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Posted: 6/17/2014 4:43:08 PM EDT
I am interested in starting my own business. What kind of things would you suggest someone looking into starting their own business read? What information do you wish you had, before you started that would have helped?

I am being intentionally vague, because I want to see how one starting from scratch found and filled their information gaps. Thanks in advance for any advice you can provide
Link Posted: 6/17/2014 4:57:54 PM EDT
[#1]
the government, at all levels, really does hate you.

seriously, there are more ridiculous laws, regulations, inspections, taxes, bribes (ohhh, did I say it?), etc regarding small business at all levels of government that you simply won't or can't know about.

And I don't care how much research you do (and you should, esp state, county and local), they will still magically find new ones that they barely understand that harm your business/cost you money.

quickies:
Your lawyers are worth every penny they cost.

A good accountant is not a cost but an asset.  But remember that things you tell your accountant are not privileged information like they are with a tax lawyer.

Sell, sell, sell, sell, sell.   Sales is everything, marketing is bullshit, but sales and closing are everything.  You will be selling damn near every minute of the day.

A customer that doesn't pay is not a good customer.   Collecting money is the worst part of the job.

You get to pick your own hours, you can work any 18 hours a day you want.  (not a joke, expect your sleep to go to shit too as you stress over how to fix x, y, or z or how to make payroll tomorrow)

Everyone gets paid before you do.

Link Posted: 6/17/2014 5:53:24 PM EDT
[#2]
hire good people and pay them well.
Link Posted: 6/17/2014 9:19:08 PM EDT
[#3]
Some books that I've read or am reading on the topic and wish I read before starting my previous business:
Disciplined Entrepreneurship
Startup owners manual
Lean startup
Raising venture capital for the serious entrepreneur
Good to great
Innovators dilemma
Crossing the chasm.  
Radical innovation
Grabbing lightning
Business Model Generation

Join a local group like startup grind or an entrepreneurs network.  Check out mentoring organizations like SCORE.

Interview 100 potential customers.  Segment markets into something manageable and pick one you can control.  Bonus if you can create a market.  

Don't do something that isn't moving you forward. Hire people/subcontract whatever you can and focus on business growth, not mundane tasks.  Check out the videos in Vimeo from startup weekend and other conferences.

Once you have a decent idea and technology, find an incubator like dreamit ventures or techstars.
Link Posted: 6/17/2014 9:27:27 PM EDT
[#4]
Go to work in a business that interests you.  Let them pay you to learn the business.  Save your money and go out on your own with your savings and experience.
Link Posted: 6/17/2014 11:16:08 PM EDT
[#5]
don't choose a business that people do as a hobby

get a good lawyer and CPA
Link Posted: 6/18/2014 6:13:07 AM EDT
[#6]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Go to work in a business that interests you.  Let them pay you to learn the business.  Save your money and go out on your own with your savings and experience.
View Quote



So how do I find a male gigalo that only services rich sexy trophy wives and college co-eds thats willing to let me be an aprentice?
Link Posted: 6/18/2014 9:10:28 AM EDT
[#7]
You need work experience in any business that you want to open.  Or, you need to hire qualified people to manage any business you start.  If service related, find out who your competition is in the area, and note how they market their services, etc.

Go in with your eyes wide open.  You really should sit down with a competent CPA that can explain to you the overall costs related to government regulation alone.  The tax regime, the regulatory factors, etc.  I am a CPA, and I working on some of my CPE right now.  A course that I am taking called "How to Start a Business" is on point for anyone that is considering a startup.  Some of it is a bit in depth, but I think you could benefit from reading some of the material.  PM me and I will get some info to you.
Link Posted: 6/20/2014 9:52:21 PM EDT
[#8]
Create or join a mastermind group. A group of people who get together once a week and will help, guide, and hold each other accountable. (Read Think and Grow Rich for more info)
Link Posted: 7/8/2014 3:14:51 PM EDT
[#9]
Figure out what your start up costs are. Then, double it.

I have done all of my own taxes. Don't do that.

Read online forums on your industry. For some reason, business owners are real hush, hush about their practices. Until, they get behind a keyboard.

Read up on government bills coming down the pike. My bond requirement went up 750%, one year after I started my business.
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