Starting a new business

[snowshoe]

Would anyone have some recommendations on starting a business? I've never owned a business before, but I have an idea and think it could really work. I know I need to write a business plan (need a template for that). Also, some general reference material on being a business owner would be helpful! Is there some kind of place to go for mentoring?

[Titan]

I've noticed that the big banks have templates on their sites for small businesses. You may want to start there.

[KTrain]

Check out http://businesslink.ca. It's a government program. They'll have resources for walking you through everything from taxes, to financing, grants, payroll, etc.

[firebug]

You can also check out the Library, they have all sorts of books on business plans that you can borrow for free.

Key factor for you is funding... If you don't need to raise or borrow money a business plan isn't really necessary (it is very wise however).

I suspect the chamber of commerce and local entrepreneur groups will have some resources for you as well. Possibly talk to your lawyer, many of them will have lots of start-up experience and/or connections to those who do.

I've been working on a launch since september and am at the point now where any day we could have our first lease signed - it's pretty exciting.

[EuKnoLikeMonny]

Hey Snowshoe,

I did up a business plan for a co-workers wife based on a template I did in my studies (was for a retail-clothing/baby/infant style store). Not sure if the template would be of any help but I can dig it up and email it over if you like, just shoot me a PM with your email address and I'd be happy to send it over.

Thanks!

[TurdFerguson]

Why do you need a business plan? Going for financing? My experience has been they are generally a waste of time based on BS assumptions that you are forced to make. That said, the process of thinking through your idea in the context of the business realities and market challenges, which is often what creating a business plan forces you to do, to some extent, is very valuable. Do you need to formally document that? i don't think so.

what kind of business is it? Consumer product, professional services, etc? there are a number of fantastic resources in calgary for this but it really depends on what you're doing.

[DoubleF]

Are you in Calgary snowshoe? I don't know if you qualify for the following, but I think the following is worth mentioning anyways.

Depending on your situation, a local non-profit has workshops regarding self employment that may benefit you (free if you qualify). I'm not sure if you want reference material, mentoring etc., but this organization could possibly help you. They have a micro loan program as well (if you qualify) that may help you jump start your business as well. It does take about 10 weeks before the business would be launched, but you'd continue to be in the program for a bit after it.

Momentum (the organization) is located less than 10 minutes outside of downtown. Just follow Memorial drive East.

http://www.momentum.org/self-employment

How much does it cost?

This program is free.

Both Employment Insurance recipients and non-Employment Insurance learners are welcome, and may also qualify for Alberta Learner Income Support to help with living costs through the program.

Do I qualify?

This program is for people who:

Are unemployed or working less than 20 hours a week,
Have a realistic business idea, and
Face a barrier to traditional employment, such as language, age, culture, education, employability or a disability.

Full disclosure: I am not part of this organization and have never used their services. I just have a friend who works there.

Again, I don't know if this program is right for you and this program might not be necessary for you to get your business off the ground. Either ways, good luck on your endeavor.

[troutman]

Consult with an accountant asap.

[bc-chris]

Originally Posted by TurdFerguson

Why do you need a business plan? Going for financing? My experience has been they are generally a waste of time based on BS assumptions that you are forced to make. That said, the process of thinking through your idea in the context of the business realities and market challenges, which is often what creating a business plan forces you to do, to some extent, is very valuable. Do you need to formally document that? i don't think so.

what kind of business is it? Consumer product, professional services, etc? there are a number of fantastic resources in calgary for this but it really depends on what you're doing.

when i started up my business i had to get some financing ($60k) to get going. before i even started i had a customer who had already told me they'd use my services. their annual expense for this service for a number of years prior had been around $20k - so i know with just them i'd bring in around $20k/year

i went to the bank and met with probably the dumbest bank manager i've ever spoken with. she was absolutely clueless and couldn't grasp the business i wanted to start or the fact that i had a $20k/year client already lined up. she asked me for a business plan... really??? i just spent the last hour explaining to you the business i wanted to start!! so i asked her if i could borrow a pen and paper. i wrote down two words and handed it back to her. she looked at the paper and then at me. i then asked her if she felt that "make money" was a bad plan. i left the bank and called back about a week later to see how things were progressing only to find that she had been "reassigned" and there was a new manager. i arranged a meeting and after that meeting i had my start up money (i still didn't present a 'business plan'). the rest is history and i've never looked back.

snowshoe - i hope your venture works out. there are times that being a business owner is really tough, but overall i love it. how does that saying go.... 'is the juice worth the squeeze?'

[mikephoen]

Whenever someone asks me for advice on starting a business, I recommend for them to get a second job for 6 months. And not some part time thing, a second full time job. If you can work two full time jobs for six months, then you're ready to start your own business. If you think it's impossible to work 70 to 80 hours a week, then you're not ready.

Also, ignore all the people who tell you that you'll fail and just go for it!

[REDVAN]

Originally Posted by mikephoen

Whenever someone asks me for advice on starting a business, I recommend for them to get a second job for 6 months. And not some part time thing, a second full time job. If you can work two full time jobs for six months, then you're ready to start your own business. If you think it's impossible to work 70 to 80 hours a week, then you're not ready.

Also, ignore all the people who tell you that you'll fail and just go for it!

Terrible advice.

If you can't work 40 hours a week for someone where you have no passion, that doesn't mean you won't be able to handle it when you're working for yourself.

I've done both- work for myself 80 hours a week, and I'be also worked for a very large multinational corporation 80 hours a week.

Working for yourself doesn't always feel like work. Working for the man ALWAYS kills your soul.

[heep223]

Originally Posted by REDVAN

Working for yourself doesn't always feel like work.Working for the man ALWAYS kills your soul.

Terrible advice.

Working for the man can be extremely rewarding, depending on who the man is and what the work is.

And working for yourself can absolutely be soul sucking.

[REDVAN]

Yeah, but my point is that you don't have to work 80 hours a week to find out if you'll be successful.

[undercoverbrother]

Originally Posted by heep223

Terrible advice.

Working for the man can be extremely rewarding, depending on who the man is and what the work is.

And working for yourself can absolutely be soul sucking.

I worked for myself for 3 years. I made very good money, but my quality of life sucked. The office was always "on". Every vacation was spent pushing work forward, there was nobody to cover.

After 3 yrs my wife told me to find a new job or a new family. I was a horrible and grumpy #######.

Now 5 years down the road I have a great life/work balance. Work does suck at times, but it sucked when I worked for myself.

[mikephoen]

Originally Posted by REDVAN

Terrible advice.

If you can't work 40 hours a week for someone where you have no passion, that doesn't mean you won't be able to handle it when you're working for yourself.

I've done both- work for myself 80 hours a week, and I'be also worked for a very large multinational corporation 80 hours a week.

Working for yourself doesn't always feel like work. Working for the man ALWAYS kills your soul.

It's not about passion, it's about seeing if you can fit the rest of your life around a 70+ hour work schedule. That's why I say to do if for six months. You should be able to put up with almost any crappy job for six months, plus the extra income will come in handy during the start up period of the business.

[Sliver]

Originally Posted by mikephoen

It's not about passion, it's about seeing if you can fit the rest of your life around a 70+ hour work schedule. That's why I say to do if for six months. You should be able to put up with almost any crappy job for six months, plus the extra income will come in handy during the start up period of the business.

Working for yourself doesn't mean you'll work 70+ hours a week.

I own my business and work 40 hours per week. Most entrepreneurs I know keep a similar schedule. It's entirely dependent on your workload, your industry, your staff, your efficiency, and a bunch of other stuff.

I know I worked way more hours when I worked in Marketing for a publicly traded company. Suppers at the office. Weekend requirements. 24/7 on call. Certain seasons where I'd by at the office 14 hours per day. Half the reason I went out on my own was to get away from the hours.

[OMG!WTF!]

I think it depends what your business is. Some people in business have essentially bought themselves a job. If the business depends on the time you spend at it, (like you only make money when you're personally hammering widgets together) you might be better off working for someone else. I'd focus on what value employees have in your business plan; and how much distance there is between what you sell and what it takes to create the sellable good or service.

[mikephoen]

Originally Posted by Sliver

Working for yourself doesn't mean you'll work 70+ hours a week.

I own my business and work 40 hours per week. Most entrepreneurs I know keep a similar schedule. It's entirely dependent on your workload, your industry, your staff, your efficiency, and a bunch of other stuff.

I know I worked way more hours when I worked in Marketing for a publicly traded company. Suppers at the office. Weekend requirements. 24/7 on call. Certain seasons where I'd by at the office 14 hours per day. Half the reason I went out on my own was to get away from the hours.

Was it only 40 hours a week when you started out? I know I was definitely putting in 70+ hours in the early years. I'm down to about 25-30 hours a week now, but it took 20+ years to get to that. Different businesses will be different of course, but in the early stages of most businesses you'll have a lot on your plate.

[gladaki]

Originally Posted by mikephoen

Whenever someone asks me for advice on starting a business, I recommend for them to get a second job for 6 months. And not some part time thing, a second full time job. If you can work two full time jobs for six months, then you're ready to start your own business. If you think it's impossible to work 70 to 80 hours a week, then you're not ready.

Also, ignore all the people who tell you that you'll fail and just go for it!

Worst Advice, I ever heard. Startups are not easy but something everyone should aim for. Its not everyone cup of tea for sure, but unless
someone try it how will they know.

[Coach]

Also contradictory.

Have a 2nd job, but also just go for it! How are you supposed to just go for it when you have a second full-time job?