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  #16  
Old 04-17-2013, 01:26 AM
AlbertDisuza11 AlbertDisuza11 is offline
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Default Re: Starting a Business

First of all advertise your business among your friends and family members. Let them know about your new business and politely ask them to drop your name if they happen to be part of a conversation about weddings. Build your website with your contact information, past work and specializations....Good luck to both of you.

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Last edited by AlbertDisuza11; 04-17-2013 at 01:29 AM.
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  #17  
Old 06-07-2013, 03:07 AM
davaoaccountant davaoaccountant is offline
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Default Re: Starting a Business

I agree that before starting any business, you should have a sound business plan. However, if your budget allows, you can also consult a financial advisor or an accountant to settle your financial matters (e.i. taxes, etc...). If you want to save time and energy from the complicated task of accounting, hiring a reputable accounting firm is a good idea.
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  #18  
Old 09-03-2013, 02:46 AM
anjaliverma anjaliverma is offline
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Default Re: Starting a Business

Businessmen lack the funds to finance their new business start-up or a company may mid-way lack the funds/capital to finance a certain project. Business loan which is offered by HDFC in India provide an opportunity to make their professional goals come true.
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  #19  
Old 09-13-2013, 07:17 AM
hiren2all hiren2all is offline
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Default Re: Starting a Business

Does portfolio diversification mitigate risk or increase risk?
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  #20  
Old 12-09-2013, 05:31 PM
RogerThat11 RogerThat11 is offline
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Default Re: Starting a Business

Quote:
Originally Posted by Drew View Post
My girlfriend is thinking about starting a wedding planning business, and I offered to help her out as much as I can getting started - as far as the business aspect goes. I'm no business expert, but I have some basic business knowledge. I'm a senior business major with a focus in economics and planning to start working on an MBA next fall. She doesn't have much business background, she was an assistant director at a daycare and she didn't go to college. She is smart and a quick learner though, had a 4.0 in high school.

With that said I have a couple questions:
I'm thinking she would want to set it up as either an S-Corp or LLC, but I'm not sure which one? I know there are a lot of variables to consider, but any advice would be helpful.

Any other advice for starting a business? I could be wrong, but I think this is something she could start without much capital. Another concern is whether she could do this part time while working her current job 40 hrs/wk. I have no doubt she could handle it, and could take calls before and after work and at lunch, and take care of most stuff on the weekends. I know this is very generic, and she's just now starting reading and researching about it. I just wanted to hear some input from some of you guys regarding the business/financial aspect.
S corps are typically for bigger businesses with boards of directors and I believe up to 100 share holders. It seems that you would want to go for an LLC. Opening up a business isn't that hard if you start off slow, its more about knowing the field and not letting your customers down so it doesn't ruin your businesses and girlfriends reputation as an event planner. As long as you have a basic business understanding and she can deliver as a good planner it seems like a good idea!

Last edited by RogerThat11; 12-09-2013 at 05:35 PM.
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  #21  
Old 12-20-2013, 08:53 AM
Andyb Andyb is offline
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Default Re: Starting a Business

Hey, newbie here but I think as long as your girlfriend has ambition and a passion for what she does then if she sticks with it she'll do great.

Completely agree with what everyone else is saying however - she needs to plan every aspect of the business out, have targets and suspected ROIs. Also does the business have some sort of USP? People like something a bit different, something that sets you apart from the competition.

And yes, build an online presence for yourself. Website, social accounts and get your brand out there. Tweet, interact, engage with your target audience. Takes time but worth it in the end.

Good luck to her
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  #22  
Old 12-24-2013, 01:22 AM
danielhermann danielhermann is offline
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Default Re: Starting a Business

I think she should first work with somebody having an experience in the wedding planning business. It is not as simple as it looks. Let her understand the ins and outs of the business, what are the risks, where are the pitfalls etc. She needs to build up her contacts with wedding venues, suppliers, caterers etc. She needs to know the general market,the trends, the reputations of the various suppliers etc. Only then should she venture on her own.
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  #23  
Old 01-15-2014, 11:47 AM
jeffnev jeffnev is offline
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Default Re: Starting a Business

It seems that you have had some excellent advice so far. I imagine that this sort of business could get going fair easily, especially if it is successful as word of mouth is an excellent marketing tool, and oddly, getting married has a domino effect!

I imagine if she only takes on one wedding project to begin with, she could manage it part time, so long as she is organised. There is no reason not to try at least. However, it is vital that she is fully prepared before taking anything on, as this day is very important to her client and it would be awful to see it go wrong. If she does her research of local venues, prices, ideas, blogs, and so on, builds up some good contacts and leads then I see no problem.

Alternatively, is there a friend or family member getting married soon that she could help organise, think of it as a trial run? This would give a realistic idea of what to be prepared in.

The only difficulty is, planning a wedding gets easier as you go as you learn the tricks of the trade, and the important people in it! So it could be worth her taking some time off to do the research first. Or slowly gather as much information through experience and networking before taking the plunge.

Best of luck!
Jeff
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  #24  
Old 01-16-2014, 06:41 AM
jeffnev jeffnev is offline
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Default Re: Starting a Business

The SBA.gov website has some really helpful guides on starting a business as well as information on securing finance for your business through government backed loans. I would have a read through the information on this site, as it provides a lot of useful tips and insights on how to start a business.
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  #25  
Old 02-23-2014, 01:42 PM
Executive Capital Finance Executive Capital Finance is offline
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Default Re: Starting a Business

So you want to be a business owner


If you're just starting out, you will need to raise seed capital by way of family and friends, or your own savings, to develop your product or service and to set up the company in preparation for the initial marketing and sales push, which you will be doing yourself since you don't have a sales team yet. As a matter of fact, you will be doing everything yourself for a while so you better be talented and educated in sales, marketing, financing, manufacturing and distribution if you want to survive the first year.


Forget about going to the bank or looking for an equity partner at this point because you have not proven that your product (or storefront with other products) or service will be saleable and profitable in the current marketplace. Whatever you do, don’t make the mistake of taking out a personal loan to start a company. In a recent interview, Mark Cuban said that “anyone who takes out a loan to start a business is a moron” and I fully agree with him because the debt service will kill a brand new business in a heartbeat.

Until you have "proof of product" and have generated some revenue from sales, no financial entity (public or private, which includes banks, venture capitalists, angel investors or private lenders) will want to lend you money. All preliminary costs will be coming out of your pocket (or a rich uncle) until you reach the point of revenue generation. If you think that this is not attainable, don't even bother as it will be a losing proposition from the beginning (remember that 90% of start ups fail).

Once you have reached the level of creating revenue with incremental increases, and you have developed a professional presentation (website, presentation deck, business plan, financial projections, etc.) that makes you look like a seasoned entrepreneur, you will be qualified to pursue avenues such as crowd funding (to attract smaller angel investors) in order to raise the initial capital necessary to expand the business and bring it to the level of substantial revenue (above $1M in gross sales annually).

Upon reaching this level, you will then be able to apply for debt financing (because you are profitable and your revenue says you can afford the payments) from a bank, if you have perfect credit and lots of collateral for them to lien and encumber, or a private lender, who will be more expensive but much more accommodating when it comes to credit and assets. Debt financing will allow your company to grow and expand at a controllable pace.

At this point (3 to 5 years down the road) you will hopefully have a very successful and thriving business, generating $10M annually, that will attract an equity investor who will provide the larger quantities of capital (and most expensive) necessary to further expand the company. Most business owners don't want to go this far because of the responsibilities involved in taking on equity partners and the fact that there will be another cook in the kitchen that might have a conflicting opinion in the decision making processes of the company.

Good luck, it's a long and rocky road, only taken by those who have the perseverance to withstand the hard work and long hours needed to achieve success.
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  #26  
Old 04-09-2014, 02:07 AM
stevenhenter stevenhenter is offline
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Default Re: Starting a Business

Starting a business is a good idea i really like it. Actually a few years ago my friend also started a small business with the help of
idealcs group from uk and now he had a successful business.
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  #27  
Old 06-20-2014, 02:07 PM
fifo capital fifo capital is offline
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Default Re: Starting a Business

To start a new business the basic advises that I would like to give you are below according to my experience :

1.Be Clear on Why You want to Start a Business.

2.Determine Your Business Type.

3.Create a Simple Business Plan.

4.Nail Your Target Customer.

5.Perfect Your Pricing.

6.How to Find Start-Up Money.

7.Go Out and Get Customers.

hope these points will guide you well and wish you good luck for your new business.
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  #28  
Old 06-23-2014, 02:07 AM
Venetia Rose Venetia Rose is offline
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Default Re: Starting a Business

Good to hear that you are starting a new business.But you have properly plan and make sure about your investments.Then consult a good business advisory consultant like KPMG who can help you out.
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  #29  
Old 07-31-2014, 12:16 AM
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davidsmith1 davidsmith1 is offline
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Default Re: Starting a Business

Starting a business is one of the best factors you can do to protect your financial future and freedom. One of the most considerations when starting a new business is to begin a business that is a representation of your own passions. Starting a business that is based around an area in which you have skills can lower the learning bend and increase your possibilities for success.

When it comes to Starting a business, it is essential search for out the financing and help to which you are eligible. It is also a wise decision to search for advice from with tax consultant and an accountant before starting that new business. The business plan is one of the most essential documents you can have when starting a business.
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  #30  
Old 08-16-2014, 03:47 AM
johnt78 johnt78 is offline
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Default Re: Starting a Business

Most people spent *some* amount of money, even if it was just the cost of a $50 business license or a $10 domain name. But far more important than money was the investment of sweat equity — taking the time to make something meaningful. Write a business statement. Good business relies on good planning so before you start investing your time and money get your plans and systems in place. The first thing you need to do before you dive straight in is to do a business plan.
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