What Should I Do?

[Joie]

I'm hoping my fellow Planeteers can help.


Here's the situation: Aces and I would like to open our own business. First, we want me to go to school to earn a bachelors degree. If we do not succeed in owning our own business, we would like for me to take my degree and use it in the corporate world. I'm looking at schools right now. My education will be primarily done online as I work fulltime. My current employer can provide tuition reimbursement, which I plan to take advantage of.

What degree should I get to be successful at owning and operating our own business as well as a career in Corporate America?

[Redrum_69]

Internet pron seems to be the growing trend

[Redrum_69]

I'm just kidding..


Chose something in the videogame industry. Thats a multibillion dollar industry.

[Iowanian]

You've used the word "business" or "corporate" at least 5 times in a single paragraph.

It might make sense to consider "business" or business Admin.

Are you wanting to "open a business" or do you have an idea? Would you need a particular skill set?

For example, if you want to open your own PC repair business, it makes more sense to get a degree in a related field, and maybe minor in business.

[JBucc]

Major in Business with a minor in Corporate America sounds good.

[StcChief]

Determine what can most be leveraged, what your good at and like to do.

The My own business is alot of work, need to be able to wear several hats to get off the ground.

fall back plan to stay employable.

Friend did a 'parallel thing' for 3 years before leaving corp america.

[Eleazar]

There are plenty of entrepreneurs out there who are not college educated. I don't think that going and getting a bachelor's is going to magically turn the fortunes of a new startup one way or the other.

That being said, if I had it to do over I think I would have majored in finance.

[Joie]

Determine what can most be leveraged, what your good at and like to do.

The My own business is alot of work, need to be able to wear several hats to get off the ground.

fall back plan to stay employable.

Friend did a 'parallel thing' for 3 years before leaving corp america.
We have a few ideas for our business. We know it will be a store-front type of place. And all of our ideas encompass talents and skills from both of us.

If I were to stay where I am now, I could potentially become part of the management team. This is the fallback plan.

[chris]

I'm hoping my fellow Planeteers can help.


Here's the situation: Aces and I would like to open our own business. First, we want me to go to school to earn a bachelors degree. If we do not succeed in owning our own business, we would like for me to take my degree and use it in the corporate world. I'm looking at schools right now. My education will be primarily done online as I work fulltime. My current employer can provide tuition reimbursement, which I plan to take advantage of.

What degree should I get to be successful at owning and operating our own business as well as a career in Corporate America?

I'm biased.....build your own business

couple of questions first before you create your plan.......

1) What are you passionate about? What kind of hobby or work makes you willing to work 60-80/hours a week??

2) Out of this question, can you create a business that you can start part-up and build into a full time business??

3) Is your spouse willing to let you start a business and not have the security of a steady paycheck?

A business degree is a good thing, but not necessary to start a business. However, it is a good learning tool.

One of the best ways to build wealth is to have your own business. One of the best ways to go broke is to have your own business. SO THINK IT THROUGH!

I've started around 14 companies and sold numerous. Working on two companies right now....financial software and a mutual fund . If you have detailed questions, shoot me a PM.

Good Luck!!!!

[Simplex3]

There are plenty of entrepreneurs out there who are not college educated. I don't think that going and getting a bachelor's is going to magically turn the fortunes of a new startup one way or the other.

That being said, if I had it to do over I think I would have majored in finance.
Don't bother with a degree for opening your own business.

[Simplex3]

Let me elaborate:

The education you'll get at college isn't nearly fast enough or pointed enough. Unless you're a sadist you're going to rely on experts to validate things like contracts and your accounting. That's not to say you shouldn't do the first drafts, but experts are experts for a reason.

The one thing that, IMO, kill most businesses is a lack of sales intelligence. You'll need to decide who is going to push your place and make sure that person knows how to sell.

[Gonzo]

Antifreeze?

[Simplex3]

Antifreeze?
Sure, I'm kinda thirsty...

[Joie]

I'm biased.....build your own business

couple of questions first before you create your plan.......

1) What are you passionate about? What kind of hobby or work makes you willing to work 60-80/hours a week??

2) Out of this question, can you create a business that you can start part-up and build into a full time business??

3) Is your spouse willing to let you start a business and not have the security of a steady paycheck?
Thank You!
1. We have an idea. Or rather a few of them. I've put in these kinds of hours doing work I hated, so I think the transition to doing something we love would work out.

2. We think so

3. Aces will be running the business with me. If necessary, we can continue to bring in one steady paycheck for awhile while we get things off the ground.

[Simplex3]

Thank You!
1. We have an idea. Or rather a few of them. I've put in these kinds of hours doing work I hated, so I think the transition to doing something we love would work out.
FYI, you're going to learn to have a healthy disdain for whatever you decide to do no matter how much you love it now. Be prepared for that.

[Joie]

Let me elaborate:

The education you'll get at college isn't nearly fast enough or pointed enough. Unless you're a sadist you're going to rely on experts to validate things like contracts and your accounting. That's not to say you shouldn't do the first drafts, but experts are experts for a reason.

The one thing that, IMO, kill most businesses is a lack of sales intelligence. You'll need to decide who is going to push your place and make sure that person knows how to sell.
The degree isn't just for our business. It's also the fallback plan for if that doesn't work out. Either way, I don't want to be stuck where I am now in 15 years. Either I'd like for Aces and I to have something that is OURS or be making damn decent money from moving up in my current company.

[Simplex3]

3. Aces will be running the business with me. If necessary, we can continue to bring in one steady paycheck for awhile while we get things off the ground.
The biggest trick here is going to be the Operating Agreement. You and Aces need to make sure you lay out how the business relationship works from a legal standpoint and set up the rules so that you can co-exist even if you decide you hate eachother.

[Joie]

Back to the original topic:

What do you guys think? Business management? Business Administration? General Business?

[Simplex3]

Back to the original topic:

What do you guys think? Business management? Business Administration? General Business?
Marketing, maybe accounting. General business degrees tend to be silly, it's what every frat turd is getting in between drunken stupors.

[BucEyedPea]

Finance.

They get big bucks in the corp world and you'd need that to run biz!

Or marketing....any product or service is 90% marketing.
This position can be a hot seat in a corp though.

[DeepSouth]

Marketing. I hear selling Nissans is easy.

[ChiTown]

I have a dual degree in Marketing and Finance - which covers most of what business will throw at you. I also have my MBA, which is practically worthless from a knowledge standpoint but helpful in the business world.

[Nzoner]

Here's the situation: Aces and I would like to open our own business.

Believe me I speak from 17 years experience here,if you do this make sure going in that one of you is the boss and one of you is the employee and that business crap doesn't get taken home.

[Nzoner]

There are plenty of entrepreneurs out there who are not college educated.

Thank you.

[Nzoner]

Let me elaborate:

The education you'll get at college isn't nearly fast enough or pointed enough. Unless you're a sadist you're going to rely on experts to validate things like contracts and your accounting. That's not to say you shouldn't do the first drafts, but experts are experts for a reason.

The one thing that, IMO, kill most businesses is a lack of sales intelligence. You'll need to decide who is going to push your place and make sure that person knows how to sell.

Great advice top to bottom.

[Bugeater]

Believe me I speak from 17 years experience here,if you do this make sure going in that one of you is the boss and one of you is the employee and that business crap doesn't get taken home.
Soooo....which of one you is the boss? :D

[greg63]

Corperate business degree in upper management? :shrug:

[RJ]

I'd go with marketing. That would help you whether you're self-emloyed or working in the corporate world.

[Nzoner]

Soooo....which of one you is the boss? :D

That usually depends on whether it's a shit job or not,firing an employee,dealing with a telemarketer,etc.

[Joie]

Thank you all.

I'm hearing alot of marketing, accounting and finance.

I know we can do this without a degree. But, one of the things I've regretted most is not finishing college. If our business venture works out, that would be great. If not, then we will have my education to fall back on.

[Joie]

That usually depends on whether it's a shit job or not,firing an employee,dealing with a telemarketer,etc.
What other advice do you have? What do we need to have prepared to start the business? Any books you suggest we read?

[Fairplay]

I think the business is destined for failure.

But you can prove me wrong.

[Nzoner]

If our business venture works out, that would be great. If not, then we will have my education to fall back on.

This may sound harsh but I believe if you're going to make the business work stop using words like if and not.

Much success to you.

[Nzoner]

What other advice do you have? What do we need to have prepared to start the business? Any books you suggest we read?

In my opinion thre's only one book you really need to start with and it'll work for any business,Tom Hopkins:How To Master The Art Of Selling Anything


http://www.mindperk.com/Images/MasterArtSelling.jpg

[BucEyedPea]

Thank you all.

I'm hearing alot of marketing, accounting and finance.

I know we can do this without a degree. But, one of the things I've regretted most is not finishing college. If our business venture works out, that would be great. If not, then we will have my education to fall back on.
I'm just passing this on for what it's worth. Feel free to reject as I see you wanna finish college. That helps in the corp world. But I've seen people start businesses and be successful without it. It's still good to have a fall back plan.

What I wanted to pass on was: I used to do graphics for a business college in Mass called Babson College. I was told by the person who marketed their school catalogue that the school is set up to foster entrepreneurship and the making of entrepreneurs. What they found, instead, happening was that the more someone knew about all the things that could make a business fail....they wanted to just work for a corp. Less of them wanted to be entrepreneurs at graduation. So much for knowledge creating risk takers. I think there is something to that.

Ever watch the Big Idea on tv?
They had a bunch of kids who were successful from sheer will...some even millionaires before age 15 or 20! It was pretty awesome and enlightening. When you're young you haven't had any failures to knock you down to size.

[Nzoner]

I'm just passing this on for what it's worth. Feel free to reject as I see you wanna finish college. That helps in the corp world. But I've seen people start businesses and be successful without it. It's still good to have a fall back plan.



I was told by our daily paper when applying for a position selling newspaper advertising I had to have a degree,well I didn't and they became another fire that burned in me.Today I'm their number 1 competitor and they're now contacting me to see if they can print my publication.

[BucEyedPea]

I was told by our daily paper when applying for a position selling newspaper advertising I had to have a degree,well I didn't and they became another fire that burned in me.Today I'm their number 1 competitor and they're now contacting me to see if they can print my publication.
Awesome! I love stories like this! :thumb:


Not to mention doctors and dentists who own and run private practices.

I've a friend who is a dentist, who bills over 10x what the average dentist makes for 5x plus their gross income. The average is $80k per year according to him. But I was told that in 1995 or so. He has no business degree at all either.

[chris]

The biggest trick here is going to be the Operating Agreement. You and Aces need to make sure you lay out how the business relationship works from a legal standpoint and set up the rules so that you can co-exist even if you decide you hate eachother.


excellent point!!!

been there, didn't do that, paid the expensive price!

[acesn8s]

I'm just passing this on for what it's worth. Feel free to reject as I see you wanna finish college. That helps in the corp world. But I've seen people start businesses and be successful without it. It's still good to have a fall back plan.

What I wanted to pass on was: I used to do graphics for a business college in Mass called Babson College. I was told by the person who marketed their school catalogue that the school is set up to foster entrepreneurship and the making of entrepreneurs. What they found, instead, happening was that the more someone knew about all the things that could make a business fail....they wanted to just work for a corp. Less of them wanted to be entrepreneurs at graduation. So much for knowledge creating risk takers. I think there is something to that.

Ever watch the Big Idea on tv?
They had a bunch of kids who were successful from sheer will...some even millionaires before age 15 or 20! It was pretty awesome and enlightening. When you're young you haven't had any failures to knock you down to size.Joie will be the educated one that doesn't want to take the risk anymore and I will be the dumbass to push forward.:banghead:

[007]

I am hoping there will be an opening at One Arrowhead Drive soon. GM

[acesn8s]

I am hoping there will be an opening at One Arrowhead Drive soon. GMI was thinking President/CEO myself

[007]

I was thinking President/CEO myself
Actually, all three.

[DaneMcCloud]

We have a few ideas for our business. We know it will be a store-front type of place.

IMO, this is a very bad idea. The most successful new business owners are have "virtual" storefronts. If there's a particular industry you're especially interested in, create a business plan, approach the company(s) that distribute the goods that you'd like to sell and build an website (or if possible, sell on Ebay). Set up an amazing e-commerce site, spend your days marketing and providing excellent customer service, and go from there. You won't need a loan, you won't need a ton of up front money and you'll be involved in a business that you're passionate about.

The days of "Brick and Mortar" are over. They only benefit the landlord/leaseholder/developer. Getting stuck in a five year lease when your business goes kaput! in 18 months is a recipe for bankruptcy, especially in the food service industry (restaurant, coffee shop, etc.).

In my experience, most college degrees are worthless unless they're from big-time schools (Stanford, Ivy League, UCLA, USC, Wheaton, Howard, etc.). Getting a degree from the University of Phoenix may make you "feel better", but IMHO, you're better off spending that time creating a business plan and moving forward. You're not gonna make $300k a year just because you have a degree from Washburn. Use your money wisely and limit your exposure to debt.

Good luck!

[acesn8s]

IMO, this is a very bad idea. The most successful new business owners are have "virtual" storefronts. If there's a particular industry you're especially interested in, create a business plan, approach the company(s) that distribute the goods that you'd like to sell and build an website (or if possible, sell on Ebay). Set up an amazing e-commerce site, spend your days marketing and providing excellent customer service, and go from there. You won't need a loan, you won't need a ton of up front money and you'll be involved in a business that you're passionate about.

The days of "Brick and Mortar" are over. They only benefit the landlord/leaseholder/developer. Getting stuck in a five year lease when your business goes kaput! in 18 months is a recipe for bankruptcy, especially in the food service industry (restaurant, coffee shop, etc.).

In my experience, most college degrees are worthless unless they're from big-time schools (Stanford, Ivy League, UCLA, USC, Wheaton, Howard, etc.). Getting a degree from the University of Phoenix may make you "feel better", but IMHO, you're better off spending that time creating a business plan and moving forward. You're not gonna make $300k a year just because you have a degree from Washburn. Use your money wisely and limit your exposure to debt.

Good luck!
Really? I didn't think that you could buy a new Smith and Wesson online, perhaps I am wrong about that. I know that I wouldn't buy furniture without being able to sit or lie on it first and I wouldn't feel comfortable buying a weeks worth of groceries online either. Even though gas prices have gone up, paying for S&H(plus the return S&H if you choose not to keep what you bought) still isn't cheaper than going to Target, Nebraska Furniture Mart,etc. (i.e. brick & mortar stores) to get many things all at once. Some things are best being sold in a store than online.

[Bugeater]

Really? I didn't think that you could buy a new Smith and Wesson online, perhaps I am wrong about that. I know that I wouldn't buy furniture without being able to sit or lie on it first and I wouldn't feel comfortable buying a weeks worth of groceries online either. Even though gas prices have gone up, paying for S&H(plus the return S&H if you choose not to keep what you bought) still isn't cheaper than going to Target, Nebraska Furniture Mart,etc. (i.e. brick & mortar stores) to get many things all at once. Some things are best being sold in a store than online.
I think what he was getting at is the days of the Mom & Pop stores are over with, and I agree with him. You can't compete with the big boys you mentioned.

[NewChief]

Really? I didn't think that you could buy a new Smith and Wesson online, perhaps I am wrong about that. I know that I wouldn't buy furniture without being able to sit or lie on it first and I wouldn't feel comfortable buying a weeks worth of groceries online either. Even though gas prices have gone up, paying for S&H(plus the return S&H if you choose not to keep what you bought) still isn't cheaper than going to Target, Nebraska Furniture Mart,etc. (i.e. brick & mortar stores) to get many things all at once. Some things are best being sold in a store than online.

Speaking of: we recently found a bathroom cabinet we wanted from IKEA for about $175. When I went to order it, the total charges were around $450. The S&H would have been more than the stinking item itself. We went ahead and bought something from a local mod. furniture store instead. KC needs an IKEA. Great prices, but the S&H kills.

[KC Kings]

To each their own, but I don't see all of the glamour in owning your own business.

1. Look at how many businesses fail. Go to Grandview or Raytown and look at how many of the small single shop businesses fold after the first year. For big businesses look at Sprint ION. Millions of dollars invested in a great product, but it was 5 years ahead of it time so it folded.
2. Look at all of the work and stress involved with having your own business.
3. Even if you create a sucessful business, you will be working your tail off and giving half of your profits to Uncle Sam. My Mom runs a web business that makes Announcements. She has to find niche markets to make her website visible but does really good business for things like Haloween Wedding announcements and First Holy Communion cards. During the two months before Easter, (holy communion has to be after Easter), she works 9 AM to 5AM every day. MY Dad gets up a 3am, cuts and packs cards, goes to work at 6, gets home at 4, makes a post office run, and cut cards or ties ribbons until 9pm. They are busy for such a short time by the time they hired help and trained them it woudl be time to let them go, and all of the parts of this process require common sense some intelligence, not common in most people willing to work a 2 month temp job. They make a ton of money for three months out of the year, but they are in their 50's with no dependants to 60% of their income goes into taxes. They have to invest almost everything they have into retirement or back into the company, or they pay it in taxes. They might have a great retirement in store for them, as long as the 20 hour a day 140 hour work weeks don't kill them before they get there.

I would much rather make decent money, never be rich, and but only work from 7-4. When I walk out of the door I leave my work behind me and live my life.

[NewChief]

To each their own, but I don't see all of the glamour in owning your own business.
...
I would much rather make decent money, never be rich, and but only work from 7-4. When I walk out of the door I leave my work behind me and live my life.

I'm similar to you in many ways. I think that many people are. My main problem with starting up my own business is the end game. I've seen so many businesses start up, have success for 5-6 years, grow and grow, but eventually fall off without ever reaching the point where they've made the owner rich or become a self-sustaining, growing entity, allowing the owner to sit back with minimal involvement. Instead, the owners bust their humps daily, scraping and scratching, trying to get by and make their business successful without ever really "making it."

That being said, I'm glad there are people out there who have the desire to start up and nurture their own businesses. Our economy, society, and culture need entrepeneurs.

If I were going to get into starting up companies, I think my goal would always be to start a company, make it successful, then sell it off while it's at peak value. Of course, then the person you sold it to might end up franchising it and taking it to the "next level," becoming a big, fat rich millionairre while you're running around trying to start up some other business.

[KC Kings]

If I were going to get into starting up companies, I think my goal would always be to start a company, make it successful, then sell it off while it's at peak value. Of course, then the person you sold it to might end up franchising it and taking it to the "next level," becoming a big, fat rich millionairre while you're running around trying to start up some other business.


That's what I would be all about also, building it up then selling it.
If I received a large sum of money, I would quit my job and go work part time at Tunnel Town and Paradise Park in Lee's Summit. After about 6 months I would learn the business pretty well, and open a similar childrens business up in the Northland. There are thousands of middle class families with $200k+ houses up here that would LOVE to continue their quest to max out their credit cards wasting 20 bucks a kid at this type of establishment, but we have nothing like that available.


On a side note, did you know that the Leawood Hen House makes more profit off of their in house Starbucks store, then they do from grocery sales? My family has been in the grocery business since the early 1800's, and my Dad's dream was always to own a grocery store. Times have changed now and there even the big box stores are having a hard time keeping a profit coming in.

[Phobia]

What I wanted to pass on was: I used to do graphics for a business college in Mass called Babson College.
I used to provide network services for Babson in 1994/95.

[ChiTown]

Kings,

That's a great perspective.

I started my own business several years ago, and I can attest to a lot of the things you are saying. I work all hours of the day. I never REALLY take a vacation, as I still feel responsible to constantly check in. I've been missing out on a lot more family related things as of late, and it has started to effect my relationship with my oldest son.

I'm working on better balance for my life, but it is VERY difficult to do (owning your own biz) with a wife and little kids.

[Simply Red]

street pharmacueticals -> no degree required.

[NewChief]

On a side note, did you know that the Leawood Hen House makes more profit off of their in house Starbucks store, then they do from grocery sales? My family has been in the grocery business since the early 1800's, and my Dad's dream was always to own a grocery store. Times have changed now and there even the big box stores are having a hard time keeping a profit coming in.

KC seems to have a ridiculous number of grocery stores from what I've seen, at least OP does. I don't see how they can possibly all be making a profit, especially when they have to compete with Wal-Mart Supercenter and Target Greatland.

[Iowanian]

The flip side, is many of those "9-5" jobs require huge amounts of stress, extra hours, giving up saturdays(I've given programs 3 of the past 5), travel, time away from home.....for that 3% raise per year.


I don't mind working hard but motivation is an issue when you're busting your ass for someone else.

When you develop your idea into a business that YOU are invested in finanically and emotionally....by working hard YOU see the success.

It may take a while, but eventually, it should get you to a place where you bring in staff and you can slowly back away, while recieving financial rewards for those years you busted your hump.

I'm not looking to be wealthy......But I'd sure like to see more reward for my time and effort.

I do think that anyone who thinks they're going to own a business and work 5 days, 8hrs per is dreaming. They have names for those types of operations. They're called "6 months and done".

[Phobia]

I would have a little trouble starting a business with somebody I was dating.

[NewChief]

street pharmacueticals -> no degree required.

Interestingly enough, I just heard a report on NPR about how little money there is in cocaine anymore. Evidently the prices have just dropped to ridiculous levels due to it no longer being in very high demand. Supposedly it isn't popular anymore.

[Simply Red]

Interestingly enough, I just heard a report on NPR about how little money there is in cocaine anymore. Evidently the prices have just dropped to ridiculous levels due to it no longer being in very high demand. Supposedly it isn't popular anymore.

Hmm. Forget that idea Joie. Pimp Aces.

[bkkcoh]

Hmm. Forget that idea Joie. Pimp Aces.

I think we need pictures to determine if that is truly an option....






:p

[NewChief]

The flip side, is many of those "9-5" jobs require huge amounts of stress, extra hours, giving up saturdays(I've given programs 3 of the past 5), travel, time away from home.....for that 3% raise per year.


I don't mind working hard but motivation is an issue when you're busting your ass for someone else.


Yup. That's the draw for me, if I were to do it. On top of that, it would be cool to feel like what you're working toward and growing is your baby. I'm very scared of financial risk, though. I know that you've got to be ballsy to really see big rewards, but I have a tendency to just play it safe with my money.

[Iowanian]

I'm approaching the ledge and considering the leap soon.

[NewChief]

I'm approaching the ledge and considering the leap soon.

If either my wife or I had half a head for business (crunching the numbers), we'd probably start something up. We're very daunted by the accounting/books/taxes/codes/etc side of things, though. We're both talented, hard working, and knowlegeable. We just know jack and crap about business.

[chris]

I'm approaching the ledge and considering the leap soon.

so start it part-time, grow it, (it's going to change anyway as you learn better what customers really want), then when it can support your cut back income requirements.....then make the big jump.

The best business I ever started was launched from a spare bedroom. Before I moved the business, it had taken over the entire 4 bedroom house except one bedroom. I had temps working at the kitchen table.

(just stay away from retail and resturants. never fails to amaze how many different store front ideas die in the same building. )

[KC Kings]

KC seems to have a ridiculous number of grocery stores from what I've seen, at least OP does. I don't see how they can possibly all be making a profit, especially when they have to compete with Wal-Mart Supercenter and Target Greatland.

The only thing local stores have going for them is that they are not Walmart. Walmart will price match everything so you really do save money by shopping there, but by doing so you are feeding the dragon and are forced to associate yourself with the typical Walmart shopper. It seems like people drop 20 points off of their IQ as soon as they walk in a Walmart. That being said, thanks to the feedback from my sand thread, I will be stopping there on the way home from work tonight.

Hen House is one of the pricier stores in KC, and even they are having a hard time turing a profit. The Hen House on Antioch has been operating at a loss in grocery sales for several year, and only stayed open because thier Kosher bakery was making a profit. Only recently did they decide to close that store and move the Kosher bakery to the Leawood store, (which is where the biggest concentration of KC's Jewish community lives anyway).

I guess if I didn't have a valuable skillset, worked in a field that I hated, and had to work my tail off just to make it pay check to pay check I would have a different mindset. Might as well work your tail off for yourself than somebody else.

[UL Washington]

Philosophy

[DaneMcCloud]

Really? I didn't think that you could buy a new Smith and Wesson online, perhaps I am wrong about that. I know that I wouldn't buy furniture without being able to sit or lie on it first and I wouldn't feel comfortable buying a weeks worth of groceries online either. Even though gas prices have gone up, paying for S&H(plus the return S&H if you choose not to keep what you bought) still isn't cheaper than going to Target, Nebraska Furniture Mart,etc. (i.e. brick & mortar stores) to get many things all at once. Some things are best being sold in a store than online.

You're missing the point. You're not going to be in competition with Target or Nebraska Furniture Mart in my scenario. You're going to find a niche market, something that you're passionate about, set up an e-comerce site and sell, sell, sell.

One of my best friends in the world moved to LA with me back in 1993. After kicking around without a solid career, he opened his own shop in the internet. He went from making $35,000 a year in 1999 to doing over $3 million dollars in sales in 2006, ALL ONLINE.

I have another friend in the music biz who's wife is a designer and she designed baby seat slip covers. Same deal - from like $20k a year in 2000 to over $150k a year in profit. She even went to China to the factory where her products are made.

My wife started a wedding related business after our wedding in 2001. She began as the first online retailer of this particular product line. From about $10k in sales to over $380k in sales (with a 55% profit margin) in 2006. The company drop ships the items and we never have inventory in our home.

I have a friend just across the street whose wife is a jewelry designer. She'd been designing jewelry for the likes of Slash, Sheryl Crow, Johnny Depp, etc. She had a storefront in the "Jewelry District" of downtown LA. The lease was killing all the business she was doing online and she finally got out of it. Now she's selling online, doing "trunk shows" and will be designing a line of jewelry for Ed Hardy, etc. All online.

I can sit her and give you plenty of examples of successful Do-It-Your-Selfers. I can also give you failures, like my brother who tried to open a retail store in OP, and lost his ass. They didn't get the traffic they expected to get, signed a five year lease but had to shut down after 18 months. All parties involved declared bankruptcy. I told them before they even took the first secured loan, that 90% of all brand new food service companies (restaurants, coffee shops, deli's, etc.) fail within the FIRST YEAR. But unfortunately, no one would listen at the time.

But NOW they get it. Good luck.

[ChiefsfaninPA]

If either my wife or I had half a head for business (crunching the numbers), we'd probably start something up. We're very daunted by the accounting/books/taxes/codes/etc side of things, though. We're both talented, hard working, and knowlegeable. We just know jack and crap about business.

Hire an accountant and a good lawyer. They will take care of that.

[BucEyedPea]

If either my wife or I had half a head for business (crunching the numbers), we'd probably start something up. We're very daunted by the accounting/books/taxes/codes/etc side of things, though. We're both talented, hard working, and knowlegeable. We just know jack and crap about business.
You're wife is a graphic designer right?
Well that's a professionthat has a lot of self-employed types some of which expand into full scale design studios. But personnel is the biggest headache, as I hear from some successfull design studio owners. One which is the largest in NY at one time.

Here's one thing that I really do believe can make or break any business....not surveying what people will really want or need which will cause them to exchange dollars with you. I say it's the #1 biggest reason most start-ups fail. This is marketing of course. But you don't need to hire an expensive market research firm. You could just do some observation and research on your own.
And pilot first. Never go whole hog and risk losing a fortune.

Here's a tip, something which I am working with on my own as well. It's something I got from my free-market seminars and classes. Now I know you're not inclined to favor markets but I feel this is key.

If you can find a need by people, solve a problem or come up with something that can be mass produced in a way that most people can afford....you can make a ton of money. ( Paper clips and safety-pins were immensely successful and cheap) That requires having your finger on the market accurately with surveys. It's when you can duplicate a piece of yourself, instead of relying on labor where you mulitiply the financial effects. Other people make the money for you.

[NewChief]

You're missing the point. You're not going to be in competition with Target or Nebraska Furniture Mart in my scenario. You're going to find a niche market, something that you're passionate about, set up an e-comerce site and sell, sell, sell.

One of my best friends in the world moved to LA with me back in 1993. After kicking around without a solid career, he opened his own shop in the internet. He went from making $35,000 a year in 1999 to doing over $3 million dollars in sales in 2006, ALL ONLINE.

I have another friend in the music biz who's wife is a designer and she designed baby seat slip covers. Same deal - from like $20k a year in 2000 to over $150k a year in profit. She even went to China to the factory where her products are made.

My wife started a wedding related business after our wedding in 2001. She began as the first online retailer of this particular product line. From about $10k in sales to over $380k in sales (with a 55% profit margin) in 2006. The company drop ships the items and we never have inventory in our home.

I have a friend just across the street whose wife is a jewelry designer. She'd been designing jewelry for the likes of Slash, Sheryl Crow, Johnny Depp, etc. She had a storefront in the "Jewelry District" of downtown LA. The lease was killing all the business she was doing online and she finally got out of it. Now she's selling online, doing "trunk shows" and will be designing a line of jewelry for Ed Hardy, etc. All online.

I can sit her and give you plenty of examples of successful Do-It-Your-Selfers. I can also give you failures, like my brother who tried to open a retail store in OP, and lost his ass. They didn't get the traffic they expected to get, signed a five year lease but had to shut down after 18 months. All parties involved declared bankruptcy. I told them before they even took the first secured loan, that 90% of all brand new food service companies (restaurants, coffee shops, deli's, etc.) fail within the FIRST YEAR. But unfortunately, no one would listen at the time.

But NOW they get it. Good luck.

Heh. You're killing me. Stories like these are what make me really want to start it up. My wife designs invitations for a fairly big company. She's always designing the top invites for any given release. When I see just one of her invitations bringing in like $10,000 (about a quarter of her salary) in a week, it really makes one reconsider the whole employer/employee relationship.

[NewChief]

You're wife is a graphic designer right?
Well that's a professionthat has a lot of self-employed types some of which expand into full scale design studios. But personnel is the biggest headache, as I hear from some successfull design studio owners. One which is the largest in NY at one time.

Here's one thing that I really do believe can make or break any business....not surveying what people will really want or need which will cause them to exchange dollars with you. I say it's the #1 biggest reason most start-ups fail. This is marketing of course. But you don't need to hire an expensive market research firm. You could just do some observation and research on your own.
And pilot first. Never go whole hog and risk losing a fortune.

Here's a tip, something which I am working with on my own as well. It's something I got from my free-market seminars and classes. Now I know you're not inclined to favor markets but I feel this is key.

If you can find a need by people, solve a problem or come up with something that can be mass produced in a way that most people can afford....you can make a ton of money. ( Paper clips and safety-pins were immensely successful and cheap) That requires having your finger on the market accurately with surveys. It's when you can duplicate a piece of yourself, instead of relying on labor where you mulitiply the financial effects. Other people make the money for you.

Yeah, she's a designer. She's also a killer trend researcher, which is even better. She probably isn't the best technical artist in her company, but she does understand what sells and when. As such, her stuff moves quicker than some of the "better" artists. We'd probably move into the baby/infant/child products of some sort. That market seems to be amazing at the moment because, as weird as it may be, having kids and being into your kids is trendy at the moment.

[DaneMcCloud]

Heh. You're killing me. Stories like these are what make me really want to start it up. My wife designs invitations for a fairly big company. She's always designing the top invites for any given release. When I see just one of her invitations bringing in like $10,000 (about a quarter of her salary) in a week, it really makes one reconsider the whole employer/employee relationship.


She should definitely consider it. Feel free to PM privately for more information. I'm hesitant to reveal any further details about myself and these businesses because I have enough "haters" on this forum already. My privacy is very important to me.

But anyone considering opening their own shop, PLEASE keep in mind that if you think you work hard now, be fully prepared to work at LEAST 30-40% more with your own business. There's so much work involved in a startup, not to mention AP, AR, invoicing, billing, and the financial preparations. Quickbooks Premiere is an excellent business accounting system but as your business grows, so does the time spent accounting for everything you do financially.

[Eleazar]

I would have a little trouble starting a business with somebody I was dating.

I would have more than a little...

[Logical]

Hire an accountant and a good lawyer. They will take care of that.

Good advice, but also research them for honesty and integrity, otherwise they can rob you blind.

[Iowanian]

I'm more looking at a consulting-product-application company with someone else in our area of expertise. There is a definite niche in a market not being addressed by "the big boys" in our field and a definite need.

Due to conflict issues, I'll have to jump in full boar if thats what I choose to do.

Starting a business doesn't have to be a store front. My youngest brother came back from the Army, developed a plan with our buddy in his industry, bought out a retiring guy and started his 1 man company with potential to build a fleet over 5 years. He's in a definite market with proven need doing a specific thing. I haven't seen his books, but from what I gather in his first year, he'll triple my income with a degree and 10+ years experience in my field.

A business, definitely doesn't have to be a store front, pimping ramen noodle of the month.

so start it part-time, grow it, (it's going to change anyway as you learn better what customers really want), then when it can support your cut back income requirements.....then make the big jump.

(just stay away from retail and resturants. never fails to amaze how many different store front ideas die in the same building. )

[chris]

She should definitely consider it. Feel free to PM privately for more information. I'm hesitant to reveal any further details about myself and these businesses because I have enough "haters" on this forum already. My privacy is very important to me.

But anyone considering opening their own shop, PLEASE keep in mind that if you think you work hard now, be fully prepared to work at LEAST 30-40% more with your own business. There's so much work involved in a startup, not to mention AP, AR, invoicing, billing, and the financial preparations. Quickbooks Premiere is an excellent business accounting system but as your business grows, so does the time spent accounting for everything you do financially.

excellent advice. Well said.!!!!!

"the best thiing of having your own business is you get to chose when you work your 80 hours a week" ROFL I have never seen anyone become successfull working 40 hours a week.

Quickbooks is a MUST. Cashflow is blood; I have seen people sell themselves into failure by not planning their cash requirements.

[ChiTown]

One word - Receivables.

I play a receivables/payables game in my business that allows me to minimize the amount of money I have had to borrow from the banks. I typically get paid between 7-20 days from my clients, and I pay out on 30-45 day terms. I trade and broker raw materials/fuel/etc. that go into heavy production (Steel, Cement, Lime,etc.).

Now, this certainly limits the amount of business that I can take with this method, but I'd rather be select and secure than willy-nilly and tits up.

So, before you do anything, understand your threshold for receivables pain, and map it out extensively, so you will only be off by a factor of 10 vs a factor of 50 ;)

[DeepPurple]

From the little amount of information you've given us, I would say your startup business is doomed for failure.

You start out by asking, what is a good subject to major in college so maybe 15 years from now you'll have something to fall back on. That's negative thinking, even though it might seem realistic to have a contingency plan, your already planning to fail.

Just go ahead and get a degree in nursing, the medical field will never lack for good jobs, and just skip the business startup and become a nurse or physicians assistant. You'll be making $50K a year not long after graduation and you won't have all the headaches and worries that a business entails.

What also caught my attention was you mentioned it would be a storefront. Today, with the big box stores like Walmart, Best Buy and Home Depot covering most of the items we buy and use and the franchise industry taking over the eat out food business, there is very little margin for error in starting up a storefront business unless you have a unique set of ideas. Plus, with the amount of overhead involved in a brick and mortar store, any person going into business for themselves would be best served if they could operate from home.

Since I owned a storefront business for ten years and a homebased business for another ten years, my advice would be to forget getting a degree unless your going to use it immediately to secure a job, and forget opening a business outside of your home unless your willing to lose everything you invested in a short amount of time.

[Hog's Gone Fishin]

Ever think of starting a hog farm. All you need is a boy pig, a girl pig, bag of hog feed and a rubber glove.

[ChiTown]

Ever think of starting a hog farm. All you need is a boy pig, a girl pig, bag of hog feed and a rubber glove.

Just one rubber glove?

Excellent! I'm just short a couple of compatible pigs and I'll be ready to roll...........

[Iowanian]

If I raised hogs, I'd do outdoor-lots and raise organic or near organic swine to market to hoity-toity restaraunts and butchers.


As it turns out.....over the lunch hour, I had another nudge towards the ledge. I should probably make sure the parachute is packed right.

[BucEyedPea]

Yeah, she's a designer. She's also a killer trend researcher, which is even better. She probably isn't the best technical artist in her company, but she does understand what sells and when. As such, her stuff moves quicker than some of the "better" artists. We'd probably move into the baby/infant/child products of some sort. That market seems to be amazing at the moment because, as weird as it may be, having kids and being into your kids is trendy at the moment.
Well ya know in a good year I've made $60k in five months. Only I like to goof off the other half when I coulda drummed up more work.

I didn't know they had big business in your state...I think of it as country.

Have you heard of Birthday Express (http://www.celebrateexpress.com/celebration/default.aspx?N=4294967232&Ns=sort1&TabID=4294967232) ? I started designing products just like these by getting into the theme parties for kids when mine was between 3 and 7 but she beat me to it. Now she's expanded into "Celebrate Express" for all ages and "Costume Express." She was fortunate though. Her husband was a businessman who could handle all that for her and get capital. I, unfortunately, was married to an irresponsible musician. :(

Now I'm going to be developing something easier....getting them made in China. Heh! Heh! Again, from being a mom and a designer. It came out of the above abandoned project.

[NewChief]

Well ya know in a good year I've made $60k in five months. Only I like to goof off the other half when I coulda drummed up more work.

I didn't know they had big business in your state...I think of it as country.


Heh. Uhhh... ever heard of Wal-Mart? That was her former employer (clothing design) before moving to her current job.

Seriously, I'm not sure what big biz has to do with it. Her company is located out of Little Rock, but 4 of the 6 designers live out of the State, all over the US. Most of them used to work for Design Design. Anyway, there's a lot of business around here, but geography seems to be more and more meaningless these days.


Have you heard of Birthday Express (http://www.celebrateexpress.com/celebration/default.aspx?N=4294967232&Ns=sort1&TabID=4294967232) ? I started designing products just like these by getting into the theme parties for kids when mine was between 3 and 7 but she beat me to it. Now she's expanded into "Celebrate Express" for all ages and "Costume Express." She was fortunate though. Her husband was a businessman who could handle all that for her and get capital. I, unfortunately, was married to an irresponsible musician. :(

Now I'm going to be developing something easier....getting them made in China. Heh! Heh! Again, from being a mom and a designer. It came out of the above abandoned project.

Yeah, cool. I'm not sure what products we'd get into. Her passion is in patterns. We could probably do something like Mod Green Pod (http://www.modgreenpod.com/) who are making it big with a total of like 3 patterns, heh.

[BucEyedPea]

Heh. Uhhh... ever heard of Wal-Mart? That was her former employer (clothing design) before moving to her current job.

Seriously, I'm not sure what big biz has to do with it. Her company is located out of Little Rock, but 4 of the 6 designers live out of the State, all over the US. Most of them used to work for Design Design. Anyway, there's a lot of business around here, but geography seems to be more and more meaningless these days.

True I just thought that for physical employment. I didn't know how they were set up.



Yeah, cool. I'm not sure what products we'd get into. Her passion is in patterns. We could probably do something like Mod Green Pod (http://www.modgreenpod.com/) who are making it big with a total of like 3 patterns, heh.

Cool site.

That's how it starts.


They had this lady on Oprah one day. She designed houseware items; lamps etc. She was making a million dollars. People love cool designs.

[Skip Towne]

I didn't know they had big business in your state...I think of it as country
Have you ever heard of Wal-Mart or Tyson Foods? Their corporate offices are about 10 minutes apart.

[tmax63]

Outstanding advice from practically everything posted here. To answer your degree question I would lean towards finance and marketing/market research. Being able to read the books and know what your looking at gives peace of mind (or panic if your accountant is sugar-coating things).

[Skip Towne]

My little brother is a good example of a successful start up business. About 1965 he bought a third hand, small Ditchwitch. The guys before him couldn't (or didn't know how) to make money with it. He is mechanically brilliant but didn't go to college. Today he has three new boring machines (for drilling under hiways, etc.), Three (at last count) big Case backhoes, numerous Ditch Witches of every type, two trackhoes, a rock drill and at least one bulldozer. Probably a million dollars worth of equipment. And nine employees. In the last 5 years, he has purchased 40 acres just outside of town and built a new shop complete with a separate office building. Also in the last 5 years he developed an interest in classic cars so he bought a '60 Corvette, a '57 Nomad and a '66 Chevelle. All show cars. He has contracts with several major oil and pipeline companies. I told that kid if he didn't get his education he would end up digging ditches. I was right!!!!!!!

[ChiTown]

A little bit more from the advice column.

If you plan to go into biz for yourself, get friendly with your banker. My banker has become one of my best friends here in Wichita. He's the President of one of the fastest growing banks in the state.

If you let them, they will help you map out your needs for your business and how to get things done with different financial institutions. Cash flow is king with any size biz, but especially with small business'.

[acesn8s]

Perhaps a few things should be clarified:

1)Joie's education is to help advance the business but is being paid for by her current employer, therefore it must be related to the advancement of her current career. If we decide that starting a business is not right for us at this time her education needs to be helpful in her advancement within her company.

2)The business(es) that we have in mind CANNOT be sold via internet and be successful.

3)The relationship between Joie and I, although not married according to the state of Kansas, is the strongest bond that either of us have been in, including my marriage. Whether we run to the courthouse today or not will not make a bit of difference as to the success of this business.

A boxer doesn't get into the ring until unless he has his sights on the championship. But he cannot fight the champ until he knocks down a few chumps first.

You all can stay on the porch but this pup wants to run with the big dogs.

[DaneMcCloud]

Perhaps a few things should be clarified:

1)Joie's education is to help advance the business but is being paid for by her current employer, therefore it must be related to the advancement of her current career. If we decide that starting a business is not right for us at this time her education needs to be helpful in her advancement within her company.

Then she needs to go to a great school. If you have to move out of state for some reason, having a degree from St. Mary's of the Plains won't look too impressive.

2)The business(es) that we have in mind CANNOT be sold via internet and be successful.

Mistake number ONE. Many people have given you excellent advice about how to startup a new business and run it effectively. If you chose to ignore this advice, so be it but don't say you weren't warned.

Unless you are a multi-billionaire venture capitalist, ANY new business needs to have products available for sale on the internet. You CAN'T just rely on local revenues, especially if you're locked into a 5 year lease (which is common) and "expect" foot traffic to cover your expenses and cost of doing business. That's an EXTREMELY foolish move, one that has about a 6% chance of working past year one. Not good odds.

3)The relationship between Joie and I, although not married according to the state of Kansas, is the strongest bond that either of us have been in, including my marriage. Whether we run to the courthouse today or not will not make a bit of difference as to the success of this business.

I don't care how solid your relationship and marriage are, as a few others have stated, it's not good business to run a company with family members. Being around your spouse 24-7, 365 days a year is not healthy for anyone, no matter how strong your relationship may be. This is a recipe for disaster IMO, but good luck.

A boxer doesn't get into the ring until unless he has his sights on the championship. But he cannot fight the champ until he knocks down a few chumps first.

You all can stay on the porch but this pup wants to run with the big dogs.

Homespun sayings and tales of bravery won't stop the bank from foreclosing on your business or home if your business and business plan aren't sound. Bankruptcy lasts 10 years now and with a credit score of less than 575 (which is typical), you'll have to get a co-signer for a freakin' apartment lease!

[acesn8s]

Then she needs to go to a great school. If you have to move out of state for some reason, having a degree from St. Mary's of the Plains won't look too impressive.
If the company that is paying for the education won't recognize the school the degree came from why would they pay for it in the first place? Don't believe the Hollywood movies that say the only way to success is with an Ivory league degree. My current CEO got his Bachelor's degree online and help lead the way to a 30 billon dollar profit.



Mistake number ONE. Many people have given you excellent advice about how to startup a new business and run it effectively. If you chose to ignore this advice, so be it but don't say you weren't warned.


Unless you are a multi-billionaire venture capitalist, ANY new business needs to have products available for sale on the internet. You CAN'T just rely on local revenues, especially if you're locked into a 5 year lease (which is common) and "expect" foot traffic to cover your expenses and cost of doing business. That's an EXTREMELY foolish move, one that has about a 6% chance of working past year one. Not good odds.
Again, not every business can sell their products online. In some cases it's the law while in others the consumer would not want the product days later.


Homespun sayings and tales of bravery won't stop the bank from foreclosing on your business or home if your business and business plan aren't sound. Bankruptcy lasts 10 years now and with a credit score of less than 575 (which is typical), you'll have to get a co-signer for a freakin' apartment lease!
I must admit that this is some startling news. I never knew that a bank can foreclose on your home because your business plan isn't sound. Get real! If the plan isn't good they will tell you. The banks are not in business to give loans to people with bad plans.

I am fully aware of the consequences that if the income isn't there then a real problem is brewing. But I also know that my current company made billions and only gave me a 2% raise and raised the cost of my health insurance 4%. I also know that I have no idea of my schedule next month or even six months from now(and that goes for Joie too). At least this way I know when my schedule changes and why. I know that if I'm not making the money I know who is effing it up.

[DaneMcCloud]

Fine. Ignore the excellent advice given by other successful business owners. That's your choice.

[Ultra Peanut]

You need only ask yourself one question:

http://i9.tinypic.com/67s530k.gif

[Joie]

Fine. Ignore the excellent advice given by other successful business owners. That's your choice.
It's not a matter of ignoring advice.

We have been give a little bit of decent advice on the subject matter of the thread. And for that little bit of advice we are thankful.


However, telling us our idea (which we have yet to even divulge) will fail is not acceptable. Telling us our business will fail because we do not wish to sell a product online that will not succeed online is not acceptable. Making attacks on our relationship and our choice to be independant together is not acceptable. Don't ever think we will stand by and just take these attacks under the guise of "advice". And by the way, we were not even asking for this "advice".

I created this thread with one purpose. I needed to have an idea before I went to the meetings with schools of which degree to get. That decision has since been made. Thank you to the handful of people that actually bothered to answer my question. Your advice was very helpful.

[Phobia]

I don't think anybody is attacking you guys for your idea. But they are telling you that most businesses fail. You should be aware of that.

Businesses started as a husband/wife team are usually bad for the relationship as well. I know 4 personal friends who are in business with their wives. Only one couple is well adjusted and happy in their relationship due to strife they bring home from the "office". It's not a great idea. I wouldn't go into business with my wife in a million years.

That said, nobody knows your relationship but you. If you can work through the stress and have a successful relationship, then do it. But you really need to decide who is the BOSS beforehand. You can't be equal partners and expect to have a blissful relationship at home and at the "shop".

[BucEyedPea]

I don't care how solid your relationship and marriage are, as a few others have stated, it's not good business to run a company with family members. Being around your spouse 24-7, 365 days a year is not healthy for anyone, no matter how strong your relationship may be. This is a recipe for disaster IMO, but good luck.


Businesses started as a husband/wife team are usually bad for the relationship as well. I know 4 personal friends who are in business with their wives. Only one couple is well adjusted and happy in their relationship due to strife they bring home from the "office". It's not a great idea. I wouldn't go into business with my wife in a million years.

I totally agree with these two. I was one of these. I hated the way my ex did things and he would resist doing it right. I'd fire him and he'd say you can't fire me because I quit. It was my business first too. Needless to say we only did if for a very short period realizing it wasn't workable for us.

That said, nobody knows your relationship but you. If you can work through the stress and have a successful relationship, then do it. But you really need to decide who is the BOSS beforehand. You can't be equal partners and expect to have a blissful relationship at home and at the "shop".

Some can do it. I'd say pilot it conditionally first and see how it goes.

[BucEyedPea]

BTW I think the same can be said of other family and friends. Gotta be willing to lose a friend if something goes wrong. Money does funny things to people.

[BucEyedPea]

Have you ever heard of Wal-Mart or Tyson Foods? Their corporate offices are about 10 minutes apart.

Come on p'nut buttah...that's only two. In greater Boston area, there are about 800 Fortune 1000 companies. Here in my current area only 11.

Still sounds count'ry to me. Hee Haw! :D

[Skip Towne]

I didn't know they had big business in your state...I think of it as country.

Since you made this misinformed statement, I thought I should point out to you where the world's largest retailer and the world's largest chicken producer reside. Since Boston is wonderful, why don't you live there? Nevermind, I don't give a shit.

[BucEyedPea]

Since you made this misinformed statement, I thought I should point out to you where the world's largest retailer and the world's largest chicken producer reside. Since Boston is wonderful, why don't you live there? Nevermind, I don't give a shit.
Well, that wasn't exactly what I meant by that. I simply meant that I thought of it as mostly country, without much big business in general. I meant big business as plural. Not that it had none. I also wasn't promoting that Boston was wonderful either...I was using it as a comparison for what I meant. I was just surprised to find NC's wife doing similar to what I do in that area. I think you're overreacting.

[BucEyedPea]

I thought of this thread while watching the Big Idea again.

I also thought of your wife New Chief when I saw it as well as Joie. Didn't know if anyone caught it. It had some great ideas by Moms and a Dad by watching your kids carefully and they turned what they saw in to million dollar businesses eventually selling to a large company.

There was one regarding a baby product called Taggies. This one made me think of what you said NC about doing something regarding your baby/child, your wife's design job and her interest in patterns.

Here's some (http://www.babybungalow.com/tabaandkilot.html)

The mom simply noticed how the babies interacted with tags. Unbelievable 'eh?

Maybe you can catch a You Tube on it. It was full of ideas and how they got hem to the market not having much money to start even. Just the process on how they went about it was pretty educational. One was just a school teacher too.

[PinkFloyd]

Have you tried "Hooked-On-Phonics" ???














All kidding aside --- good luck on anything you guy's do...

[Iowanian]

and Iowanian LEAPS off the ledge.

I'm jumping to Fly...not to fall.

http://imagesource.allposters.com/images/pic/BOTCARD/03-252G~Cliff-Jump-Posters.jpg

[NewChief]

and Iowanian LEAPS off the ledge.

I'm jumping to Fly...not to fall.

http://imagesource.allposters.com/images/pic/BOTCARD/03-252G~Cliff-Jump-Posters.jpg

Good luck, man. I look forward to hearing about your success.

[Eleazar]

Good posts here.

If I were going into business for myself, first of all I would think twice unless I were heeled enough to do it without borrowing money. What would happen if you failed within a year like most do and you had a $200,000 business loan? Jeez. I'd jump off a bridge. I wouldn't do it until I could do it with more than adequate capital without borrowing. I wouldn't go into business with a friend, let alone a significant other. Not to be trite here, just my opinion.

I think the most important thing I have learned, in terms of what has influenced my view of business, is that the function of business is not to generate a profit. It's like saying the purpose of your life is breathing. The purpose of business is to create and keep customers.

I agree with you also about the foot traffic thing. I don't understand how anyone could have a great business model and rely totally on a brick & mortar location. Sure, if you're in times square you can rely on foot traffic. But all you have to do is look at the plethora of dead malls around Kansas City to see how much people want to become 'foot traffic' these days. The landscape is changing in America. Foot traffic is dead. This is a culture that gulps down convenience 24/7 and then bitches about how inconvenient the world is. It's not so much that you can't survive without selling electronically, it's just that if you aren't even considering it then the plan has probably got some other holes too.

Anyway, I've liked this thread, there's some good stuff in here. Interesting read.