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

[CaptLouAlbano]

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.

I agree, it was far more easier back in the 60's when money was worth a lot more than it is today. However, the basic principle still exists today in that you want people working for you and generating income, far more than you want to be doing the work yourself. For example, my son is a barber and while he still cuts hair, his real earnings comes from that fact that he has other barbers working for him. So his shops (he has 3 in total) are open a combined 180 hours per week with at least 3 barbers on staff at any given time. That's a lot of haircuts, and in a business that is a relatively small earner per hour (a haircut costs about 12 bucks in his area) he can still turn a very nice profit annually from the volume he is able to do. If however, he was a one man shop he'd be working 80 hours a week, just to put food on the table.

[Tod]

So....what kind of business are you thinking of starting?

[presence]

What is your mission?
What is your vision?
What is your strategy?
What are your values?
SWOT analysis?

Built to Last
Good to Great
7 Habits of Highly Effective People
How to Win Friends and Influence People
The Four Obsessions
5 Levels of Leadership
Passion for Excellence
The Power of Will
Bargaining for Advantage
Negotiate to Close

Any decent modern college textbook on "business communication" is a must.

research:

organizational development
empowerment
strategic planning
"time value of money"

[youngbuck]

opcorn:

Seconded.

[Reason]

I am reading & rereading all the responses in this thread & appreciate them all!

I am not sure what type of business I would like to have.

[CaptLouAlbano]

I am reading & rereading all the responses in this thread & appreciate them all!

I am not sure what type of business I would like to have.

How much start up money do you have, or have access to?

[Tudo]

I started building the business we own 30 years ago. While it may feel like we've hit the lottery a few times along the way it sure didn't feel that way then

The real fun started when I "re-started" ( hahaha be nice to the people on the way up, cause you're gonna meet the same people on the way down "Ralph Kramden " ) the business after HAVING to go back to work, thankfully it was for the biggest in the business which then helped show me my errors and recognize why people should choose my company over the competition and it's been an upward track ever since and that was 22 years ago. Oh, and after being the top gun with the corner office for that giant "firm", I had to roll up my nickels dimes quarters etc just to get back to Fla to restart my business. I picked an area that I became very knowlegable in and turned out I was right although it took more than a decade for that fact to become known. The worlds greatest collection of these particular coins was named because of my mentorship.

Be straight, work tight, ALWAYS look to improve because if you don't your competitors will.

[presence]

I am not sure what type of business I would like to have.

What is your mission?
What is your vision?
What is your strategy?
What are your values?
SWOT analysis?

Give us (or yourself) answers to those five questions and you will be much further down the road.

[Elwar]

I am reading & rereading all the responses in this thread & appreciate them all!

I am not sure what type of business I would like to have.

If you are flexible then check out LoopNet ( http://loopnet.com ). People close their businesses all of the time for whatever reason. Some people have successful businesses that for many personal reasons (retirement,divorce,death) need to move on. A perfect opportunity to get in with everything waiting for you to take over.

[CaptLouAlbano]

If you are flexible then check out LoopNet ( http://loopnet.com ). People close their businesses all of the time for whatever reason. Some people have successful businesses that for many personal reasons (retirement,divorce,death) need to move on. A perfect opportunity to get in with everything waiting for you to take over.

Totally agree here. It is much easier to just buy a successful business than to start something from scratch. I think that the reason so many new businesses fail is because people think they have a really good idea, but in reality it is not a really good idea.