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August 31, 2017

How did you start your own business?

  • August 31, 2017
  • 4 replies
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what did you do to start your own business? i have tried a business plan and grants to get funding. all turned down and unable to get funding due to my bad credit. even had opportunities to start a couple of businesses with friends but those fell through. once again because of money. i dont have money saved up because i am unable to save much from what i make at work after paying bills. i am not happy working anymore. i want to leave my job and stop working for others in general and start my own business. i dont know what to do. i would appreciate any advice. thanks. 

    4 replies

    AudreyPratt
    August 31, 2017

    Hi @MassielC

    The first step is finding the motivation and desire to work for yourself, which is where you are now. YAY! From there, start taking it one day at a time. Once I had my business vision, as well as figured out the lifestyle I wanted my business to provide, (I came up with this by writing a Life Plan), I started building my business on the side. I worked my full time job while building up my virtual assistant clientele base until one day I had the stability and the courage to quit my full time job. It takes patience (which is far from my strength! :smileyhappy:) and persistence, and I know you can find both. I would love to stay in touch and keep up with your journey! We are all here to support you. 

     

    MassielCAuthor
    September 17, 2017

    @AudreyPratt thank you for the advice. i will definitely do a life plan as well. i am a very patient person and i will use that to my advantage. 

    SteveChase
    August 31, 2017

    @MassielC I recommend that you discover what your top 5 strengths are by taking the Strengths Finder 2.0 by Tom Rath. You can buy a hardback cover book for around $30 and get the code at the back to take the assesment online. Or you can search online to just buy the code only. After you take the assesment which I think is about 40 minutes long you will get a detailed report for your top 5 strengths. If you can use this insight to help you build your business vision and values around you. 

    qbteachmt
    September 2, 2017

    It isn't clear why you need Grants or Funding. To start many businesses, you just start. Waiting around for others to Subsidize you is not a good plan. Needing Credit or Loans to "be in business" will prevent you from Being In Business.

     

    Go to your Library and see if you can get the Books "Start" and "Business Boutique" which are both part of Dave Ramsey's group of professional resources.

     

    Don't quit your job unless you have a different job to go to, while you organize how to go about being in business for yourself. You should be able to do Both and overlap, as well, because you need to be sure your concept for being in business will work, before intending to rely on it for everything.

     

    "i dont have money saved up because i am unable to save much from what i make at work after paying bills."

     

    I recommend you also get some financial couseling for the strategy that addresses this condition First. Starting your own business will be a bit of a Strain on the financial picture you already have. You know the phrase, "Get your Ducks in a row." That means, get everything else Right, before deciding to leap into a new condition that can be a bit chaotic, on its own.

     

    "i am not happy working anymore."

     

    Honey, when you work for yourself, it can be Worse. Make sure your eyes are open going into this. Just this last week, I ate a 5-hour site visit = won't be charging for it.

    Markus
    September 14, 2017

    What kind of business are you trying to start? I started my own bookkeeping business this year. It does not take a lot of money to start a bookkeeping business, so that was not a problem. Seems like obtaining capital is the problem for you. Have you tried obtaining a small loan? Building an efficient business takes time. Do not rush or you could end up in serious trouble. Set short term and long term goals. That really helps out, because that will push you. Also, think about what makes your business different from the next. Are your prices cheaper, etc? I understand that you do not like working anymore, but if that is your only reason for starting a business, you will not make it far. 

    Raywhite28
    September 14, 2017

    For me, I got fed up with corporate life. I couldn't take the office politics any more.