Starting a business?

Question

A couple of friends pitched a brilliant idea for a business. The only problem is that neither one of us has run a business before. We have office managerial experience but no clue no how to actually get a new business started.....We have 2 people to run the office and 2 to provide the capital.

We live in Texas...I mention that because i would like some advise. What is the first thing that needs to be done?

Any advise is greatly appreciated.

Ok...We were thinking of a building maintenance and cleaning company...


BTW thanx to all of you who have answered!!!

Answer 1

I would do a 3 year business plan to see if it is actually worth the time. Be sure to do "best case" and "worst case" planning. If you are lucky, even the "worst" will still make it a worthwhile investment/effort. The "best" plan is needed to see all of the expenses and effort involved if you hit it big and the demand is beyond what you could ever hope for. When this happens, growth may mean money is going out faster than it is coming in and you will end up losing the business because you can't pay your bills in a timely manner. Good Luck.

Answer 2

You need to explore how to set up the business: As a partnership, corporation, LLC? Read about these types of organizations to understand the risks and costs involved. Visit the county clerk's office and ask about licensing requirmeents. You may want to visit a lawyer and ask for advice. Before you go too far, develop a plan to determine how mcuh capital you will need and how you will use the money. Plan on having expenses before you earn any revenues. Most new businesses lose money the first few years of oeprations. you need enough capital to sustain the start-up period.

Without knowing the nature of the business it is hard to advise you further. Do you have to rent an office, or can you work form your home office? Are you going to sell a product or a service, or both?

There are many books available on how to start a business. Visit your public library and explore some of them. The more you learn the more likely you will be successful.

Answer 3

Instead of the Small Business Administration, go see the Small Business Development Center. They have consultants on staff who provide free advice to start-up companies.

Texas-Houston SBDC
Mr. Mike Young, Executive Director
UNIVERSITY OF HOUSTON
2302 Fannin, Suite 200
Houston, TX 77002
Phone: [phone]
Fax: [phone]
E-mail: [e-mail]
Website: http://sbdcnetwork.uh.edu


Texas-North SBDC
Ms. Liz Klimback, Region Director
DALLAS COUNTY COMMUNITY COLLEGE
1402 Corinth Street
Dallas, TX 75215
Phone: [phone]
Fax: [phone]
E-mail: [e-mail]
Website: http://www.ntsbdc.org


Texas-NW SBDC
Mr. Craig Bean, Executive Director
TEXAS TECH UNIVERSITY
2579 South Loop 289, Suite 114
Lubbock, TX 79423
Phone: [phone]
Fax: [phone]
E-mail: [e-mail]
Website: http://www.nwtsbdc.org


Texas-South-West Texas Border Region SBDC
Mr. Alberto Salgado, Region Director
UNIVERSITY OF TEXAS – SAN ANTONIO
501 West Durango Boulevard
San Antonio, TX 78207-4415
Phone: [phone]
Fax: [phone]
E-mail: [e-mail]
Website: http://www.iedtexas.org

Answer 4

The best place to start is by visiting the Small Business Administration for Texas. Look this up on the internet. Here in Kansas they have wonderful small business free seminars that you can sign up for and attend and also free consulting sevices that can help guide you with your business start up from helping you make a business plan to guiding u thru business start up grants and loans if you need them. Wonder resources for a new business that are free!
Start with this first.
Once you have a business plan in place and you are ready to roll, go for it. My husband and I started our business almost 5 years ago and we are continuing to grow at a very quick pace, but with out the help of our SBA, we would not be where we are today.
Good luck!

Answer 5

Start with a business plan! This is a good tool to have. Spend some time on the plan. You can even professionals prepare it with you. This will help with financing and keeping you on track when things might get a little hectic.