Any Tips on Owning a Business?

[Governor Megachris%Participant 3584]

My closest friend and I are strongly considering opening a business.  We’ve done the math on how much everything will cost and have everything planned out.  The obvious biggest challenge is coming up with the finances to do it.  With my very limited income at the moment, I’m in a horrible bind that keeps me from saving much, if anything, at all.  My friend says he’s ready to get to this pretty soon (he can get a loan through the military to help pay for it, but I’d like to pay my portion too, of course).  It would get me out of the gynocentric workforce I’m in, and I’d feel a lot more in control.  I know the risks and I know the rules (taking plenty of classes has taught me a lot).

So has anyone on here owned a business before?  If so, any GOOD advice?  I’ve definitely taken note to never tell any woman that we know that we’re doing this, as they’ll want in on it.  I’m all prepared on what to advertise and where.  I just need some good ideas here, and I think the only people I feel I can trust would be the fine people on here.

[– Deleted on Request –Spectator 936]

Do your homework.

 

I remember one time, many years go,  some young kids opened up a fudge shop in the shopping centre near where I live.  It didn’t take long for passersby to see that they had made a colossal mistake as they didn’t have any customers.  In that same complex, there were several places where one could buy chocolates, ice cream, or muffins, so one more such establishment in there wouldn’t have received much notice.  As well, there was no advertising as far as I could tell.

 

So, what may have been a wonderful idea born out of youthful enthusiasm became a financial headache, because they had a lease on their location, and an embarrassment, because nobody came in to buy anything.  They were like children who set up a lemonade stand and wondered why they didn’t make any money.

 

[griffinParticipant 189]

I’ve owned and operated a business now for 5 years. Without knowing what type of business you are planning on opening, there are still some things which would be key regardless.

Customer service obviously is the biggest one. This needs to be your top priority. It’s been long proven, that brilliant customer service will overcome even selling a poorer product. And you can still have success.

Advertising and marketing obviously helps but you’ll need to figure out what works best without breaking the bank in the beginning…I happen to live in a fairly small town so oddly enough, word of mouth/referrals  (which are free) end up being my best form of advertising.  Local radio adds are fairly cost effective and reach a fairly wide audience…and online marketing, website, facebook etc.  I don’t recommend flyers as most people just toss em as junk mail, and I also don’t recommend Yellow pages as that is crazy expensive and hardly anyone uses a phonebook anymore.

Having a solid product goes a long way as well…but on top of that you need to fully stand behind that product, ie: handle warranty, product replacement if it fails etc…At first glance this may appear like a “loosing money scenario”..but usually a company that provides this type of service gets a solid reputation for customer service and satisfaction which ultimately leads to more work, sales etc…

Manage your inventory!…too much overhead too quickly kills a fair amount of start up companies…get only what you need to get started but at the same time try to have products readily available to be purchased if required. If you are selling a solid product/great customer service, people won’t mind waiting to get it if need be.

SAVE YOUR MONEY!….I ran my business upon start up (and continue to this day) like it’s going to fail tomorrow. Most new businesses will have immediate success because they are the “new guy”…however this is usually only short term and most business will level off over time. If you find yourself making great money in the beginning….save it! Keep it in a company account and let it grow. Personally I’ve gotten to the point where if it all went to s~~~ I’d still have roughly a full years salary to fall back on if need be. Now this may not be possible but anything’s better than nothing. Peaks and valleys will happen with any business and you need to be prepared to survive the valleys.

Well those are some of the major things. Again, without knowing what kind of business you are starting it’s hard to be more specific. Depending on the business, some things may work great for a certain type while being a complete failure for others.

Hope this helps…

 

 

 

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