wanting to start a business but failing at commitment?

[SocialMT]

hey there!

I had a few people ask me on this forum "how are you so up beat and successful with your business ventures all the time?" it's as simple as abc123

you may think that starting a business is hard and stressful, nothing will go your way and everything will go to ****! guess what that's only half true, it will only get that way if you slack.

I have made a lot of money starting then selling a few small business that people want to have during a financial down time. I start and build the business till it starts making profit then i sell the company to who ever is suited or willing to pay for it. then BAM! i get a lot of money for my time and energy, so they have a healthy baby business ready for growth.

so yea some of you are all "uhhh yea so what?..." this thread is for the people who are not sure if they should quit their job and start a company if they wanted too. my answer to that is "don't quit your day job...untll your making a profit"

the way to do something that I do is very straight forward. find a cool idea, research it, plan your road map and direction that will maximize it's growth and apply for a loan or fund it yourself. i always pay from my pocket, i make a business that can be done from home or on my lunch break at work, like an online store or a services kinda deal, I am just a risk taker most of the time...or it's just dumb luck and yes i have had a lot of business fail and blow up big time in my face, that did not stop me, you have to adapt people!
or be like the homeless guy on the streets.

aaaaaaanyway, So far I have 2 business that I kept up on my own and sold 11 so far, and I plan everything like i am playing a simulation game. i pretend it isn't a real thing so i don't get stressed when times are hard. just have to be smart and use common sense. but some times you have to use uncommon sense to make things happen.

 

[gustavofring]

Interesting man! I like your approach to it.

Can you give some examples of businesses you started?

 

[MrSunday]

From working in an accounts environment, not everyone is suited to open their own business.

You need money for a start. Obtaining a bank loan is difficult and most people do not have sufficient funds.

To think of an idea is also difficult. Sometimes, big businesses are able to "steal" your ideas and even find ways to overcome copyright legislations from hiring experts such as solicitors to advise them on rules regarding intellectual property.

For those that are considering to open a retail store or similar, please do consider fierce competition from online competitors. I cannot stress how extremely competitive it is out there. Do develop advertising techniques and make your sure you do your research.

If you become ill and do not recover, then your business will fail unless if another takes over. Also, you will need to arrange your own pension scheme and comply with complicated tax laws. For sole traders, keep in mind, your personal assets may be used to pay off debts if your business closes down.

To keep costs low, consider purchasing a book-keeping software, rather than hiring a book-keeper to maintain your financial transactions. Keep in mind, book-keepers do not report on your business status. This is what accountants do, to report financial information. So you will need an accountant, unless you feel your competent to do it yourself...there are some softwares and guides that can help you prepare Tax Returns, Year End Accounts and so on...

Make sure you have sufficient working capital (more money coming in than going out). This is one common reason why many businesses fail. Sometimes, businesses that sell a lot of products and services do not keep track of how much money is going out. For those selling services/goods on credit, make sure your debtors are reliable and will be able to pay on time. Negotiate credit terms with your customers that enables you to receive the money as quickly as possible, offer discounts to encourage payments to be made quickly. As for your suppliers, negotiate credit terms that does not put you in a position where you have to pay them back too quickly....

If your considering to open a business with another person, make sure you sit down with this person and have an honest conversation. Make sure your agreement is written down on paper and signed. If any disputes arise, make sure you adopt ADR (alternative dispute resolution). DO NOT resort to court proceedings except as a last resort. You want to work with your business partner and find ways to resolve disagreements in a diplomatic manner.

To set business objectives, make sure it is:

S-Specific
M-Measurable
A-Achievable
R-Realistic
T-Timely

You need to have a plan...and a budget. :/

This area of work is tough. If your taking risks, make sure you are able to cope with the loss, otherwise in today's economy...you can possibly end up being homeless....

Hope I did not put members off.

 

[SocialMT]

I totally agree with MrSunday. yes i left things out of course. but i don't work alone i handle the creative side and my partner does the technical.

to answer gustavofring i made a digital advertizing business that we are still trying to build up by using sponsoring and product placement, throughout a website that is still under construction, so we can get funding. "companies thrive to advertize!"

 

[Hoppy]

If your considering to open a business with another person, make sure you sit down with this person and have an honest conversation. Make sure your agreement is written down on paper and signed.

At the first meeting with a partner the first item on the agenda must be how the partnership is going to be dissolved. All partnerships dissolve eventually, even if it is due to the death of one, and if there isn't plans in place there is chance for trouble, and trouble makes lawyers rich. If you do trust your partner enough not to have an agreement, you must also trust his/her heirs enough.

And learn accounting. And apply it. Running a business is a game, and money is the way to keep score, and the accounts is the proof.

And remember this:
"Turnover is vanity,
Profit is sanity,
But cash flow is reality."