Official Entrepreneur/Business Thread vol.1

[pointguard]

I'd be just as interested on info regarding food trucks as well.

Here's a little info on it : http://www.entrepreneur.com/article/220060

 

[pointguard]

I currently own a fast food franchise overseas, but am planning to return back to the states. I am really intrigued by a food truck, anyone who has or operated one before?

please pm any details especially those in the bay area

What food would you be selling?

 

[slicknick951]

Great idea and perfect target market in Manhattan.


Diff sector kinda but some kids on my middle school football team the parents put them in the program at chelsea peir(I cant think of the name) for speed and agility training. Spending lots of money just so they can have the best shot to lower their 40 time by a fraction.


Best of luck to you. I work in the Healthcare sector as well and trust me these park ave drs with self pay patients are making bank and only seeing 8-15 pts a day.

Can you explain more about the healthcare sector you work at and some info of those self pay patients in park ave? thanks.  I plan on going into pharma in the future and hopefully getting my MBA in pharmaceutical management.  I'm still doing lots of research because I finally found what field I'm interested in. Currently still doing my undergrad in Finance/Marketing Management.

Sorry im late to reply i hope you find this post.

I work in Laboratory sales management similar to selling pharmaceuticals just selling the laboratory service. (I am not a sales person)


Docs on Park ave or in Manhattan for that matter that are not owned by a hospital at this point are making bank. Most are a little older and have loyal patients that pay cash no insurance fuss. You have patients that come in once a week to get the blood levels checked and to see the doc every 3-4 months. Insurance companies are a female dog about paying up you have regulations and stipulations it is a head ache for these old doctors to keep up with compliance so they don't even deal with it. They have a big enough name that they don't need to participate with anyone to get patients in the door. On top of that you have doorman buildings for miles with wealthy tenants who will pay because they get more personal treatment. Trust me you do not want to go into some of these large clinics if you have a real problem. Old school/Old money on park ave from 96th to 50th at the very least the combined wealth would make you sick.

As it pertains to you; Trust me the competition is fierce with pharmaceuticals i see the reps all the time and its always someone new because the turn over rate is very high. If you are good you will work your way up fast and you will make a lot of money. If you are not you will move on to something else.

Sorry for the mistakes i tried to rush and get this out to you so you can get the information.

If you have any other questions or anyone else let me know and i will try to help.

 

[Gill Baka Esq. LLC.]

The worst thing you can do is keep your idea to your chest. You should be doing the total opposite. Try and validate your concept as early as possible by "getting out of the building" and talking to as many people as possible.


It's shocking how many people fail at this, only to dump thousands of dollars into their venture on the assumption that their customer wants want they are building/selling. Not saying that we are Grim's target market, because we aren't, but the same principles apply.


The best thing you can do if you're thinking about or planning on starting a business is to ask someone in your target market how much they would be willing to pay for what you plan to sell right there on the spot today. You'll be shocked (in a bad way) at what you hear, more often than not.

upvote for you... People either don't care, think your idea will never work, or are too scared to ever start a company

Brah's I totally hear you on this, truly. But experience being one of the best teachers I know has taught me not to reveal all of my hand, especially when it comes to my personal ideas/business until I feel comfortable doing so. I've been burned in the past with having a great idea get stolen so i'm always wary of it. Despite you brah's being more of the upstanding of NT's members...I know I have bums lurking that know me who may not have accounts.

In time I will reveal my ideas because I do/will appreciate feedback on it. JRS does know me a bit but it's not quite that Johnny...similar but not that.

I can say that NYC is late to catch this trend...more pronounced presence elsewhere in the country, the actual product wouldn't be manufactured by me but more so different vendors who make the product themselves (but I could start making my own in-house creations when I learn how to do so), and a physical store for selling would help me brand myself and is necessary imho to build customer loyalty and capture the small market that exists in NYC.

This idea for a business is not really a strict priority of mine at this time because I have school stuff floating around, family issues, etc. that needs to be taken care of first.

I do use a pen and a pad frequently to jot down my ideas, and I hope to share some of the questions I figured I should ask myself before going into business. Maybe it could help other posters in their ventures as well as have others chime in and help me look at things from another perspective.

I'll post them up tomorrow.

 

[pointguard]

Brah's I totally hear you on this, truly. But experience being one of the best teachers I know has taught me not to reveal all of my hand, especially when it comes to my personal ideas/business until I feel comfortable doing so. I've been burned in the past with having a great idea get stolen so i'm always wary of it. Despite you brah's being more of the upstanding of NT's members...I know I have bums lurking that know me who may not have accounts.

In time I will reveal my ideas because I do/will appreciate feedback on it. JRS does know me a bit but it's not quite that Johnny...similar but not that.

I can say that NYC is late to catch this trend...more pronounced presence elsewhere in the country, the actual product wouldn't be manufactured by me but more so different vendors who make the product themselves (but I could start making my own in-house creations when I learn how to do so), and a physical store for selling would help me brand myself and is necessary imho to build customer loyalty and capture the small market that exists in NYC.

This idea for a business is not really a strict priority of mine at this time because I have school stuff floating around, family issues, etc. that needs to be taken care of first.

I do use a pen and a pad frequently to jot down my ideas, and I hope to share some of the questions I figured I should ask myself before going into business. Maybe it could help other posters in their ventures as well as have others chime in and help me look at things from another perspective.

I'll post them up tomorrow.

Look into kickstarter also for crowdfunding once your further along

 

[D StaXX]

I currently own a fast food franchise overseas, but am planning to return back to the states. I am really intrigued by a food truck, anyone who has or operated one before?

please pm any details especially those in the bay area

Mind dropping knowledge as to how you came to open up a franchise overseas?

 

[oh you mad]

I currently own a fast food franchise overseas, but am planning to return back to the states. I am really intrigued by a food truck, anyone who has or operated one before?

please pm any details especially those in the bay area

http://niketalk.com/t/289718/socals...liege-serving-up-authentic-liege-waffles/0_20

 

[Gill Baka Esq. LLC.]

Here's the list of questions I had for myself when I was thinking of starting my business. By no means a comprehensive list but it got me thinking about the business a bit more seriously albeit on a superficial level:

1) What am I selling?
2) What skills do I have that mesh well with the business?
3) What skills do I need or need to improve in order to run this business?
4) What is my target market?
5) What is my target market looking for or want in order to stimulate buying?
6) Where should my business be located in order to maximize my sales?
7) What are the characteristics of my location that help my business?
What appearance do I want my business to have, both physically and in the mind of my customers, the public, everyone?
9) What ancillary services/products can I offer in order to stimulate buying?
10) Who is my competition?
11) What is my competition doing well that I can learn from?
12) What does my competition do poorly that I can learn from?
13) How will I innovate within my business at all levels in order to stand out?
14) Can I and how do I scale my business?
15) How do I advertise my business?
16) How do I attract customers?
17) How do I keep customer satisfaction high, but more importantly build customer loyalty?
1 How much do I need to invest at all levels (rent, renovations, advertising, merchandise, website, payroll, free materials for customers, utilities, transportation, etc)
19) What is the range of these expenses (min-max) that my budget and forcasted budget can allow?
20) How do I beat my competition?
21) What do I need to learn/do in order for the business, myself, employees and most importantly the customers to be successful.
22) Who should work with/for me? What qualities am I looking for in partners and employees?
23) How do I become known as an expert, advisor, and resource in my industry?
24) Who are my resources (advisors, lawyers, vendors, etc)?
25) How do I plan on focusing and answering all of questions?
26) How does time play a factor?

Other questions arise, but more importantly so do answers.

 

[slicknick951]

Here's the list of questions I had for myself when I was thinking of starting my business. By no means a comprehensive list but it got me thinking about the business a bit more seriously albeit on a superficial level:

1) What am I selling?
2) What skills do I have that mesh well with the business?
3) What skills do I need or need to improve in order to run this business?
4) What is my target market?
5) What is my target market looking for or want in order to stimulate buying?
6) Where should my business be located in order to maximize my sales?
7) What are the characteristics of my location that help my business?
What appearance do I want my business to have, both physically and in the mind of my customers, the public, everyone?
9) What ancillary services/products can I offer in order to stimulate buying?
10) Who is my competition?
11) What is my competition doing well that I can learn from?
12) What does my competition do poorly that I can learn from?
13) How will I innovate within my business at all levels in order to stand out?
14) Can I and how do I scale my business?
15) How do I advertise my business?
16) How do I attract customers?
17) How do I keep customer satisfaction high, but more importantly build customer loyalty?
1 How much do I need to invest at all levels (rent, renovations, advertising, merchandise, website, payroll, free materials for customers, utilities, transportation, etc)
19) What is the range of these expenses (min-max) that my budget and forcasted budget can allow?
20) How do I beat my competition?
21) What do I need to learn/do in order for the business, myself, employees and most importantly the customers to be successful.
22) Who should work with/for me? What qualities am I looking for in partners and employees?
23) How do I become known as an expert, advisor, and resource in my industry?
24) Who are my resources (advisors, lawyers, vendors, etc)?
25) How do I plan on focusing and answering all of questions?
26) How does time play a factor?

Other questions arise, but more importantly so do answers.

This is very good to get yourself thinking.

repped for this

 

[pointguard]

Here's the list of questions I had for myself when I was thinking of starting my business. By no means a comprehensive list but it got me thinking about the business a bit more seriously albeit on a superficial level:

1) What am I selling?
2) What skills do I have that mesh well with the business?
3) What skills do I need or need to improve in order to run this business?
4) What is my target market?
5) What is my target market looking for or want in order to stimulate buying?
6) Where should my business be located in order to maximize my sales?
7) What are the characteristics of my location that help my business?

What appearance do I want my business to have, both physically and in the mind of my customers, the public, everyone?
9) What ancillary services/products can I offer in order to stimulate buying?
10) Who is my competition?
11) What is my competition doing well that I can learn from?
12) What does my competition do poorly that I can learn from?
13) How will I innovate within my business at all levels in order to stand out?
14) Can I and how do I scale my business?
15) How do I advertise my business?
16) How do I attract customers?
17) How do I keep customer satisfaction high, but more importantly build customer loyalty?
1 How much do I need to invest at all levels (rent, renovations, advertising, merchandise, website, payroll, free materials for customers, utilities, transportation, etc)
19) What is the range of these expenses (min-max) that my budget and forcasted budget can allow?
20) How do I beat my competition?
21) What do I need to learn/do in order for the business, myself, employees and most importantly the customers to be successful.
22) Who should work with/for me? What qualities am I looking for in partners and employees?
23) How do I become known as an expert, advisor, and resource in my industry?
24) Who are my resources (advisors, lawyers, vendors, etc)?
25) How do I plan on focusing and answering all of questions?
26) How does time play a factor?

Other questions arise, but more importantly so do answers.

#14 is important and what I'm currently working on. Nice List

 

[nikekidwonder]

Starting a business is SIMPLE


Find a need and fill it , and start at the level that your currently at . Example, if you don't have 30k or you can't afford to rent out a brick and mortar spot. Don't do it , instead start a website and look into droppshiping. Once your business starts making money , reinvest your profits into opening a physical store if that is what you want to do.

You don't need to start a business with thousands of dollars , you just need to think of how to make the most of the money you do have, Also if you never run a business before don't worry about stating companies and all that BS. Focus on mastering the art of sales and marketing , and you do this by starting small ,don't worry about all this "finding investors talk and all that BS. Focus on simple things first , things like selling to people and learning how to bring in customers. Once you learn all of that , It will become easier for you to learn how to scale and start running big businesses.

Also start immediately , don't wait , the longer you wait the more discouraged you will become. Find all the info you need about the product/service , find all the suppliers/connects and then START.

Don't wait because you will never start , and don't be afraid to fail , I recommend starting your first business will $1000 or less because if things fail you would have only loss $1000 .Don't go spending 10k or take out loans because if the business fails you will be screwed.

1.Find a need and fill it
2.Start small
3.Start immediately when you obtain all info
4.Run a Business

 

[wj4]

well there definitely can be an online component to it but there is a need to differentiate yourself from the already existing competition for one and my vision is creating a lounge for the use of said product.

There's a need for customers to sample the products before buying.

When I first read your business proposal, I already knew a physical store is needed. I've been to quite a few occupational rehab facilities and they all look very different. This is something I want to tackle as well. It grew out of the frustration and all the holes I had to deal with for my employees to get proper care. All PT's I've seen seem so cookie cutter, and the treatment is really slow and ineffective.

Hope your idea takes off, man

 

[flyknitlvr]

Here's the list of questions I had for myself when I was thinking of starting my business. By no means a comprehensive list but it got me thinking about the business a bit more seriously albeit on a superficial level:

1) What am I selling?
2) What skills do I have that mesh well with the business?
3) What skills do I need or need to improve in order to run this business?
4) What is my target market?
5) What is my target market looking for or want in order to stimulate buying?
6) Where should my business be located in order to maximize my sales?
7) What are the characteristics of my location that help my business?
What appearance do I want my business to have, both physically and in the mind of my customers, the public, everyone?
9) What ancillary services/products can I offer in order to stimulate buying?
10) Who is my competition?
11) What is my competition doing well that I can learn from?
12) What does my competition do poorly that I can learn from?
13) How will I innovate within my business at all levels in order to stand out?
14) Can I and how do I scale my business?
15) How do I advertise my business?
16) How do I attract customers?
17) How do I keep customer satisfaction high, but more importantly build customer loyalty?
1 How much do I need to invest at all levels (rent, renovations, advertising, merchandise, website, payroll, free materials for customers, utilities, transportation, etc)
19) What is the range of these expenses (min-max) that my budget and forcasted budget can allow?
20) How do I beat my competition?
21) What do I need to learn/do in order for the business, myself, employees and most importantly the customers to be successful.
22) Who should work with/for me? What qualities am I looking for in partners and employees?
23) How do I become known as an expert, advisor, and resource in my industry?
24) Who are my resources (advisors, lawyers, vendors, etc)?
25) How do I plan on focusing and answering all of questions?
26) How does time play a factor?

Other questions arise, but more importantly so do answers.

Respect.

If I actually did this before I started, I would have bowed out after #2

 

[wj4]

Respect.

If I actually did this before I started, I would have bowed out after #2

What kind of biz do you own? I always thought you were into finance for some reason.

About #2, I can go both ways on it. I think you can learn about the industry it's in, and find a niche or an entry point.

 

[sole searchin]

What I've learned is either you do it or you don't. There's no in between.


The struggle man.

 

[pointguard]

What I've learned is either you do it or you don't. There's no in between.


The struggle man.

What's stopping you from do?

 

[getyashinebox]

WJ4, what is your background as far as field you work in, business operations experience, and where you got MBA??

Not meaning to be intrusive but would help establish a frame of reference, considering you have lot of advice to offer

On topic: Flirting with the idea of investing in an existing small business, its already a reputable shop, owner just needs some help to grow. It also happens to be in a market that aligns with a personal interest ... not sure if that will aid in my commitment or just distract me into making bad decisions

Never really did this before so I'm scared but in all honesty I've never tried something and failed, probably because I play it too safe, thinking this is an opportunity to expand some personal boundaries as well, among other things.

 

[sole searchin]

What's stopping you from do?

250k in student loans already. But I've planted the seed and am looking at options at the moment.

 

[girlslovewaffles]

I don't think Wis has an MBA.

If he's anything like me, he probably picked up things here and there just from reading.

 

[girlslovewaffles]

What's stopping you from do?

250k in student loans already. But I've planted the seed and am looking at options at the moment.

Where did you go and what did you study? Does that include grad school loans?

That's an absurd amount.

 

[sole searchin]

Where did you go and what did you study? Does that include grad school loans?

That's an absurd amount.

Tell me about it. That's just grad school as well. Went to dental school in Texas (probably the cheapest dental schools and med schools in the nation if you are a resident BTW) and by the time I was out, with interest I owed a little less then 250k.

I'm not complaining though, most of my class graduated with 150-250k in loans after all was said and done unless you were affiliated with the military or your parents could pay. I wasn't as lucky but I never had any intentions of letting my parents pay for my education.

Could be a lot worse, I know of other colleagues that went out of state to Cali/Boston/NY and their loans are a 500k+

 

[girlslovewaffles]

Where did you go and what did you study? Does that include grad school loans?

That's an absurd amount.

Tell me about it. That's just grad school as well. Went to dental school in Texas (probably the cheapest dental schools and med schools in the nation if you are a resident BTW) and by the time I was out, with interest I owed a little less then 250k.

I'm not complaining though, most of my class graduated with 150-250k in loans after all was said and done unless you were affiliated with the military or your parents could pay. I wasn't as lucky but I never had any intentions of letting my parents pay for my education.

Could be a lot worse, I know of other colleagues that went out of state to Cali/Boston/NY and their loans are a 500k+

Oh okay, that's not too bad then. I know dental school is the most expensive of all health-professional schools.

Are you practicing as a dentist right now, though? Dental loans need to come with a dental salary

I just started med school at Midwestern. It's an expensive school

 

[sole searchin]

Oh okay, that's not too bad then. I know dental school is the most expensive of all health-professional schools.

Are you practicing as a dentist right now, though? Dental loans need to come with a dental salary

I just started med school at Midwestern. It's an expensive school

Yeah, most people don't realize it's more. But when you think about the overhead, materials, etc it makes sense. Spoke to my friends in the medical field as well about it, but all in all I think I'll be fine, it's more the actual number then paying it off, which I hope is doable.


And yeah, just started working, so I'm slowly working my way up lol.

 

[pointguard]

One of my mentors simply explained running a company to me just made sense

Running a company is simply effectively articulating your tested ideas to trained people can accomplish that task

Obviously there's more to it then that but it a good base.

 

[drones]

I have a few hustles I'm putting together that are at various stages of development.  My first is for about a year I've been picking up clothes from thrift stores and reselling them online.  I can pretty much charge what I want for clothes that I pick up for $1 to $10 being that the items can be hard to find. 

I have  a second project I'm working on that's months away from seeing any kind of profit.  We're way in the red right now but that's just a function of business, it's going to pay off eventually.

My latest project involves Amazon FBA.  Basically you pick stuff up on clearance or just for Sale and send it to Amazon, who sells it for you.  Pretty nifty platform although I'm still figuring it out.

I have no choice but to make something work, damn having a boss.