Hey all, I'm currently looking seriously at starting my own business. I've found a few concepts that interest me so far, but I'm keeping my eyes open and doing more research on other possibilities. This forum isn't really the ideal spot for a thread like this, but it matches closely enough. The thread may bomb, but I figured it was worth a shot starting it. If you have knowledge, experience, tips, etc. on this subject then by all means, post here. One question I have to start off with: What kind of funding is available, if any, for a small biz startup? I look forward to any replies.
two of them are internet based retail/e-commerce, the other is import/export of a certain American high end item. i've spent the last year managing a small e-commerce company and really learned alot, now I'd like to find something I'd enjoy and that I'd have a good shot at being successful with. I'm looking to start something that will be my primary source of income and through which I can grow or expand into other things. Should be interesting.
You can try Business Angels But you better have: A financial Plan that's like a Rock and that you can support on each time they'll challenge it; Faith, because you'll hear NO, a LOT. I've been (and I still own) import-export business between US and Europe. If you want an experience hint: double all toll/legal costs in your plan. I'd be happy to help you on that matter
Any business will be registered and based in the U.S. The only reason I'd need to deal directly with setting up something in Norway is if I go with that import concept. I think it is a bit of a long shot compared to the web based concepts I'm looking at, at least at first. Mainly due to the logistics, uncertainty involved and capital needed to get started.
cool. what kind of stuff do you deal with? What countries do you deal with? The import/export concept only involves one type of luxury item and would only involve Norway at first with the possibility of one or two other countries down the road. The market is a really specialized one and the concept pretty much wouldn't work nearly as well anywhere else, it might not even work here. I ask because I've thought about looking into other export goods, but really have no idea how to evaluate that kind of thing.
My wife was thinking about starting a textile importing company with supplies from Argentina. The department of homeland security has a ton of material and some really helpful people at their customs offices. For help writing a business plan, go to www.paloalto.com and buy their buisness plan pro. It about $90, but it helps tremendously in organizing you thoughts and helps you figure out what questions you need to ask. My uncle has been using it for the last $15 years. In that time, he has gone from one man hauling fish from NYC to upstate NY to a $10 million company with 80 employees and continuous buyout offers. Edit: Paloalto has a "How to Start an Import/Export Business" and a "How to Start an e-Business" kit. Check it out.
Let us know how it works out. I started my consulting business in February and maybe I can help you not make some of the mistakes that I have.
Cool, what do you specialize in? Actually, I really like hearing all the details when it comes to entrepreneurialism. What led you to strike out on your own, what experience did you have prior, did you have trouble with financing. All that jazz. You can p.m. me if you want. I'm worried about how I will get financing. Right now I think that's the biggest concern. I don't have alot of personal income or savings, I don't have much real experience in business, but I do know I can do this. That probably won't be super impressive when it comes to talking to creditors, banks or the father in law. But we'll see.
What amount of capital are you looking at needing? That will really determine the feasibility of your businesses. People and entities will have a big problem financing anything unless they perceive you as having enough "skin" in the game.
Fortunately for me, I am an architectural consultant, so my major expenses is a bad ass computer, some software and some marketing. I really have been able to do most of my work without startup capital. In fact, I have barely needed to crack my corporate credit cards. I guess the thing that made me go out on my own was the slow, agonizing death of my previous employer and not knowing whne the revenue stream would end. When I got laid off, me and my wife said that we will never work for anyone ever again. Fortuantely for us, we saw the writing on the walls and started our LLC process in February and I was laid off in march. Meanwhile, we were able to meet the aquaintence of a terrific agent and since then we have been slowly but surely bringing in our own project, independent of the agent. The goal is to be completely agent free by next year and moved into an office (possibly in Harrison, NJ) by 2007. Don't second guess yourself at all. You can totally do it. You've got a head on your shoulders and you have ideas. You'll do fine.
That's really cool. And it is pretty much the same decision I came to, if not under the exact circumstances. I may have to get a temporary part time job either here, or in Tampa soon, but just as quick as I can I'm out and that is it. I'll hopefully be done with having a boss. I'm in a somewhat of unique situation right now in that here in Norway I'll be able to get unemployment starting Jan. 1st (my current contract ends at the end of this month) for about 62% of what I made this year. Which means I can get away with not getting a new job and being able to focus full time on setting this up. I'll have to cut back on fun, but that is just fine as long as I know what I'm working towards. The good news is that I have basically decided on which concept to go with first, now comes the fun. I've started researching competition, prices, ideas today and hopefully now that I know what I am focusing on the ball will really start rolling. p.s. if anyone knows where I can get great web development done for super prices, let me know pronto tonto.
I don't know yet how much capital I'll need, I'll start forming a much better idea as the next days and weeks go by. I already have some and I have some connections and other possible sources. I've just got to put together as solid a business plan as I can, come up with a great pitch in case I need it and work hard at getting the most for the money I do manage to get. I've got some real nice advantages when it comes to the concept I believe I'm going with. For one it is basically a major extention of a business my family has been in for 40 years. So certain things I'll be able to do, get and learn right out of the gate that many others would need much more time and resources to accomplish.
Worldwide for Spirits & Wine USA-UK-Belgium-Luxemburg-France for Bobble Heads I don't know very well Norway's logistics as our Scandinavian affiliate is located in Stockholm First thing in Export or any trading operation: you gotta believe in the product you want to sell.
What is the best way to go about finding investors for a business? Are there firms that deal with smaller projects (versus going the venture capital route?) The problem is that it is too much $$$ to go after friends and family for, but not enough to entertain attention of VC. I need roughly 2-3 million, and am trying to ask around to get different ideas on obtaining it.