How to start my own buisness??

Discussion in 'Community' started by starcrossed, Aug 16, 2004.

  1. starcrossed macrumors regular

    Joined:
    May 3, 2003
    Location:
    San Antonio,TX
    #1
    For sometime now, I have been dreaming of starting my buisness that would be a sort of production house, where we would be doing cliental videos (business videos, event videography), websites and other stuff. Anyways I've been doing this for a few years on the side as a 1 person company, while I do my regular job and college, but I eager to slowly get away from my regular job and build this buisness, so I'm certain that someone on this board has gone through the perils of creating their own buisness and may have some advice to give me. Should I begin to study buisness in college, read the books I find at bookstores, go to my bank and see what buisness loans they have to offer, I pretty clueless but eager to learn and determined to succeed. Once again, any advice one can provide will be greatly appreciated, and any questions you have for me, just post them and I will hopefully respond as soon as possible.
     
  2. iLikeMyiMac macrumors 6502a

    iLikeMyiMac

    Joined:
    Jul 17, 2004
    Location:
    St. Louis
    #2
    Aren't there a lot of loans that you can get from the govt. that help you start up a small business? I recommend looking around this site for more information. Starting your own business is a great way to do what you want and make a decent living doing it. Good Luck.
     
  3. narco macrumors 65816

    narco

    Joined:
    Dec 9, 2003
    Location:
    California.
    #3
    I guess I just got lucky. I've been working out of the house since I was 15 (I'm 25 now). I only have an AA in graphic design from a community college (which took me 5 years to get!). My best advice is to NETWORK! I haven't applied for a job since my first (and only) real outside job doing page layout for a weekly newspaper. I got where I am today through word of mouth. As far as accounting and all the 'technical' stuff, I just have other people do it for me. I have enough stress working at home, I don't need to know what a 1040X-rurh A ZZZ.d455 form is.

    Working at home sounds cool, but it gets old quick. It's really hard to get modivated, I often wish I had a regular job so that I can communicate with REAL people and you get distracted VERY easily. Oh, and TAXES! Don't get me started on that!

    .narco
     
  4. starcrossed thread starter macrumors regular

    Joined:
    May 3, 2003
    Location:
    San Antonio,TX
    #4
    I worked out of home and school (i quietly used their computers to do my editing till my senior yr.) but it was getting hard to network since I'm not the "here's my buisness card" type of guy, and didn't want to advertise in fear I would grab more buisness than I can handle on my own, so I got a real. But I want to go back to doing a job I really enjoy, and I want to be able to get an office, cause its weird when you want someone to pay you alot of money for your work, and your office is a room in your parent's house. I also know some people who would be excellent coworkers, who will help the business succeed, but they are already used to making a nice check and they might be up to jumping on board to make less than they already make right away. So I'm trying to research how I can head in the right direction and start off strong so I won't fall on my ass.
     
  5. Brother Michael macrumors 6502a

    Brother Michael

    Joined:
    Apr 14, 2004
    #5
    Hey there! I am in the same boat right now. I am starting my own video production company.

    When you say business video's do you mean Commericals? If so I have a great book that you may want to check out getting, it deals with contracts.

    Ok. First I would recommend that you get things sorted out by making a business plan (I had one, but I am going to rewrite it).

    Here is some simple info to help you out with the business plan.

    Next you should make some sort of logo for yourself, it helps to brand yourself. After you make the logo mail a few copies of it to yourself, after that apply for a US Copyright.

    If you really get into this thing, you may want to look into an LLC and/or trademarking your company name.

    Ok, now the best thing I can tell you to do is to look into joining trade associations and clubs. I am a card carrying member of the Advertiesing Club of Toledo, I go to a Wednesday lunch-on every once a month, and rub elbows with CEO's and Presidents of Toledo Ohio's advertiesing companies (and some other companies, but typically the head of marketting and advertiesing is there). The power of networking is undeniable. You never know knows someone, who knows someone who knows someone. They say that you are only really 6 people away from anyone you want to know.

    Best way to find clubs and associations is to do a google search for your area. Search for things like advertiesing clubs, advertiesing associations, video production clubs, etc etc and then your city and state. After that you could try...well...perhaps a library, or...hmmm...well you said you are in school, why not try some of your professors?

    The next thing to do is to make sure that you sell yourself. If you are going to video tape events who is going to know to hire you if they do not see any form of advertiesing.

    Just some things to think about.

    Mike
     
  6. MacAztec macrumors 68040

    MacAztec

    Joined:
    Oct 28, 2001
    Location:
    San Luis Obispo, CA
    #6
    Funny that you guys are talking about this. I am not old enough to start a business yet, but I know quite a bit about it.

    my dad started a farming business when he was like 25. It was really successful, like 10 mil net income per year. But when my parents got divorced (1998), my dad had to sell it and start over (its a long story). Now he is starting a real-estate business (large property, not homes).

    I think the biggest thing you need to do is get your name out there. My pops is becoming very successful in real estate because he knows tons of businessmen. He hadn't even received his license when was signed into a pretty sweet purchase.

    Anyways, we tried to start a business that my older brother was going to run in about 1996 (before the divorce). It was called Streaming Video Productions (you may be able to find some old videos on the web). Basically, we went down to an event, concert, convention, whatever, and hooked up our machines/camera/internet. Then, we could stream a live movie to whatever website. Kinda like what Apple does for its keynotes.

    My bro was too lazy and never did anything with it, and that was the end of that.

    I think you need to make a plan on what your business can do, build a website, business cards, etc. Get your name out there, and see what happens.
     
  7. starcrossed thread starter macrumors regular

    Joined:
    May 3, 2003
    Location:
    San Antonio,TX
    #7
    Thanks for all your posts. I've developed a real business plan, where I know what kind of services I want to provide and how the business would be structured, but its the technical stuff I am unsure of. Like how to get business loans, register my name, trademark, balance a budget to afford an office, equipment, employees and such. I guess I just need to find someone who is fluent in this stuff to jump on board to do just that since, and I'll be able to manage just what the buisness does.
     
  8. Stelliform macrumors 68000

    Stelliform

    Joined:
    Oct 21, 2002
    #8
    In a word yes. Starting a business fresh out of school is easier than when you are established IMHO. (It worked for me. ;)) When you are in school you are used to being poor, so a bad month doesn't shake you as much. If I had it to do over again I would start saving money from day one. I think the one thing that has hurt my business growth has been the lack of business capital.

    I started a computer consulting company right out of college. That was almost 5 years ago. I now have 3 full time employees. I could have 5 or 6, but I am building up cash reserves to be able to safely hire more people.

    My advice to you would be to learn as much as possible and do as much as possible yourself. The best advice anyone gave me when I started out was that I was my best employee. I would work harder than anyone else, I would be the most trustworthy. (They also advised me to never give a share of the business away to someone. I learned that one the hard way when I had to split from my partner.)

    My advice for someone starting out is to set your priorities. I could have started a business a couple of years earlier, but I finished college instead. (I have to say my degree has helped earn alot of respect with clients.) Also starting on the side, and then plunging head first is a good way to go. That way you can be sure that you will succeed. (that is how I did it.)

    I think that the having a business mentor is a good idea. In our town there is an organization of retired business execs that do just that. Also at our local university there is a small business department. I think they are affiliated with the SBA. They help with getting government grants and loans. Help on taxes, etc etc. (BTW taxes suck in a business. If you dread April 15th, wait until you learn all of the dates that businesses have to pay taxes on. (Particularly if you have employees.))

    Good luck, and remember, the most important thing is to believe in yourself and your abilities.
     
  9. MacAztec macrumors 68040

    MacAztec

    Joined:
    Oct 28, 2001
    Location:
    San Luis Obispo, CA
    #9
    Ok, you need to have steady credit to get a business loan. Try to get your loan to pay off monthly. Interest rates are at an incredible low, so now is the time. Say you want a 200,000 dollar loan, and you will pay it off in 6 years. Thats 72 months. Your payments will probly be around 3000 a month, so your business better be making about twice that. Its a basic concept, but its practically free money. My dad is taking a loan to help buy a piece of this apartment complex that he and some guys are going to build. They have it all set out to be built and they have projected their profits. The loan is about twice the one I said above, but the apartments profits far exceed the loan. Its practically free money for him.
     

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