Tips on starting small personal business ?

[CasualGuy227Participant 170]

Hey guys

Was thinking about in a few years time if I can save up the money of starting my onw small part time business.

Does any one have any tips about laying the foundations for it ?

[OldscoundrellParticipant 412]

Compatibility. Tried to branch out with a technical service type company while doing technical service. Conflicting time schedules as they were both on call types. After a short time, it was one or the other. Had to revert back and reroute.

[Swen AugustParticipant 373]

I hope you enjoy much success in your every endeavor. Make certain sure it is something you want to pour your life into. 35 years ago I bought a small business – retail grocery- and after working 24/7 for over a year I found out that I was not a merchant. 20 grand down the drain.

[Dcue95Participant 78]

Don’t tell people what your business is in, otherwise they’ll try to f~~~ up your business out of jealousy.

[economistParticipant 225]

As someone who has been involved in the first few years of the foundation of a small business and is now watching it grow, I would recommend that you focus on niches in your local which haven’t been filled, and can be highly profitable. For example, we started out doing window tinting. Then we expanded to detailing. And now we fill rock chips, apply paint protection, do graphic vinyls, heated seats, headlight restoration, etc. It’s little things that no other places do that have little overhead and provide a needed, in demand service. Maybe you could keep that in mind in the pre-planning stage as well. Good luck!

[RoyDalParticipant]

CasualGuy227 wrote:

Does any one have any tips about laying the foundations for it ?

There was a guy on the radio a while ago who gave this advice: Pick a business where you are limited only by your own hustle. He pointed out that if you open a store, then they have to come to you; if you go to them and fix their broken plumbing, then only your willingness to work limits you. He wasn’t advocating plumbing just making an example.

What worked for me was buying income property in my home town and then managing it myself. I worked a corporate drone job in a STEM field to amass the down payment money. Soon enough the years flew by, and my sideline was making as much as my salaryman income.

Edit: The guy who fixes my car drives a brand new Corvette. He gets a new Vette every year. His adult son is a full time employee. Both men are set for life; working their butts off to be sure, but no one can fire them except their own selves.

Society asks MGTOWs: Why are you not making more tax-slaves?

[Solid SnakeParticipant 255]

I’ve got a small automotive electrical workshop, there are a few competitors but we’ve formed some loose alliances with mechanical workshops within the same town, we drop off the odd slab of beer to their workshops, they keep referring us to their customers for electrical work and we keep beer in the fridge for the boys and we keep sending mechanical work to them.

Its all about networking, a $40 slab of beer got me more than $1000 worth of work from them.

Its also about who you give that slab to, the guys who answer the phones or work on the cars and talk to customers, f~~~ their management team because they won’t refer work to us, if the guys on the workshop floor cant be f~~~ed doing something they’ll send it my way.

[DrexelScottParticipant 30]

Mine the deepest recesses of your own mind, digging for any expertise you have. Make products out of that expertise, learn marketing, profit.

"No price is too high to pay for the privilege of owning yourself."--Nietzche

Check Me Out On YouTube:
https://www.youtube.com/watch?v=HRrr-UvS6SM

[hollowtipsParticipant 681]

Tip you can’t have a part time small business unless someone helps you manage, business is a full time commitment. Most businesses fail in the first 5 years but their are a few little tips I can give you as I just started taking business in university.
Be social treat every person as a potential customer or partner. The person with the most friends will survive.

Reasons a business succeeds is hard work, right product/right time/right place, good management and a little luck. Obviously experience, and multiple skills play their part in succeeding but that’s the cut dry.

Reasons a business fails: Poor management/Preparation, Marketing, Financial Issues, Inadequate production capabilities, personal, disaster, other government policy changes.

In addition my prof said not me woman are 50% more likely to survive having a business because they fall into the field where as men openly pursue it for money. So please help to end that statistic by opening a business in something you’re passionate about.

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