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Starting A Small Business from Scratch - What to DO? What to AVOID?

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posted on Dec, 20 2018 @ 08:29 AM
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a reply to: Blaine91555

Thank you all for the great replies. I am taking meticulous notes from this advice. Everything you have all said so far helps a ton! I may not reply too much on this thread, because the point is not for me to babble incessantly, but to learn; so, I am definitely taking this information to heart! I may give an update on our situation with this business as things get rolling in early 2019, good or bad hah
Thanks again, and please keep any great advice coming!




posted on Dec, 20 2018 @ 08:29 AM
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a reply to: Blaine91555


edit on 20-12-2018 by Fowlerstoad because: double post



posted on Dec, 20 2018 @ 08:47 AM
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a reply to: FlyInTheOintment

You never mentioned a business plan, I assume you must have done a thorough business plan which details the financial projections etc.. of the business?

I’m not sure about US tax rules but in the U.K. it is normal for a start up to make a loss in the first year or so, that loss can then be carried over to the next financial year and be offset against taxes.



posted on Dec, 20 2018 @ 04:59 PM
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My advice having never taken this leap, but seen others succeed and fail is...

1. Have a plan
2. Adapt the plan by iteration rather than by step change
3. Failure is inevitable - try to limit the size of failure
4. Recognise you'll not earn as much as you think you will
5. Be prepared to work very hard to make it work
6. Be prepared to pull the plug




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