Forums: Discussions for entrepreneurs and small business.

 

hi,

I am planning to start up my own small business from home. I have known many friends and people who have started a business of their own, very few of them have succeeded. Could you please advise me on things to avoid so that my dream does not become another failure story?

 

thanks!

Do you have a business plan and a marketing plan?

If not, write one.

Your first step is a good plan.

And hey ... welcome and good luck!

After careful analysis, much research, and at last finding the key to guaranteed success, here it is:



The point being, nobody knows why some people succeed and others fail. There are so many variables, it`s impossible. It`s a "complex system" and can`t be predicted.

However, there are SOME things you can do that will at least avoid the really major pitfalls. Nikole`s point of making a good business plan is one of them.

Another is to avoid "under capitalization." That means not having enough money to keep the business going during the startup phase. Not enough to buy materials, sustain costs (manufacturing, advertising, communications, etc.), and to see you through at least 1 year of no sales at all.

Hi Dellia and welcome!  You`ve already got some fantastic advice.  That ought to get you started!  Craig is right, one of the main reasons why business`s fail, UNDER CAPITALIZATION.   Nikole has linked you with fantastic reads and visit your local SBA, SBDC and SCORE.  All of these can be found at www.sba.gov

 

Good luck and keep us posted!

 

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Leslie
Founder and President
Charmed Life Products LLC
Grill Charms™… The MUST HAVE grilling accessory that is revolutionizing the American Cook-out AND The perfect gift for any occasion!
Grill Charms
                                                                                                    

At all cost, you should always have a day of war and creation. A few people sit back and spend time developing creative ways to be successful. Finding different marketing techniques that work, and trying them as product of their business. People who stays in the seat of comfort start feeling it becomes uncomfortable and just get up forever. You should always switch your methods of your business to find the right conversion of success and product that people can adapt to and rely on.

If you want to run a new business I would suggest to go for something unique and  little start up cost.

Based on a survey in USA from 100 new business in 10 years only 1 survive, so I suggest start with something cheap, what do you think about domain investing?

it`s cheap only a couple of dollars for investment and you can get more than that when people buy back from you.


or website business, it`s cheap and you can run from your own home.


PM me if you are interested in these kinds of business.

Good luck with your business.
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hi,

There are many things that you need to take into consideration which are applicable to all businesses, not just small ones. These include planning, strategic objectives, marketing, systems (computer and non computer), training, leadership etc. check out my blog at http://smallbusiness.blogfreehere.com/ for more detailed information.

 

good luck!

Spend as much time as you can developing your reasons for why you want to start a business and what the business will be. As others have said above you need to have a plan in order to be successful but first you need to know what it is you are going to do.

And also, be sure that it is something that you are passionate about. Something you enjoy because you`ll be far more likely to be willing to see it to the end if you enjoy it.


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Tim Draayer
http://www.wholesaletravelservice.com
http://www.ytbtravelworldwide.com

A few of my thoughts:

1. Do what you LOVE and what you are passionate about. Inevitably every business goes through tough times (particularly during the startup). When you are doing what you love to do, it is much easier to navigate the challenges.

2. I disagree that most businesses fail due to cash flow. That is simply the final symptom of a dying business. I would evaluate your personal needs and build a business around that - allowing your income to grow only as revenues grow (and in direct proportion).  Should revenues dip, then your income needs to dip. This is painful, but it is disciplined and if you control expenditures this way across the board you will be consistently cash flow positive.

3. Finally, just do it. Worst case you fail, but unlike 99% of people you tried.  But when you take the leap, you may be amazed at just how capable you are.

Best of luck. Can`t wait to see you on the front of BusinessWeek!

 

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Mike Michalowicz
Author of The Toilet Paper Entrepreneur