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Very interested in being an entrepreneur... who here is an entrepreneur?

Phokus

Phokus

Lifer
Who here owns their own business? I'm getting sick of working for a big corporation, i want to own something that's mine.

I'm willing to work 80 hours a week developing some sort of business... i'm sure it's more enjoyable than working 40 hours a week at the office! What are some good resources to learn about starting your own business?
 
I am.

The only advice I can give you is start with a small amount of money, don't pour a ton of money into a business.

Many people fail because they have too much money, but when you start with a small amount of money, you learn the ropes better. There is no better training than starting from square one. Don't try to start half way up. Respect for money is the number one rule in owning a business.
 
I am.

I really have no advice, though. Depends what kinda business you're talking about. The biggest part of being an entrepreneur is being innovative and doing something different.
 
Originally posted by: sash1
The biggest part of being an entrepreneur is being innovative and doing something different.
Click to expand...

I contend that's not always true. Many people create successful businesses by "perfecting the ordinary." The best example is the restaurant business. Everyone seems to want the most "chic" and unique restaurant, but the fact is the general public just wants normal food of exceptional quality, nothing eccentric.
 
Originally posted by: JLGatsby
Originally posted by: sash1
The biggest part of being an entrepreneur is being innovative and doing something different.
Click to expand...

I contend that's not always true. Many people create successful businesses by "perfecting the ordinary." The best example is the restaurant business. Everyone seems to want the most "chic" and unique restaurant, but the fact is the general public just wants normal food of exceptional quality, nothing eccentric.
Click to expand...

It really depends I guess. I completely go against my own advice, because I'm just doing something ordinary, I'm just better at it 😛
 
As of Monday, I opened up This project more than a year and half of development. I am hoping to publicize it, but I have no idea where to begin.

There are other sites like this out there, but they are watered down, bare bones solutions that try to squeeze every single state into one site.

My idea was to develop the most complete solutions by focusing on just one state. I am absolutely certain that this information and degree of specificity is not available with any other online service.

How much has advertising helped your businesses?

Do you at least break even on the advertising when your first start?

Did you hire professional advertising assistance?

I will greatly appreciate any advice.
 
Originally posted by: FatJackSprat
As of Monday, I opened up This project more than a year and half of development. I am hoping to publicize it, but I have no idea where to begin.

There are other sites like this out there, but they are watered down, bare bones solutions that try to squeeze every single state into one site.

My idea was to develop the most complete solutions by focusing on just one state. I am absolutely certain that this information and degree of specificity is not available with any other online service.

How much has advertising helped your businesses?

Do you at least break even on the advertising when your first start?

Did you hire professional advertising assistance?

I will greatly appreciate any advice.
Click to expand...

I like your site :thumbsup: You should make one for other states.
 
Thanks a lot - it has seriously been 12 hour days, six to seven days a week for about 18 months now, so it's great to hear that you like it.

I would love to create more because I've had a great time with it, but with all of the work involved I have to be sure that they will be used before I get into that again.

 
Originally posted by: FatJackSprat
Thanks a lot - it has seriously been 12 hour days, six to seven days a week for about 18 months now, so it's great to hear that you like it.

I would love to create more because I've had a great time with it, but with all of the work involved I have to be sure that they will be used before I get into that again.
Click to expand...

Wouldn't it be easier to expand into other states now that you have software backbone done?

 
Yes, the data collection and processing is very easy to replicate.

The Help content takes a lot of time and research because every state's laws are different - that's one thing that I'm hoping to separate myself from the pack with. You're definitely right that it won't take anywhere near that amount of time to put together another one though. If people seem interested I will start as soon as possible.



 
Originally posted by: FatJackSprat
Yes, the data collection and processing is very easy to replicate.

The Help content takes a lot of time and research because every state's laws are different - that's one thing that I'm hoping to separate myself from the pack with. You're definitely right that it won't take anywhere near that amount of time to put together another one though. If people seem interested I will start as soon as possible.
Click to expand...

How about you run sites for other lawyers in other states? They provide the content, but you provide the software backbone for a share of the profits.
I think you need to see how PA only goes. If it's in high demand, then expand.
But it's a nice idea.
 
Originally posted by: FatJackSprat
My idea was to develop the most complete solutions by focusing on just one state. I am absolutely certain that this information and degree of specificity is not available with any other online service.
Click to expand...

I wonder if you could gradually expand, by adding new sites each customized for a single state. seems like a useful service, but how will you let people know about it? is it turning up in google searches?
 
Originally posted by: aidanjm
I wonder if you could gradually expand, by adding new sites each customized for a single state. seems like a useful service, but how will you let people know about it? is it turning up in google searches?
Click to expand...

It will when Google spiders this forum. I don't see any nofollow tags.
 
Find a niche.

Working 80-100 hours a week gets old if you're not making lot of money. But if you find your niche, then you'll make goobs of money and work even more hours.
 
i have one llc for partime income now and I am starting a corporation with mother right now for a totally unrelated to anything i've done before business venture.
 
Originally posted by: JLGatsby
I am.

The only advice I can give you is start with a small amount of money, don't pour a ton of money into a business.

Many people fail because they have too much money, but when you start with a small amount of money, you learn the ropes better. There is no better training than starting from square one. Don't try to start half way up. Respect for money is the number one rule in owning a business.
Click to expand...

most businesses fail due to lack of initial funding, so take JLGatsby's post with a really large grain of salt.
 
Whats a small amount of money to start out with? And what businesses can you start with only a small amount of money? Like say i was to try and start a business selling basketball shoes online, how much money would be needed to start this up?
 
Originally posted by: Phokus
Who here owns their own business? I'm getting sick of working for a big corporation, i want to own something that's mine.

I'm willing to work 80 hours a week developing some sort of business... i'm sure it's more enjoyable than working 40 hours a week at the office! What are some good resources to learn about starting your own business?
Click to expand...

To get many meaningful answers, you'll need to decide what kind of business you want to start. Different types of businesses pose different chalenges, thus each will need different info. It's a rather small set of info that is relevant to all businesses.

I'm a CPA and have helped many people with starting & running their businesses for many years.

I agree that the "unique" thing is over hyped. If it's unique it may mean that there is no real demand for it etc. If you enjoy & are good at something that is aleady fairly common and widely used/purchased, you'll do fine. People want/need good service or products at a fair price etc.

Fern
 
Its important imo to find something that you love and believe in because when times get very rough, these things will give you the necessary energy and willpower to sustain the motivation, persistence, and creativity to overcome whatever obstacles.
 
Originally posted by: Mwilding
Originally posted by: JLGatsby
I am.

The only advice I can give you is start with a small amount of money, don't pour a ton of money into a business.

Many people fail because they have too much money, but when you start with a small amount of money, you learn the ropes better. There is no better training than starting from square one. Don't try to start half way up. Respect for money is the number one rule in owning a business.
Click to expand...

most businesses fail due to lack of initial funding, so take JLGatsby's post with a really large grain of salt.
Click to expand...

on the flip side many businesses fail because they grow too fast.

it's all measured risk and very good planning + budgeting + forecasting. or a shvt ton of consistent sales.
 
Originally posted by: Marinski
Whats a small amount of money to start out with? And what businesses can you start with only a small amount of money? Like say i was to try and start a business selling basketball shoes online, how much money would be needed to start this up?
Click to expand...

if you're a service business, and you're the only labor, you won't need much starting capital. if you're going to sell basketball shoes, you need a lot of cash because you will have no credit to buy inventory through AR/AP. and with basketball shoes, distributors will have minimum size orders.
 
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