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How Can I Start A Business
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How Can I Start A Business

In these tough economic times that is a common question, "How can I start a business?" With many having dire circumstances, often the question is, "How can I start a business at low- or no cost?" Let's start with the first question assuming that capital or expense money is available. Then we will go to the low-cost options.

One way to start a business is not to start it but to purchase it. Businesses are for sale all the time as the situation changes for the owners. Some reasons for selling are that the owners want to retire, the business must be sold because of illness, the business is co-owned and there is a divorce pending, and also the business might be a loser. How can I start a business? Buy it.

You might now say that you don't have enough money to buy a business. I have a friend who has helped many people to arrange financing to purchase a business. Sometimes the owners will accept a note. Sometimes people go to their bank to obtain a Small Business Administration guaranteed loan. There is more than one way to skin a cat.

The important thing when considering to buy a business is that it is a business that you are interested in. You will not function in areas where you have little or no interest in the products or services. Also, are you capable of operating and improving the business? Will the owner provide any needed training?

How can I start a business? Go to the present owner and talk to him about the business. Don't start out by asking too much about the profitability of the business. The owner can deceive you easily in this area. In the final analysis you are going to have an accountant take a look at the books to see if they are accurate and if the profits are actually there. What is the business? Who are the customers? Is the business growing? What about the property? Is it rented or is it owned by the business? What about the employees? Will they stick around?

Don't start out talking about financing the business. Go to your banker and discuss the business with him (or her). Make sure it is a local bank. You may go to several banks. One of them might hold the accounts of the owner. They will not give you any information about those accounts, but they will know the owner. Ask the banker, "How I start a business?" You immediately learn of the services in your community that will help you get help. Local, state and federal governments will help you even providing free consultation to help you get going. They will help you prepare a business plan from which you can obtain the financing you need to get moving.

Before you buy a business you may want to see what is available through franchise. That could be less risky but you still would have to make your own evaluation.

To start a business without adequate financing to start a franchise or to buy a business, think about your interest and hobbies and skills. Products are produced in homes and sold at flea markets all the time. One of my daughter-in-laws makes jewelry, watch bands, etc. She has a website so sells on the Internet and at flea markets. Many a business has started in a garage and ended up selling many millions of dollars worth of products. Look at Apple Computer.

If you have office skills you can do accounting, billing, telephone answering (service), typing, mailings, and many other things from home. You may be able to do some consulting. After I retired, I did engineering consulting for businesses and for the State Department in Ecuador and Columbia.

Many folks are moving to the Internet to earn at home at little start-up cost. I sell products on the Internet as well as memberships and I also sell other people's products on a commission basis. Some folks fill out forms, answer surveys, write articles and advertising, etc., to earn at home.

How can I start a business? You can run a direct mail or mail order business. The first requires you to print and mail information to potential customers, a business that the Post Office has about run out of town. But you can do mail order which is placing small ads in magazines and newspapers to which you reply by direct mail.

Some people will drop ship products for you if you make a sale. Make sure that you deal only with respectable manufactures preferably those in your area with whom you can stay in contact.

how can I start a business? Well, now you know a few ways to do it!

Fly Old Glory!


Street Talk

Frazier  

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Reply
  about 1 decade ago

Thank you, Frazier. John

Reply
  about 1 decade ago
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