Get rich in America

I have been wanting to start my own business for 10 years now. Over this time I have been tossing around ideas, reading as much as possible, creating business plans, completed my Bachelors Degree in Business, and amassing as much personal savings as possible. I have finally settled on an idea, finalized the business plan, scoped out a potential location, and am not just waiting until I have enough personal savings to get the business started. Funding has always been a concnern of mine and I am quite certain you can never have enough start up capital. I do not want to turn to my family members for financial help, I refuse to use Credit Cards for start up expenses, and the SBA loans, venture capitalists, and angel investors seem like long shots. Am I being overly cautious or am I ensuring that I get this business off on under the right circumstances? I figure I need to have $100,000 to get my retail business started and I am half way there. At this point I am trying to be patient and continue to educate myself as much as possible about my industry and operating a small business.

I dropped out of High School in 1986, joined the Army in 1988, honorably discharged in 1995. I was penniless, uneducated and frustrated. I had always enjoyed speaking to people so I took a minimum wage job at a mortgage company as a telemarketer while going to school at night. Four years later I had been promoted to loan officer and had also earned my BS in Business and was accepted into the MBA program. I was recruited by a major local bank and received extensive training in management, which I worked as I earned my MBA and started the Ph.D program. In 2004 I founded my own firm and by the end of 2006 we had successfully helped more than 200 new families become homeowners and wrote more than $40million dollars in business. And yes, I earned my Ph.D in Business as well. Something must be said for perseverance and belief in self. All things are possible, just ask me.

I started my own business and I work for a company in an entirely different field. I worked part time for a company that is one of my competitors. I bought some yard signs and set up my website. I parted ways with the part time job after learning what they were doing. I put out the signs and keep working at the regular job. I am seeking God’s direction for my business and working on my business plan. As I get the opportunity I trade my services for services and advice/training. I learned that to get something in life you have to give. It is frustrating to work at a job and think about missing that service call or sale. I know I must be smart and use what is given to me until the business grows. I wait for the day to come when I can make it on my own. If there is anyone out there in this situation. When the checkbook goes almost empty praying to God for the increase and having faith makes things happen to bring business. When I get that service call or sale I know who to thank because it does not come from me or what I have done it comes from Him above. Keep the faith and work hard and keep in mind that JOB is another way of saying “Just Over Broke”. When being a “Business Owner” is another way of saying “Heading toward financial freedom”. God Bless each of you and your financial endeavors.

Be forward thinking to anticipate which direction your current field might be going….what is the next advance in your area and concentrate providing that product or service.
Keep it simple, your plan and your business.
I worked both a job and my business for three years until I was up and running.
I have started three small businesses in my life and made the most money by selling the first two. Both are still in daily operation. Be willing to sell your business when it is successful and start a new one.
Ask questions, watch what is happening in your area of expertise and stay on top of the information game and provide top quality products and services.Be the very best and don’t overcharge.
Love what you do and do what you love.

I started my business after inventing a “product” (more a process or service really) in my spare time to help me at work. I figured someone might pay money for this. I wrote a business plan, realized I was mostly pipe-dreaming, and then reinvented the whole idea.

The initial “Aha” moment still kicked it off, and I’d been mentally waiting for just such an excuse to start a business for years. I’d read a bunch of books and articles, but nothing beat writing out a proper business plan for myself. It makes you realize just how much is feasible and where the bottlenecks are likely to be. I echo all the other comments here about either being financially savvy yourself, or knowing and trusting someone who is…

The biggest problem I’m having is that my business doesn’t fit any standard model out there. I have no inventory, no tangible “product” much of the time, and the service I provide isn’t one that I can find advice or recommendations about, because I can’t find anyone else doing it.

Or, perhaps, that isn’t a problem, that’s the most valuable thing about it

After dribbling in cash from side-lines over the past couple of years I’ve found my first paying customer. Now I’m wondering just how far I can take this thing…

Good luck to all the other entrepreneurs out there!

I’m trying to do the samething you are, but i have 7+ of experience in this industry, the market is good for investors to buy properties now and to hold them untile the market changes, there are many ways of doing this you just need to research which way will work more efficiently for you. Dont get dissapointed by any mistakes you make along the way, just think of them as things you will never do again, lesson lived = lesson learned, if you’re looking for more advice or ideas contact me

I have been working on my plan for several years. I currently own my own busines, it’s involved in the electronic wholesale business. Unfortunatley it is becoming a casualty of outsourcing so I have been focusing on something that addresses several issues I would like to do different in any new venture. My plan is to buy hold, hold and rent out for a year, and than renovate older classic homes in great areas. I know market conditions aren’t the best, and am currently on the market with a brand new custom spec I have built, but some lessons I have learned along the way should help.

from personal experience:

1. Know the industry you’re going to play in, from top to bottom inside and out.
2. Don’t be afraid to let go of or change an idea that’s not working.
3. Make sure you have enough money to survive for at least a year.
4. Use every contact you have and tell everybody what you’re doing in case they know someone who can help.
5. Be serious. Treat your start-up business as a real business whether you’re earning 10c or $10 million. Get to work early, have a structured day, set yourself goals and timelines and work to a business plan.

Become the lender. Buy pools of first trust deeds. Take the income they kick off and plow it into an IRA. Buy foreign index funds, foreign currencies, US growth companies and inflation hedge securities. Raw land in certain parts of the country isn’t bad either. Then, kick back in your hammack and sip a cold beverage and enjoy life.

Two tasks are critical to a successful start-up: (1) creating a business plan; and, (2) understanding business accounting.

A well thought out business plan will give you an edge by forcing you to think through your business concept from the perspective of your market, your competition, your costs, your growth, future markets and how to capture them, and financing, to name a few. But it will also serve as a continuing guide throughout the course of your business to help you get back on track, or to stay on track, or to expand your market share.

Having a working knowledge of business accounting is critical because as an owner you must understand the difference between an income statment, a cash flow statement, and balance sheets. In most businesses - if not all - cash is king as they say and if you are the check writing investor in your business, you need to know what cash demands are going to be coming. You don’t have to be an accountant, but a good understanding of your needed financial statements can make the difference between success and failure. If you don’t already have this background, take an adult education class before opening the door of your new business.

The first thing to consider is ensuring you have the determination, right idea and business sense to be able to start a company. Being a smart person doesn’t mean you can be a smart business owner. You clearly have to learn how to sell, manage people including hiring, retaining and firing, plus managing Account Payable, Accounts Receivable, and by the way never forget your customer during this process. You need some life experiences before you should quit your day job or the odds will be stacked against you. Still want to test the entreprenuerial waters without experience? Then definetely surround yourself with advisors who have been-there-done-that to guide you out of the sticky situations that will happen the day you open your doors. Limit those to not being friends, family or fools so you can stay focused on business issues, not personal feelings and you will be well on your way.

- become Entrepreneur @ Work
- ain’t quitting a job until I start a payroll
- team up with close family members
- thrift on labour/payroll