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Quit my job, and started my own business, need help
- Thread starter Backtothemac
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Very cool that you are pursuing this- I wish you the best !
I spent almost a decade working with small businesses on advertising (by 'almost a decade' I mean 6 years, I'm rounding to the nearest decade) and I will strongly urge you to consider 'word of mouth' your best source of advertising. Nothing can give you someone's trust to come to their home or business like a friend's recomendation. And it's free.
The other thing I noticed about these guys I met starting new businesses: for all of them it was the realization of a dream.
Some realized their dream, and had nowhere to go. Others started their own business and started looking for new adventures - while running their own shops.
Good luck !
Very cool that you are pursuing this- I wish you the best !
I spent almost a decade working with small businesses on advertising (by 'almost a decade' I mean 6 years, I'm rounding to the nearest decade) and I will strongly urge you to consider 'word of mouth' your best source of advertising. Nothing can give you someone's trust to come to their home or business like a friend's recomendation. And it's free.
The other thing I noticed about these guys I met starting new businesses: for all of them it was the realization of a dream.
Some realized their dream, and had nowhere to go. Others started their own business and started looking for new adventures - while running their own shops.
Good luck !
I hate to be a naysayer, but I come from a family that has been in small business as long as I've been alive. I'm going to share some of the things I've learned:
- Money: You need to eat, plain and simple. Make sure you have enough "cushion" should people decide to cancel and learn for themselves how to fix their problems; which is something I'm seeing a lot of.
- Customers: You have a goal of reaching 200 clients. Say you reach that goal and find yourself with 200 clients at $30/mo, which equates to $6,000/month. That's a great income, but keep in mind business expenses; are you going to accept credit cards? There are fees for that.
Gas costs for driving to these customers; assuming you go to them that is. Potential hardware costs should you need to gut a system. These expenses can add up, and what about personal expenses? Rent/mortgage, health insurance, car payment (if you have a car payment), food, utilities, etc.
- Licenses & Taxes: Make sure you have the proper business documentation on both the county and state levels. Without this, you are conducting business illegally. Also, for taxes, I'd recommend registering as an LLC; this will provide much better legal protection for you as opposed to a Sole-Proprietor. Keep in mind you will have to pay a tax on any income you receive; you don't want to be audited by the IRS.
For the best information on taxes, consult your accountant (if you don't have one, get one, as this is an important part of business; you may also be able to work out a deal [e.g. fix his computers for half-off of the accountant's rate, etc.]).
- Business Plan: Create a business plan. This will be essential to help you grow your business, not to mention provide you with a clear exit strategy should you need to. This is about protecting yourself and also clearly establishing your goals for the business.
- Employees: Make sure you apply for an EIN from the IRS. This will be your tax number. Do not worry about this until you have reached the point where you need assistance, however. There's a lot of other things involved with hiring employees, so keep that in mind.
- Summary:: Lastly, have fun! By keeping it fun for you, you will want to do it that much more. Business is professional, and when you are dealing with other people's money, it should be considered very seriously. Make sure your ducks are in a row and then have a blast! I wish you success with your venture!
- Money: You need to eat, plain and simple. Make sure you have enough "cushion" should people decide to cancel and learn for themselves how to fix their problems; which is something I'm seeing a lot of.
- Customers: You have a goal of reaching 200 clients. Say you reach that goal and find yourself with 200 clients at $30/mo, which equates to $6,000/month. That's a great income, but keep in mind business expenses; are you going to accept credit cards? There are fees for that.
Gas costs for driving to these customers; assuming you go to them that is. Potential hardware costs should you need to gut a system. These expenses can add up, and what about personal expenses? Rent/mortgage, health insurance, car payment (if you have a car payment), food, utilities, etc.
- Licenses & Taxes: Make sure you have the proper business documentation on both the county and state levels. Without this, you are conducting business illegally. Also, for taxes, I'd recommend registering as an LLC; this will provide much better legal protection for you as opposed to a Sole-Proprietor. Keep in mind you will have to pay a tax on any income you receive; you don't want to be audited by the IRS.
For the best information on taxes, consult your accountant (if you don't have one, get one, as this is an important part of business; you may also be able to work out a deal [e.g. fix his computers for half-off of the accountant's rate, etc.]).
- Business Plan: Create a business plan. This will be essential to help you grow your business, not to mention provide you with a clear exit strategy should you need to. This is about protecting yourself and also clearly establishing your goals for the business.
- Employees: Make sure you apply for an EIN from the IRS. This will be your tax number. Do not worry about this until you have reached the point where you need assistance, however. There's a lot of other things involved with hiring employees, so keep that in mind.
- Summary:: Lastly, have fun! By keeping it fun for you, you will want to do it that much more. Business is professional, and when you are dealing with other people's money, it should be considered very seriously. Make sure your ducks are in a row and then have a blast! I wish you success with your venture!