Business discusion

[sakicfan84]

You really need to have a clear idea of what type of business you want to run. Honestly, if you're planning on starting a business without a solid business plan, you're chance of succeeding is probably near zero. In the current market, you're going to need to have a great idea coupled with great execution plans coupled with solid funding.

There's some good software and books that helps with developing a business plan; you're going to need a business plan if you intend to get any type of loan (unless you have friends/family that are willing to risk their money) to fund your potential business. Not only do you need a business plan...you need a comprehensive, well-thought out business plan. Here's information on drafting a business plan from the SBA website:

"Writing The Plan

What goes in a business plan? The body can be divided into four distinct sections:

1) Description of the business
2) Marketing
3) Finances
4) Management

Agenda should include an executive summary, supporting documents, and financial projections. Although there is no single formula for developing a business plan, some elements are common to all business plans. They are summarized in the following outline:

Elements of a Business Plan

1. Cover sheet
2. Statement of purpose
3. Table of contents


I. The Business
A. Description of business
B. Marketing
C. Competition
D. Operating procedures
E. Personnel
F. Business insurance


II. Financial Data
A. Loan applications
B. Capital equipment and supply list
C. Balance sheet
D. Breakeven analysis
E. Pro-forma income projections (profit & loss statements)
F. Three-year summary
G. Detail by month, first year
H. Detail by quarters, second and third years
I. Assumptions upon which projections were based
J. Pro-forma cash flow


III. Supporting Documents
A. Tax returns of principals for last three years Personal financial
statement (all banks have these forms)
B. For franchised businesses, a copy of franchise contract and all
supporting documents provided by the franchisor
C. Copy of proposed lease or purchase agreement for building space
D. Copy of licenses and other legal documents
E. Copy of resumes of all principals
F. Copies of letters of intent from suppliers, etc."

Seriously it seems like a lot, but it's stuff you need to consider if you really want to start a business. With the current credit situation, no one is going to give you a sizable loan unless you can knock their socks off with your ideas. They won't even consider you, if they decide to even see you at all, if you don't have a business plan made up.

I'd imagine all successful businesses start out with a detailed planning phase. You should start there and see if you really have the ideas or motivation to actually go through with this. Just wanting to start a business for the sake of starting a business or because you can't stand working for someone else, does not guarantee that you will be able to start and keep a business going; honestly, if that's those are the only reasons you want to start a business, you're probably destined to fail and lose lots of money. You better have a damned good idea at the foundation of your desire to start up a business.

[Jrecee]

I do not see myself working for someone else. I just can't stick to certain working times. Sometimes I just don't feel like doing anything which causes a problem in any work place.

I'm going to tell you something that you probably haven't heard much before, but you need to hear it.

You sometimes feel like not doing anything? Guess what, so does the rest of the world. The difference is that in the real world you don't get a choice. I've had many mornings when I didn't feel like going into the office. But I still go, because that's how the world works. You are not special. Join the work force and contribute like the rest of us.

Not very good advice. . . sure he's going to have to work but the people who become billionaires are usually the people who hate getting up every day at 5 am and driving in rush hour traffic for 3 hours to sit in a cubicle til 5 pm. There are plenty of people who follow this trend because it's "normal" and that's what their dad did, and their dad's dad did, but not everyone wants to be a sheep and if you really hate that life there's no reason to put yourself through that misery every day. Some people start in that world, then they get a wife and kids and get trapped in it, and can never escape it to pursue their dreams because they have a family to support. If that's not you yet find something you like before its too late!

I worked crappy retail jobs for 3 years before I said "fuck it, this is horrible and I'm not getting anywhere by doing this. Where do I have to go from here? Shift manager? GM? Is that something I want to spend my life doing?" So I quit and swore I'd never go back. I'm far from rich but I have found new ways to make money, usually more, and I'm seeing a lot more possibilities. I work from home and on my own schedule. I'm not trapped anymore.

[MrPopo]

I worked crappy retail jobs for 3 years before I said "fuck it, this is horrible and I'm not getting anywhere by doing this. Where do I have to go from here? Shift manager? GM? Is that something I want to spend my life doing?" So I quit and swore I'd never go back. I'm far from rich but I have found new ways to make money, usually more, and I'm seeing a lot more possibilities. I work from home and on my own schedule. I'm not trapped anymore.

A crappy job does not go hand-in-hand with a standard schedule. I have a fantastic job that I enjoy, but it's still the standard 9-5 with a boss and meetings and whatnot. The ones who become billionaires are not the people who hate having a daily job, as they still have a daily job that works standard business hours. The difference is that the billionaires are the boss instead of the grunt. The billionaires are the people that have that spark of an idea of "the world needs this" and go out and make that idea happen.

Maybe it's just the way he worded it, but the TC is coming off as a petulant child who wishes the world wasn't the way it is.

[RCBH928]

I appreciate all the comments,
and even if any one thinks he is harsh, its only the reality of the business world.

I of course wish the world is not what it is
I think most people want a world with no lies, hypocrites , wars, illness and more.

Most of you taking this as if I am saying, I just want to open a store and sleep at home.
All I am saying is that, when I do not feel like it, I won't go. If it is my business I can do that, I will have other employees, maybe not first year or so , but maybe even first month.

I can't have that kind of luxury working somewhere else because I have to be there. I know some of you think I am spoiled, but I really choose to open my business and not serve customers and lose money than working for someone else for a stable monthly pay. It is my decision, maybe i'll fail or most likely , but it is my decision.

The guy who talked about being stuck in this world of just going to the job and supporting your family is my #1 fear. 20 years later I do not want to look back and say, how come I ended up here? I have seen this thing happen and I do not want to be one of those people.