starting a business?

[simpleyme]

I have never found insurance to be a big deal just talk to your insurance agent you have other policies with ,we have had bonds and liability policies none cost over 350 bucks a year just depends on your claims record and the type of business you are doing

[wincrasher]

Unless you can get an SBA loan, then forget about borrowing the money.

Banks, if they do make business loans, are making pretty tough terms - including demanding equity in your business on top of high interest.

It's just crazy right now.

[reptile411]

I am starting my own business. I currently own one that has hit hard times. My over head is almost 0 so I keep it going even though I am a little in the red. Starting a week or so ago I went into the landscape maintenance business. I don't need a license for this. I have property that is all landscaped therefore I already have the tools of the trade. I do the work myself so no need for employees or WMC or anything. I get paid $20-$40 per lawn so do the math. it takes about 30 minutes for an average lawn in my work area. that's $320-$640 per day assuming a busy 8 hour day "which i don't have yet" but the potential is there. I use GPS when traveling which is in the car and it helps cut down fuel cost by calculating the fastest rout for me. Basically my only overhead is fuel and oil and a little maintenance for the equipment which is very small and some advertising and travel expenses but those are small as well. It runs me about $20 per month for an add in the local paper and about $40 per month to advertise on Google however I don't get many clicks so this month thus far I have spent 0 on them. Its not a business for everyone but I really enjoy the work. I love seeing a yard come alive and as I said my overhead is so small its not even funny. Now we must keep in mind as with any business venture it takes time and work to make anything from it. I am still very unbooked and get annoyed sitting here for the phone to ring but I am on a path to greatness and I still have my 9-5 as well as my other business so its not a concern. My other business deals in retail and is done out of my home, it dosnt take a rocket scientist to knwo retail is doing bad now and that's why it is doing bad but I have 0 debt and a killer product "literally" so when the market improves I will be poised to make a killing.

[Russell]

reptile, thanks a lot. That was quite helpful. I wish more people would share their stories about how they got started, what they do to manage/run the business and really what's involved.

I have dreamt of having my own business for at least 5 years, I've read a few books and have done some research on the SBA site but it all sounds so complicated. I have a huge background in IT, I don't write software (though I could I have a degree in CS) but designing, architecting and setting up complete solutions (servers, firewalls, networks, databases etc) is what I do in my employment for large corporations. I keep thinking about offering the same services to small businesses that can't afford full time IT personnel but I get discouraged because everyone knows some friend of a cousin who could do that for them. Maybe something else will come to me...though the taxes, accounting and managing a business still seems complicated and remain a mystery for the most part.

LivingAlmostLarge, sorry for going a bit off-topic.

[reptile411]

My brother indulges in the hobby f computers. He has no degrees or anything other than trial and error training however working on systems for local business far out performs the income from his 9-5 I don't know why he dosnt quit his day job, maybe he enjoys the security I don't know. I have become greatly interested in online security as of late and spoke to my wife and a few others about designing anti virus, adware and spyware software as a business. There are a lot of options out there. I particularly like AVG, maybe its because its free but it seems every solution lacks one option or another. My idea was an entire security suite but my knowledge in this industry especially in writing programs is greatly lacking.

[Russell]

Let me start a new thread so we don't hijack LivingAlmostLarge's thread.

[LivingAlmostLarge]

Good points. My DH and I discussed more this weekend and he will be applying for Small business grants. We'll see how it goes. We have to talk more and start grant writing. What a PIA.

[reptile411]

I opted agenst any borrowing of any kind. I dp charge stuff to my lowes card but pay it off every month. I used a friend as an example. He started a business with a small $10,000 loan, He now ows $10,000 and lives off his credit cards because right now is just not a good time for business, especially his which involves recreation, I mean comon so many Americans are having trouble keeping there homes, recreation is just not on there mind. I on the other hand thought "What is it everyone need but noone wants to do" then it hit me, YARD WORK. I rarely meet a person that looks forward to it but nearly everyone because of city ordinances or another reason has to have it done. I also am a rare case of someone having money to burn so I can afford to take on the capitol required if as I mentioned before I don't already have all the stuff I need. I do enjoy saving but a few hundred or thousand here and there for the better good of becoming a little more financially stable and being my own boss is worth it. Now I am well on my way but the difference is I have 0 debt in regards to business.

[EEinNJ]

I highly recommend you get in touch with your local Small Business Administration Office, and find out what courses they are offering, probably through a community college. Four years ago I took a state sponsored course, and learned a huge amount. I was working on an engineering consulting business, and met my partner there. We formed an LLC, made some money, but not enough to keep it going.

The most important thing is your Business Plan. It forces you to think about and plan for a lot of things you wouldn't have thought of before you jump in feet first. If you need financing, you need a business plan anyway.

[LivingAlmostLarge]

Thanks! I appreciate the feedback.

Reptile this is not a small business. It will be a minimum of $1 million to start.

EEinNJ, good I'll tell my DH. We have a business plan but are still revamping and working on it. Specifically switching the city location.

[mia27walla]

i have just set up new business, best thing i have ever done.

[LivingAlmostLarge]

why and how mia? Is it expensive?

[tripods68]

I always like to own my franchise like Chevron, Arco, McDonald Arco, sandwich shop. But it takes tremendous capital.

But for 1 million bucks I could open several UPS Box Stores, Togo's sandwich shops and still have left $$ lefover. This the quickest route to go IMO if you have start up cost.

[LivingAlmostLarge]

Do franchises really make a lot? I should add my DH is passionate about the business.

[tripods68]

When I was a banker with Wells Fargo, I had many clients who owned franchises. I think ratio is 80% success rate vs 80% failure rate of new business within 2 years of the business. They do everything from advertising/marketing/promoting to hiring personnel.