calling entrepreneurs - need advice

if you ventured out and started your own business... do you have any advice or tips for those just starting out? I don't even know where to start or who to go to or what I need....

I feel overwhelmed... any advice?

Re: calling entrepreneurs - need advice

hmmmmm.... lets see.

I think the first thing you need, before a business plan, is a feasibility analysis-

for example:

If I wanted to start a retail shop I would do the following:
Call around & get an idea of rents
an idea of inventory
and then just get an idea of what type of traffic you have to get to your store and what the average sale would be. For example, would it be safe to assume you can expect 5 people in your store an hour spending $20? Would that be enough to cover expenses?

Then there's the money you would need to start up your business- how much would you need? When you get that number, add to it- b/c the number 1 problem most businesses face is not having enough funding in the beginning.

If you live around Farmingdale, SUNY has a small business center- they have classes and can help you start something up. There is also a small business center at Baruch on 24th and Lex.


edited to say- just in case you think I'm talking out of my rear end, I'm not- I have my MBA in entrepreneurial studies (yes, such a thing exists).

I recommend the book Bankable Business Plans by Rogoff (my prof at b-school).

Message edited 3/24/2009 12:47:14 PM.

Re: calling entrepreneurs - need advice

I kind of "fell into" my business.

I was making favors for my own children and some friends.

Everyone always mentioned starting my own business.

Then I made favors for rose825's son...she posted pics here on LIF. I also posted some I made for my own kids.

People FM'd me, started placing orders...

And here I am 2 1/2 years later with a business.

I guess it depends what type of business you'd like to start. See if there's a market for it. People who would be interested in what your selling. Start with a small clientele and go from there.

Advertise here on LIF (contact Kim or Lori) or in local newspapers.

Word of mouth and referrals go a long way too.

Good luck.

Message edited 3/24/2009 12:57:19 PM.

Re: calling entrepreneurs - need advice

thank you! i'm a yoga teacher and finally got a space to hold classes so I want to build that up- and I also work with people suffering from stress and anxiety.

I have more to build into that, but that's to start. I am by Fdale... I'll check out the college.

i appreciate the feedback!

Re: calling entrepreneurs - need advice

ITA w/ Val- that's how my business started as well. I painted our favors for our wedding and family/friends were contacting both my and DH's moms to order more glasses... then we started doing craft fairs, and the rest is history.
I never did a business plan first... though it's not a bad idea and how you're probably supposed to start. Mine was hobby turned business....
If you want to DBA (do business as) a different name, you have to do a search on that name and make sure no one else has it... then you have to go to the county center and file for a business (sole proproprietor). HTH!

Re: calling entrepreneurs - need advice

Re: calling entrepreneurs - need advice

Well, I started my own business. It's not a retail business---ETA: for some reason I thought the OP was about a retail business---. I do have advice for you but one of those pieces of advice will be to take the advice of people in different industries with a grain of salt. I got a lot of advice that was well meaning but did not apply to my field.

So, even though I am saying not to take advice of people in other fields.......

1. Give a lot of thought to your budget and spending. For me, starting a law practice, I did not need inventory so spending is a lot different. I needed software, books, phones, etc. I had very little money when I started and I see that other people who started businesses at the same time were too optimistic about the income potential so they spent a lot. When the income did not come right away, they could not pay debts and had to go out of business. I didn't go into debt so I was able to withstand less of an income at first.

2. Pay a lot of attention to business location but try to make sure you're not overpaying for the space.

3. Keep up on what is happening in your industry. I have spent money on that where other people might have put that money into advertising. It has always paid off.

4. As you are in business longer, you might be able to spend less on advertising because people will know you. Word of mouth is great business.

5. LIF is a great place to advertise!

Good luck!

Message edited 3/25/2009 11:10:17 AM.

Re: calling entrepreneurs - need advice

thank you all so much!

I appreciate it! Now fingers crossed I can get this all off the ground

Re: calling entrepreneurs - need advice

For teaching yoga...

1. Form a business (LLC, S-corp, etc.) if for no other reason than for liability reasons.

2. Get a business checking account, debit / credit card, etc.

3. Get insurance -- figure out what type of insurance you need and get to it. Most likely you'll need liability insurance.

4. Advertising - You need to bring bodies in the door! Think of fun promotions, prepaid packages, etc. that would encourage people to buy (non-refundable) packages of classes up front.

5. "Extras" to make you money -- mat rental, mat / equipment sales, drink sales, booklets of information / meditations for people use during the week when not in class.

Good luck!

Re: calling entrepreneurs - need advice

I just started my own business- and the best advice I can give

try and spend as little as possible in the begining

I use a free efax service

hotmail for email

I use my personal laptop

craigs list for help wanted

I went to my accountant and I was given great advice about heath ins, regular ins etc

I also went to my personal bank for my business banking and was able to get the fees waived for a year

Re: calling entrepreneurs - need advice

I think this is an excellent site to advertise!

Maybe target special groups with your yoga, as well. I know for example on the pregnancy board, people were always posting about yoga classes for pregnant women when I was expecting.

I also am a social worker and think a lot of the people I work with would be interested in the classes you describe for "stress and anxiety".

Maybe target a population that has limited funds and do a class like that here and there ;).

My husband has his own business (construction company) and honestly, he does well from word of mouth mostly.

He also teamed up with someone who has his own landscaping business and he gets a lot of jobs that way. He says by not really "advertising" but with all the word of mouth referrals, he "avoids" people that are looking for just a quick joe-fix-it job who really don't want to pay him what he's worth, either.

Good luck! Maybe we'll see you on here one day as a vendor!

Re: calling entrepreneurs - need advice

I'm a dental practice management coach & consultant & I've owned several small businesses. So many great ideas here already.
I'll just add that networking will probably be your best source of clients. Perhaps you can find local doctors that are treating people for stress and anxiety & create a network where you refer to them & they refer to you. Offer a discounted rate to the staff members of the doctor's office so they become your advocate. The same goes for massage therapists, plastic surgeons, chiropractors, nail salons or any other field that you think is relevant.

Carry business cards with you everywhere.
Think about adding vinyl graphics to your car window.
Create a logo, get good at branding. Make sure everything you produce embraces the brand you are creating.

See if your local library, community center or school district (adult ed dept) would be interested in running a program with you, they may not pay much but you'll meet local people and hopefully they'll want to continue with you in your studio.
Offer to speak for free about the benefits of yoga at Mommy & me classes, senior groups or anywhere else you can think of.
Become an active part of your community, attend everything-join every organization. Donate & Volunteer, make your businessname known as one that is involved in good deeds.
Offer to host events in your studio that promote other like-minded businesspeople, maybe someone that does aroma therapy, hypnosis, organic cooking. Try getting a book club or some other thing started in your studio to bring in new people.

Internal marketing is always going to give you the most bang for your buck.
Set up a simple reward system for clients that refer friends. Feel comfortable asking everyone for referrals.

Join Le Tip
Le Tip International
or any other networking group.

Use Craigslist, Facebook, and twitter.
Build a website.
Make sure your phone number is listed under you business name, you can forward the calls to your cell phone to avoid having an answering machine.

GOOD LUCK!!!!