SMALL BUSINESS VIRGIN Needs Your Help!

[charliesgirl]

I am about change career paths in a major way
I am going start up my own small business and I KNOW NOTHING but am eager to learn.

I would be thrilled if those of you with small home based business start up experience could share all you know with this virgin.

I am starting really small and will probably continue in my old job on a casual basis until I can make a go of this new venture. I NEVER EVER thought I would want to own my own business but here I am scared out of my wits but excited at the same time

Please share your steps to success and your obstacles to avoid or overcome.

Thanks!

[my2sons]

I dunno but I've heard of a GREAT book by a local gal called "The Boss of You" be Emira Mears you should check out. It's about all of this stuff in BC/Canada me thinks.

[JaynaF]

What type of business are you starting up? Congrats by the way! I started up my own housecleaning business. perhaps its not the same as what you are doing, but it required some planning and organization... LOL Jayna

[charliesgirl]

Thank you my2sons! I will check it out.

[charliesgirl]

Hi Janya,
Congrats on your business!
I actually thought about housecleaning too but that is not the route I am going.
I am not quite ready to talk about my plan as it still sounds kinda lame to my ears. In my heart I know it is the right thing for me but I need some time to get used to it.
Thank you for the encouragement. I would love to hear how you got started and problems you solved along the way.
Thanks,
Ann

[JaynaF]

Sure, well if you want to email me and we can talk via email. I'm sure your idea isn't lame. Jayna

[Brenda N]

Congrats to you!! Starting a business can be awesome. It totally depends on the type of business you are starting of course - some will require all kinds of physical set up, licensing, visa/mc, etc etc.

Cash flow is apparently what kills most small businesses - be realistic about what set up will cost, how long it will be before that cost is paid for, and how long before you are making money and how much money you can realistically make to begin with. And give lots of thought to how much of your initial income you will reinvest in marketing. Marketing yourself is crucial! No matter how desired your product or service is it will be important that people know where to get it.
But basically I think the one thing I've noticed is that generally when you become your own boss the hardest part is setting work hours and sticking to them. Its very easy to sit here on KIV instead of doing the work you had planned Ok, I'm off to get some work done!!

[TheBookShelf]

Ditto everything Brenda said... including KIV guilt here, too

Good record keeping is essential. Find systems that work for you, document them and stay with them.

I run two businesses from home right now and have run a third in the past. Please feel free to send me an email and I'd be happy to share.

Best of luck... it's an exciting journey, that's for sure.

Kim

[charliesgirl]

You gals are wonderful!

Brenda you made me laugh out loud:
"Its very easy to sit here on KIV instead of doing the work you had planned Ok, I'm off to get some work done!!"
Definitely sounds like something I would do!

My business has very little start up cost thank goodness, other than marketing myself and my service.

Thanks for all your advice and encouragement.

[LoriB]

I'd really recommend writing up a business plan. Do this even if you don't anticipate needing to show it to anyone.
It will really help you focus your ideas and give you a clear idea of what you want to do. You can find basic sample business plans online for free. Or you can get a book on how to do it from the library. I picked up a good book from Bolen on small business plans.
I'd also recommend writing a marketing plan for the same reasons.

Besides cash flow, I think small businesses fail because despite a good idea there isn't a clear plan of execution.
I found that with my business I just plunged in and although things are going okay I'm realizing I need to back up and really focus myself and make my objectives clear to myself so that I can set goals etc. A business plan and marketing plan will help you do all of this.

You'll also need to look into a name search, registering the name of your business with the province, possibly getting a GST number (?), and look into a municipal business license as well. You can also do a lot of this online.

[JaynaF]

speaking of cash, one thing that I find hard to do is keeping the business and personal cash seperate.... LOL it just kinda blends into one, which is hard... but I do have spreadsheets that help me keep track of things etc.. I like being my own boss, but like brenda said, its so easy to be doing something else. LOL but then its easy for me to make it up later when I have to. LOL Jayna

[Brenda N]

Which reminds me - You MUST set up a separate bank account. It doesn't have to be a business account (which would have lots of fees on it) but its really important to have a separate bank account so you know when you are making money and when you are spending money.

[LoriB]

Which reminds me - You MUST set up a separate bank account. It doesn't have to be a business account (which would have lots of fees on it) but its really important to have a separate bank account so you know when you are making money and when you are spending money.

I can't believe I haven't thought of this. I have been putting off opening a business account because I don't want to pay all the extra fees. Well duh, why don't I just open another regular account for it?

[Brenda N]

LOL.
Exactly.

[charliesgirl]

This is all great stuff. Thank you and please keep on sharing. This is ALL new to me.

What made you decide to start your own business?
What did you do before you started your own business? SAHM, career?
What surprised you the most?
What was the hardest lesson you learned?
What do you LOVE about owning your own business?
What do you HATE...

So many questions!