Business advice/tips

[Y.Allison]

Hi everyone,

My names Jacob, I just joined this forum. I was wondering if any of you could give me any advice on how to best get into running a startup business.

I have a lot of energy and enthusiasm, accesss to about $5000 and a degree in economics. I've been talking and thinking about starting a business but I really want to put some action behind those words.

Does anyone have any advice on what I could do with this money that could see me earning some steady income. Its not about the big dollars for me I just want to learn the ropes and make my mistakes when there isn't too much at stake .

Basically im looking at getting into some kind of business where I can make steady (even if relatively small) profit and learn a lot! I'll try anything - doesn't necessarily have to be related to my interest, because I want to broaden my horizons as much as I can. Im currently in Perth, Australia.

Any ideas would be appreciated, thanks for taking the time to read this!!

Jacob

[awayoflife]

With 5000 you could buy 3 computers and the equipment needed to charge for, say, 10 minutes. After a year you should have a small profit and experience dealing with landlords. Place them in waiting rooms or something along those lines.

I presume you are looking for something a lot more hands on?

[CKrecicki]

If you have a degree in economics, you need to go back and read through your test study guides and apply some of the principles to business. I garuntee you'll come up with ideas about wealth management, etc. Get into consulting if you really know the business, that's what I am planning on doing while working on my undergraduate going to HKU.

Need more advice let me know ill throw some ideas at you.

Example - Finding lowest lenders of loans for businesses or keeping up with stock porfolios for local businesses, go get your series 7.

Get into a sales pitch about selling your porfolio consulting services to local business. Show them (if you took accounting) how much money they should invest etc. People dont know about how to do these kind of things.

[awayoflife]

And to think I suggested computers.. :S

[byrneof]

Try not to spend any of the 5000. Use that to live on. Just start-up and test and measure. The secret of business success is trial and error.

[Y.Allison]

Cheers for the advice guys. I agree with the trial and error part, so I'm not really fussed about losing money etc if I can make my mistakes when they aren't really significant.

The wealth management idea seems good too, it wasn't exactly the kind of economics I studied but I wouldn't find it hard to understand if I did a little research

[zmonique2007]

Before you start your own business, learn from experienced entrepreneurs. Get business tips from experienced and successful internet marketers. Their formulas and practices can help you.

[CalebHQ]

What I would do would be to get your hands on some books. Wealth mentality books stuff like Napoleon Hill, W Clement Stone, Norman Vincent Peale, Charlie "Tremendous" Jones, Dale Carnegie, Frank Bettger, Ken Blanchard, Og Mandino, Zig Ziglar, Jim Rohn, Walt Disney

If you read books by these authors who have all had great success with a business you really start to understand the flavor of being a business owner.


I dont really have any advice as far as a business you could tap into. Find a need and fill it. Maybe get into consumable stuff or stuff that people need on a daily basis. Start a retail light bulb business or diapers or maybe gumball machines. Maybe you could by a candy machine at a big corperate office and just fill it with candy and when you make enough money buy another one and post it some where. Find stuff in the garbage and pollish it and sell it on Ebay lol.

[benthomas]

Hi,

I think you should start at a smaller level first as if you do something wrong, you could take care of it then and there without much loss.
Frankly speaking, it needs funding and you must be prepared for that first.
Getting clients is another big issue as most people rely on their designer for this and it would be good if you make a deal with a successful designer.

All the best. Hope this information would be useful to you.

Regards
Ben Thomas

[suembroidery]

Do more, speak less.

It's not bad to listen to what others say about your business and you may follow some of the advices. But after you have started your business, what you need to do only is to go ahead with all your might. Spend less time here but more time on your business.

[TheGreatWriter]

Think about you are most interested in; what you have a passion for. That is the business you should go into. It may not be related to your degree at all. If you do what you love, you will never work a day in your life.