HAY GUYS

Watts · Local time: Mar 11, 2006, 03:03 PM

My top five tips. Which most people seemed to have missed.

1) Keep in mind that over 90% of small businesses fail. I hate to start off negative, but it's the truth. Most small businesses simply do not make it. The ones that start off well aren't able to sustain themselves in the long term.

2) Make sure what you're doing is feasible for your area. Is their a demand for your services? Is your area already over saturated with what you're trying to provide? Will this sustain you in the long run? Think in terms of decades.

3) Try to keep costs down in the beginning stages; don't try to do too much too fast.
a) Keep staff to a minimum; don't be afraid to multi-task.
b) Expand slowly; overexpansion can tax your energy and resources to the breaking point.

4) Getting into massive amounts of debt in the beginning stages is very bad. Having a supply of capital on hand is highly recommended. This may require multiple partners which is risky.

5) Make sure you have plenty of support from loved ones. I simply can't stress this one enough. Since you'll be taking a lot of risks and that will cause no small amounts of heartache. For you, and them.

Hope this helps. And good luck! Operating a business of your own is rewarding in so many ways it's worth the risks.

Jam it back in, in the dark.

Watts · Local time: Mar 11, 2006, 06:39 PM

Originally Posted by Plarom

It's opened a wealth of options for me personally and financially and has been an evolving experience. I've studied business since my early years in high school and made it the focus of my studies in college.

Pretty much the same way with me. Only thanks to a high school teacher of mine I got some college credit for some Accounting classes I took that were audited by a local community college. Ten dollars per credit is still highway robbery.

It provided me with some very useful and lucrative oppurtunities in the tax accounting business which I ultimately decided wasn't for me. Great skills everyone could benefit from, and a good fallback if I ever need to whore myself out to "the man". Or a side business.

There's nowhere I can't reach.

Watts · Local time: Mar 11, 2006, 07:26 PM

Originally Posted by Diesoft

If all else fails, remember: hand jobs earn quick cash.

...but the dirt never comes off.....you're never clean.....

At least it's better then being a lawyer.

You're more likely to end up in prison, AND you sell your soul.

This thing is sticky, and I don't like it. I don't appreciate it.