Small Business

Loic Le Meur interviews Tim Ferris on how to manage your e-mail.
http://www.fourhourworkweek.com/blog

Duration : 0:54:1

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I am wishing to start my own business (sole proprietorship) After i summit the paper work how long do i have to wait until i can start business?

Most places require a business license from a sole proprietor. Once you are handed your license, you can start.

1) Assume they have a family business already running and they start another.
2) Assume they do not have family business and are new to doing business and may or may not have guidance.
3) Assume they worked in management positions and non management positions in any company.
4) Assume that they may or may not have studied business management.

Unfortunately, about 80% of business start-ups fail within two years, and for all kinds of reasons:
1. If you have a SUCCESSFUL family business, let’s assume you have some business experience. Then, let’s also assume your business plan and marketing plan make sense, you have sufficient start-up capital, you have the vision and energy business ownership requires, and you have a fighting chance.
2, 3 & 4: The key to starting and growing a successful business is:
a) Be sure that there is a market for your product or service
b) Do proper research, check out the competition, do a proper business and marketing plan, try to determine how much financing you’ll need for the first two years, and then double it; try
to determine what your sales will be for the first year or 18 months, and then figure it will take twice as long.

I own a business and fwew things are more exhilarating as being totally responsible for your own destiny. But also expect lots of sleepless nights, lots of worries, lots of wondering how to make payroll and how to pay suppliers. But it’s all worth it!