Starting a small business?

What kind of business you looking to start?

Find something you like to do that there's a demand for and start small. Do it at night and on the weekends if you don't have the funds to quit your day job.



I know people that started their own business at younger than 19 with nothing.

Start small. Make the business pay it's own way. No debt.

I've started my own. The biggest key is start with as tight of a budget as you possibly can. You need to do as much yourself as you can to lower expenses. Do you really need an artist? I would think that would be a big expense.

Also make sure you can start your business in the beginning and still have income flowing in by working at your current/another job. You don't want to have to rely on making your income from your start up job for two years. If you can take a draw all the better but don't plan on it.

Lastly you said you love apparel design, make sure of it and remember with a small business the actual design of the clothing will be about 50% of the business, managing it will be as much or more than the actual clothing design.

I love having my own business and wouldn't trade it for anything, but it's far more work than what people make out being self employed. Also there is no such thing as sick or vacation pay.

if you own a service business don't hire subcontractors because they will steal you blind and you basically start their company for them while at the expense of yours.

SOrry to thread hijack but I found out that the subcontractor I've been using the past 2 years has been stealing customers from us.

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find a web designer

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Web designers cost money and there's no guarantee you'd get any traffic. I'd almost start selling stuff somewhere like ebay or amazon first if you're just starting out. Rather than a website you might set up a free blog. Since you'll be relying on word of mouth that might be the best path. Sell stuff on an established site and use your blog and social networking to push people to your products.

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I'd almost start selling stuff somewhere like ebay or amazon first if you're just starting out.

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That's a good idea. Also consider approaching upscale retailers in the area and have them sell your stuff on a consignment basis (take all the risk out of it for the retailer). Fashion Trade Shows is another idea, but that requires $$.

TigerinATL makes a point in that there are soooo many free tools to get exposure on the web. But it might also take a grass-roots approach and get your foot in the door at brick-and-mortar places. Might also consider a well done Facebook business page. It's a good alternative to a web page and it's free.

Also, please see: LINK and LINK

Tigerpawl and Da Hammer, thank you for the advice. The idea of running a business is both exciting and intimidating at the same time. I appreciate your guys help and will look into all of the resources mentioned. If anyone else has any advice or anything of the sort, feel free to email me at lsutigerz2001@yahoo.com. Thanks Again.

It also might be useful to develop a more professional e-mail address for business..

Before you start anything meet with a CPA who can explain to you your options for choosing an entity type and the tax options for each entity. Make sure he/she explains to you the labor/payroll obiligations that Feds and State government require.

As for being debt free, that depends on your business. I own 2 businesses, one service oriented and one retail products. I need a little debt for the service business to purchase start up items such as computers and office furniture, but was able to close that LOC within a year.

Selling merchandise you will need a good deal of capital to buy inventory. Since you are new to the game, must vendors will not give you any terms on payments, meaning COD until you have established credit with them. Not having funds to provide your buyer's with the merchandise that you are trying to sell will kill your business before it starts. There is nothing wrong with having a LOC as long as you are servicing it.

If you get an LOC- do not max it out. I have seen numerous small businesses max out their LOC on items such as inventory and fixtures, then an unforseen expense arises ( they always do) that you can't pay. I stated before that you need inventory, but it will take time for you to be able to know the optimal amount to carry.

Lastly, be prepared to not pay yourself. As an owner of the business you should be the last one to get paid.

Good luck.