I was thinking of after I move, instead of going white collar yet again, becoming my own boss and opening a small comic shop of my own. I have been investigating things about owning a business and just wanted to hear from the dopers that are small biz owners and hear what they think.
Sounds really comical!
So what are you interested in specifically?
I dunno really
Should I do it? What traps to avoid? Any handy tips? Would you open a business in todays world? Do I look good in Elvis shades with nothing else? Whatever is on your mind…
Hmmm. I’ve owned a painting company for over 20 years, (0-15 employees.) I also had a fun little side business for a few years selling arts & crafty things through retail stores & arts & craft shows. I don’t really have retail experience, but I’ll tell you…you will work very hard, so you had better really like what you do.
Treat everyone well…customers and employees alike. Go the extra mile for both. Your business will come from repeat customers and referrals, and you will have to rely on & trust employees, assuming you will have any. I have an amazing crew, they will go the extra mile for me, and I for them.
The SBA (Small Business Association) has all kinds of free information on starting a business.
I can’t imagine working for anyone else.
got my own business… e-mail me! Right now I’m trashed@!
Um… yeah!
I’ve made a career of bailing out or liquidating my various relatives’ attempts to start businesses. One of them, a small specialty food store, I’ve been running since 1983. Some thoughts:
[list=1][li]Learn how to write (or at least read) a profit/loss statement and a balance sheet before you start. You really need to know whether your sales are covering the rent, as well as how much of the money in your bank account is owed to somebody else.[/li]
[li]Keep some money in reserve. Something WILL go wrong, and you had better be able to handle it without running crying to your sister.[/li]
[li]Diversify your product mix. Be ready for a slump in the comic market. Be ready for the other nut who ALSO thinks it would be great to have a comic store, and opens up in the next block.[/li]
[li] I strongly, strongly recommend learning small-business management by going to work for an established small-business owner. There is a lot to learn, and you will need practice.[/li]
[li]Starting a business carries a high risk of failure. Get your plan B ready now.[/li]
[li]Don’t expect it to be fun. At best, it will have its moments. How many moments depends on how well you have prepared.[/list=1][/li]If this sounds pessimistic, it’s only because of all the heartache, exhaustion, and financial ruin I’ve seen in people who had an idea for a business, but who didn’t have a head for business. Still, it can be done, and there’s no reason it couldn’t be done by you. Just don’t ask your relatives for a loan. The risk should be yours, not theirs.
(I was about to suggest that we need some comic relief after this post, but I guess you can supply that yourself, hmmm?)
Ah so far so good
1.I know how to write profit/loss statements. I have worked for small businesses on and off for a while.
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I plan to have a lot more than just a simple comic shop. Like my friend, I plan to have a skateboard shop, magic cards, roleplaying games, and anime and kung fu flicks. Sorta a all around kid hangout.
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One of my best friends runs a shop like this and I have talked a lot with him on the hazards. He is mentoring me through this and seems to be all for me doing something like this (no not in his neighborhood)
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I do have several Plan B’s I plan to still freelance web design and sell through online stores.
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It may not be fun but its gotta be damn well better than what I am in now.
And no relatives, I plan to do a small business loan.
Thanks for everything so far!
That’s what we needed, more information.
Sounds like you’ve got your ducks in a row. I’d suggest that you take a sabatical from whatever you’re doing now and offer to work, free of charge if necessary for your friend in the same business.
Business contacts are a valuable resource, by working for your mentor you can find out where he gets his merchandise, what sells, what doesn’t, bookkeeping and all the other hats a business person tries to fit.
You also might want to check out this link
Peregrine has some good points, as do others who’ve posted above.
I’m 48 and have worked since I was 14. I’ve spent ~1/2 of that time self-employed, I’m back in the corporate world now, in a good position that is a direct result of the endeavors I made as an entrepreneur.
The things you want to pay attention to:
1.) All too often ignored, the business plan is not all that big a mystery once you delve into it; put one together,
2.) Bookkeeping can seem like a trivial detail, but it can hang your ass if you don’t make a little bit of effort to have it running right from the start,
3.) Expect to work your ass off for the privilege of being the boss…
Good luck, pal!
Ours was a family business, but I ran it pretty much for 38 years. Family businesses aren’t the best idea in the world, but in my case it kept our family from falling apart.
All of the above ideas above are very good. If you read about the odds of a business making it 1 year and then 5 years and so on, it’ll scare the hell out of you. Don’t let it, because the above rules will get you through the tight spots, if you adhere to them.
The #1 reason that businesses fail is because of insufficent capital. #2 Is not knowing the business (including no business plan).
Carina42 has the best asset an business can have: good employees that can be trusted.
You will work your butt off, but there is nothing like it.
Good Luck