Okay, I think I’ve come across an really good business idea and I need to convince the bank and my wife to act on it. Is there anyone out there who has started a business / running a small business that would be willing to listen to my thoughts and give some free advice? I feel it’s something that would flourish in a down economy… I’ve worked a business plan thru my head, just need to get it on paper, but after thinking thru the overhead, cash flow, etc, I think it’s a winner, but I need to hear if I’m missing something…
Let me know and I’ll pm it…
Before taking it to others, I’d like to suggest that you actually put together a formal business plan. There’s plenty of software out there to help you do so. Business Plan Pro is probably the best known. It’ll walk you through the process, help you with your assumptions, and make sure you’re not forgetting anything. If you’re serious, and it sounds as if you are, it’s $100 or so well spent.
Ditto with what David says…while you are doing your business plan be extremely conservative…assume your sales will not grow as quickly and assume that your expenses will be higher than you think.
If you are looking for an loan, you will have to have skin in the game - your own money. No way any bank will lend without a major commitment from you.
Started and running a small business. Always happy to talk small business/entreprenuership shop but get your plan down on paper and no matter what you think it will ALWAYS cost more then initially think it will and it will ALWAYS take longer to get off the ground then you think it will. Not saying that to dissuade you but to be realistic.
I’ve run my own business and my wife has one now. The thing most people underestimate is the time it takes to be your own boss. If you are not ready to work 24x7 365 for peanuts while you get your business started you ought to consider another line of work. If you fit that criteria as mentioned above get your BP in order first.