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  1. #1
    Join Date
    Jun 2014
    Posts
    73

    I want to start my own business and need information

    So are you looking to start your own business? These are the pros and cons of doing starting this business:

    Are you interested in starting your own small business? If you are, you may already have your mind made up. If you are still toying with the idea of starting your own small business, you may be wondering whether or not your dream is one that should stay a dream or one that could actually become a profitable reality.

    To get a good idea as to whether or not you should start a small business, you may want to examine the pros and cons of doing so. These pros and cons may help make it easier for you to decide whether or not a small business is right for you. A few of the most important small business pros and cons are touched on below.

    Perhaps, the biggest pro or plus side to starting your own small business is the fact that you will be achieving a dream of yours. There are many individuals who have a dream to start their own business, but many rarely end up doing so. One of the reasons for that is fear. Many are afraid of failure. Yes, you and your small business venture may fail, but many say the ride was worth taking, no matter how good or bad the outcome turned out to be.

    Another pro or plus side to starting your own small business is type of businesses that you could start. For instance, did you know that you could open up your craft store, run a payroll processing company, start a dog grooming salon, or start your own hair salon? When it comes to starting your own small business, you will find that the possibilities are literally endless.

    In connection with the types of businesses that you can start, did you also know that those businesses can be run in different ways? For instance, if you are interested in opening up a dog grooming salon or even a hair salon, did you know that you could rent your own commercial building space or even run the business out of your home for a while? Also, depending on the type of business you run, you may even be able to have an online store. In fact, it is not uncommon for many small business owners, who sell products, to have storefront retail stores, as well as online retail stores. Once again, the possibilities are basically endless.

    Although there a number of pros or plus sides to starting your own small business, you will also find that there a number of downsides or cons to doing so as well. One of those downsides is the fact that there are not really any guarantees. Sometimes even the best small business plans fail. There a lot of factors that go into determining whether or not a business can be a profitable one, like the ability to reach the targeted market, startup costs, monthly expenses, and location. While there are steps that you can take to help improve your chances of success, there are still no guarantees.

    Another one of the cons or downsides to starting a small business is the startup money needed. Yes, there are some businesses that have smaller startup costs than others, but almost all small businesses do have startup costs. The good news though is that if you donít have the required funds, you may be able to obtain financing for your small business project. The only thing is that you need to have good credit to do so. So, if your credit currently isnít in good standing, you may want to think about working on it now. The sooner you get your credit repaired, if it needs to be, the sooner, you can start opening up your small business.

    The above mentioned pros and cons are just a few of the many associated with trying to start your own small business. In all honesty, you may want to think about creating your own pros and cons list. If the pros outweigh the cons, starting your own small business may be something that you should look into doing.

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  2. #2
    Join Date
    Nov 2008
    Posts
    68

    Re: I want to start my own business and need information

    Some very good points in the article.

    I'll just add that an Internet-based business has the higher profitability because of the low start-up costs and the lower overhead expenses. As a result, you'll get into profit a whole lot faster and have better cashflow in your business.

    In regards to credit...

    You can get business credit which is not the same as personal credit. Of course you'll want to take the steps of establishing your business first and then opening up business checking account, merchant account, etc... It's also good to decide what kind of business entity you want, LLC etc...

    All this goes towards building your business "profile" and will become important when you do some major advertising in the tens of thousands of dollars and you want to be extended credit.

    Anyhow, great post.

  3. #3
    Join Date
    Mar 2006
    Location
    NeverSayNeverLand
    Posts
    330

    BEST ADVICE For NEWBIES STARTING a HOME BASED BUSINESS

    Good points for newbies, but starting a business in the traditional sense is a hundred times more difficult today then ever. Not only is it impossible to get a business loan, but personal credit is also more difficult than ever.

    Having started many traditional and online businesses over the years, and from experience, I would never open up another traditional birck and mortar business. Online is so much easier and carries little to no risk. With thousands of businesses to choose from, pick something that is recession proof first and foremost for this economy is sick and getting worse with the $18T deficit just hit.

    Simply put, once you identify a recession proof business, a unique niche market if possible, a sound financially stable company, if new or existing, then combine that with low to no start up costs, now you have a chance of success. Be prepared to stick with it for there is no such thing as get rich quick. Steer clear of anything which focuses on the money or compensation plans. Lessons learned, so now you want an opportunity where you earn while you learn, perfect starting point.

    Focus on free to low cost start ups, those companies which hit your for a distributor fee indicates to me they need your money to start up, not a good sign. A company which gives free website and no autoship is the best option in my experience.

    * Choose a product you can make a good living at by retailing. Choose a product you can demonstrate instantly, not one which may take months to see it work like most nutritional deals, as example.
    * Choose a product which everyone will need and want, not a me too product where you have to compete with Walmart or thousands of other retailers.
    * Choose a product which can demonstrate value.
    * Choose a product which can save everyone time and money, after all, time is money for most of us.
    * Choose a company which offers guarantee removes the risk factor for consumers.

    These are just a few of the things I evaluate before adding to my portfolio of businesses. Affiliate type businesses require you to generate traffic to your sites, and qualify traffic cost money, so try to identify products you would purchase with just a simple demonstration of online videos, or in person. Products which will sell themselves is best place to start for newbies to business.

    Success to all,

  4. #4
    Join Date
    Dec 2014
    Posts
    56

    Re: I want to start my own business and need information

    I've known people who had fantastic ideas, but who couldn't get the idea off the ground because they approached everything weakly. They thought that their ideas would somehow take off by themselves, or that just coming up with an idea was enough. Let me tell you something -- it's not enough. It will never be enough. You have to put the idea into action. If you don't have the motivation and the enthusiasm, your great idea will simply sit on top of your desk or inside your head and go nowhere.

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