Starting Your Own Business

United States
February 17, 2007 12:32am CST
A few years ago, my husband and I considered starting a bed and breakfast. We purchased 28 acres of county land. We considered having horses and trails for hiking and horseback riding. We signed up for a “start your own business class”. We attended classes with representatives from the state tax department, IRS, bank and Small Business Administration. We came away with a lot of knowledge that was mixed with doubts. After weighing our pros and cons, we decided against it. Today, I am glad we did not take the next step. There were 2 other couples attending the seminars that was also interested in starting a bed and breakfast. Both of them did start the business. Both have since closed the doors and sold out to home owners. There is no Bed and Breakfast in our area now. Again, we are considering a cottage industry. We have pulled out our books and information. I have also found a lot of info online. I am amazed at how much info is online. There is no need to attend a seminar again. I found everything online, that was taught in the classes we attended. The internet has made learning and starting a business so much easier. If you have ever thought about starting your own business, this is a must read for you. The Small Business Administration has online courses that will walk you through each step of the process. It begins with a small business planner. This planner includes information and resources that will help with each stage of the process of business. It has a start to finish management. The Start up tells you: How to get financial start up. How to name your business How to get licenses and permits Where to locate The Management tells you: How to market and price How to pay taxes How to get insurance How to handle legal concerns The Getting out tells you how: To plan your exit Sell your business Transfer Ownership The Services area explains financial Assistance: Basics Grants Loan eligibility SBA Loan Loan Programs They also offer FREE ONLINE COURSES . http://www.sba.gov/services/training/onlinecourses/index.html They will teach you how to
12 people like this
28 responses
@lilaclady (28240)
• Australia
17 Feb 07
I did the very same thing years ago when I was made redundant, I was going to open up a craft/gift shop but now I look back all those obstacles that seemed to get in the way all the time were really a blessing, I got to spend quality time with my mum before she passed away and many more wonderful things happened to me that would not have if I had have opened my shop....
@sunnypub (2130)
• United States
17 Feb 07
This is a great post and I think it is great of you to share this information. I think too many people just jump into a business and then wonder why it fails. To really be successful you have to do the research, it is just common sense. It sounds like you made the right choice about the bed and breakfast business. I sure hope you can decide what business you want to own and the go for it and become hugely successful. Good luck to you.
• United States
20 Feb 07
I agree that too many people dont do the necessary research. They just dive in and too many times they cant survive. They go bankrupt
@hoghoney (3749)
• United States
17 Feb 07
me and my boyfriend opened a little shop in the town that we live in but it didnt go very well either we learned that people in a small town dont really support their own. so we just use the shop of other stuff or someplacejust to go do things at. we didnt want to give up the building because we only pay 150.00 a month of it as its real big it was a bargin so we just keep the shop. we kind of call it our play place.
2 people like this
@gewcew23 (8011)
• United States
20 Feb 07
I have my own little work at home business if you want to call it that. I sell items from a catalog on the internet and to people. I am always looking for subwholesalers. (I hope I won't get in trouble for that.) I also make homemade candles, soap, gift in a jar, floral arrangements, small breed dog outfits. These things I make a lot for gifts but I only make these items if I want to purchase something that isn't in our budget. I don't make much money if any from these. It is just something I enjoy doing. I am a total craft junkie. My husband and I had started a home inventory business but we never made a dime we had the license and everything and it went bust but we lived in a small area so the demand just wasn't that big. We have a few things that we have learned over the coarse of the money wasted. I just plead with anyone wanting to start a business to do a lot of research and make sure it is exactly what you want to do and that you are willing to invest not just money but the time and effort. Thanks for posting this.
• United States
21 Feb 07
Yes, I agree that research will pay off. Lack of research, you will pay for.
• United States
19 Feb 07
Once again, as always, you provide us with more and more information than the human brain should be able to comprehend! Where do you keep your hard drive and how many back-up discs does it take to run you? ~Donna
1 person likes this
@clownfish (3277)
• United States
18 Feb 07
Hi! Thanks so much for posting this! I am hoping to start my own online publishing company soon and I can really use this information! I have another idea for a business I want to start but I just don't know enough about the specifics of setting it up, so I guess I am going with the publishing company! :-) Have you read any books by Robert Kiyosaki? One person suggested I read Rich Dad Poor Dad before starting my business. I have read just a small portion of it and it has already made a big impact on me. It's an astounding book! :-)
• United States
18 Feb 07
I have not read that book but I have heard alot about it. I am a strange person, I love business books. Good luck with your business.
@lifeiseasy (2292)
• United States
17 Feb 07
NEVER judge what others have done to not succeed to what you can do to succeed ...you are very level headed and with all your experience you have many more options available to you and you know how and what to do ...I think that of all the people who want to open a nB&B you would be great at this ttype of business ... maybe think agian ..as to YOUR abilites ...I think you have more than you think ....
• United States
17 Feb 07
We dont have the money to start a business and fail. We will have to borrow it all so we want to make 100% sure that we are capable of keeping the business afloat. So for this reason we are not rushing into it. We are planning every step of the way.
• United States
17 Feb 07
I am glad that you found all that you needed online. Yes, everything is on the internet, however, I had to go to college to learn all that (I am a business major, which I know I have mentioned a lot), because I love to learn and want to get my degree. However, reading everything you wrote, I believe you have learned everything that we have also, and so I believe that you should be just fine. Because, what you really need to succeed, is a little of both, education and experience, which is what you have.
1 person likes this
• United States
20 Feb 07
I believe that knowledge is power so I am always trying to learn things. We did learn alot at the seminar but everything that we learned can be found online. Now that I know what to look for. I just wanted to share with others so they may benefit from this knowledge also
@brokentia (10396)
• United States
17 Feb 07
That is actually really helpful information for me. My partner and I have been talking about starting a business here also. I would be able to work the hours that I needed and only have someone as part time to cover the hours that I can not work due to the kids. I would also be able to take the kids with me if necessary. But I have been so confused when reading all the different information and I am clueless when it comes to taxes. My partner found a program that is centered on businesses....but we have to start the business before we can be concerned with a program. Thanks for the website! I will definitely be checking it out and showing it to my partner!!!!
1 person likes this
• United States
17 Feb 07
I am glad that you will be able to use it. I love to share knowledge to help others. I hope you find answers to your questions here. Good luck with your venture
@byfaithonly (10716)
• United States
17 Feb 07
This is wonderful information to know and a very helpful link. I've for years dreamed of having a bed and breakfast but have never gone further than dreaming. I know there is one in our county that is very popular but I've never stayed there. Also a distant cousin of mine I found when doing family geneology is a decorator and has made trips all over the country to assist bed and breakfasts in decorating using antiques and period pieces.
1 person likes this
• United States
17 Feb 07
I wish we could edit our discussions. I typed more to this discussion but it is not there. Weird. Anyway, here is another link that has alot of info Another site that will be a great help to you is Score . It counsel to American Small business. It also offers free downloadable software to use with your business http://www.score.org/
@Perry2007 (2229)
• Philippines
21 Feb 07
Thank you very much... Yhis is a great sharing, I could use your endosement to the site to share it with my group.
@AJ1952Chats (2340)
• Anderson, Indiana
20 Feb 07
Best wishes in your endeavors, and thanks for the information! I'll feature it in my MyLot blog when I get the chance to make up a fitting presentation.
1 person likes this
@estherlou (5017)
• United States
20 Feb 07
Having your own business or being your own boss always sounds so attractive, but you've shown us it is a lot of work! Sounds like so much stuff to weed through to get anywhere. My problem would be the finances. I'd love to have a little business, but I need my income for bills right now.
@jtexas (527)
• United States
20 Feb 07
Id like to share my experience with starting a business. Two years ago I my girl friend and I went to a bride exp where they had many vendors. Long story short I got the idea to start a chocolate fountain business. So I did some research and found a company that leases the equipment before thinking of buying. Anyway long story short I didnt have much success with it and I had more of a loss then a gain. So what did I learn? Well for one my marketing budget was really low so by the time my lease ended then the calls for bookings increased. ( but even then it wasnt a sure thing that the client will follow through.) Second it wasnt a business I was passionate about. Third make sure you have income to fall back on if it doesnt work. So I can see why you were relucant to venture into this business. Anyway I think why it really failed for me is that I didnt have that desire. Luckly I found something that has been working really well for me and hopefully by next year it will replace my full time work income. here is a link i found that talks about similar to what your starting. maybe get some ideas. Honestly if you really have a passion to start a bed and break fast that would be great. Let me know and I will be your first customer. allbusiness.com
1 person likes this
• China
18 Feb 07
His post The Barriers to Starting your own business hit the digg frontpage today. I read it through and it is spot on. ... Matt Inglot discusses some of barriers of starting your own business. Pretty typical reasons such as not having ...
1 person likes this
• Nigeria
18 Feb 07
which u success and pray God be on ur side.Also if u are offering employment pls let me know.i am jobless and really need a job.thanks
1 person likes this
• Canada
18 Feb 07
Well, if there's no bed and breakfast in your area, maybe you should start one. You could be successful since there's no other one. You could start something mall and cute, no need to have horses and trails to begin. Just the hotel kind of thing. After a while, if everything work well, then you could earn horses, and trails, and other.
1 person likes this
@denden (803)
• Philippines
18 Feb 07
thanks for the story or the information you've shared to us. i am also planning to have a small business but the problem my money is not enough yet because i am still a student. can you suggest whats the best business for a student like me?
@tater03 (1765)
• United States
18 Feb 07
I never knew they had free online course. I have a couple who are real good friends of mine and they are thinking about starting up a home business. I will have to pass this information along to them. Thank you so much and good luck to you on your new business venture if you decide to do it.
1 person likes this
@karsted (240)
• Canada
18 Feb 07
Thank you for your helpful advice. My hubby and I are starting up an Eavestrough business, and at this moment, we are taking a Small Business and Entreprenauership program, at the local college.We have been doing a great deal of our research on the internet, as well. I have to admit, I am a little nervous. I have never started my own business before, but so far it has been very exciting. I think our business ventures will be very profitable,as there is a large demand for this service in our area. It looks that way, anyways. Thanks for the tip on the website. I will definately check it out.