New and hoping to learn before diving in

[DSI]

Hello- I am a guy from ohio in my late 20's that has always dreamt of running my own business. I remember staying up late at night when I was young drawing different inventions and writing down ideas that I hoped would someday get me somewhere.

My father was a businessman/salesperson. He always told me to stay away from business because he didn't want me to have to go through what he did to earn a living. My course was then derailed and set for an engineering degree. I am now working for the government making less than my market value, while I watch my retirement/pension package continue to get worse as they change the rules. Very little interaction or opportunity for networking. I am a logical, analytical thinker, but I'm not real good at life in a cubicle. Engineering was always something I went into because I couldn't decide what else to do. This is not me.

I have started charting a course towards becoming my own boss. I think that I have some good ideas that could go the distance. Unfortunately, since I missed out on any type of business education due to engineering, I am starting behind the eight ball. I have been researching a lot of stuff lately and have been considering my options of how, when, and where to start. Seems like a tangled mess of tasks that really have no apparent due process, at least in my eyes.

I am hoping to get a line of high end t-shirts and apparel off the ground. Eventually I would like to delve into some edgier designs for men's formal wear....classy but with a gritty twist in a way. I have been kicking around the idea of trying to become a partner in a company that is already established in this type of business since all the tasks that would be associated with this type of start-up could be tiresom and expensive. Something that is already up and running might offer me a better opportunity for getting the ball rolling more quickly.

I have been buying and selling rare vintage speed parts for hot rods as well as selling handmade auto accessories for the last few years, trying to get some start-up money. It seems to be slow but sure.

I have visited and consulted with SCORE, and although they were a good sounding board, they had little advice to offer me. Perhaps, I just got the wrong guy and might try again.

So at this point, I need to step it up and start getting the ball rolling with more momentum. I have researched but am still lost on the "business plan". My attempts seem to result in too broad of a plan and most likely unrealistic goals. I think I would benefit from talking to somebody that has been there before. My other shortcoming is market research. I realize that this topic is going greatly effect the success of my business, but I don't know how to go about doing this research or how to obtain the information that I need.

Anyway, that's me. I hope that I can be a sounding board from my experiences and I hope that I can gain some good knowledge from those that have been where I've been before.

Thanks.

[Kaizen]

Welcome DSI

We love an underdog! If you ever need any help just Pm me. Unfortunately I can only tell you what I know from my limited experience.

1) Read Branson's Losing my Virginity. And Bannatynes 'Anyone can do it' - surely a perfect introduction and insight into the entrepreneur.

2) Your comments about start ups being hard and time consuming are worring - dont think being an entrepreneur is easier than a 9 to 5. It's not. But its way more fun. UNderstand that and you'll do fine.

3) Get advice from wherever you can.

4) Notice things more. Every time someone complains, or has a problem, theres an opportunity. Don't miss it.


All the best mate. Good luck!

K

[TheBigIdea]

welcome, look forward to working with you!

[DSI]

Welcome DSI

We love an underdog! If you ever need any help just Pm me. Unfortunately I can only tell you what I know from my limited experience.

1) Read Branson's Losing my Virginity. And Bannatynes 'Anyone can do it' - surely a perfect introduction and insight into the entrepreneur.

2) Your comments about start ups being hard and time consuming are worring - dont think being an entrepreneur is easier than a 9 to 5. It's not. But its way more fun. UNderstand that and you'll do fine.

3) Get advice from wherever you can.

4) Notice things more. Every time someone complains, or has a problem, theres an opportunity. Don't miss it.


All the best mate. Good luck!

K

Thank you for the offer. I will be sure to take advantage of it when appropriate. I understand the level of commitment that being an entrepreneur demands. Hopefully I am not misintrepreted. I currently work 8-4:30pm with my Gov. job and then work selling my wares from about 6pm-10:30pm on weekdays and about 5-7 hours on weekends from home. So I'm no stranger to long hours.

However, I have a mortgage, car payment, and really need the insurance that my current employment offers. So I have to be realistic and work within the time frame that I am allowed to get my own stuff off the ground so that I don't loose these things before securing myself in my own work....especially in this economic climate.

Thanks again for the response.

[pboychuk]

Pleasure to meet you, welcome to YE.
I like how you said your father was a businessman and told you not to follow in his footsteps. I have a similar story.

My grandfather was a businessman, worked much of the time, and I think this than resulted in my dad saying, I am not going to follow the business path, so he became a lawyer, and now I am in college, recently changed my degree from pre-med to business, and honestly, I have no desire at all to become a corporate worker or professional. So, maybe the generations have to change roles until one finally hits it big and begins a legacy.

Anyways, the best advice I can give anyone who wants to start a business, at least from personal experience is you need to make money before you spend money, sounds stupid and maybe obvious I know, but here is how it works for me. I have ran a retail sales business for about two years now, and it has now become a great source of no risk cash-flow. I do not sell product in which I have great knowledge about, but I have done enough research to know that the profit margins are great.
So now that I have an income, luckily I am young and have very low expenses, I can begin to develop my more speculative business plans. I just find it hard to think that people are willing to A) Start a business and work a full-time day job or B) Quit your day job and risk savings etc.. on a speculative business.

So with that said, I think a t-shirt/clothing business is VERY speculative, unless you have a celebrity in your pocket. I think buying a business can be a great idea if you are willing to work 100% of the time with that business, as the main reason the business is probably being sold is because it is consuming too much of the owners time and lower on their priority list than other businesses.