Starting a business

[brunota2003]

So, have any of you guys ever started up your own business? What was it like? What did you learn from the experience and would pass on to others who would like to do the same?

Getting out of the military toward the end of this year, and while I plan on going to college (some form of meteorology obviously), I am also toying around with the idea of possibly starting my own business. I've got an idea, don't know where it'll go...but am interested in giving it a shot. I would like to start local (Kentucky for me) and kinda small and work from there if the idea turns out to be good.

[gigabite]

Cash flow is the biggest problem. There a lot of statistics on what percentage of a certain type of business will fail. Whatever you do you need to make money right away. http://www.bls.gov/ooq/ may give you some ideas. If I were you I would stay in the military, finish college, get a masters, retire early then go into the park service. Once you are in the park service you can move around. Then you can retire early again with a good revenue stream. Then you can freelance and not have to worry about cash flow.

[brunota2003]

There isn't really much of an opportunity for growth in the military anymore, at least on my side...the military is downsizing, the Army is trying to get rid of 80,000 people. With me being broke (right knee problems, thanks to running nearly every day and ruck marching on days when we don't run), I'm sure they would find an excuse to cut me in a heartbeat.

[gigabite]

Try the Navy. They are downsizing manpower, and upsizing the fleet by 300 ships. Cross training and weight control are key words. Plumbing and gunnersmate or Aerographer's mate might work for you. If your knee was to bad you would already be gone. Get that web gear and body armour off for a few years and give yourself time to recover.

Small busness is not that easy. First as I said you have to have cash flow. For that you have to have clients, for that you have to have marketing. Once the money starts to flow you have to have accounting. To keep the money flowing you have to have quality control. That is all in addition to whatever it is that you are providing. It is a long day. Even if you have $250,000 start-up capital.

There are some benifits to having a small business in the way of tax deductions, and job security if you have a recession proof product or service, even then being the local expert in the field is important.

[Stephanie]

I've never started a business, but if you have a good idea and you have the confidence and drive, I'd say go for it. If you know of someone in Kentucky that has their own business, see if they can give you some tips. I know that online there's a lot of articles and self help guides to get you going. You will need to know the regulations in your state & town for having your own business, depending on the type and as gigabyte said, cash flow will be critical.

Good luck!

[Persepone]

We started a business in January (in a summer resort area) at the bottom of the recession 2010 with "know how" but no capital because we had no prospects for employment. We're doing okay! We're busy.

What we had going for us? We are very, very knowledgeable in our field. We do lots of stuff ourselves (maintain informational website, man the phone, do bookkeeping, etc.). Our customer service is excellent and we have happy customers and lots of referral business.

If you have expertise and there is a market for your expertise in your area, then go for it.

The most difficult thing will probably be how to price your services. You need to base your math on perhaps 25 billable hours (maximum) per 40 hour week. You will have expenses for all sorts of stuff even if you work out of your home so plan for these (insurance, business registrations, postage, phone, internet service, gasoline, etc.). Pay attention to your local zoning laws. Forming an LLC is probably the right answer. We are not the "lowest priced" provider--but we are the best provider--our customers tell us this! Our "appointment book" tells us this. Right now I'm making appointments 3 weeks out....

I've other advice--if you are interested, send me a private message.