Comments on: Building a Foundation: Ten Things To Do First If You’re Looking At Starting Your Own Business

By: Your Friendly Neighborhood Computer Guy

Your Friendly Neighborhood Computer Guy — Tue, 30 Sep 2008 15:02:58 +0000

Great advice! Another thing would-be business owners can try is starting a blog to chronicle their business start-up. I’ve recently started a blog for this purpose and it’s really helped me get my thoughts and ideas organized. Plus it’s a great way to get almost instant feedback on your ideas and it’s also a great way to connect with possible mentors.

By: Anthony

Anthony — Thu, 25 Sep 2008 01:23:41 +0000

I am young and new to the business world and I found this article to be a fantastic way of organzing the mess I have of ideas. I have been working with a partner for nearly a year now and while I have made many improvements to our business, they have been mostly unfocused and profitless. This article has shed a lot of light on mistakes I am making in my way of thinking. I am going to pour over it again tonight and begin implementing these steps. I feel like I can turn this whole thing around just from reading through it once. Again, this article seems to exude experience and common sense that I guess for me was not so common. I am very glad to have run accross it at this point in my career.

By: Kristen

Kristen — Sat, 05 Jul 2008 20:33:59 +0000

This article really addressed some things I have been thinking about lately – I am hoping to start my own business in the next year or two. I want to open a used book store, that also offers computer repairs in-shop (that should appeal to you, Trent!). Why? Simply because I love books, and I love computers. I already do freelance tech support for a few clients. I figure if the book business can’t bring in a lot of money, the computer business alongside it should help. In my research I’ve come across the suggestion of a business plan quite often, but I like how you put it. Now I feel like I can start putting one together! Thanks.

By: London entrepreneur

London entrepreneur — Sat, 19 Jan 2008 00:31:24 +0000

Very good advice overall, starting a business is not something to be taken lightly it requires your full attention, motivation, commitment, vision, desire and belief amongst other things. Be careful with point 6 – “consult your inner circle”, inner circles may be interpreted as family and friends and their advice can be some of the most costly as it is nearly always not the right advice – “consult those qualified on the subject”. Point 8 – “Live frugaly” may be be taken by some to limit spending, without thinking of the spending as an invetment with a consequent return. Best of luck to everyone starting in business!!! For this point i would have said “Invest wisely”.

By: Computer Consulting Kit Blog

Computer Consulting Kit Blog — Mon, 31 Dec 2007 04:11:12 +0000

One of the most challenging and also important things you can do when starting your own business is to set yourself apart from the other people that claim to be providing the same services you are. I work with computer consultants, and I know that there are thousands of “generalists” in a given area claiming to offer very “general” computer consulting services, but only a few “specialists” that can offer something different to their clients. Distinguishing yourself from the crowd makes your services invaluable and gives you a reputation as an expert in the same realm as an attorney or an accountant. Giving yourself these qualities increases your credibility and helps you build your business.

By: Susan

Susan — Sun, 23 Dec 2007 19:38:09 +0000

Hmm… the mentor is a great idea. I started an online business and find I get frustrated not having anyone to relate to about the process. I also need help in the marketing arena. Your blog is great for financial inspiration in everyday living and entrepreneurship. Thanks!
http://www.urbanbasketcase.com

By: That One Caveman

That One Caveman — Fri, 14 Dec 2007 20:23:51 +0000

You’ve talked on occasion about your computer consulting business, but I haven’t found much more than passing mentions of it. I’m trying to start the same thing for myself as a side business but I’m not quite sure how to really start. I already have a few tentative customers (small businesses I have personal connections with) and I’m in the early stages of writing my business plan.

But being the “think-ahead” guy I am, I keep imagining needing liability insurance in case I mess someone’s computer up (that won’t happen) or a lawyer to write up my legal business docs or to defend me if I get sued (again, won’t happen) or … or … and the list goes on.

I suppose I’m somewhat of a perfectionist and a worry-wart, but I’m depending on this business to grow and eventually become my full-time passion (outside of my family, of course). I hope you’ll find some time to maybe write about your own experiences in the next month, and I’ll keep searching to see if you already have but I just missed it. Thanks and I love your blog.

By: Dane Carlson

Dane Carlson — Fri, 14 Dec 2007 16:10:51 +0000

Something else, that you need to do *before you start your business* is to sell some of your product or service to someone else.

I can’t recommend this enough.

Too many people, even after doing all of their market research and fact finding, get into business selling a product that no one is interested in purchasing. Their may be a huge market for it, on paper, but in actuality, no one is willing to spend any money on it. You need to find this out before you spend any time putting your business together.

By: Rene Martin

Rene Martin — Wed, 12 Dec 2007 00:08:39 +0000

Well I am starting my own freelance gig next year. I did make the mistake of using my person account to make purchases instead of business account. I got that situated actually 2 days ago. Now I have my business account(free no charge for 1 year) I have now a CD account with emergency money. Now I need to work on the important thing a business plan how to sell myself as different to other designers. Now here is my question, do you have a website directory to finding local accountants. All I found where dead phone calls.

Thanks

By: Andrea

Andrea — Tue, 11 Dec 2007 15:02:52 +0000

“Without the support of the people whose lives you interconnect with every day, a successful business won’t happen, period.”

I read your blog the whole time but this I don’t agreew ith right now I own my own business and I come from a family that if you don’t have a degree you are nothing.

They never supported me or belived in my art,not 1 person, and yet that helped me to prove them I was capable of doing what i love and living out of it.

By: Connie Brooks

Connie Brooks — Tue, 11 Dec 2007 14:04:08 +0000

Thank you for taking the time to sit down and write out these suggestions. Having a plan is the difference between having things just “happen” to you, and having some control over what is going on.

My writing career up to this point just sort of happened to me, and now that I want to take it a step further, this article is really going to help me get there.

>>don’t get the finances of the business mixed up in your own personal finances.

This is something I wish I had figured out a bit earlier (especially come tax time lol) but it’s a mistake I’ll only make once! It’s wonderful advice for those of us just starting out.

Thanks also for mentioning the time investment. I think most people go in expecting a small business to be more like a nine to five job – or worse a job they can just leave off for any reason when they need to.

The truth is, it’s an eat-your-life challenge every day that you work for yourself instead of someone else. Wonderful, but challenging.

By: Harrison

Harrison — Tue, 11 Dec 2007 13:54:54 +0000

Thanks for the informative article.
I think that knowing what you want to do is the most important and basic step that we must take. You can also do some research to find your true passions for your business. However, be aware, a lot of people spend many time on this step. This is why learning how to take action after doing some research is very important too.

By: Ranjan

Ranjan — Tue, 11 Dec 2007 11:47:27 +0000

Informative and inspiring.

I have built my site as an exercise in learning personal finance and as a hobby. Guess it’s time to build a business model. Thanks.

By: JReed

JReed — Tue, 11 Dec 2007 00:45:48 +0000

Kevin hit the nail on the head…I have started two businesses and am still employed in one (I sold the other). Building it slowly with cash usually succeeds.
Both my businesses were started very simply; I decided what I wanted to do, found out who needed me to do it and where they were and went after those customers in every way that I could think of. You can complicate anything to the point that you do nothing. Businesses are alive, shifting, changing…if you are flexible and alert, you will succeed. You just have to start. If you put one foot in front of the other; you will get anywhere you need to be. If you stand there and think and analyze and reanalyze…you will freeze in place.

By: Kevin @ Change Your Tree

Kevin @ Change Your Tree — Mon, 10 Dec 2007 16:22:27 +0000

Great article.

It should also be known that practically every business can be started small with no debt and grown to multi million dollar status over time.

If you start your business with debt you are putting your idea at great risk. If you build it with cash, slowly, your chances of making it big go up exponentially.

By: Deborah

Deborah — Mon, 10 Dec 2007 15:42:59 +0000

Thanks for posting this Trent. I’m going to print it up and make some notes on it later. I recently started planning to launch a side business in the spring, so this will give me some great things to think about.

By: Money Blue Book

Money Blue Book — Mon, 10 Dec 2007 15:38:42 +0000

Passion for the subject matter is the absolute most important factor. Passion will drive you to be persistent and won’t let you give up even when the going gets tough during the formation of your small business (and believe me, it occasionally will get tough/lonely during the business creation/development).
-Raymond

By: Plan Your Escape

Plan Your Escape — Mon, 10 Dec 2007 15:38:32 +0000

Once you’ve decided to take the plunge, start doing something every day to bring you closer to your goal. A lot of great ideas die in the planning stage. Each step you take will build momentum and you’ll have a much greater chance of seeing success.

As far as taking a formal class goes, it may be a good idea for many people. Recently, I’ve grown to enjoy learning-by-doing though. So once you’ve got the basics, it might be best just to jump right in. Don’t let you idea die before it sees the light of day!

Peter

By: Heidi

Heidi — Mon, 10 Dec 2007 14:50:31 +0000

There should be their in the last sentence previous post. Ugh.

By: Heidi

Heidi — Mon, 10 Dec 2007 14:48:45 +0000

Nice article. I have a good friend that wants to start his own micro-brewery and is going through this process right now.

I can’t tell you how happy I was to see the detailed business plan and the revision of the plan on your list. It is sooo important to have a plan that is a working document – not just something that you create and shelve. That way if your business takes off and you want to grow it (ie: look for angel investors or get financing from a bank), you have a plan in place and can show how you’ve followed it to date.

@Financial Philosopher – I second the motion regarding the entrepreneurship class. I know that people that have the spirit to go out on there own don’t often see the need for formal education, but it can really open doors and expand your network.