I've been really thinking about starting a small business, nothing set in stone but have a few ideas. The part I am unsure of is funding. I'm aware there are legal hoops to jump through with licensing, insurance, taxes and things of that nature. I'm not looking for specifics but just general info on acquiring a small business loan, any upfront capital needed, any kind of assists I may need to acquire a small business loan, etc
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Info on starting a small business.
- Thread starter dhamby
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Think about getting a Business 101 college textbook, used if you can find one. Most take you step by step through creating a Business Plan. You will need to understand how much you need to get started, show how you will pay back any credit and a hundred things you haven't thought of yet. It will be well worth your time to understand what you are undertaking.
hoosierdoc
Freed prisoner
https://www.entreleadership.com/
browse around here. Insurance depends on what you want to do. Are you making a product or a service? What type of business? Why do you need a loan?
browse around here. Insurance depends on what you want to do. Are you making a product or a service? What type of business? Why do you need a loan?
Classic,
Thank you, I will have to see if I can procure one of those books. At this time I am still figuring out which avenue I want to pursue exactly so just trying the gain some knowledge so I can take the appropriate steps when I get there. I'm sure there are several things I will still need to learn and sounds like one of those books will be a great tool.
Thank you, I will have to see if I can procure one of those books. At this time I am still figuring out which avenue I want to pursue exactly so just trying the gain some knowledge so I can take the appropriate steps when I get there. I'm sure there are several things I will still need to learn and sounds like one of those books will be a great tool.
Hossierdoc,
This would not be manufacturing any product, it would likely be a sales/service business. As for the loan I simply do not have that kind of capital to fund a business start up on my own. I have contemplated introducing a business partner but have mixed feelings on that.
This would not be manufacturing any product, it would likely be a sales/service business. As for the loan I simply do not have that kind of capital to fund a business start up on my own. I have contemplated introducing a business partner but have mixed feelings on that.
I started up my small business in 2008. I can not tell you about loans as I built my business slowly over a period of years and paid only with cash, something I still do today.
I can tell you Indiana does not always make it the easiest, but from what I have been told better than most other states. I am guessing it took me roughly 4 to 5 months to satisfy the states requirements before opening the doors. Dont be in a rush, because those in Indianapolis are not. I actually found it easier to drive to downtown Indy for paperwork as it was faster than using the mail and having it sit on someones desk for a week at a time.
Business insurance is not usually the cheapest. Right now it runs me about $6000.00 a year and will be going up after the first of the year. We found Erie to have some of the best business rates.
Depending on the business, the state also my require you to get a bond. Just another hurdle to jump through.
Oh, and one other thing you can start your business right on the Secretary of States website. Some may tell you that you should hire an attorney to do it for you. Luckily a friend of my wifes is an attorney and he said was the one who told us this. Saved us between $1500 and $3000 depending on the lawyer. It took us maybe 15 minutes to start up our LLC through the state.
Best of luck.
I can tell you Indiana does not always make it the easiest, but from what I have been told better than most other states. I am guessing it took me roughly 4 to 5 months to satisfy the states requirements before opening the doors. Dont be in a rush, because those in Indianapolis are not. I actually found it easier to drive to downtown Indy for paperwork as it was faster than using the mail and having it sit on someones desk for a week at a time.
Business insurance is not usually the cheapest. Right now it runs me about $6000.00 a year and will be going up after the first of the year. We found Erie to have some of the best business rates.
Depending on the business, the state also my require you to get a bond. Just another hurdle to jump through.
Oh, and one other thing you can start your business right on the Secretary of States website. Some may tell you that you should hire an attorney to do it for you. Luckily a friend of my wifes is an attorney and he said was the one who told us this. Saved us between $1500 and $3000 depending on the lawyer. It took us maybe 15 minutes to start up our LLC through the state.
Best of luck.
Check your local library for books on how to start up a small business or make a business plan. They're free and if you need assistance there's always a librarian around to help.
So, you don't know what kind of "business" you want to start?
dont try to start a business just to be a business owner. And one of the worst things you can do is take on a partner!
what are your interests? What kind of jobs have you had?
That all depends on the type of business of course. My insurance is $500 per year. No bond. No license.
LLC and/or incorporation is not always necessary or wise.
I have a couple ideas but nothing set in stone, like I stated I am still in the planning process at the moment. I do not want to start a business just to say I'm a business owner, this would greatly impact not only me but my wife very negatively and I don't want that.
Thank you you for the info, it is greatly appreciated.
For now I would strongly suggest acquiring two (2) simple tools to assist your business.
#1) A pad of paper. I prefer the yellow colour that is standard size.
#2) A mechanical pencil. A regular pencil works as well, but you look much cooler with a mechanical one.
After you have your high tech tools at the ready, pour yourself a cup of coffee, or beer, or whatnot and sit at a table in a comfortable writing position.
Start writing down everything you want your business to do. Write down everything that pops into your head. This will usually take multiple sessions so buy plenty of beer or coffee or whatnot.
You should make a page of who would want to buy your product, and why. Carry on with another page of how you would let them know that you exist for them to spend your money. Then you'll want a page of all the stuff you'll need to make your product/service available to these fine folks. You'll also want a page listing all of your liabilities that you need to cover.
As time goes on you'll refine these pages into something near a business plan. As you review some ideas you will find they won't work at all so you'll throw them out. Some ideas will be good but need tweaking, while others were dead on in the beginning.
Once you feel comfortable with you many pages of thoughts, ideas and questions I would suggest sitting in front of a computer with an excel spreadsheet and really organize things. When all is said and done you will then have very specific questions that need answering. Those questions can be answered for free from your accountant in most cases.
Starting a business is like building something. You start with the simple foundation stuff and add complexity as the project develops. Let YOUR comfort level with things guide you through the process and seek help on areas you are uncomfortable with. No entrepreneur is perfect in all aspects of their business so try to set aside a page that lists your strengths and your weaknesses. With your strengths push forward, with your weaknesses seek guidance from trusted family or friends.
You will know when you are ready to take actual steps to start your business.
Good luck!
Doug
#1) A pad of paper. I prefer the yellow colour that is standard size.
#2) A mechanical pencil. A regular pencil works as well, but you look much cooler with a mechanical one.
After you have your high tech tools at the ready, pour yourself a cup of coffee, or beer, or whatnot and sit at a table in a comfortable writing position.
Start writing down everything you want your business to do. Write down everything that pops into your head. This will usually take multiple sessions so buy plenty of beer or coffee or whatnot.
You should make a page of who would want to buy your product, and why. Carry on with another page of how you would let them know that you exist for them to spend your money. Then you'll want a page of all the stuff you'll need to make your product/service available to these fine folks. You'll also want a page listing all of your liabilities that you need to cover.
As time goes on you'll refine these pages into something near a business plan. As you review some ideas you will find they won't work at all so you'll throw them out. Some ideas will be good but need tweaking, while others were dead on in the beginning.
Once you feel comfortable with you many pages of thoughts, ideas and questions I would suggest sitting in front of a computer with an excel spreadsheet and really organize things. When all is said and done you will then have very specific questions that need answering. Those questions can be answered for free from your accountant in most cases.
Starting a business is like building something. You start with the simple foundation stuff and add complexity as the project develops. Let YOUR comfort level with things guide you through the process and seek help on areas you are uncomfortable with. No entrepreneur is perfect in all aspects of their business so try to set aside a page that lists your strengths and your weaknesses. With your strengths push forward, with your weaknesses seek guidance from trusted family or friends.
You will know when you are ready to take actual steps to start your business.
Good luck!
Doug
It's hard to help if you don't give us any idea about your interests or experience.
Nothing truer can be said! That aside, figure out what you want to do, and then go back and read the post about the pad of paper and pencil! I recommend a couple, three, extra erasers as well. As far as SBA, have ALL your ducks in a row, with a couple of spare ducks. SBA loans are not that easy to get, even with very good credit. I would recommend self financing if possible, and loans,(SBA, or otherwise, as a last resort. Defaulting on an SBA loan would impact yourself and your wife tremendously. If you can, self finance, if you can't, loans. I started my company 6 years ago, on a wing and a prayer, literally. I had about $2700 in the bank when my job disappeared, but I had a customer list and a cell phone. It has worked for me, SO FAR, but not without some .gov interference, and a YUUUGE(Thanks Donald) amount of sacrifice. IF you AND your wife are committed, it can work. If either one of you is reticent, don't do it! My first wife left when the employees got paid, and we didn't. If you aren't already conservative, politically, you will be, when everyone has their hand out for 17/16ths of the 1/16th you have left. For me, it's the best thing I've ever done for myself, but it isn't without its problems.
As a side note 60% of all businesses fail within the first five (5) years.
People do not plan to fail, they fail to plan. Many smart, creative, intelligent people try their hand in business and fall flat on their face due to a lack of planning. That is why I strongly suggest the simple pencil and paper. Organize your thoughts.
Go out and watch on demand a few episodes of "Restaurant Impossible" (early seasons) with Robert Irvine. Look at the constant and consistent issues with the owners! It isn't just the details, it is the attitude! These shows give an idea of what can happen when the planning isn't there.
How many threads have there been on INGO about lousy service at LGS's? Many are probably run by very motivated guys who love guns but are crap at customer service or thinking of the guns as a business.
I have my degree in Business Admin and we constantly reviewed how other companies succeeded and how many fail. The stories are endless. I don't want you to analyze too much but you need to have a clear and concise idea in the end if it is ever going to work. Plan, but don't let perfect get in the way of pretty good.
Also consider your risk tolerance level. If it isn't pretty high then reconsider. Most folks who start their own businesses are willing to take on a good deal of risk. The folks who don't plan have a much higher failure rate than those who do.
Don't worry if you're not good in one area. If you aren't good with people perhaps you need an employee who is great with folks. If you are great with people but aren't good with the numbers then perhaps a part-time book keeper to help you understand the numbers.
When I did a business plan for ammunition manufacturing my plan was to start small and grow. However, upon reviewing the plan I came to the conclusion that I would need a lot more capital to start bigger otherwise the company wouldn't grow well.
In one business class the students were to analyze a pet grooming business in two (2) potential locations to see which one would have the best chance of success. Each was in a mall area. One had low foot traffic but low rent, so costs were down. The other had very high foot traffic but the rent was very high. In the end the class came to the conclusion that NEITHER location would work. There wasn't enough foot traffic in the cheap location to keep it going and even though there was ample traffic in the busy spot the overhead was so high the business wouldn't survive. So both would fail given the parameters of the analysis. I would hate to see someone fail due to a lack of study, but it happens every day, 60% every five years.
Once you come up with a semisolid plan have some very good friends give you tough, constructive criticism. Don't just brush it off, listen to them. IF you can honestly and objectively answer their comments with positive responses then you are looking at what is probably a good plan. Just be ready to tweak it and improve it with their thoughts in mind.
Regards,
Doug
People do not plan to fail, they fail to plan. Many smart, creative, intelligent people try their hand in business and fall flat on their face due to a lack of planning. That is why I strongly suggest the simple pencil and paper. Organize your thoughts.
Go out and watch on demand a few episodes of "Restaurant Impossible" (early seasons) with Robert Irvine. Look at the constant and consistent issues with the owners! It isn't just the details, it is the attitude! These shows give an idea of what can happen when the planning isn't there.
How many threads have there been on INGO about lousy service at LGS's? Many are probably run by very motivated guys who love guns but are crap at customer service or thinking of the guns as a business.
I have my degree in Business Admin and we constantly reviewed how other companies succeeded and how many fail. The stories are endless. I don't want you to analyze too much but you need to have a clear and concise idea in the end if it is ever going to work. Plan, but don't let perfect get in the way of pretty good.
Also consider your risk tolerance level. If it isn't pretty high then reconsider. Most folks who start their own businesses are willing to take on a good deal of risk. The folks who don't plan have a much higher failure rate than those who do.
Don't worry if you're not good in one area. If you aren't good with people perhaps you need an employee who is great with folks. If you are great with people but aren't good with the numbers then perhaps a part-time book keeper to help you understand the numbers.
When I did a business plan for ammunition manufacturing my plan was to start small and grow. However, upon reviewing the plan I came to the conclusion that I would need a lot more capital to start bigger otherwise the company wouldn't grow well.
In one business class the students were to analyze a pet grooming business in two (2) potential locations to see which one would have the best chance of success. Each was in a mall area. One had low foot traffic but low rent, so costs were down. The other had very high foot traffic but the rent was very high. In the end the class came to the conclusion that NEITHER location would work. There wasn't enough foot traffic in the cheap location to keep it going and even though there was ample traffic in the busy spot the overhead was so high the business wouldn't survive. So both would fail given the parameters of the analysis. I would hate to see someone fail due to a lack of study, but it happens every day, 60% every five years.
Once you come up with a semisolid plan have some very good friends give you tough, constructive criticism. Don't just brush it off, listen to them. IF you can honestly and objectively answer their comments with positive responses then you are looking at what is probably a good plan. Just be ready to tweak it and improve it with their thoughts in mind.
Regards,
Doug
Definitely some great info, it is all greatly appreciated. Main interests are firearms, motorcycles, automotive. The two fields I am considering getting into as far as a business is thr firearms and automotive. These would mostly be a sales type business.
,
This ^^^ is enough to start. A journey of 1,000 miles begins with a single step.
Get two (2) notepads, one for each area. Just start writing down the ideas as they come into your head.
Perhaps you could combine them by welding a secret gun stash into folks trunks. Then think about all the tools this would take, how long it would take, etc. After that you might want to start thinking about how much profit you have to make for yourself. NEVER sell yourself short! That is what some folks do and then never succeed. Continue with how long it would take, on average. What would you charge? How would you get word to gun owners? Etc.
Finally, you will come up with a first draft of a business plan. Critique it. Change it. Adapt. Then you're onto a second draft. Once you really look at the numbers you'll come to the conclusion that, "Holy
, this could work!" Or you'll find, "Darn, this will never work." Or something in between.
Eventually you'll need to put action to words and go from there.
Again, good luck!
Doug
This ^^^ is enough to start. A journey of 1,000 miles begins with a single step.
Get two (2) notepads, one for each area. Just start writing down the ideas as they come into your head.
Perhaps you could combine them by welding a secret gun stash into folks trunks. Then think about all the tools this would take, how long it would take, etc. After that you might want to start thinking about how much profit you have to make for yourself. NEVER sell yourself short! That is what some folks do and then never succeed. Continue with how long it would take, on average. What would you charge? How would you get word to gun owners? Etc.
Finally, you will come up with a first draft of a business plan. Critique it. Change it. Adapt. Then you're onto a second draft. Once you really look at the numbers you'll come to the conclusion that, "Holy
, this could work!" Or you'll find, "Darn, this will never work." Or something in between.Eventually you'll need to put action to words and go from there.
Again, good luck!
Doug
Custom automotive. Kinda like TRU Motorsports. Just saying.
You may find having a mentor helpful, free small business help below. I contacted them when I was trying to start mine in 2004, lots of good advice...
https://www.score.org/
https://www.score.org/
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