Calling all Entrepreneurs! I need some advice

[ASammy1]

Thanks so much everyone for all of your words of wisdom! I certainly have a lot to think about!

[Geonz]

Have you written up a business plan? All that research, etc, about your product/service, its niche, the competition, and the grim and gory details about the revenue streams?

I am a partner in a business but we did it in a "don't quit your day job" fashion, and then got day jobs, so it is still a *very* small business. (Doing it, though, helped with getting the good job.)

[smilingcat]

Timely post!! I got laid off on Tuesday... so been thinking about what to do next.

while thinking about a business plan, figure out your "burn-rate" cash you require to start up a biz. Some are non-recurring others are recurring and see how much you need month to month and over next two to three years as part of your biz. plan.

Now that I'm laid off, I spent most of yesterday looking at my burn-rate and how to change it. A very good exercise. I'm not worried too much now.

Being uber cheap and frugal helps.

Oh if you are starting your own biz. If it is a brick and motar, learn to do lot of the simple things your self. Setting up a POS system, computer network... multiple phones... even simple plumbing (saves a lot)... And make sure you know what permits, licenses, liability insurance (minimum is one million dollar) are required.

Have both eyes wide open when you jump in. You don't need to be blind sided by some unexpected thing.

[TxDoc]

You can find a lot of helpful information and resources at www.openforum.com
Best of luck!