Should I go out on a limb and start my own business?

Question

I'm tired of the same old thing day in and day out. I'd love to live life to the fullest by launching out and starting my own business. I'm a very creative person when it comes to planning and decorating. I'd like to open an all occassion planning/consulting business along with a creative gift shop. Can anyone give me some pointers? For example, what should I do first, etc. I already know that I will have to work extra hard, as I am now a single mother of 3 young children (divorce almost final), but I am determined to make it. I've recently cut back on my hours at work due to wanting time to plan for my own business. I've been reading up on grants but I'm just not sure if I'd be able to get one if I'm not a non-profit organization. Anyone know anything about grants? That would be helpful. I have a business degree with a concentration in marketing and I'm artistic and crafty with lots of ideas. Any suggestions, ideas, answers or words of encouragement are very appreciated.

Answer 1

Starting a small business takes a lot of courage. But, as they say, courage does not pay the bills. To be successful – to stay in business – you need more than courage. You need a combination of hard work, skill, perseverance, and lots of luck.

Some things you need to consider:
- "How can I support my family while I build up by business?"
- "What are my abilities?"
- "Is there a market for the product or service I have chosen?"
- "How long will it take this business to reach the financial goal I have?"

Here are some basic steps to launch a new business successfully:

1. Provide a benefit.
2. Determine the fit with your market.
3. Right timing is everything
4. Be ready to support your business
5. Develop a blueprint for success
6. Market, market, market

To give you ideas on what exactly do you need to start your own business, here are ten things you need to know before launching your own business “10 Things You Need to Know When Starting Your Own Home Business” http://www.powerhomebiz.com/052006/startingbiz.htm .

I recommend that you read the following books:

- What No One Ever Tells You About Starting Your Own Business : Real Life Start-Up Advice from 101 Successful Entrepreneurs
- Starting From Scratch: How To Start A Business When You Don't Have Money
- If You're Clueless About Starting Your Own Business and Want to Know More
- On the Move : How to Succeed and Survive As an Entrepreneur
- How to Make 1000 Mistakes in Business and Still Succeed

As for grants, you are correct. It is hard to find grants to start a business. Unlike the myths that some perpetuate, federal government and even private foundations hardly give grant money for a for-profit business.

Nonetheless, you can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov - these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support a for-profit venture. There's none if you are starting a for-profit business.

The first step is to determine what business you can start - depending on your family circumstances, resources available, opportunities available and your interests. Dan Ramsey in his book "101 Best Home Businesses" has a chapter on how to find YOUR best home business. He suggests these 10 steps:

1. List 5 things you do best
2. List how others would benefit from what you do best
3. Find out how to give people what they want
4. Learn the value of your services to others
5. Find out who else offers similar services
6. Learn from the successes of others
7. Learn from the failures of others
8. Plan your own success
9. Make low cost mistakes
10. Enjoy what you do and how you do it

He then made suggestions on the best home businesses according to type. Here are a few of them:

Best Businesses Using Craft or Physical Skills
- antique restoration
- auto detail service
- carpet cleaning business
- errand/delivery service
- housecleaning business

Best Service Businesses
- bed and breakfast operator
- caregiver
- catering service
- senior day care center
- tutoring service

Best Professional Businesses
- desktop publisher
- magazine writer
- import/export service
- income tax preparation service
- event planner

Some other home business ideas:

Top 10 Home Businesses with Rapid Break-Even Time http://www.powerhomebiz.com/vol33/breakeven.htm
10 Profitable “Go-Out" Home Businesses http://www.powerhomebiz.com/vol31/goout.htm
Low Cost Startup Businesses http://www.entrepreneur.com/lowcostbusinesses/0,6617,,00.html
6 Hottest Businesses on the Web http://www.powerhomebiz.com/052006/web.htm

Answer 2

I currently work 40 hours a week and go to school part-time. So when I heard about the Mary Kay opportunity I said it wasn’t for me, even though I desperately needed the money. After trying the products and seeing what they did for my skin, I started telling my friends about it. I thought: I’m telling people about it anyway, why not make money for it?? Then I found out that there’s no pressure, no deadlines, no quotas, no bosses. I could work it when I felt like it, and not at all when I didn’t feel like it. Hearing that it was named by The Wall Street Journal as “the company with more women millionaires than any other” made me excited too. You make 50% of everything you sell and it’s money in your pocket, so no waiting for a paycheck. And the money you make grows over time!

Most people, especially women, are not acknowledged in their career. Recognition is so important to this company that consultants are rewarded with great prizes (diamonds, cars, etc.) for every little achievement. Doesn’t it feel wonderful to be appreciated?

Mary Kay’s philosophy is: God first, family second, career third. She wanted to make women look beautiful physically and financially too. The fact that the Mary Kay skin care and cosmetic line has been the #1 selling since 1993 (without advertisement) shows how these products sell themselves. The demand is so high and there aren’t enough people to service this need!

This is why this opportunity is perfect for sharp, positive women. You can find out more and see if this opportunity is for you by taking the Life Can Be Good quiz (you must be 18 or older): http://www.marykay.com/adina_k/startabusiness/lifecanbegood/default.aspx

Answer 3

Starting a business by yourself is tough but not impossible--You need to have enough capital to get started--sometimes people start a business while the still have their job just to help make ends meet--or another option is to partner up with someone to help with capital and all the time and energy spent in getting all the necessary paperwork in order to even open the business--I always say go for it but realize that even though you may be bored you do get a paycheck at the end of the week--when you area business owner that is not always the case--you work more hours and typically make less pay for the first 3 years of business. Make sure that you keep excellent records so that you don't find yourself in trouble with the IRS

Answer 4

From your description it is quite evident that you are not able to utilize your skills completely when you are doing the job. That's why you want to start your own business. In that case you are free to do so. Only you should make sure that you assess all the related issues before entering into business. That will help you to do business more efficiently.

Answer 5

Good for you! It's a scary thing to start your own business, but guess what, you'll be working for the best boss in the whole world! Do you have any hobbies? Where are you located? If you're in the US, try the Small Business Administration. They can help you get started and at least point you in the right direction.

Best of luck to you!

Answer 6

Compared to offline businesses, the investment required to start an online business is minimal. A popular way of earning money on the internet is by providing information and services. This can be monetised by advertising or charging a subscription. You can also make money online by selling products on auction websites like eBay or through your own website. More information available at http://tinyurl.com/syw6m

Answer 7

yeah why not, live your life to the fullest. Good Luck!

Answer 8

Go to: sba.gov
they can really help you out. honestly, a woman never hardly get turnd down.