Originally Posted by Ms. D. Deveraux

Sorry I won't be able to type much because I'm on my phone & please let's not be negative in this thread, I'm already not feeling spectacular as things aren't progressing as quickly as I would like.
Anyway I make Shea butter. I'm bootstrapping it so far. I'm at an absolute standstill at the moment because my 9-5 is driving me round the bend. profit isn't a part of my vocabulary yet because I'm still approaching this too much like it's my baby.

Getting the regular state licence to do business, etc

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Have you looked into small business grants for women or minorities? 3 years ago I was going to start an Indian Remy online hair sales biz but I am SO glad I didn't. Too many people have flooded the market.


Shea butter is hard to market & sell when its easily found in Wal-Mart now...I would suggest starting with college students (flyers/blasts) and then letting your product speak for itself. They will spread the word to family & friends back home...like target HBCUs and make the butter affordable, may have to undersell but eventually you can take the price up.


Africans and West Indians have had the shea butter game on lock for a decade at least...sell somewhere shea can't be found. Oh and market it to non-blacks...convince them it ain't just for ashy black folks


I'm no MBA but that is my entrepenegro 2 cents worth!

Yeah I need to sit down & be serious about this again & apply for a business loan. The misery of my regular job is filling every corner of my life.
No my issue isn't really how the market is looking. I've had good feedback. I went to wholefoods & they're willing to sample the product at local level which may fast track it onto local shelf if they like it. *crossing my fingers*
I got my fair trade certification (recommended by wholefoods).
If I could just make it all day long, make a profit & not have to deal with the business end I'd be a very happy human being.:D

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What type of business do you own?

A Commercial Cleaning Company. I provide custodian services to churches, banks, medical offices, etc...
What prompted you to start your own business?
I want to control my own destiny, and create my own opportunities. I feel as though in today's economy, you have to be able to be creative and cultivate multiple streams of revenue for yourself. I've been in the janitorial industry since I was 13. My Uncle used to own his own cleaning company, and sometimes I would have to help clean some of his accounts. I saw the type of money he was able to generate, and I was intrigued by It. So when I turned 20, I decided to strike out on my own , and attempt to attain my own accounts. I did, now I'm 23 still doing my thing.

How did you go about starting your business?(resources you used)
I was already equipped with the knowledge in my paticular Industry, so I took that and ran with it.
What are the important documents/licenses that you need yo have?
Business License, Ein Number, Business Insurance, bond if required by your clients, If you want to incorporate your business, you need to go to the secretary of state.
How long did the process take before you were actually "open for business"
Immediately
Do you work from home or have a studio/store/office space?
I work out here in these streets. Hopefully I could have my own office building one day, that would be dope.
Do you have employees?
Yeah 2 for now
Have much did it cost to start your own business?
Not much. Had to pay $20 for my business license. $297 for general liability business insurance. I started off as a sole proprietorship, I can't remember the exact amount I had to pay to register my trade name and all that, but It wasn't much. Later down the road, when I started really making money, I paid my accountant $450 to incorporate my business into an LLC.
How soon did you start making a profit?
Soon as I gained my first account. Took a month for me to get one.
Would you recommend to others to follow this path?
Hell yeah, but only If your born with the qualities of an an entrepreneur. Some people aren't cut out to be a bussiness man or woman, you have to have that entrepreneurial spirit within you. If you have the drive, the desire, the willingness to sacrifice whatever it takes for you to succeed In whatever business you decide to pursue, I say go for it. Just know what your getting into, and master your field of interest. Never stop learning.

Originally Posted by Its All Gravy

Would you recommend to others to follow this path?
Hell yeah, but only If your born with the qualities of an an entrepreneur. Some people aren't cut out to be a bussiness man or woman, you have to have that entrepreneurial spirit within you. If you have the drive, the desire, the willingness to sacrifice whatever it takes for you to succeed In whatever business you decide to pursue, I say go for it. Just know what your getting into, and master your field of interest. Never stop learning.

I totally agree with this. I don't think I'm 'start my own business' inclined but I love reading the thoughts of people who are. So threads/books about business/self made people always intrigue me.

I would love to work for myself in a way i.e writing (music/books/scripts etc) but owning and operating a full scale business like what some of you have said, I don't think I could ever do.

My dad started his own business which went from nothing to a huge success. He made a bad move with not taking full ownership though. He had big companies interested in buying his business, he couldn't sell because a relative who he made an equal partner (even though my mother warned him not to and especially when he contributed basically nothing to the start up costs) refused to sell his share or buy my dad out. My dad eventually walked away and this relative basically ran the business to the ground.

My father is starting all over again in a different country at an age where I think he should be chilling but the bolded is basically what he possesses: that entrepreneurial spirit. He's always been a hustler. I've always admired people like that.

Good luck to all of you and your ventures!

I have 0 interest in entrepreneurship or starting my own business because I don't have the drive for it, but seeing other people do it, and hearing their stories has always been very interesting to me. Maybe deep down it is something that I really want to do, who knows? I can cook pretty well, maybe that will come in handy some day.

*subs*

What type of business do you own?
Own several websites.

What prompted you to start your own business?
I always wanted to own my own clothing boutique since I was a kid. After researching that business as an adult, I decided to pursue other businesses. I also associated with a lot of business owners.

How did you go about starting your business?(resources you used)
I have been involved in multiple industries for years. I did a lot of researching, online and checking out library books.

What are the important documents/licenses that you need yo have?
Business license for my first business and only trademark for my current business. And tax id number.

How long did the process take before you were actually "open for business" Do you work from home or have a studio/store/office space?
Most of them in less than a week. The current websites I'm working on is taking me almost a year to complete, I hoping to have one done by next month. I currently work from home. The first business I started back in 2005, I rented an office until I realized everything could be done from home.

Do you have employees?
No.

Have much did it cost to start your own business?
My first business about $1,400. I started that business with my income tax check. With my current websites the cost varied from $50 to $500.

How soon did you start making a profit?
The week I opened. I normally start businesses where there is a need for my product or service.

Would you recommend to others to follow this path?
Depends on the person. One thing I learned from a lot of my friends that are business owners, is that you have to be consistent. At times I lack consistency, I usually lose some of my focus when I'm in a committed relationship and it shows in my bank account.

Anymore tips?

Originally Posted by Essence4u

Anymore tips?

You can get your TIN(Tax Id Number) for free by calling the irs. It's easy and simple. They only ask you a couple of question like your name, social and if your going to be an llc, corp or sp. Companies usually charge about $40 to $80 to get you think number when you can do it for free. Getting your business license won't cost much if you do it yourself. Filing the paper work was simple for me. It didn't require much information.

Originally Posted by AlmostFamous

You can get your TIN(Tax Id Number) for free by calling the irs. It's easy and simple. They only ask you a couple of question like your name, social and if your going to be an llc, corp or sp. Companies usually charge about $40 to $80 to get you think number when you can do it for free. Getting your business license won't cost much if you do it yourself. Filing the paper work was simple for me. It didn't require much information.

What is the difference?

I've read that filing trademark/copyright papers are expensive and difficult. Anyone have any tips on that?

What type of business do you own?
I own a vintage accessories and clothing company. I also occasionally work as an image consultant and wardrobe stylist. I'm also working on my first youtube video.


What prompted you to start your own business?
I've been working within the apparel/retail industry for 20 years. The older I get the more I realized how strong my skill set "actually" was. I also have a history of doing well in commission based positions or in jobs where my boss leaves me the hell alone. Almost all of my friends are self employed and I've learned so much about how they hustle. I have a psychotic bull-like work ethic. I've also been a thrifter since I was in high school. I also have a strong moral compass that makes it difficult for me to work for incompetent or lazy supervisors.

How did you go about starting your business?(resources you used)
I wrote a business plan, marketing plan and financial plan. I incorporated and paid for a sellers/sales tax license. I saved money. I also used my self employed friends as a great source of information.

What are the important documents/licenses that you need yo have?
My company is an LLC. I have an EIN and a sellers license here in Miami, FL

How long did the process take before you were actually "open for business"
Legally, I've been open for business for about 9 months. I'm working on the online store front as we speak. I've been thrifting & selling vintage since I was in high school.

Do you work from home or have a studio/store/office space?
My office space is in my bedroom and garage.

Do you have employees?
Technically, I do not have employees, but I do belong to a barter network and I have a solid support system. My support system includes but are not limited to: a small business coach, an event promoter, fashion show coordinator, wardrobe stylists, models, DJs, graphic designers, etc.


Have much did it cost to start your own business?
According to my P&Ls my start up costs were about $5,000. This includes buying web domains, incorporating, buying product to sell.

How soon did you start making a profit?
I started to make a profit around month 3. I moved in with family so, I have no overhead.

Would you recommend to others to follow this path?
1. I would recommend that you start your company while you have a job. It will take some of the stress off, so that you will can think clearly.

2. Stay in your lane. Only start a company with something that you are passionate about and good at. Most people start companies based on how much money they think they will make or what looks cool to their peers on facebook and twitter. Right now I know a gazillion bad photographers, awful stylists, crappy DJs, horrible bakers, etc. I have watched their companies fail.

3. Surround yourself with hustling entrepreneurs who have been doing it for an extended period of time (5 years+). They can show you little tricks on how to get by when weird things happen to you and your business. They can also connect you with the right people to help you when you need it.

4. Be careful who you share your business concept with. For me, this is the hardest part about being self-employed. Some of the people who said that they would be supportive have not been.

5. Learn to barter for services and goods. Money isn't always consistent when you work for yourself & your gonna need stuff that you can't always afford.

I hope that all of you are doing well in your business ventures.

Originally Posted by IceCold718

I've read that filing trademark/copyright papers are expensive and difficult. Anyone have any tips on that?

There are a lot of huge companies who do not have a registered trademark. Starbucks still uses a TM.

I use the TM on my company logo, just to let others know that I consider this to be a trademark. There are many court cases where a TM held up in court, and TMs do offer you some protection. Of course registered TMs are the real deal though and can give you legal protection that TM will not.

I am working on the process of creating a registered TM.

I also think that you should buy up and or utilize everything with your company name on it. For example. I am afashionslave on all social media outlets and message boards. I also bought afashionslave.com .net and .info. When you use up all of the social media resources it makes things a little more difficult for others to get crazy with the name or logo of your TM.

Now I'm still very new to this entrepreneur process, so hopefully there is someone on here who has more information.

Vistaprint business cards are they decent? Has anyone used them? I know you get 100 free but you pay for S&H

Anyone know of free website hosts?

I found this one

http://www.webs.com/pricing.htm

For $7.50 you also get 5 free email addresses

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