C.B. asks from Phoenix, AZ on February 06, 2012
Start Your Own Business Ideas
Anyone open their own business that doesn't need a lot of capital to start? If you have can you tell me exactly what you do? There are so many online businesses that I feel I could start my own website selling something. Trying to think of ideas! Any help will be greatly appreciated!! Thank You!! Also, I don't want to go door to door selling anything. I would like to be able to ship products out or sell directly to local manufacturers or any other ideas? I would like to eventually have a few employees so a company that has potential to really grow.
Added: I know most people get out of college and hate what they are doing and that is where we are. We want to change things. Yes we are appreciative of a job but hate what we are doing and all the time away from our kids. We think if we have our own business we will have so much more flexibility and enjoy going to work. I think we are smart and motivated and could get a business really going if we just got some good ideas to get started. I know it takes a lot of time to start your own business and we are willing to do that and we think if we can really get it going we could hire people to help.
T.F. answers from Dallas on February 06, 2012
It takes a lot of time, patience, money, good tax and legal counsel, and a solid business plan with a good potential forecast.
Running payroll is costly. You need people on your team who know what they are doing and can support you to make the right decisions.
If you get funding from a banking institution or private investor, just remember that you answer to them because you are using their money.
Personally, we financed our company ourselves, it was hard, the monthly insurance and payroll taxes for the 3 of us (all family) is very high.. I pay about $1500 for medical coverage and we are all very healthy and the monthly payroll taxes that I pay EACH month are over $3000.
We are in the raw materials industry and we deal with manufacturers. Our products are mostly sold by the truckload and we deal with US freight companies, we have warehousing in Houston and Dallas and we supply manufacturers all over the US.
Get a good solid plan. Even when you have that, you are not ready to jump in. Don't take a salary right away, you have other things to do first. Don't expect to make money right away. It usually takes 3-5 yrs for a business to sustain itself.
2 moms found this helpful
D.R. answers from Phoenix on February 07, 2012
There is a book recommended by Dave Ramsey that has inspired quite a following called Quitter. The whole reason for starting your own business is to enjoy your work and that is something that you really need to figure out for yourself. My husband has been self-employed since he was 21 (12 years) and it has it's good & bad points. My only other recommendation would be not to get involved in ANY of the tier marketing businesses or accumulate debt to start your business, as 90% fail in the first couple years. Owning your own business is great if you know what you are getting into, just be sure it is the right thing for you.
Best of Luck!
1 mom found this helpful
E.A. answers from Erie on February 06, 2012
It depends on what you want to do. We like cooking so we started a pop-up restaurant that specializes in Thai and Vietnamese food, we practically have the corner on that market as there is only one Thai restaurant here and no Vietnamese restaurants. Very low overhead, minimal start-up costs, and we only pay rent for the days we use the restaurant we serve out of. We had to pay for a catering license, dh is health board certified to work in a kitchen. I do all the accounting myself, it's not that hard. But I don't have any employees, so I don't worry about that, I just pay taxes on my profit (plus sales tax, of course).
Find something you like to do and would enjoy spending 10-40 hours a week doing, and go from there. You should have a business plan written up. Check with your local Small Business Association for help.
1 mom found this helpful
T.V. answers from Phoenix on February 11, 2012
Have you considered doing something like Heritage Makers? It is online digital scrapbooking! I started my own business 2 1/2 years ago and it has been nothing short of AMAZING!!!
Please visit my website and let me know how I can help you get started!
p.s. It's only $150 to start!