My husband and I are discussing the possibility of opening our own business. We're not doing it right away but we looking into it.

This will be a huge project (for us anyway) and I was wondering what experiences or advice people could offer. I've seen that there are small business classes - though truthfully I don't know if this would be considered that small. But maybe one of those classes would be useful. Property and buildings would be a consideration. I am not even sure where to begin on financing but it is possible that we could find private loans.

Does anyone have any advice about what we could be doing now to prepare for this type of project?

My husband is an electrical contractor and we've been in business for almost 13 years. I think it really depends on what type of business you're planning to open, really. We got a lawyer and a CPA right away, to make sure all the paper work with the state was done correctly (we're incorporated, which makes a difference too). We started with a $5000 loan from my inlaws, and I'll tell you, it takes a lot of patience...A LOT!! The first 8 or 9 years, while we didn't exactly struggle financially, things were tight from time to time. It really hasn't been until the last 2-3 years, that things have been really good; he's had plenty of work, and the business has very little debt (just a monthly material bill, really). We have a home office, with a separate phone line for the business, so we don't have a rent or buy a place for the business, which is nice. I guess my advice would be to do your homework prior to starting; go into it knowing it may be awhile before you show a significant profit; have LOTS of patience; and make sure all your paperwork is done properly and is kept up to date.

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SAHM to Sarah & Andy 2/11/2000

Look up SCORE in your area. They can help with loan sources and advice. They are usually retired businesspeople and it's non-profit, often free. And of course, you've got the SBA.

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I have talked to someone at SCORE in the past when I was considering a business idea. He was able to give me some very practical advice.

I can probably look this up online but what is SCORE?

My recommendation would be to use the Small Business Administration as your resource. Although I'm not a small business owner, I worked in small business lending for almost 10 years. SBA

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That is a great site! Thank you -- though that last section, "Plan Your Exit" and it lists Bankruptcy ... that makes me nervous!

SCORE "Counselors to America's Small Business"
Back in the day it was S.C.O.R.E. (Society C ___ Of Retired Executives)
But I don't remember what the letters stand for anymore and the organization has moved away from the orginal meaning. however, it serves the same purpose.



My partner own's his own business, used SCORE for advice when getting set up. The company will someday be profitable but right now it brings in very little money. However, the company is debt free, 3.5 years old now. He still has his intial investment of $7K in the business, has not yet been able to pull that out. Likewise, he hasn't paid himself in a couple of months. Thank god I make rather good money, as if we lived on his income we would be homeless.


Do your homework, get your ducks in a row and don't go into business with family members.

My brother wanted us to do this before and we weren't ready. There is no way we would do that with him.

Setting up a business takes time and unfortunately, mistakes. You'll learn a lot from them. Do your homework first and make sue your product can be profitable!

When I first met dh, he had designed and was having a skateboard truck manufactured (the metal piece that holds the wheels). He had about 20 investors: all friends, a team of amateur and pro skateboarders, clothing line, ads in the big magazines, two skateboard films with his team-one for promotional use and the other was sold in shops, and attended expensive trade shows and major contests across the country. It was fun, we had some awesome years! But there was no profit it. Making the trucks cost almost as much as you sell them for and there were all the other costs to consider. Providing for your team, paying for ads and trying to survive was too much and he shut down in 2003.

Now we own a surfing business as a side job since I stay home. This is actually profitable because the only ongoing costs is keeping current soft surfboards and wetsuits in many sizes for students to use, paying insurance, and brochures for distribution once a year. We also pay LLC fees every year to get the tax benefits and pay for permits. We have a lawyer and accountant who dh used with the last business too. We sell the older wetsuits and boards on craigslist. We occasionally need to hire extra staff when there is a big group or at surf camps, but my husband can teach 5 students alone, so most of the time it's all profit. We use the third bedroom as an office and store all equipment in the garage.

We've learned what went wrong the first time and what not to do again. It just got too complicated, keep it simple! Find an accountant and lawyer you trust and listen to them about investors, tax breaks, etc. They know what they're talking about.

Good luck, it's a roller coaster ride

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