TheMiddleChild
Apr 4, 2013, 11:51 PM
I'm currently working overseas for a small adversiting agency and am interested in becoming an entrepreneur. I'm thinking of a career change as well as leaving my current job (due to internal conflicts) as I believe that this may not be the path I want to take. I've been thinking of doing this for sometime and I plan on doing this after I earn enough money to hopefully start my own business. I'm currently taking classes in business and management for beginners. Any advice is appreciated
joypulv
Apr 5, 2013, 05:21 AM
The key ingredient to starting your own business, aside from money, is a true eagerness for the specific kind of product or service you are offering to the world. People ask here all the time, 'what kind of business should I start?' We can't answer that for anyone.
A rule of thumb for money to start is enough for all the starting costs, plus 6 months of no profit, so 6 months of rent, utilities, advertising, and more inventory or supplies.
Taking courses in business and management is great if you want to put them on your resume. They aren't so much help for starting a small, one-person company. Accounting knowledge is good. You can send away to your federal and local gov'ts for tax booklets.
There is also no easy answer for ideas without knowing where in the world someone will be, even from one side of a country to another.
And finally, all businesses have their ebbs and flows in demand, so the business owner has to be very attuned to the changes in taste, and re-invent himself constantly - and with a eye to old and new competition.
You will be changing one set of worries (getting along with co-workers) for another set, wondering where your next dollar is coming from.