I have been trying to start a business and I feel like I'm spinning my wheels! I keep having to pick up jobs in between because I can not get something going for myself. I really don't care what the business is as long as its profitable! I Learn extremely fast and get tired of working for a company that does not recognize the value I bring to the business so I cap out at a certain income. I want something that is going to give me results for the amount of effort I put in. I rely on internet searches because I have no business mentors that can guide me to actually starting a business.
Answers
Here is a great, free website that can help you with a Business Plan: http://www.score.org/resources/business-planning-financial-statements-template-gallery
That should help you get started. I always recommend that people do their own business plan to really get everything out of it that you can. If someone else does it for you, they will have made assumptions that you might never have made and it can affect the success of the business. A good example, the person doing your business plan thinks that most customer will find you through advertising and so they include $4,000 per month for the ad at the back of the yellow pages. For a small business that is a pretty good expense and you need to track it every month to see whether it is working because you don't want to continue to spend nearly $50,000 per year on advertising that isn't doing anything for you.
I just took a small business class at my local college. It cost me $40. In the course, we learned that, first do something you love; then do market research. How can you provide a better service than the competitors that are out there. Is there a need for your product or services? Write a Business Plan (there are many templates out there) Also, the class included items like how to apply for a license; how to register your business and local networking opportunities. I recommend starting with a course like this.
Touch base with me if you have what it takes to build a logistics business where your efforts determine income. We will provide all the needed logistic support while you will build your customer base. You will have my full support. It's an opportunity to build a business in international and domestic shipping.
There's a book that I'd recommend that talks about some of this: http://www.amazon.com/Start-Small-Stay-Developers-Launching/dp/0615373968. The author discusses the very problem you've identified - it is hard to find good business ideas due to market saturation. You might also want to check out this Udacity course: https://www.udacity.com/course/ep245. Both these resources talk about how to brainstorm, how to identify potential risks, how to test those risks out, and how to scale up and execute on a business plan.
Hey Rob,
Thanks for the tough love. I'm not sure the way you understood what was meant buy "I really don't care what the business is" but I meant that I am a hard worker and as long as it is a business model that works I have no doubt that I will succeed. The problem is finding a business model that isn't saturated and has a chance for success. FYI I have a 4 unit rental complex and a single family home I am renting out. The problem is I can't go any further with that business model because banks are not lending right now...and I am tired of working for someone that uses me as a resource without reward. If I work harder then all my peers I deserved to be compensated for my work ethic not held back by the industry standards.
Hey Mitchel. I too had the entrepreneurial spirit right before I separated from the US Air Force so I applaud you for going after your dream of ownership. There is a wealth of information from very knowledgeable people here that have provided great advice. If you want to know more about how to market, brand and/or expand your personal power get in touch with me. All the best to you.
Rashid Hill
L3 Coaching Solutions
l3.thebrand@gmail.com
Mitchel, thank you for your service. If after reviewing and thinking about Tom and Lauren's excellent questions, advice, and suggested websites you would value a sounding board, email so we can agree on a time to chat.
Regards, Bill Nobles "billnobles1@hotmail.com"
Though there are many templates and examples out there, a business plan is something you have to develop on your own or with your business partners. I am looking to start a business myself, and what I know so far is that a business plan needs to be a detailed description of what you want your business to be. It needs to clearly define the goals of your business and outline how you plan to accomplish them. Banks will loan money to those who they determine to have the most potential to be successful, with the least amount of risk, thus insuring that they will recieve their money back. There are many other factors that play into this decision (e.g. borrow's financial stability, credit history, collateral, etc.), but the business plan is an integral part.
Where can I generate a business plan that will work for banks
Mitchel,
First of all, keep your entrepreneurial sprit and drive alive. It's totally normal to know you wan to start a business and to be unsure of the exact business you want to start. Keep your optimism and creative spirit alive, and eventually you'll find your path, or build your own path.
* The Service Corp of retried Executive (score.org) can offer free mentoring, an doffers both face-to-face and remote mentoring.
* Do you have a LinkedIn (LI) profile? (If yes, include a URL to your LI profile on you acp-advisornet profile. If not, create a LinkedIN profile and then include it. I is also a good idea to include your LI profile with your questions, so advisors can review your background.)
* You'll want to start with some sort of a business plan. The plan can start as a 1 sentence rough draft of a "mission-statement".
* To explore businesses you can start, brainstorm some ideas.
["Brainstorming" is a skill and process we studied during my Primary Leadership Development Course (PLDC) in the Army. PLDC is required for Non-Commissioned Officers - the "backbone" of the Army]
see:
" 4 Steps to Brainstorming a Great New Business Idea"
http://blog.score.org/2013/rieva-lesonsky/4-steps-to-brainstorming-a-great-new-business-idea/
What do you enjoy?
What are your interests?
What are your skills?
What are you good at?
What jobs have you had that you have enjoyed, or been good at?
Also see this material for background reading:
https://www.google.com/search?q=how+to+pick+a+business+to+start
https://www.google.com/search?q=selecting+a+business+to+start
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