Starting a Business

Hi friends, I want to know some major factors that one should consider before starting a business.

It's hard work. Make sure you are prepared to put in some long hours especially at the beginning. Make a business plan and stick to it, this will help you to stay on budget.

Well. that is true its a bit of hard work for me as its my first start up.

I had my startup before just a couple of months, so I was in your situation before really short period of time. Here are some of the tips I can share for now, hope they help at the beginning.

First off, you should have realistic view on your competitors and chances for profits. This means analyzing what are your options to get customers and what will be your earnings from this. That way you can determine if the startup will be worth at the beginning.

Think about what are your options for gaining quick edge over your competitors. That way you will be able to establish yourself as a professional in your niche a lot quickly. A good option is advertising, since that way you will get a lot of people to know you faster.

Finally, think about getting external funding. Depends on what is your niche, you can try to get funding from some bank or search for venture capital. However think carefully before that since you will have to share part of your own company with them. If it is an option do not agree with such offers

Hope this helps

Here's my top 3.

Personality, Research research research.. and capital

Personality wise, you need to be a risk taker, and a starter finisher. Its a long road, hopefully rewarding, and often frustrating.

The worlds full of kaput businesses, unrealised pipedreams and unloved websites left dwindling into obscurity. Initial enthusiasm won't carry you through.

Then its research. Whatever your doing, from selling the latest widget to offering widget services, without a market, your wasting your time. Just because you think it's a great idea, doesn't mean it is. Family members views don't count either

Third is capital. Maybe you don't need thousands to get your business off the ground, but unless you are lucky enough to make an instant profit, you will still need to put bread on the table and pay the bills. factor it all in.

If it's going to be a sideline, ie you have a day job, then be realistic with your expectations. 9 times out of 10, a part time sideline will stay exactly that. Not a problem if that's what you want, just don't expect to pay off your mortgage in the near future

Oh and a tough skin, a sense of humour and a touch of insanity. Hmm, thats 6...

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The only one I had among all factors you mentioned when starting my startup, was the sense of humour

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hah you definitely need that. Starting your own business is pretty hard and most of the times quite annoying. If you do not have good sense of humor, you are not likely to make it through the whole process.

As for the other tips mentioned above I totally agree - startups are all about research and funding depends on the particular niche you had chosen. As sjr4x4 mentioned you might not have to get a lot of funds to start your own company (actually in most of the countries this process is pretty affordable)

lol as long as your still smiling now, that's all that matters

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cheers Steve
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Yup, but most people have some form of financial responsibilities, so just a case of remembering this, when the salary checks stop coming in.

I hope you dont mind me saying wursti, but your written English is superb

Are you an expat living in Bulgaria?

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cheers Steve
Forum Admin - teaboy and general gofer...

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Thank you friends.. It is helpful but i m now little bit confused about incorporating my business. I have a connection on linkedin, and they suggested me to keep things in mind about how to form llc too. According to them, its a very crucial step. Thanks