Hello,

I am new on this site and relatively new to the idea of being an entrepreneur. I am a college senior looking to graduate in may 2010 and until recently was set on getting a job with a financial firm and going that route. My designs on my future has changed a bit in the recent months and i decided to try to start my own business with a colleague. We have several different business ideas we want to get started in 2010 including a web design firm, an online media company and a high end clothing line (suits and formal wear for young adults).

At the moment we are looking for some advice from people who have started their own business whether successful or not to learn from their experience as to what to do, how to market ourselves and how to make the right contacts. We are meeting with a local SCORE agent and a local SBA agent to help formulate a formal business plan. Having virtually no capital, we are currently freelancing as web designers to help raise money for our other ventures while building our portfolio.

Please feel free to share with us any thoughts and feelings on what we are trying to achieve. We are really looking to get pointed in the right direction especially with the clothing line because we know very little about the industry other than the retail aspect (both of us work at banana republic as sales reps).

thank you

Well, this might be a little from left field, but I'd run as fast as you can away from score. They'll do everything they can to prove to you that your business idea won't work. Secondly, 15 years growing two companies and I have yet to produce a formal business plan. The main reason you need one is if you're trying to get funding through a bank or investor. Spend your time on analyzing trends and studying what people are spending their money on instead. And, simply put your business in front of those people spending.

Since you are college students then you should understand the following principles:

1. There is no substitute for hard work

2. It's easier to start a business in something you already have experience in and it helps if you also have a passion for it. Enthusiasm comes much easier when you have a passion for what you do

3. Purpose that in whatever you do, your focus will be to help others first and the rest will work itself out a lot better

4. Online businesses are by far the least expensive and the easiest to get in front of the world

5. A college degree is not a guarantee of success only a good foundation to start from

Since you guys are web designers, it stands to reason that online business is the place for you to go at least to get started.

Hope this helps!

It sounds like you may be spreading yourself thin with all the businesses that you want to put up for 2010.  I would suggest that you focus on one business first, set it up, lay the foundation and get it up and running before you proceed with another one.

--------

Kate

MedifastHealth.org

I use a very simple business plan.  It has four basic questions that need to answered.

Who are your potential customers?

Who are your potential competitors for your potential customers?

What can you offer that your competitors can't offer?

How will you market your product to your customers?

I'd do pros and cons on all three business ideas and move forward with the one that:

1. Has the most personal interest to you and is something you feel you have a particular talent for (can offer better than the competition)

2. Has the most immediate way to start earning money now (as in - customers already lined up)

3. Is least expensive to start up and run

If you have success with that one, then think about delving into a second.

Also - are you sure you want to have a partner? Especially a partner who is also a friend? I have run into trouble with this scenario myself. As soon as money is involved, the friendship becomes much more complicated, and may end in disaster. Sorry to be a debbie downer on that point but I've been stung before and it's not cool.

And - I have to agree with Marty Dickinson - I've been running my business successfully since 1995 and never had a business plan. Not to say they're not useful - especially working with a partner. It will help you delineate and separate the work each of you will be responsible for. But you can get rolling without one.

Best of luck you you!

Guys,

Being a very inexperienced but ambitious duo, you have taken the first fundamental step towards establishing a successful business by actively seeking expert advice. This is very commendable.

Remember that you will need expert advice through out your career in business. Continue this way.

It is important that you invest in what you know and are comfortable with. Since you know very little about the clothing business, I suggest that you postpone this idea for another time when you will have gained enough knowledge to take the plunge in it.

Web design seems to be what you have trained in and know quite well. I recommend that you concentrate on it. In any case, all you will need to invest in is a very professional website and marketing .

You could outsource your marketing functions to an expert once the design is done. This need not be very costly. We can help you out.

Should you desire to market your web design business by yourselves, training will be important. Again, we can partner with you.

You may even want to begin with online marketing to raise some capital for your business. This is probably the easiest route. But you need to get some training which we will be happy to provide.

For more information, please use the links below.

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Think about which business that you really want to start with first. Don't spread yourself too thin by trying to start a bunch of things at once. Start out in one line of business first, then you can branch out later.

The most important part of your business is research and planning. You really need to research your industry, plan & take note so you'll know what you are getting into & what to avoid. Researching helps you to take a closer look at the industry that you want to pursue & lets you know if it's worth pursuing. While it is true that many businesses have started & become successful without a formal business plan, many have not been successful without one.

At some point in time you do need some type of written guidelines, plan or strategic plan to follow as you go along your business ventures. It can help to keep you focused. Once you have your strategic plan or guidelines written, then you can adjust it and make slight changes as you go. You also need to think about what kind of support that you'll need for your business in start-up & daily management.

Think about: Who's going to do what? who's going to be in charge of what? Should you outsource some tasks? Do you need a loan? etc...

Take some time out to talk to people in your chosen industry. Also try business consultants or advisors who may know a lot about what you want to pursue. Make note of the information that you'll recieve then use that along with your partners help to brainstorm on ways about how to start & maintain your business or projects.

Now you have some pre-thinking, preplanning & research to do. Once you've done your research & if it is a business that’s worth pursuing then move right ahead. There’s a lot to starting and maintaining a business (as far as energy, some money & time goes) mixed with a lot of innovation, research, motivation, passion, planning, skills & support.

~~Clerical Business Solutions www.clericalsolutionsinc.net

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