I need some advice from successful business owners.?

I plan to run a small business. But I really need advice. What should I do before I quit my job in running a business?

BEFORE ANYTHING: CAPITOLS ARE FOR EMPHASIS ONLY. THEY'RE NOT, AT ALL, INTENDED TO LOOK, AT ALL, LIKE YELLING.

ALL EIGHT ANSWERS SO FAR: GREAT STUFF!!! BUT I HAVE A HUGE BUT...AFTER I GIVE APPROVAL OF ALL THE EIGHT ANSWERS SO FAR THAT I SEE:

1-SBA Advice: Absolutely!
2-Know your market strategy: Absolutely!
3-Know the market in general, IE; start thinking about business as well as your product, STUDY BUSINESS (Magazines, web, everything that you can get your hands on and the best part, most of it is free now): Absolutely!
4-Is your product/service better or better than most, IE; will you blow away your competetion? YOU'D BETTER HAVE ONE or don't even think about owning your own business!!!
5-Your product/service better be different, fantastic, good for all, and
6-EXTREMELY IMPORTANT!!!: DO THIS: Think about eventual investment or quick investment that others that see your product/service as a GREAT investment!!! VERY IMPORTANT!!!
7-You'd better prepare yourself for long periods of "Oh no, what did I get myself into???!!! :( "
8-Have a viable business plan which if you don't know the SBA says "...is not an exact science", but beware of that leniency. Prove to yourself that what you have to offer is FANTASTIC!!! And that your business plan is fool proof given the right amount of time, money, well thought out preparation, etc...

So on and on...there's so much to say, it would take an unbelievable amount of time to write and for you to read that starting with the above advice is great, but it's just a start. It's a journey. Learning will be your first step. And it's great to see you ask.

BUT...AND HERE COMES THE VERY IMPORTANT BUT...

Don't fool yourself into thinking that you can do all the work. So many fail because they think they're tough enough to work 18 hours + a day before they actually do and then they find out (And no one should be ashamed of this!!!) that they can't handle that. Remember, you're human, so be prepared to work out specific details of the help you'll need from who and where.

I CAN'T TELL YOU ENOUGH HOW ESSENTIAL THIS IS!!!

I'M A SUCCESSFUL BUSINESS OWNER WHO FOUND OUT THE HARD WAY ABOUT THIS, AND BTW, I HAVE WORKED FOR YEARS FOR LONG HOURS...AND YOU KNOW WHAT YOU GET WHEN YOU DO THAT?

YOU GET TO GO INSANE BECAUSE:
- YOU'RE NOT SLEEPING WELL,
- YOU'RE NOT EATING WELL,
- YOU'RE NOT TAKING CARE OF YOUR SELF
- YOU'RE NOT A LOT OF THINGS THAT ARE ESSENTIAL TO THINK STRAIGHT, BE PRODUCTIVE, ETC...

WHY?

- BECAUSE YOU'RE TOO FOCUSED ON ALL OF THE TASKS SO MANY COMPANIES HAVE OTHERS DO THAT YOU'RE DOING (BECAUSE YOU'RE A SMALL BUSINESS AND CAN'T AFFORD THEM YET OR AT FIRST REALIZE IT'S VERY HARD TO FIND GOOD HELP OR JUST FEEL TOO RESPONSIBLE FOR THE TASKS AT HAND AND ARE AFRAID OTHERS WILL MESS SOMETHING UP, EVEN BEFORE YOU GIVE OTHERS A CHANCE TO HELP YOU, AND UNFORTUNATELY, THERE ARE ETCs...)THAT YOU LOSE FOCUS ON ONE VERY IMPORTANT TASK, IE: KEEPING YOUR LIFE BALANCED SO THAT YOU CAN MAKE PROPER BUSINESS DECISIONS!!! OH, YOU BETTER BELIEVE I'VE HAD THIS HAPPEN TO ME AND YES, YES, YES!!! WATCHED OTHERS GO DOWN BECAUSE THEY DIDN'T CONSIDER THIS/THESE ISSUES.

You're going into business will probably mean you've got a lot of gumption right now, right? That's not a bad thing...BUT YOU WILL RUN OUT OF STEAM. Be prepared, BE AWARE OF WHO YOU ARE AND WHAT YOU CAN HANDLE.

So many get into business thinking they're SUPER HUMAN.

So, HERE'S THE BEST TIP OF ALL: REVERE THE ABSOLUTE NECESSITY OF ALLOCATION, REPEAT ALLOCATION, OF RESOURCES (AND TAKE SERIOUSLY THAT YOU'RE ONE OF THEM AND THE MOST IMPORTANT ONE I MIGHT ADD, AFTER ALL YOU STARTED/CREATED THE BUSINESS!!!).

Here's an example: You get sick...the whole company stops because you are the whole company and WALLA, you miss critical dates of this and that, you're company (Relying on the often "thin" revenue sorces) gets behind in financials in some way or another... It happens. It's happened to me. It happens to a lot of small business owners who don't takes seriously the need for the proper allocation of resources, IE; one being the help all businesses need to run properly.

IT'S IMPERATIVE YOU UNDERTSTAND AND DO, REPEAT DO THIS, BEFORE YOU GO SLAMMING (THAT'S WHAT IT CAN FIRST FEEL LIKE) INTO THE UNKNOWN WORLD OF ENTREPRENEURIALSHIP.

Why such drama in my answer/suggestions/real world experince shared with you?

Because, as you will see, so many people DON'T TALK about this very real part of business ownership...but God, does it happen often. Too often! And I want you and all who read this to understand from someone who, again IS a successful small business owner, how very real and necessary to regard what I've just mentioned and how it can and will affect your business.

Forget "good luck".

How about good realistic version of ALL the things necessary in owning your own business, that you understand FULLY of what's involved in a very REAL way , BEFORE, DURING, AND AFTER (If you

Start with the US Small Business Administration. They have free online courses, answers to most common questions, grants and a retired business corps to work with you individually.

1. Start by thinking and deciding what you really want to do = do you think you can handle the roller coaster ride of self employment?

2. Decide what route you want to take in starting a business = will you start your own business, buy a franchise or buy an existing business

3. Decide on the exact business you want to do = the business can be based on what you have been doing in your job, or whether you want to pursue a passion, or other opportunities you've seen

4. Start researching about the business = understand how this business will work, who its target market are and how will you reach your potential customers

5. Start looking at the resources needed for your business = do you have the fund to start this business, and have enough left (at least 6 months) of resources for your daily living and family expenses

6. Decide on how you want to pursue the business = will you quit the job immediately or work part time while pursuing the business part time

7. Involve your family in your decision-making = you need their support. For example your wife can work -- and provide health insurance -- for your family while you jumpstart the business

Good luck

I don't think I would have the kahunas to start a business right now. I hope you are well capitalized because the banks will more than likely not be jumping to give you a loan. I would stay working at your current job to pay for your current personal bills. Don't expect to net much if any for the first couple of years.

Invest money.You should be keen in checking your sales and purchases and be economical on other expenditures to have a successful business

Do your homework before you quit....the more you educate yourself the more successful you will be. Make sure you have enough cash stash away also....it can be 6 months to a year before you are making a profit that you can live on. If you need a loan make sure you already approved before you quit.

Good Luck!!

What do you plan to produce ? Are you an expert on the field you are entering ? What is the competition picture ? Do you have enough cash to pay for the entry along with enough to tide you over until the enterprise begins to show a cash flow ? Do you have a location where there is much traffic or does the nature of the business not depend on location ?

Get some clients going before you start 100% full force- unless you can afford to a go a little while without pay. I waited tables for 6-10 months before I went in 100% the first time- the second one- I rode the storm!

hi there mate i am 16 i open up a ebay account when i was 13 years old i used my dads bank card to make my paypal account i belive in my self and took riskes i started selling refirbisheds know i am kind of a company that wat my customers think when. know i am 16 i have around 80k in my bank when i started i took loads of risks my dad never helped me out with money when i needed it but dude i was all ways crap in school did never study but that never pulled me back
so what i am trying to say is go for it do it and good luck.

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