How did you prepare to open a business?

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Permalink Reply by Dave Gibbs on April 15, 2009 at 3:57pm

Best wishes on your success!

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Permalink Reply by Jeff Watkins on April 15, 2009 at 2:12pm

pray hard and jump in w/ both feet and eyes wide open, my opinion it isn't easy but you will never regret it, as far as the stuff you metioned, it all depends on what type of business you are wanting to open, my opinon as a sixteen year multiple business owner Business plans can be a huge waste of time some times they are good and necessary, what business do you want to open??

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Permalink Reply by Kris Davidson on April 15, 2009 at 2:58pm

Thanks for your thoughts, Jeff.

Yes, the book I'm currently reading says business plans aren't for everyone. I'm focusing on realistic goals, an active timeline for the next year, considering my strengths and weaknesses (and how they can affect the success of the business), etc. Lots of details.

The business will be personalized photography (customized for the client and sold online). It will be on the side until I know it can be profitable. My background is in journalism graphics and marketing, so I have a solid product - just starting to get my feet wet on the business side.

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Permalink Reply by Michael R. on April 16, 2009 at 4:20am

Is there a lot of competition for this type of business in Indy? Are you planning on being the photographer?

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Permalink Reply by Kris Davidson on April 23, 2009 at 10:06am

Michael, sorry for the delayed response. There is definitely competition, but I'm looking to create a specialized niche that can set me apart from the rest. I'm calling the business (art)iculate. I take photos of letters in their natural environment and people can choose from a collection of letter photos to spell a word — a gift for a baby shower, wedding, new home, inspirational word, etc.

Thanks for all the feedback!

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Permalink Reply by Lee Wenninger on April 15, 2009 at 9:05pm

Kris -- In addition to the great suggestions so far, I recommend meeting with a business and/or franchise broker. There are two options for owning a business: 1) starting a new business, 2) buying an existing business. A broker can help you evaluate options and come up with ideas you never considered.

In 2005 I got the bug to own a business. I was lucky enough to know a franchise broker, and over the course of several conversations I determined that a) I did not want to start something from scratch, b) I did not want to buy someone else's problems and c) purchasing a franchise made the most sense for me. Once I made the decision, my friend presented franchises I was not even aware of for my consideration. I can honestly say that I was not aware of Express Employment Professionals before I started my research and that purchasing the franchise has been an excellent choice for me.

My friend is now a banker, so I can't give you his name. I recommend contacting Doug Boehme (http://www.dougboehme.com/) and Susan Fraize with Infinity Consulting susanfraize@earthlink.net

Best of luck!

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Permalink Reply by Kris Davidson on April 23, 2009 at 10:18am

Lee, thanks so much for your feedback. I have never heard of a franchise broker, however the word franchise isn't something I ever imagined myself doing with this idea. Because it's a photography business, I like to get my hands dirty with all the work involved to make the product, and couldn't imagine selling the idea to someone else or using someone else's ideas as my own business.

What are your thoughts about this? Do you have a different opinion? Is it possible to own or create a franchise without losing the 'heart' and personality of a business?

Thanks so much, Lee.

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Permalink Reply by Scott Semester on April 15, 2009 at 10:15pm

Depending on where you are in the process of starting up your business, the Business Ownership Initiative of Indiana (http://www.businessownership.org) might have some helpful resources to share. They offer classes and also make one-on-one business consulting services available.

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Permalink Reply by Kris Davidson on April 23, 2009 at 10:19am

Cool, I'll check this out. Thanks, Scott.

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Permalink Reply by DuJuanna C. London on April 16, 2009 at 8:51am

Have you tried looking into ISBDC (Indiana Smalle Business Diversity Council)? They give you everything you need to start a business and help you through the process. I've worked with Larry White; feel free to give him a call, 317.921.4859 or email him, lwhite@isbdc.org. He will be glad to assist you in any way he can.

Now for a blast for my company....lol...I work for PHANOMEN/design and we create profitable commercial environments for new and existing business owners. If you'd like to know more feel free to message me back. Our company can definitely help you create your brand and give your business a well seamlessly integrated and beautiful look!

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Permalink Reply by Deanna Sipe on April 22, 2009 at 5:31am

#1 order and use 'The Book of Agreement' by Stewart Levine - it a practical guide to making agreements that work written by a 'recovering attorney' (his words not mine)

#2 Either get a ticket and go the the Millionaire Mind Event on 5/21 or get the book at the very least. This training was THE most important element of my success as a business women.

#3 Find a quality business coach. Someone who can keep you moving forward no matter what.

#4 Book 'Smart Start ups'

#5 Have or find a good team of peers (business people) to stay involved with, to give and get help from.

I hope that you find this helpful.

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Permalink Reply by Kris Davidson on April 23, 2009 at 10:23am

I'm definitely seeing a pattern with people's suggestions — they all include finding a team of peers or mentors. I will take this to heart, Deanna. Thank you.

I have never heard of the Millionaire Mind Event, and it sounds like something that really impacted you. What inspired you the most about this event? I'll put this on my calendar.

Thank you for the book suggestions! I'm trying to absorb as much information as I can!

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