Starting ye own business, seeking advice

C

Covertibility

Any business owners willing to drop some advice on someone who is considering to start a chapter into "My God this could be huge I tell ya, HUGE."
I have several plans laid out but would like to some advice as what to avoid or take into consideration before starting.
Any and all comments and suggestions would be appreciated. Thanks.
 
1) Do LOTS of research and planning ahead of time.

2) Make a detailed business plan. You don't need expensive software. Do something like this:

http://homepages.ihug.co.nz/~lenbain/busplng.htm

3) Let someone read it and play devils advocate and rip it apart. Defend what you think you want to do. If you can't, modify your plan.

It's like backtesting, do it before it costs you real money. It's not a guarantee, but at least you have the confidence that you know the answers BEFORE you are emotionally involved.

4) Try and answer as many what ifs as you think might reasonably happen, then expect and plan for the worst.

5) Take what ever you think it will cost, and then 2x, 3x or 4x's it. Things will happen that you've never dreamed of.

6) Do all that, and if it still looks like it has potential, jump in and put your heart and soul into it, and realize that it might not be an easy road.

Work hard, and follow your dream!
 
Quote from Fast_Trader:

Hire a smart and trustworthy attorney.

-FastTrader
More...

Agree with this, especially if getting into any partnership situation. Would also add a smart, trustworthy and aggressive Accountant.
 
Sell your house and live in the store.

Adopt all your employees so you don't have to pay them anything.

Don't sell anything that can spoil.
 
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