Comments on: Starting Your First Business: 5 Things You Should Know

By: Breaking Free of the Cage: Escaping the Rat Race | Invest It Wisely

Breaking Free of the Cage: Escaping the Rat Race | Invest It Wisely — Sun, 18 Jul 2010 16:32:00 +0000

[...] Money Help for Christians: Starting Your First Business: 5 Things You Should Know [...]

By: How To Solve Financial Problems

How To Solve Financial Problems — Fri, 04 Jun 2010 14:34:13 +0000

[...] Always be looking for the next entrepreneurial opportunity or start your own small business. [...]

By: Craig

Craig — Sat, 17 Apr 2010 05:17:51 +0000

Michelle
Thanks for the comment. The biggest task is taking the right risks. If only we could know which were the right risks, eh? Thanks for your comment.

By: Michelle

Michelle — Sat, 17 Apr 2010 02:30:18 +0000

This article is great. Great tips and I do agree, execution is king. People can come with dozens of ideas on how to make this work and that work, but everything either just go into writing and stays in the head. Usually because of fear in taking risks. No business is without risk, actually no action is without risk and unless people learn to overcome them, they're not going anywhere. .-= Michelle´s last blog ..Merchant Advances: 10 Things You Didn’t (But Should) Know =-.

By: Have Yourself A Merry Little Christmas!

Have Yourself A Merry Little Christmas! — Fri, 25 Dec 2009 16:02:19 +0000

[...] 5 things you should know before starting a business [...]

By: Craig

Craig — Sat, 05 Dec 2009 20:22:40 +0000

@Darren
Great advice. Homework is never a bad thing. Sometimes you do also just need to do it so you can start some learning along the way.
Thanks for your comment.

By: Darren Scott - Financial Services

Darren Scott - Financial Services — Fri, 04 Dec 2009 18:32:17 +0000

Yeah, very true! It’s very important to execute whatever ideas you have. But of course, before doing the actual business, do some of your homework but you don’t have to master everything. Entrepreneurs learn most of their business knowledge along the way…

By: Craig

Craig — Tue, 01 Dec 2009 12:05:09 +0000

I completely agree about testing the waters. There is no reason to take a huge risk in your first business venture. Slow and stead really does win the race.

By: Wojciech Kulicki

Wojciech Kulicki — Mon, 30 Nov 2009 13:53:06 +0000

Awesome post, especially since I’m in the process of forming my first LLC, in Florida coincidentally. It really is pretty easy! I was similarly surprised.

By: Kevin@OutOfYourRut

Kevin@OutOfYourRut — Mon, 30 Nov 2009 13:43:17 +0000

Craig–I’ve had similar experience to yours in CPA firms. One thing that I did notice–as you did–was that people would often spend thousands of dollars on legal and accounting fees, and often months handling paper work, before even making their first sale. That’s a lot of time and money to invest in a business with no track record or cash flow.

For a lot of people, it might be better to test the waters and make sure the business is viable before getting involved in business structure matters. There is some risk to this, but setting up a business structure without having a cash flow is a risk in itself. Even if don’t have any sales, you may still have to file returns and reports on an annual or quarterly basis, then have to pay for a liquidation (for corps) if you determine the business isn’t viable.

I know every one wants to do the right thing, but sometimes it’s better to concentrate on the most basic side first, and for a new business, that means sales.

Great post!

Kevin
.-= Kevin@OutOfYourRut´s last blog ..Ten Common Sense Ways to Reduce Our Identity Footprint =-.