Entrepreneurship - any advice?

originally posted by: deadlyhope
a reply to: Tsuro

Yeah I understand some new owners work double time for a few years. I'm willing to do this. Would just like any pointers I can get before I take the leap

Don't be undercapatalized! That was the main reason some of my businesses failed. I just couldn't afford to keep the doors open.

a reply to: deadlyhope

I am in the UK so cannot really help in many senses but am a little puzzled by the way you are going about this as you seem very vague about the nature of your new venture?

Most people who start out on there own as I did have an idea or concept first and then try to turn it into a business, Ie. "hey you know what this town could use a roller disco, people would love that" or "I am sick and tired of being an employee carpenter, I am going to set my own firm and be my own boss"

You seem to have decided that you like the idea of having your own business but do not really have any idea what it will be doing and this concerns me a little.

Having said that I would suggest you maybe look into a franchise if you have the funds or assets as a lot of the groundwork and infrastructure is already in place but be warned that you may be tied in so tightly you wish you had never started.

Good luck.

a reply to: olaru12

I've thought about starting smaller - theres obvious disadvantages to starting smaller, and lower profit margins, but if I have the capital to afford lower margins are first, then go bigger into it once I'm more established and experienced... Just a thought

a reply to: deadlyhope

The best way to establish long term wealth is real estate. If you are in a tourist area yo can do something in property management or maintenance and expand to have your own rentals.

Also, hiring employees changes the game. It is so complicated and expensive thanks to government involvement that I loathe this part of business. My advice is 1099 as much as legally allowed, hire contractors when you can and use interns where you are trading your wisdom and experience for their effort.

If you MUST hire someone then make it someone dynamic and amazing. Pay them a ridiculous salary because when you find someone good keeping them is paramount. I started my employees at $20/hour and paid up to 32.50/hour. It was worth it to have the right talented people.

Eta: Avoid anything brick and mortar. It is too darn expensive.

a reply to: nonspecific

I have specific ideas, I don't know that they matter within this post though.

Cabins for tourists, hospitality.

Agriculture like farming, cows, other meat animals.

Really only the two ideas - I have family that works in both and could help me learn the ropes.

General ideas will help the most - I don't want to wear my family out with a hundred questions when Ats is a pretty great community with far more members in my family. I'll have them help me with the specifics, like which booking agencies to use, and the like.

a reply to: Metallicus

Real estate in this area would definitely be a great idea. Tourists will pay 1-200 a night to stay in a pretty basic home.

I definitely agree with higher pay, better employees. I don't need 2 or 3 people making minimum wage while I babysit them - I used to work at Walmart and it was awful. Some workers were easily worth several times other workers, but a huge corporation like that probably can't get away with picking and choosing specific people to work for them. Not enough skilled people, too many lawsuits etc.

What market were you in?

originally posted by: deadlyhope
a reply to: nonspecific

I have specific ideas, I don't know that they matter within this post though.

Cabins for tourists, hospitality.

Agriculture like farming, cows, other meat animals.

Really only the two ideas - I have family that works in both and could help me learn the ropes.

General ideas will help the most - I don't want to wear my family out with a hundred questions when Ats is a pretty great community with far more members in my family. I'll have them help me with the specifics, like which booking agencies to use, and the like.

That's good then, it almost sounded like you had woken up this morning and thought "I am going to start a business!"

Have you thought about starting part time so you can build up to it supporting it'self and you? Stress can kill a business and it can also kill you. It's hard enough as it is in hte beginning without the added worry of paying the bills and lack of work.

a reply to: nonspecific

I do have a stable job that I hate right now, but am willing to work part time as long as I need.

Most of my ideas are start smaller - people around here have success with even a few cabins, or one fixed up house for tourists to rent for a few nights.

I could very well just cap out all my credit, get cosigners and investors and go big - this area does have the ability to do so, but I think less risk, less reward for now. I'm having my first kid later this year, so don't want to go too crazy just yet.

originally posted by: deadlyhope
a reply to: nonspecific

I do have a stable job that I hate right now, but am willing to work part time as long as I need.

Most of my ideas are start smaller - people around here have success with even a few cabins, or one fixed up house for tourists to rent for a few nights.

I could very well just cap out all my credit, get cosigners and investors and go big - this area does have the ability to do so, but I think less risk, less reward for now. I'm having my first kid later this year, so don't want to go too crazy just yet.

Having no idea where you live in the world makes this a long shot but if you have the use of land have you looked into renting Yurts?

They are quite popular here in the UK as an alternative holiday, getting back to nature for the middle classes kind of vibe. I know a few people who have set up renting them, they are cheap to buy and a niche market yet still charge a decent ammount of rent due to the novelty.

a reply to: nonspecific

My sister brought up "glamping" at one point and thought it would be good in this area. Camping is quite popular around here, so I do see there being a market. I would have to acquire some land, but as long as the land didn't come with too many water rights, I think it would be affordable

a reply to: deadlyhope

Are you in or around Park City. I'd look for established businesses that are for sale and wheel and deal with the seller.

I don't know if you already created a website or not, but you definitely want/need one of course. Here's some marketing tips that I think will be resourceful. Check it out
www.business2community.com...

I particularly like tip # 10 b/c it summed up what you need to do to increase traffic and leads.

originally posted by: deadlyhope
a reply to: nonspecific

My sister brought up "glamping" at one point and thought it would be good in this area. Camping is quite popular around here, so I do see there being a market. I would have to acquire some land, but as long as the land didn't come with too many water rights, I think it would be affordable

Yep, similar to glamping but with a more back to nature aspect to it.

I have a few pretty decent idea's if your interested as that as it's on my "great idea I'll never get round to list"

a reply to: olaru12

Nah, Southern. Grand Canyon, Zions, bryce Canyon are my tourist areas I'm talking about

a reply to: nonspecific

It would be cool to hear that idea - I have my own ideas that I just won't ever implement. I personally believe a website a hundred times better than trip advisor could made, but it's not like I have the programming ability and such.

a reply to: deadlyhope

Get a lawyer and don't trust anyone.

Read everything Richard Branson did

a reply to: 1am2pm

When asked what the quickest way to become a millionaire was Branson replied "set up an airline"

a reply to: gladtobehere

Not only that, but have an exit plan. Plan on not paying yourself for a good year or, so, get pt jobs, save, save, save!!!

Good luck

a reply to: deadlyhope

It's better to be an expert in your field than a jack of a few trades.