My last section had mentioned a lot of questions to get you started and now you can establish your goal. Your goal can be for personal reasons or all business. My goal for my first business was to help support an organization I believe in. Suzy's Treasure Chest's goal is to double the sales of the previous owners to support my family and me but allow me the flexibility I need as an active mom. That is how I started my business plan was with that goal. Now you can decide what you want to accomplish and start a goal of your own.
"Goals allow you to control the direction of change in your favor". Brain Tracy
I want to note that I did not buy an established business, I only purchased inventory of a store going out of business and created my own. I was however able to ask them questions to better my research of the needs in the area.
Next step on the very long ladder of success, is to create your business plan. The website for the Small Business Administration has templates. I know some classes teach you how to write a business plan. You can check with your local adult education programs or colleges. Another great resource in a book called Start Your Own Business by the staff of Entrepreneur Media. It contains many pages of questions to ask yourself about your business to keep you on track. I made a journal for my questions so I can reuse the book for my next business adventure.
It took days of research and planning but I completed my Business plan and it was 42 pages long. You want to make a plan to succeed so plan up to 5 years out and dream big. I had some issues with that, I was thinking about the risks and did not layout my expansions as well as I should have. Think about how you will grow by new clients, larger location, chains stores. One of my expansions for the current year is to take my store to the Internet for possible new consumers. I have already started to lay the foundation for this goal.
As a business owner you have to be many things like public relations, accountant, manager, and much more.(it is just like being a mom, you are the cook, taxi, doctor, and etc) You have to out source anything you do not feel comfortable to do yourself. Although it is recommended to have an accountant do end of the year stuff and you may need legal assistance for certain issues. A lot of your questions should be answered in the book I recommended. Once you have established your business goal you may find these last books helpful as well. They are both by Bernard Kamoroff. One is Small Time Operator and the other is Small Business Operator. Once you put together all these pieces you are ready to start the business and applying for all Licenses and Permits to start operations. Set your self a timeline and a goal to complete these tasks.
"There are no secrets to success. It is the result of preparation, hard work, learning from failure". Colin Powell
Monday, February 6, 2012
Saturday, February 4, 2012
Stepping stones of starting a business.
So you have been thinking about starting a business. Great, that is first step. There are many books and resources to help you along the way. In this section I will share some basic resources that I personally used. It can be very overwhelming and a lot of work to plan and research your business. This is just sample of what is to come. Business is not for everyone but can be rewarding for those who continue the journey. I want to make sure that I share that I have started both of my businesses in Pennsylvania and the laws are different for each state as well as each local districts.
"The first step to getting somewhere is to decide that you are not going to stay where you are". Unknown
I want to share that the books or web sites that I mention are my own experiences and that I get no royalties to advertise them. I started this blog to assist other business owners and myself. It worked for me and I hope to give back and help you.
My favorite resource for starting a business is the Small Business Administration and their website is www.sba.gov. On their site they have checklists, training, and resource links to each individual state for license and tax requirements. They also offer Free online training.
A resource that is common in Pennsylvania is the Small Business Development Centers. They assign you a consultant and they help you each step of the way. They get you contacts of people you need and help with the license process. They also offer help with writing a business plan and offer Free Classes. Starting a business is expensive so I for one love anything Free plus you can take a course even before you start planning a business. The services they offer are free at this point. The government has decided it is better to assist new business owners rather than enforce issues later with licensing and taxes (they offer some government funding to this program). They have training available in Shippensburg, Gettysburg, Carlisle, and York. I used this service and it is great for a first time owner. I was able to use the information they provided and the skills I already had to find out what I needed to start operations. If you do not live in Pennsylvania, I encourage you to check with any business colleges to see if they offer anything from their business students(kids always have service projects to complete to graduate). Also see if a SBA in your area has a Business Development Center. The website for my local SBDC is www.ship.edu/sbdc/.
Some key things to consider before writing your business plan:
Assistance and training
Location
Finance options
Legal Structure
Insurance
Tax registration
Licensing
Employer Responsibilities
State and Local Permits
"From small beginnings come great things". Unknown
Now you are ready to begin the next step. Deciding your business idea or direction. Are you going to sell something or some service? If so what? Where is the need for that item? Are you starting an online business? Once you start answering these questions you will be able to apply the information above. Start thinking about your goal and I will talk about that next. Wishing you good luck on your journey!
"The first step to getting somewhere is to decide that you are not going to stay where you are". Unknown
I want to share that the books or web sites that I mention are my own experiences and that I get no royalties to advertise them. I started this blog to assist other business owners and myself. It worked for me and I hope to give back and help you.
My favorite resource for starting a business is the Small Business Administration and their website is www.sba.gov. On their site they have checklists, training, and resource links to each individual state for license and tax requirements. They also offer Free online training.
A resource that is common in Pennsylvania is the Small Business Development Centers. They assign you a consultant and they help you each step of the way. They get you contacts of people you need and help with the license process. They also offer help with writing a business plan and offer Free Classes. Starting a business is expensive so I for one love anything Free plus you can take a course even before you start planning a business. The services they offer are free at this point. The government has decided it is better to assist new business owners rather than enforce issues later with licensing and taxes (they offer some government funding to this program). They have training available in Shippensburg, Gettysburg, Carlisle, and York. I used this service and it is great for a first time owner. I was able to use the information they provided and the skills I already had to find out what I needed to start operations. If you do not live in Pennsylvania, I encourage you to check with any business colleges to see if they offer anything from their business students(kids always have service projects to complete to graduate). Also see if a SBA in your area has a Business Development Center. The website for my local SBDC is www.ship.edu/sbdc/.
Some key things to consider before writing your business plan:
Assistance and training
Location
Finance options
Legal Structure
Insurance
Tax registration
Licensing
Employer Responsibilities
State and Local Permits
"From small beginnings come great things". Unknown
Now you are ready to begin the next step. Deciding your business idea or direction. Are you going to sell something or some service? If so what? Where is the need for that item? Are you starting an online business? Once you start answering these questions you will be able to apply the information above. Start thinking about your goal and I will talk about that next. Wishing you good luck on your journey!
Friday, February 3, 2012
Where does it begin
For all of those who are starting a business, own a business, or dream about a business, it all starts in the same place. So where does it all begin? For me on my second business adventure, it began with a dream of someday owning a store of my own. I have worked retail most of my life so it is something I am familiar with but I wasn't sure what type of retail business to start, that I could afford. Really you have two options in business, buy a prestablished business or start something from the ground up. Most established business are very expensive since you are buying the inventory, the name, and customers. Starting from the ground up requires a large start up fund and the time to allow it to take off and a lot of inspiration.
Opportunity is all around us. I have waited patiently for my chance. After school, I wanted to open my own Hair salon that was attached to a Garage. This would make any working mothers dream, getting your hair done(or all the kids cuts) and get your car fixed at the same time. I had my cosmetologist license and had taken a course to become state certified to inspect cars (after spending a lifetime in the garage with my dad as a kid) for the additional knowledge and to fix minor repairs. As I was working my family grew and my desire to climb the ladder of success took away from my family. I made the choice that career can wait and concentrated on my family and what jobs I could do to support them and have time to enjoy them. Thus my dream got put on hold and new dreams began. Now there is a chain of salons that are attached to garages to do just what I had hoped to, this is why opportunity is all around us you have to be ready when it comes along.
Since family is extremely important to me and I have often had to chose between my job and them to provide the things they needed. I got an opportunity 3 years ago to be a stay at home mom. Like many of the women I went to school with, we all saw the sacrifice that working had on our kids and made the same choice. My grandmother worked but never had a career since her family was her career and anytime a job interfered she moved on. My mother had large career goals and wanted a family too and did a great job of balancing both but I think it took its toll on her as a person. I have seen both options and want both but not to compromise myself. I think a lot of women today are starting their own business to have the flexibility to have a family. As a business owner I put in 40 plus hours a week but I get to chose when they are how they fit into my week.
I have never given up on the dream of owning my own business, I have researched and almost started a shoe store but after all my planning the start up cost were more than I could achieve at that point in time. I am always checking the papers, homes books, and craigslist to see what opportunities are available and listening to people around me of what there needs are. That is where I found my current business. I know timing must be right because so many things have just fallen into place. I am now the proud owner of Suzy's Treasure Chest New and Used Thrift Store. Check us out on Facebook.
"If you have built castles in the air, your work need not be lost: that is where they should be. Now put foundations under them" -Henry David Thoreau
Opportunity is all around us. I have waited patiently for my chance. After school, I wanted to open my own Hair salon that was attached to a Garage. This would make any working mothers dream, getting your hair done(or all the kids cuts) and get your car fixed at the same time. I had my cosmetologist license and had taken a course to become state certified to inspect cars (after spending a lifetime in the garage with my dad as a kid) for the additional knowledge and to fix minor repairs. As I was working my family grew and my desire to climb the ladder of success took away from my family. I made the choice that career can wait and concentrated on my family and what jobs I could do to support them and have time to enjoy them. Thus my dream got put on hold and new dreams began. Now there is a chain of salons that are attached to garages to do just what I had hoped to, this is why opportunity is all around us you have to be ready when it comes along.
Since family is extremely important to me and I have often had to chose between my job and them to provide the things they needed. I got an opportunity 3 years ago to be a stay at home mom. Like many of the women I went to school with, we all saw the sacrifice that working had on our kids and made the same choice. My grandmother worked but never had a career since her family was her career and anytime a job interfered she moved on. My mother had large career goals and wanted a family too and did a great job of balancing both but I think it took its toll on her as a person. I have seen both options and want both but not to compromise myself. I think a lot of women today are starting their own business to have the flexibility to have a family. As a business owner I put in 40 plus hours a week but I get to chose when they are how they fit into my week.
I have never given up on the dream of owning my own business, I have researched and almost started a shoe store but after all my planning the start up cost were more than I could achieve at that point in time. I am always checking the papers, homes books, and craigslist to see what opportunities are available and listening to people around me of what there needs are. That is where I found my current business. I know timing must be right because so many things have just fallen into place. I am now the proud owner of Suzy's Treasure Chest New and Used Thrift Store. Check us out on Facebook.
"If you have built castles in the air, your work need not be lost: that is where they should be. Now put foundations under them" -Henry David Thoreau
Thursday, February 2, 2012
1st Business Adventure
I shared that this is my second business adventure and you may be asking yourself why am I not better off if this is my second business. I refer to it as an adventure because I think it positively describes the twists and turns and self discovery that happens with owning a business. So on to my first business adventure, my first business was a vending machine route with candy machines. I still own this business and it has great potential for larger income if I would choose to expand it. You may see the advertisements in the paper for vending route for sale. Questions you should ask before buying that route: is it just the machines for purchase or an established route. Generally if it not an established route, it is cheaper to start from scratch and purchase machines as you go and expand slowing. I started with only one machine and quickly grew. When you start a business you do a lot of research or you should do a lot of research and have a goal or reason to go into business.This is different for each person as well as each business that person may begin.
"take calculated risks. That is quite different from being rash" from George Patton.
I was employed in the Non Profit sector during the start up of this business and we relied solely on donations to run the animal shelter that I worked for. Donations included monetary, pet food, cleaning supplies, office supplies, and many other items. Payroll was the largest expense and even though we used over 50 volunteers a year. Some positions had to be filled permanently to allow the structure and day to day operations of the shelter. Shelters could not function without the support of local animal lovers, but sometimes people do not donate all items needed because they are not used directly by the animals in need. That is where my business grew. My goal was to raise enough money to take care of items like toilet paper and coffee for the volunteers that worked there. Ask yourself, before reading this, would you donate toilet paper to the local animal shelter? Can you imagine as a volunteer not having any to use? We never went without but often had to buy our own. So I researched and found for a very low start up cost, I could purchase vending machines and by using my name as part of business and being a sole proprietor that I could begin this business to help a cause I believe in. So in 2006 I started my vending machine business. I have helped 4 other animal shelters and made enough money to help with basic supplies that were not donated. Since my job change in 2009 I have sold several machines and downsized due to lack of ambition and time to maintain machines. Between 2006 and 2009 I made enough to cover all start up costs and donations to shelters( I even donated to other things my kids were involved in) and had some left over for my time. Was it a successful business? You can judge that for yourself. It paid its expenses, recovered start up cost, and paid me for time all within 2 1/2 years selling an item that is only 25cents. I reached the goals set up in my business plan but each person defines success differently. It all comes down to what you want out of life.
"take calculated risks. That is quite different from being rash" from George Patton.
I was employed in the Non Profit sector during the start up of this business and we relied solely on donations to run the animal shelter that I worked for. Donations included monetary, pet food, cleaning supplies, office supplies, and many other items. Payroll was the largest expense and even though we used over 50 volunteers a year. Some positions had to be filled permanently to allow the structure and day to day operations of the shelter. Shelters could not function without the support of local animal lovers, but sometimes people do not donate all items needed because they are not used directly by the animals in need. That is where my business grew. My goal was to raise enough money to take care of items like toilet paper and coffee for the volunteers that worked there. Ask yourself, before reading this, would you donate toilet paper to the local animal shelter? Can you imagine as a volunteer not having any to use? We never went without but often had to buy our own. So I researched and found for a very low start up cost, I could purchase vending machines and by using my name as part of business and being a sole proprietor that I could begin this business to help a cause I believe in. So in 2006 I started my vending machine business. I have helped 4 other animal shelters and made enough money to help with basic supplies that were not donated. Since my job change in 2009 I have sold several machines and downsized due to lack of ambition and time to maintain machines. Between 2006 and 2009 I made enough to cover all start up costs and donations to shelters( I even donated to other things my kids were involved in) and had some left over for my time. Was it a successful business? You can judge that for yourself. It paid its expenses, recovered start up cost, and paid me for time all within 2 1/2 years selling an item that is only 25cents. I reached the goals set up in my business plan but each person defines success differently. It all comes down to what you want out of life.
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