Need some suggestions
By dorannmwin
@dorannmwin (36392)
United States
July 27, 2010 12:49pm CST
So, my girlfriend and myself have been trying to think of our million dollar idea for some time now. Last night we had a flash of a lightbulb in our heads and we are going to be starting our own business.
So, what I would love from my fellow mylot friends is for some suggestions to make our idea a success. I can't share the details of the idea right now because we haven't gone live with it, but I can assure you that it is something that will be popular for all different kinds of people.
I need marketing tips, advice on how to handle business, basically everything because neither of us have started our own business from the ground up.
2 people like this
7 responses
@hardworkinggurl (37063)
• United States
28 Jul 10
SEO is the important thing, make sure that it is out there everywhere. Starting your own business will take a lot of time in the beginning. Discipline will continue to allow the business to thrive.
Tell everyone and anyone you are acquainted with, so that they tell everyone and anyone they are acquainted with as well. Get the word out almost like live, eat, drink and breath the business and your business will be a full success.
Good luck and I hope to hear, about your business soon.
@dorannmwin (36392)
• United States
29 Jul 10
I will most definitely share more about the business when we are closer to going live with it. Thank you for the great suggestions as well.
@dorannmwin (36392)
• United States
30 Jul 10
Well, until we are able to go live with the idea, I'll have no idea if it will work out or not, but I certainly hope that it will.
@hardworkinggurl (37063)
• United States
29 Jul 10
You are very welcome and I will keep my fingers crossed that all goes as plan. It is a joy to see another myLot member succeed after so many different avenues they tried for someone else.
@aguas_aj (498)
• Philippines
2 Aug 10
The first and most important thing to consider when building a company is cost management. The moment you start, you should also start accounting your costs and efficiently maximizing your profitability by lessening your expenses. Don't go over spending and start off with cheap and affordable equipment and tools. Then when you have enough profits, replace them with better tools.
Next, for marketing, it will literally depend on the product or service that you will offer. You can start off by spreading the word (by mouth) usually through your friends and your friends' friends will share them. etc.
@dorannmwin (36392)
• United States
2 Aug 10
Those are both very good points. I know for Stacy and myself that we can't go overboard with spending to start out with because neither she nor I have very much money for start-up and our starting off marketing is going to be what we are able to do by word of mouth and we are also going to order some business cards from Vista Print because their prices are so reasonable.
@dorannmwin (36392)
• United States
29 Jul 10
We will have to plan a time next week to head to the library when I'm not babysitting and do some additional research.
@wongchoiyee (7413)
• Malaysia
27 Jul 10
good for you and your friend!
But I am never start a business myself so I don't know but I hope that everything goes well for you!
@dorannmwin (36392)
• United States
29 Jul 10
Perhaps you should eventually think about starting your own business. It seems that you've had the same kind of problems that I had with working outside the home and for someone else. I know I will be a lot happier in my new situations.
@Anora_Eldorath (6028)
• United States
28 Jul 10
Dora-
Find out if there is a small business agency in your town, most have them run through the city. You may also wish to associate yourself with a womens group for small businesses ran by women. They can help you iron out all the kinks. You've already been given some very good advise thus far. Know your market, and you can do this by polling the area to find out if your product or service would be well met. If you need a loan, you'll want to have a business plan that shows profit and losses for your first year. These are all projected numbers and banks expect you to be in the red for the first several years of running a business.
The services my husband and I offer are all home-based, so we do all our marketing ourselves. We purchase our business cards through Vista Print, and we do all our own flyers. We use word of mouth and face to face for all of our networking. We do use friend's websites to place up links, but we make use of all of our free sites to market-such as our Facebook pages. We then tell people in face-face contacts about the pages, and make sure they have our card.
I would set up a business bank account at the start so that you can place all business related monies there and not have a cross-over. My husband and I have paypal accounts for our spiritual work, and any other monies are kept seperate from our regular finances. If you are going to be earning gross amounts from the start you'll want to fill out a 1099 for the IRS. Uncle Sam always wants his share.
The general rule of thumb in making contacts (which is where your customer base comes from) is for every ten business cards you hand out face-face, you'll get 3 persons who are serious about your good or service. For every 100 flyers/brochures you'll get maybe 10 interested. If you are going to flyer I'd use the old technique of less is best. Create business card size flyers on canary yellow paper (the color does matter because in tests this color catches the attention). Write a catch phrase for your business and have your phone number and name larger then the catch phrase. With this type of marketing you'll want to have a phone script you use when people call you. Stick to the script. Whatever product or service you are selling, the goal is to commit them on the phone and not let them out of it. They called, their going to buy is what you must keep in your head.
In terms of just the day to day, have a set time frame. For myself, I have certain times I tutor, certain times I do Tarot readings, and I schedule in my other duties. The reason for this, is that at times home-based businesses can slow or crawl because you get caught up in doing other things because of the laid-back nature of being "home". If you have an office, that is great-if not create a temporary office during "business hours". I have my dining room table set up as my desk when I'm working. I have a breakfast bar attached to the kitchen that I set my children's "office" up during work hours so that I can work, and they can work as well. So far it's been working great!
Make sure to have your files set up as well. Again, I have no idea what sort of business you're trying to start so it's hard to give concrete examples. I'll keep an eye out for a response so I can give this more thought.
Congratulations and blessings. Namaste-Anora
@dorannmwin (36392)
• United States
29 Jul 10
This is all wonderful information that you've shared. I do intend to have certain business hours at home where I will take care of what needs to be done within the house and I also already have a dedicated office in the house which also has a computer for my son to use as well.
1 person likes this
@doormouse (4599)
•
27 Jul 10
i don't have any suggestions sorry,i myself have been trying to think of a buisness to do from home for many years,i've had a few ideas but none any good,well not good enough to make any money,just a bit of pocket change,good luck with your venture
@dorannmwin (36392)
• United States
29 Jul 10
The benefit that myself and my partner have is that neither of us is looking to get rich, we just want to be able to supplement the family income that we both have right now. Besides that, I decided a long time ago that I was never going to work for someone else again because I didn't like the politics of it at all.
@savypat (20216)
• United States
27 Jul 10
I need more info. Is this an at home type or store type business, are you sell a service or a product? Do you need a license, to be bonded, insured? Do you know enough bookkeeping to set up your own books. Remember seperate banking, and record keeping. Many people get into trouble by intermingling of business expenses and funds with their personal ones. Good Luck
@dorannmwin (36392)
• United States
29 Jul 10
I'm still going to try to keep this relatively vague. However, it is a service type of business, not a product at all. As far as the insurance goes for the startup, all we are going to need is our car insurance. I do know enough about bookkeeping from doing my retail business that I believe I'll be the one that will be able to keep the book.
You are most definitely right about needing to have a separate account for business over what we have for personal use because I know that the intermingling of money is what causes a lot of problems for people.