Anyone out there have experience starting a small business?

Question

My fiance is looking to start a small business. I'm excited for him (and us), but also a little nervous. I know he can do it and succeed, and he's done a lot of research and taken classes on starting it up. Still, I can't help being a little nervous. Is that normal? Is it really as scary as it sounds?

I look at all the people I know who own their own small business, and think that if some of them can manage it, it's silly for me to worry. But still, I can't help it.

Answer 1

The thing that will drive your fiance on in equal measure is FEAR (of not earning money) and EXCITEMENT (of building something from nothing)

For the first year you and your fiance will (and should) only ever think about and immerse yourself in is the business. As a partner, you should take an active interest in what's going on, as he will need your support when times are hard (or busy!)

It takes incredible hard work and mental strength, if he is quitting his job to think he will have an easier more relaxed working atmosphere - think again, he will never have worked so much in his life! But the rewards are immense. Running a business is a 24hr job (in your head).

I have just completed my first year of trading, and I dont know where it went! - I was incredibly scared when I took that leap, but you soon learn how it works and I have never looked back.

All of a sudden I am filling VAT returns and sorting out credit terms with suppliers - something knew nothing about before starting, but you will be surprised how quickly you learn.

I always say its better to regret something you have done, than to look back on something I never did.

If it doesnt work out, then there's always another day, but unless 200% effort is put in, getting there is much harder.

Good luck to you both, you ARE doing the right things by the sounds of it. GO FOR IT!

Answer 2

Setting up your own business is not a step to be taken lightly but, if you're going to do it, you have to go for it.

It sounds as if your fiance has done a lot of homework on the subject.

The main thing is to have a Business Plan. It doesn't have to be a big formal document, unless you're applying for funding, but it is the route map for your business.

Within the Business Plan there has to be a Marketing Plan. That's the one that sorts out what business you're really in, who your target markets are and how you're going to reach them. Taking the actions in your Marketing Plan is what will make your business a success or not.

The other thing to keep close control of is finance. Why are you spending money? What's the return you'll get for it? How much do you have to sell to pay for whatever you're buying.

Don't worry about everything not going exactly to plan. If it's not working, be flexible enough to adjust and move on.

Our first business was professional photography and limited edition prints. That has evolved over 10 years to being mainly fine art giclee printing and picture hanging systems.

Good luck!

Answer 3

Yes my husband started and lost a small auto repair shop.
My sister started and was successful in a small business for about 4 years but finally lost the business this year.
My suggestions would be to keep the business income seperate from your own income. Give yourselves a weekly or monthly salary and do not take more than that amount at any time.
In this economy I would never dare to start another small business unless I had at least $50,000 available to me just to sink into the start up costs.
Good luck, I hope it works out for you.

Answer 4

This question has been asked before and the answer again depends upon the business you are looking to start.The most important question " Do you understand the business thoroughly?" " How much competition would you have from other people" "How much financing do you have until the business is established?"" What contacts do you have for supplies, raw materials , etc?"" How much of your own money is in the business so that you are not working for the bank?" Are you willing to put in long hours?