion, not function.

  18. #17

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    It seems like a lifetime ago that I watched a close friend reminisce with his son about his younger days, when he wanted to "go into business for himself".

    He said, "Your grandpa had just moved to a larger office space, but was still on the hook for three months that remained on the lease. I told him I wanted to use it, so he let me have it for free. So I was ready. I had everything I needed; an office, a desk, blotter, phone, a rolodex, staplers, a yellow pad and a pen -- and I just sat there at that desk. I was playing at business, with no idea where to go from there."

    My friend started out completely naive and ignorant on all fronts when it came to business. No college, no business courses or skills at all, and only a modicum of common sense when he started. He is now retired, having built and eventually sold an extremely successful business (O-ring distribution, of all the mundane things), one that he boot-strapped himself without any outside funding.

    His son was in a similar position. He already had a rough idea of what he wanted to do, but no idea how to implement it. He was asking the same questions: What books should I read, what courses should I take, or schools should I attend? The father couldn't tell him a thing about courses or colleges or anything else, because that's not where he came from. But his advice to his son was solid gold, because he realized that no matter what your level of formal education or experience, DIVISION OF LABOR is absolutely essential. You can't know everything. And you don't need to.

    In a nutshell, his advice to his son went something like this:

    Aside from having a general business sense (common), the answers to your questions can be as varied as the types of business out there. What the entrepreneur has more than anything else is a demand to satisfy (or even create if no demand exists) with a supply he is willing and able to create that will fill it. And he has the desire, imagination, creativity and drive to make it into something both desirable and competitive. Almost everything else can be hired, bought, rented or borrowed from others, depending on the need. And there is no need to complicate any of that. Knowledge of management, accounting, logistics, etc., all involve skill sets that can certainly serve you if you have them, but that does not mean that they are required for an entrepreneur to succeed. It is important that you understand their functions, and that they be in place as needed -- not necessarily that you possess them yourself.


    There was one book that my friend read, and insisted that his son read: Think And Grow Rich, by Napoleon Hill. You can get it at any local bookstore, or even at Amazon used for about $6. Here is just one excerpt from that book:


    Quote Originally Posted by Napoleon Hill
    THERE are two kinds of knowledge. One is general, the other is specialized. General knowledge, no matter how great in quantity or variety it may be, is of but little use in the accumulation of money. The faculties of the great universities possess, in the aggregate, practically every form of general knowledge known to civilization. Most of the professors have but little or no money. They specialize on teaching knowledge, but they do not specialize on the organization, or the use of knowledge.

    KNOWLEDGE will not attract money, unless it is organized, and intelligently directed, through practical PLANS OF ACTION, to the DEFINITE END of accumulation of money. Lack of understanding of this fact has been the source of confusion to millions of people who falsely believe that "knowledge is power." It is nothing of the sort! Knowledge is only potential power. It becomes power only when, and if, it is organized into definite plans of action, and directed to a definite end.

    This "missing link" in all systems of education known to civilization today, may be found in the failure of educational institutions to teach their students HOW TO ORGANIZE AND USE KNOWLEDGE AFTER THEY ACQUIRE IT.

    ---------------

    Many people make the mistake of assuming that, because Henry Ford had but little "schooling," he is not a man of "education." Those who make this mistake do not know Henry Ford, nor do they understand the real meaning of the word "educate." That word is derived from the Latin word "educo," meaning to educe, to draw out, to DEVELOP FROM WITHIN.

    An educated man is not, necessarily, one who has an abundance of general or specialized knowledge. An educated man is one who has so developed the faculties of his mind that he may acquire anything he wants, or its equivalent, without violating the rights of others. Henry Ford comes well within the meaning of this definition.

    During the world war, a Chicago newspaper published certain editorials in which, among other statements, Henry Ford was called "an ignorant pacifist." Mr. Ford objected to the statements, and brought suit against the paper for libeling him. When the suit was tried in the Courts, the attorneys for the paper pleaded justification, and placed Mr. Ford, himself, on the witness stand, for the purpose of proving to the jury that he was ignorant. The attorneys asked Mr. Ford a great variety of questions, all of them intended to prove, by his own evidence, that, while he might possess considerable specialized knowledge pertaining to the manufacture of automobiles, he was, in the main, ignorant.

    Mr. Ford was plied with such questions as the following:

    "Who was Benedict Arnold?" and "How many soldiers did the British send over to America to put down the Rebellion of 1776?" In answer to the last question, Mr. Ford replied, "I do not know the exact number of soldiers the British sent over, but I have heard that it was a considerably larger number than ever went back."

    Finally, Mr. Ford became tired of this line of questioning, and in reply to a particularly offensive question, he leaned over, pointed his finger at the lawyer who had asked the question, and said, "If I should really WANT to answer the foolish question you have just asked, or any of the other questions you have been asking me, let me remind you that I have a row of electric push-buttons on my desk, and by pushing the right button, I can summon to my aid men who can answer ANY question I desire to ask concerning the business to which I am devoting most of my efforts. Now, will you kindly tell me, WHY I should clutter up my mind with general knowledge, for the purpose of being able to answer questions, when I have men around me who can supply any knowledge I require?"

    There certainly was good logic to that reply.

    That answer floored the lawyer. Every person in the courtroom realized it was the answer, not of an ignorant man, but of a man of EDUCATION. Any man is educated who knows where to get knowledge when he needs it, and how to organize that knowledge into definite plans of action. Through the assistance of his "Master Mind" group, Henry Ford had at his command all the specialized knowledge he needed to enable him to become one of the wealthiest men in America. It was not essential that he have this knowledge in his own mind. Surely no person who has sufficient inclination and intelligence to read a book of this nature can possibly miss the significance of this illustration.

    Get that book, along with Winning Through Intimidation, by Robert Ringer. And don't judge that book by its title. Just trust me on it, it's a must read.

    As for general knowledge, by all means get you some wherever you can. But don't think it's required for you to be successful. The best general knowledge you can acquire is general knowledge about general knowledge. Understand what kind of knowledge is out there, and how it can serve your interests. Let the specifics of that knowledge be in someone else's head. It's just reference material for you. You don't have to clutter your head with every detail.

  19. #18

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    I have a small business... It's challenging. Books and classes will only prepare you so much... in the end, the most important thing is to ensure profit. If your industry isn't booming, or there is a lot of competition, it is going to be that much more difficult. I figured that online retail would be a hit, but I had to realize that I was competing with Walmart. Sure, my products are vastly superior and many aren't offered at commiemart; however, in this economy, people just want the cheapest products.

    Sometimes, pricing can be a pickle. You can't just raise prices if you aren't making profit... that will reduce business. What you want to do is offer something at a really low price to get them in the door. My grandpa had a business for many years and made it work. It takes a lot of thought, time, and effort.

    Look at your demographic and find out what people would be interested in. Ensure that competition isn't monopolized. Having a business partner who has experience in running a business will help greatly.
    Indianensis Universitatis Alumnus

  20. #19

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    Quote Originally Posted by Steven Douglas View Post
    It seems like a lifetime ago that I watched a close friend reminisce with his son about his younger days, when he wanted to "go into business for himself".

    He said, "Your grandpa had just moved to a larger office space, but was still on the hook for three months that remained on the lease. I told him I wanted to use it, so he let me have it for free. So I was ready. I had everything I needed; an office, a desk, blotter, phone, a rolodex, staplers, a yellow pad and a pen -- and I just sat there at that desk. I was playing at business, with no idea where to go from there."

    My friend started out completely naive and ignorant on all fronts when it came to business. No college, no business courses or skills at all, and only a modicum of common sense when he started. He is now retired, having built and eventually sold an extremely successful business (O-ring distribution, of all the mundane things), one that he boot-strapped himself without any outside funding.

    His son was in a similar position. He already had a rough idea of what he wanted to do, but no idea how to implement it. He was asking the same questions: What books should I read, what courses should I take, or schools should I attend? The father couldn't tell him a thing about courses or colleges or anything else, because that's not where he came from. But his advice to his son was solid gold, because he realized that no matter what your level of formal education or experience, DIVISION OF LABOR is absolutely essential. You can't know everything. And you don't need to.

    In a nutshell, his advice to his son went something like this:

    Aside from having a general business sense (common), the answers to your questions can be as varied as the types of business out there. What the entrepreneur has more than anything else is a demand to satisfy (or even create if no demand exists) with a supply he is willing and able to create that will fill it. And he has the desire, imagination, creativity and drive to make it into something both desirable and competitive. Almost everything else can be hired, bought, rented or borrowed from others, depending on the need. And there is no need to complicate any of that. Knowledge of management, accounting, logistics, etc., all involve skill sets that can certainly serve you if you have them, but that does not mean that they are required for an entrepreneur to succeed. It is important that you understand their functions, and that they be in place as needed -- not necessarily that you possess them yourself.


    There was one book that my friend read, and insisted that his son read: Think And Grow Rich, by Napoleon Hill. You can get it at any local bookstore, or even at Amazon used for about $6. Here is just one excerpt from that book:





    Get that book, along with Winning Through Intimidation, by Robert Ringer. And don't judge that book by its title. Just trust me on it, it's a must read.

    As for general knowledge, by all means get you some wherever you can. But don't think it's required for you to be successful. The best general knowledge you can acquire is general knowledge about general knowledge. Understand what kind of knowledge is out there, and how it can serve your interests. Let the specifics of that knowledge be in someone else's head. It's just reference material for you. You don't have to clutter your head with every detail.
    I second the Napoleon Hill suggestion. He also wrote a book called "You Can Work Your Own Miracles", which is a worthy read IMO. He wrote several others I haven't read, but are probably good.
    Quote Originally Posted by Ron Paul
    The government is incapable of doing what it's supposed to do. A job like the provision of security is something best left to private institutions.
    My music/art page is here"government is the enemy of liberty"-RP
    That which doesn't kill me has made a grave tactical error
    Quote Originally Posted by Anti Federalist View Post
    This whole board is a thoughtcrime in progress.
    Quote Originally Posted by danke View Post
    I carry my man purse for fashion, not function.

  21. #20

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    The best thing to get ready for what you have to come is to just... bend over.

    So I'm not misunderstood I mean, state & fed governments going to **** you.

  22. #21

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    First step in starting a business these days is finding a country with a non-hostile business environment
    “If ye love wealth greater than liberty, the tranquility of servitude greater than the animating contest for freedom, go home from us in peace. We seek not your counsel, nor your arms. Crouch down and lick the hand that feeds you; May your chains set lightly upon you, and may posterity forget that ye were our countrymen.”

    - SAMUEL ADAMS

  23. #22

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    It totally depends on what type of business you want to run. I have first hand knowledge of what is required to make a small business successful for the retail space because my dad owns one and we talk about it non-stop every time we see each other and I've worked there for several years and have heard all of his complaints. .

    First of all, and most importantly, is your family. If you have young children and a wife then you might as well not even attempt to start your business. Your kids only grow up once and you don't want to miss that. My dad learned that the hard way. He was working 18 hours a day and we (the kids) never got to see him. I remember he came home one time really late and I just started crying from sadness and anger because I never got to see him anymore. He realized that you can't abandon your family for your business.

    Second, you will want to have a firm grasp of accounting even if you don't plan on doing it yourself. Knowing how money flows through your business will show you places that can be improved and places that you should focus on. You don't want to be that guy who brings a shoe-box full of receipts to the tax office and walks away. Organized financial information is requirement for a successful business.

    Third, and this may only apply to retail and production, you will want low overhead. That means you want your electric, plumbing, insurance and rent bills to be as low as possible. They'll kill you if you don't. Believe it or not, going green in a business can actually save you a lot of money. My dads business has tons of freezers and coolers and just putting some plastic flaps in the door reduced our electric bill by a decent amount. You will also want to look for cheap buildings. It is better to spend $80,000 on a building that is off the main stretch and needs a few thousand dollars worth of work than a $190,000 building that is on the main stretch. My dad bought a good building on a main street and is paying for it every single month.

    Fourth, presentation is everything. Look at Apple. Every single one of their products looks really sleek. From the time you are holding the package in your hand until the time you have unwrapped it and are holding their awesome looking piece of technology, you get the feeling that you are holding something special. Your store should reflect the quality of product that you are selling. If you are selling cheap crappy dinner plates then maybe a $20,000 display case wouldn't be right for it. However, at the same time you don't want it to look run down. I noticed the ramp outside the building needed re-painting so I asked if I could and my dad said no. The problem is we were trying to go for an up-north feel and having a perfectly clean and well-kept business doesn't give off that feeling so we let some things get a little bit rustic.

    Fifth, you need to know who you are. When you start out you need to have a vision and you need to stick to that vision. As your business grows and gets some notoriety in the area there will be opportunities that will pop up that can make you a bit of money, but you need to think about how that will affect the perception and quality of your current business. We had the opportunity to sell our product at well over 60 gas stations across the state. That would have been a HUGE undertaking for us and we could have done it, but we decided that we didn't want out brand associated with gas stations or other low-quality places due to the affect it would have on how people perceive our product (really good homemade vs crap you get at the gas station). My dad always uses the example of Krispy Kreme. They used to be known across the country as having really awesome world class donuts. People would buy tons of them to bring back to their friends and family when they visited the original location in North Carolina. Then they started wholesaling to stores and gas stations and every other place you could imagine. Now Krispy Kreme is just another name that doesn't bring any kind of high quality thoughts to the public (although they do still have a good product, its just that the image is ruined).

    Sixth. I kind of touched on it above but wholesaling can be a huge undertaking, especially if you don't have a distributor and you are doing it yourself. Unless you plan on only distributing your product in your immediate city, then I wouldn't even attempt to do it in-house unless you are large enough to pay a person to only do deliveries. The problems are rising gas prices, keeping in contact with all of your customers to take orders, and the time spent simply driving from one place to another. I used to do deliveries and there were times that I would spend 8+ hours doing them, most of the time just driving from one place to another.

    Seventh, being on the Ron Paul Forums i'm assuming you don't think much of the government. Well, you'll think even less of them when you start your business, especially if you hire employees. You'll spend hours and hours doing unnecessary paperwork simply because some bureaucrat wants you to. If you anger easily, i suggest you don't start your own business.

    Eighth, just be smart. Don't make fast decisions that you might come to regret. You need to be realistic about what you and your business are capable of. Stick to your vision of the business (within reason) and don't imagine you are something greater than you actually are.

    /list

    I want all of you to read the employee handbook for this video game software company called Valve. They are simply the most forward thinking and successful (in terms of vision) company on the planet. The structure of their business is something everyone should try to emulate (within reason)If you don't want to read through the entire thing then I will give you the gist of their management structure - they don't have one. There is no boss telling people where to go and what project to work on. If you decide one day that you would benefit the company more by working on the distribution software rather than a game, then you unplug your computer and roll your desk down the hallway to that area. You don't ask for permission and they don't ask you.

    Here is the new employee handbook: http://newcdn.flamehaus.com/Valve_Handbook_LowRes.pdf


    I only have one book recommendation and that is "Why We Buy" by Paco Underhill. It is essentially the psychology behind product marketing and product placement. It will basically explain how we are all truly sheeple in the shopping center. Paco is the owner of a company that sits and watches shoppers on video cameras all day long monitoring where the go, how fast they walk, what they look at, how long they look at things and their interaction with other people. It is really interesting and it will make you self conscious every time you go into a store.

    That is all I have. If I think of anything else I will add it.
    No more IRS.
    I am now old enough to vote.

  24. #23

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    Whatever business you chose, try to gain experience in that field before hand. Even if only for 2 or 3 years. Get a firm grasp of the basic needs of the business and, where possible, gain contacts in the industry.

    If you want to start your own family farm - go to your nearest family farm and offer a helping hand. Volunteer, work for 3$ an hour - anything on the side to gain experience and knowledge in whatever venture you chose.

    In short, dreams are great - but don't blow your savings on a learning curve. Learn as much as you can BEFORE opening your doors, so that you can hit the ground running right away.

    Also, prepare to love to the point of pain. You will not be successful at your own business unless you are willing to take punch after punch without the ability to love your purpose right through the pain.

    Self sufficiency is sacrificial in nature. The sacrifice, if pursued with relentless fervor, will be rewarded.
    Last edited by Seraphim; 10-11-2012 at 02:56 PM.
    "Like an army falling, one by one by one" - Linkin Park

  25. #24

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    I spent most of my adult life in business for myself, and still have my hand in it today. I think the first thing to caution against is creating for yourself a business that is little more that a job for yourself. While, of course, there are some advantages to self employment, when you couple that against the downside of being self employed you may find out the headache is not worth it. What you truly want to shoot for is a business that generates income for yourself and your family without you having to work. That is the difference between the self employed and the wealthy. The self employed own a job, the wealthy own businesses.

    From my own personal life, I can give you some examples. In 1958, when I was very young, I went into a 50/50 partnership with my uncle (a retired cop) on a corner bar. At the time I was driving a truck full time, and spent my days off working the bar. I put a lot of hours in behind that bar, and while the bar was a successful one by neighborhood bar standards, at the end of the day my earnings were only slightly better than what I was earning from my regular job. Essentially, I was a very well paid bartender. This was fine for my uncle (who had a pension, etc) but for myself it was not what I was striving for.

    After two years of 40+ hours a week driving and truck and 40+ hours a week at the bar, I had the opportunity to buy 2 pizza shops that were operating in Atlantic City. I sold my interest in the bar back to my uncle, and used that cash - along with some additional financing to buy the pizza shops. This is where I really learned what business was all about since the pizza shops were well staffed, and essentially ran themselves. I never made a pizza, I never delivered one, I never stood behind the counter. All I did was manage the business and collect the money. I still maintained my driver job, and my wife kept tabs on the shops. After paying back the loans, we were generating an income that was 3 times my annual truck driver income from the shops. At that point, I "retired" and I was in my mid 20's.

    Throughout the years moving forward I continued to acquire businesses & property down the NJ shore points. Boardwalk games, food stands, souvenir shops, parking lots, along with rental apartments made up my portfolio. In the early 80's, I was able to sell off a lot of my AC properties to the casinos, which paid off very well for me, and allowed me to acquire more property in the more southern shore points. I still own some property today, but now being in my 70's I have sold off much of which I owned over the years.

    So, as you are beginning into the world of entrepreneurship, do all that you can to acquire income producing assets and businesses. As a friend of mine would often say, there are two types of people in this world - those that work and those that own. Be an owner.
    Last edited by CaptLouAlbano; 10-11-2012 at 05:00 PM.

  26. #25

    Default

    Quote Originally Posted by CaptLouAlbano View Post

    After two years of 40+ hours a week driving and truck and 40+ hours a week at the bar, I had the opportunity to buy 2 pizza shops that were operating in Atlantic City. I sold my interest in the bar back to my uncle, and used that cash - along with some additional financing to buy the pizza shops. This is where I really learned what business was all about since the pizza shops were well staffed, and essentially ran themselves. I never made a pizza, I never delivered one, I never stood behind the counter. All I did was manage the business and collect the money. I still maintained my driver job, and my wife kept tabs on the shops. After paying back the loans, we were generating an income that was 3 times my annual truck driver income from the shops. At that point, I "retired" and I was in my mid 20's.
    What was the growth in these Pizza places like? Was it challenging maintaining a level of quality that would keep attracting customers? How were they self sufficient and still making a profit? I'm asking these questions because these would be the greatest challenges we would face opening up a second store. We wouldn't be there to make sure everything is up to the standards that were set for the company.
    No more IRS.
    I am now old enough to vote.

  27. #26

    Default

    Quote Originally Posted by CaptLouAlbano View Post
    I spent most of my adult life in business for myself, and still have my hand in it today. I think the first thing to caution against is creating for yourself a business that is little more that a job for yourself. While, of course, there are some advantages to self employment, when you couple that against the downside of being self employed you may find out the headache is not worth it. What you truly want to shoot for is a business that generates income for yourself and your family without you having to work. That is the difference between the self employed and the wealthy. The self employed own a job, the wealthy own businesses.

    From my own personal life, I can give you some examples. In 1958, when I was very young, I went into a 50/50 partnership with my uncle (a retired cop) on a corner bar. At the time I was driving a truck full time, and spent my days off working the bar. I put a lot of hours in behind that bar, and while the bar was a successful one by neighborhood bar standards, at the end of the day my earnings were only slightly better than what I was earning from my regular job. Essentially, I was a very well paid bartender. This was fine for my uncle (who had a pension, etc) but for myself it was not what I was striving for.

    After two years of 40+ hours a week driving and truck and 40+ hours a week at the bar, I had the opportunity to buy 2 pizza shops that were operating in Atlantic City. I sold my interest in the bar back to my uncle, and used that cash - along with some additional financing to buy the pizza shops. This is where I really learned what business was all about since the pizza shops were well staffed, and essentially ran themselves. I never made a pizza, I never delivered one, I never stood behind the counter. All I did was manage the business and collect the money. I still maintained my driver job, and my wife kept tabs on the shops. After paying back the loans, we were generating an income that was 3 times my annual truck driver income from the shops. At that point, I "retired" and I was in my mid 20's.

    Throughout the years moving forward I continued to acquire businesses & property down the NJ shore points. Boardwalk games, food stands, souvenir shops, parking lots, along with rental apartments made up my portfolio. In the early 80's, I was able to sell off a lot of my AC properties to the casinos, which paid off very well for me, and allowed me to acquire more property in the more southern shore points. I still own some property today, but now being in my 70's I have sold off much of which I owned over the years.

    So, as you are beginning into the world of entrepreneurship, do all that you can to acquire income producing assets and businesses. As a friend of mine would often say, there are two types of people in this world - those that work and those that own. Be an owner.
    This is so right on. This is why I consistently argue for working diligently for sound money. CaptLouAlbano started his business and investments when money was, well sorta, sound. 90% silver was in full use. A dollar could be exchanged for 371.25 grains of pure silver at the time.

    Opportunity abounds in sound money environments for anyone who wants to work hard and smart. In days of sound money, it was not necessarily "who you know but what you know." Today, success comes more easily from "who you know." Got a friend at the Fed or Goldman Sachs... nearly guaranteed success. Want to start your own business... meet nanny government rules, regulations, fees and taxes.
    "Everyone who believes in freedom must work diligently for sound money, fully redeemable. Nothing else is compatible with the humanitarian goals of peace and prosperity." -- Ron Paul

    Brother Jonathan

  28. #27
    So you gave up on this:
    H
    elp with documenting voting rights violations and election fraud abuses!?
    Shame. Nothing encourages crime than not punishing it. You are letting them get away with it.FAIL.


    Quote Originally Posted by orenbus View Post
    If I had to answer this question truthfully I'd probably piss a lot of people off lol, Barrex would be a better person to ask he doesn't seem to care lol.


  29. #28

    Default

    I just shut down an unsuccessful business.

    One thing I would suggest is, if there are already businesses out there like the one you want to run, you can probably buy someone out and take over. My wife has a shop and it is full of clothes and everything you would need to open your own boutique. But it just did not work out and now we are stuck with a bunch of stuff we will need to just store in the hopes of selling things off piece by piece. We tried to sell the whole shop full of stuff to anyone but when we did a search on craigslist for the same thing, there were plenty of other shops out there going for dirt cheap. Had I known about so many shops closing, I would have bought all of my merchandise from dying stores instead of buying from a wholesaler.

    Lessons learned: Do not co-mingle funds with your own. Put all profits back into the business for most of the first year. Closing your doors, even for emergencies, kills business. China can offer anything you have for sale a lot cheaper. Even if it is patented/copyrighted/branded, they do not care. You will not make money selling things made in China. Almost everything is made in China. You need to offer a service.
    Definition of political insanity: Voting for the same people expecting different results.

  30. #29

    Default

    I have also seen this book recommended:
    48 days to the work you love

    I even have it. But have not read it.
    Definition of political insanity: Voting for the same people expecting different results.

  31. #30

    Default

    Quote Originally Posted by 2young2vote View Post
    What was the growth in these Pizza places like? Was it challenging maintaining a level of quality that would keep attracting customers? How were they self sufficient and still making a profit? I'm asking these questions because these would be the greatest challenges we would face opening up a second store. We wouldn't be there to make sure everything is up to the standards that were set for the company.
    The shops were established businesses that had good employees and a loyal customer base both year round and in the summer months. Keep in mind that this was back in the early 1960's so the work ethic was much better at that time, so we did not have employee issues like one might have today. Both shops moved a lot of pizza, and that is all we sold (other than drinks). So it was a no brainer for me to buy the business, because I had to do very little to maintain its profitability. All I did for the most part in the early years was deal with the vendors, contractors, etc. The day to day operations were handled by the store managers. I held onto both shops until the early 80's when I pretty much sold everything that I owned in AC.

    It is tough for someone to branch out and open other locations of businesses, but you have to try not to be too emotionally connected to the businesses. It's all about the money. My philosophy was always pretty simple - when I send money out into the marketplace, I expect to get more money back in return. And one last thing, is that you cannot place enough value on finding quality people to do the work for you. When I was at my peak I had managers, accountants, lawyers, etc all working for me. My business was business - I hired people to handle the operations and I dealt primarily with looking for new opportunities and making changes to existing businesses that I owned.

    Hope that helps.

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