amitymamaThe Attachment Parenting Community

Radha · 01-08-2005, 02:14 PM

I would love to hear about your experience starting your own business. I have a plan in mind, and I want to know the things that you did, wished you had done, or wouldn't ever do, when starting out.

Please share!

P.s. my biz will be an IRL biz, in Bakersfield, CA.

MonsterBabyMama · 01-08-2005, 03:05 PM

Well, way back when I started out, I used my own supplies and didn't buy anything until I absolutely had to. The following year I used some of our tax refund to buy a sewing machine and higher quality fabrics and supplies. I also worked hard on focusing the direction of my business.

The thing I regret is not having a business plan from the very beginning. I went into it as a hobby and soon realized that I really loved the work and wanted it to grow. I also didn't get a DBA or sales tax id right away, and I wish I had. I would have felt more free to sell locally and may have had a bit more success.

I would suggest avoiding credit cards at all costs. If start up costs are high, consider applying for a grant or a loan. Get everything set up before opening for business and make sure you have a business plan to follow.

That's all I can think of right now....

Katie · 01-08-2005, 03:59 PM

Will you be using or needing outside financing? If you will, you'll need a detailed business report. The sba www.sba.gov is an excellent resource. It's not just about loans, there are templates for business plans, cash flow, profit and loss, etc.

In your business plan, use your opening page to reveal the passion of your company. This is your one shot at reaching the "heart" of your banker. Yes, they do have one.

The rest is nuts, bolts, and professional.

Getting vague now. lol. Contact your state commerce debt and local zoning to learn about any lic/permits/zoning you may be subject to. Even signs can be subject to zones and code. If it's food related, the health department. Tax id numbers for retail sales and use.

Anything specific you're not sure of how to proceed with? I know a lot of it feels like you're caught in horse/cart purgatory.

eta: This was our motto when we opened our company, got us out of more than a few pickles. LOL. "Sometimes it is better to beg forgiveness than to seek permission."

Katie

cblurose · 01-08-2005, 04:01 PM

No tips or help for a IRL store but wanted to say best of luck to you. Hope your business does well!