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14 members (Thread Killer, buzzard, BrandonClark, James, BamaGuitarDude, cullmanbamafan, odocoileus, RCHRR, BAR1225, 7short, 4 invisible),
621
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Key:
Admin,
Global Mod,
Mod
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Joined: Sep 2015
Posts: 358
4 point
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4 point
Joined: Sep 2015
Posts: 358 |
What's the hardest part to you all about starting a business?
I am trying to figure out besides the location, name and licenses and what I will actually be selling. I would like to get a building in a high traffic area and setup but unsure of how I might do better then the other businesses already around.
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Joined: Nov 2010
Posts: 11,785
Booner
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Booner
Joined: Nov 2010
Posts: 11,785 |
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Joined: Apr 2015
Posts: 995
6 point
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6 point
Joined: Apr 2015
Posts: 995 |
It took me a little while to start making any money (so be prepared). As the owner you must work countless hours and be 100% committed to get it running and keep it running correctly
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Joined: Nov 2015
Posts: 2,021
8 point
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8 point
Joined: Nov 2015
Posts: 2,021 |
You need a business plan and not just an idea. There is a lot too it. There is so much to type we'd be here all day. I will tell you good luck.
I never dealt with store front style business. I had a lawncare and landscaping company for 14 years. I started out just me and grew over the years into a company that had 12 employees and 250 clients. I did all the payroll, billing and all that crap myself. It was a hassle. I miss it a little but selling that company and starting railroading was a blessing.
Most new companies fail within the first year.
I would rather be tried by 12, than carried by 6.
Famous redneck last words -- Hey y'all watch this... Hold my beer.
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Joined: Nov 2011
Posts: 22,603 Likes: 22
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 22,603 Likes: 22 |
but unsure of how I might do better then the other businesses already around. Then don't start that business. If you can't improve on anything already offered, I can't imagine starting that business.
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Joined: Sep 2015
Posts: 358
4 point
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4 point
Joined: Sep 2015
Posts: 358 |
Let me rephrase, I have a working business plan and capital is also in the works.
The competition is what I'm really thinking about because I am in an area that it's not local you have to drive 20+ mins to get anything related to the products I am looking to sell.
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Joined: Jan 2009
Posts: 5,041 Likes: 24
12 point
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12 point
Joined: Jan 2009
Posts: 5,041 Likes: 24 |
That first year working 80-100 hours a week without a paycheck was my favorite part!
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Joined: Dec 2014
Posts: 1,598
8 point
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8 point
Joined: Dec 2014
Posts: 1,598 |
The most successful small business owners I know also own the land and building and lease a space to themselves and the rest to two or more other businesses. Obviously takes more capital though.
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Joined: Jun 2015
Posts: 15,383 Likes: 77
Old Mossy Horns
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Old Mossy Horns
Joined: Jun 2015
Posts: 15,383 Likes: 77 |
What sort of business are you looking at?
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Joined: Oct 2012
Posts: 3,995
10 point
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10 point
Joined: Oct 2012
Posts: 3,995 |
A Brothel would go over great!!
Lone Watie: I'm glad you stopped me when you did. I might have killed her
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Joined: Sep 2015
Posts: 358
4 point
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4 point
Joined: Sep 2015
Posts: 358 |
Not a brothel but tactical/gun/knifes/holsters and more
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Joined: Nov 2003
Posts: 6,713
14 point
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14 point
Joined: Nov 2003
Posts: 6,713 |
That first year working 80-100 hours a week without a paycheck was my favorite part! Fun times.
Sig Sauer, to hell and back reliable.
Whatever suits you just tickles me plum to death.
Can I refill your eggnog for you? Get you something to eat? Drive you out to the middle of nowhere and leave you for dead?
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Joined: Dec 2012
Posts: 16,907 Likes: 41
Old Mossy Horns
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Old Mossy Horns
Joined: Dec 2012
Posts: 16,907 Likes: 41 |
A Brothel would go over great!! He could run it by hand until he got it going
We will burn that bridge when we get there
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Joined: Sep 2015
Posts: 358
4 point
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4 point
Joined: Sep 2015
Posts: 358 |
Yep sure the wife would like that
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Joined: Jun 2015
Posts: 15,383 Likes: 77
Old Mossy Horns
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Old Mossy Horns
Joined: Jun 2015
Posts: 15,383 Likes: 77 |
Not a brothel but tactical/gun/knifes/holsters and more Right now seems like not the best time to be entering the gun retail world. Margins on guns are slim and the industry as a whole is in a downturn.
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Joined: Dec 2004
Posts: 25,471 Likes: 4
I am Cornholio
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I am Cornholio
Joined: Dec 2004
Posts: 25,471 Likes: 4 |
A Brothel would go over great!! He could run it by hand until he got it going 
If you’re a common sense person, you probably don’t feel you have a home in this world right now. If you’re a Christian, you know you were never meant to.
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Joined: Feb 2013
Posts: 8,618 Likes: 20
14 point
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14 point
Joined: Feb 2013
Posts: 8,618 Likes: 20 |
Retail has always seemed like a crappy business to me. Whether it's guns, groceries, or clothing. Huge overhead, lots of startup capital, lots of competition, and you can't liquidate it very quickly in case of a downturn.
If I was going to start a business. I would look for:
A. Something that has a barrier to entry. This lessens your competition and drives up your margins.
B. Something that you can perform initially with low overhead and minimal if any employees.
C. Something that is easy to liquidate. Being on the hook for thousands of dollars a month in overhead, inventory, equipment, payments, and expenses is a scary prospect if they are on yearly contracts.
Basically, a service based company is many times more secure, than a product based company, for a fledgling entrepreneur. Once you've built up some serious financial stability, a product based company may become more appealing.
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Joined: Jul 2011
Posts: 39,598
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 39,598 |
If my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then will I hear from heaven and will forgive their sin and will heal their land. 2 Chronicles 7:14
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Joined: Jul 2011
Posts: 39,598
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 39,598 |
That first year working 80-100 hours a week without a paycheck was my favorite part! Then that 2nd, 3rd and 4th year of working 80 hours a week and drawing a 40 hour a week salary. Dealing with accountants that have no idea what they're doing. Firing that accountant and getting another one that doesn't know much more. Hiring people who work a month and quit, or hiring people that can't pass the drug test you told them they were going to get, or dealing with bad debt from the 2% of customers that don't pay, or.... But I wouldn't go back to working for someone else for all the tea in China.
If my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then will I hear from heaven and will forgive their sin and will heal their land. 2 Chronicles 7:14
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Joined: Feb 2013
Posts: 8,618 Likes: 20
14 point
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14 point
Joined: Feb 2013
Posts: 8,618 Likes: 20 |
That first year working 80-100 hours a week without a paycheck was my favorite part! Then that 2nd, 3rd and 4th year of working 80 hours a week and drawing a 40 hour a week salary. Dealing with accountants that have no idea what they're doing. Firing that accountant and getting another one that doesn't know much more. Hiring people who work a month and quit, or hiring people that can't pass the drug test you told them they were going to get, or dealing with bad debt from the 2% of customers that don't pay, or.... But I wouldn't go back to working for someone else for all the tea in China. If you've got your a/r down to a 2% loss that's pretty dang impressive.
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