Matrix

I want to start my own graphic design business, but cant afford the startup fees associated with it. I need to purchase equipment, rent an office, and promote my company.

Is there a grant that I can apply for, if so how do I get it and would I need to be incorporated? I have searched all across the web and have found nothing useful. what are the pro’s and con’s of being an IBO (Independent Businee Owner) and Soul Propriator?

Start it from home. Without money you have no other choice. ~
Going first class at the start takes money…
If you misspell a business plan as badly as this question, no one in his right mind will even listen to your idea

My Mom and I want to start a cake decorating business. She is self-taught and has been decorating cakes for almost 30 years for friends and acquaintances. She has business cards out there and gets calls, but she can’t over do it because she works during the day. She can’t start a business out of her house because, legally, she has to have a seperate kitchen. I have learned the trade over the past few years, but I can’t quit my job either unless we’re making good money. It’s making that daring transition that is making it difficult. Also, what is best way to present your potential business in order to get a good loan for it?
Niether of us have any schooling for business. Does this matter?

Step one is to define your core customers – are they people looking for wedding cakes, cakes for corporate events, birthdays/anniversaries, etc.? You may be targeting more than one customer group. For each, define them as best you can: geographic location, income level, gender, etc.

Next, identify your competition. Who else is serving this market now? Where can you create a competitive advantage against them? Price? Quality? Turnaround time? Convenience (location, ability to order online, etc.)? If you can’t identify a competitive advantage against each of your competitors, you need to rethink your product or scrap the idea.

Then, based on your knowledge of your customer and competition, work through the "4 Ps":

Product: Again, will it be just wedding cakes? Other types of cake-based desserts? Special flavors or ingredients? Very elaborate designs vs. more standard fare?

Price: What price point do you need to (a) cover your expenses, (b) earn a fair profit relative to the money, risk and effort you’re putting into the business and (c) remain competitive with other companies?

Place: (a) Where will you produce your product? If you deliver, what is your geographic region? (b) Will you sell from your own storefront? Through other retailers? Online? At special events like bridal shows?

Promotion: How will you advertise your product? Big hint here: for weddings & similar very important events, word-of-mouth, a.k.a. referral-based sales, are huge. People will ask friends who they used long before they respond to a newspaper or yellow pages ad. What do your customers read? Where do they hang out?

Regardless of whether you go for a loan or not, you’ll want to put together a business plan, if only to confirm for yourself that you’ve thought through the marketing, logistics and financial/tax concerns. Related to this, I strongly recommend putting together a 12 month Revenue & Expense forecast. Based on sales projections, what will you earn each month and what will your costs be? This is extra helpful for businesses with seasonal fluctuations like yours.

product-what type of you product will be
first-how much budget you can afford
second-market research,it contains abt the product,people benaviour,
all about the market info ,for this you can use the google,marketting agencies,
basic fundamental-you must have the basic fundamental knowledges of the business,
setting up office-set up your office,
hiring,-hire the best and small team,
marketting-the best place,best price,market segmentation,
opetation-taking orders and producing them….

I am sole trader and want to start business this week (week of 9th of March), and preferably starting tomorrow. What will be my basis period and accounting period? I don’t understand what those really are and why I should be concerned about them. Can I just start trading whenever I want and let the accountant worry about the accounting periods? Thanks in advance

Your first year of trading (to 10/03/10) will include the 2008/09 basis period (11/03/09-05/04/09).
The 2009/10 assessment will be on the first full year to 10/03/10.
2010/11 will be y/e 10/03/11.
Overlap relief will cover the double tax on the first year.

It doesn’t make ANY difference, but it’s more convenient to start on 06/04/09 as it saves overlap.

Looking for good business concepts. What has worked for you or someone you know? Please, no MLM’s. Thanks!

Think about what you are most passionate about. That will identify a niche. Then I recommend you do a little research with the Business Opportunity Search Engine. Being community driven it’s a cross between a search engine and a Wikipedia. You can add, delete and improve the results for much more focused answers than a general search engine can provide. http://www.BusinessOpportunitySearchEngine.com

I am 44 years old. I have years of management experience and I am tired of working for other people so I am interested in starting a business. I don’t really know what to try or the best way to go about it. Any suggestions would be appreciated.

It may help you decide by understanding the pros and cons of franchising

Advantages:

- Your risk is reduced as you are buying into a proven system for operating the business and generating profits.
- Though there are substantial fees for buying in to an established major brand franchise such as McDonald’s or Subway, a newer and smaller franchise operation might cost you less initially than doing your own independent startup.
- The business support system is built in (e.g. training, financing, money management).
- The psychological support system is in place … you plug into a network of business owners facing the same daily challenges and problems.
- The marketing support system is established.
- The brand is already built – you plug in to its customer base.
- You get a group rate – to reduce the costs of supplies, inventory, equipment and even medical, dental and eye care.
- It’s easier to recruit good help
- Your opportunities for growth are better – successful brand franchises generate steady cash flow and banks are more willing to provide loans

Disadvantages

- It’s their company = your name will not be on the door or the signs
- It’s their product or service = you are selling a product or service that is created and controlled by the franchisor.
- It’s their system = you will have to do things the way the franchisor wants them done
- It’s not always cheaper = For a well established and successful brand, your startup costs might be considerably higher
- If you have low credit rating, it can be tought to get financing for even a small home based franchise
- You may have to pay up front and annually, too.
- You may not get all you want from the corporate office
- You will have to learn to go along to get along = there may be times when you feel more like an employee of the franchisor than a co-owner
- Cannibalization (profit eaters) = franchisors sometimes get so eager to keep growing that they allow franchisees to locate so close to one another that they cut into one another’s profits
- Success is not guaranteed in a franchise or any other business
- You will still need a lawyer and an accountant
- If things go bad for one franchisee in your group, it can hurt all the others

I think that I have good idea in Stationery & gift business in Bangladesh as I have been involved in this business since 10 years. I am running this business as a Manager. But I independenly execute this business. As my salary is low, I like to do this business. I do not get any financial support from my family as we are very poor. Please advice me how to start business borrowing money. I need a source. We need at least US$10,000 to run the business smoothly. Hopefully I like to return this amount within 3 years. Please show me a way.

Shuhan
siddiqui987@yahoo.com

borrow from you relative, interest-free debt

I am applying for a relationship manager position for private banking at a suiss bank, the position requires to bring a high network clients portfolio from central and south america.
After a couple of interviews i have been asked to submit a business plan. Is there a standard form of doing it right?
Any suggestion will be much appreciated,
Thank you very much

I hope they’re not trying to steal YOUR ideas for free. That would suck. Leave them wanting more by giving them teasers. Give 3 or 4 good ideas but them you’re saving your creme de la creme ideas until after you sign with them.

I am interested in starting a web based business. I have an idea for a company that I feel is not already created. I also need to find some one to help build my website and program the site. My question is how can I protect my idea so that the people I trust to help me do not steal my idea. Should I get it copyrighted, patented or what and where is the best place to get that done.

Each nation has one or more organizations associated with copyrighting, patenting etc.

Here is one used in the USA
http://www.uspto.gov/

However, to protect your idea, you not only have to get it registered with the government, you have to be actively on the lookout for potential competitors using your idea, and taking them to court.

It might be wise to have your employees sign a non-compete statement, which bars them from working in the same kind of business for some # of years after they leave your company.

just basic event to begin with no weddings mostly looking to work in the corporate world planning small corporate business event.

Use this basic checklist to make sure all the important steps are taken before you launch your new venture. This business checklist will make sure that you cross all your t’s and dot all your i’s before your business launch.

Steps to Starting a Business -
http://www.developer-resource.com/starting-a-business.htm

Other sites you might find helpful are:
SBA – http://www.sba.gov/
SCORE – http://www.score.org
Small Business Resource – http://www.small-business-software.net
Business Link – http://www.businesslink.gov.uk/bdotg/action/home

Goodluck!