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November 11, 2012


Replies: 15

Anyone here have their own buisness?

TheMarcher Featured By Owner Nov 11, 2012  Hobbyist Photographer
I have a contract to the end of the year. After that I don't know what to do.
I want to start my own company but I have no clear plan. The downside of having worked at so many different places is that I have no expertese at anything. I just know how to do the basic job at a lot of different jobs.

So useful tips on how to make a plan and such would be much appriciated.

(sorry for bad spelling, I know I suck =P )

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Devious Comments

TheMarcher Featured By Owner Nov 13, 2012  Hobbyist Photographer
I am going on vacation for a week now.
I wish to say thanks to all of you who wrote very helpful replies!
I now have some things I know I need to work on to get my idea started.

Thanks again!
EbolaBearSoda Featured By Owner Nov 12, 2012
You're asking at an art site's forum. No bail out for you.

There are numerous resources available to you online.
Resources with actual content.
TokyoV Featured By Owner Nov 11, 2012
Make sure you have a thorough understanding of patent law, or make friends with someone that does. Patent lawyers will take you for a ride if you don't know what you're doing. You also need to make sure you have the patent structured correctly to avoid having your idea essentially stolen.

Costs are often the biggest surprises for business. Get to know any cost you may have very well before you start anything, or you might wind up in too deep. On that note, you should set a debt limit ahead of time. In the moment, it's easy to just keep piling it on to make your idea work, but there's a point in time financially when you should decide your plan isn't working and it's safer to figure out that number right away.

"If things develops as I wish, I want a company who deals in patents and ideas, more than being the producer of products."
Does this mean you're intending to design a product, then licence it to a tool manufacturing company?
TheMarcher Featured By Owner Nov 12, 2012  Hobbyist Photographer
I have good friends in accounting at least, and I have friends who can put me in touch with such experts. But i will try to get a basic understanding of the law myself as well. I guess i will be going to the university library and check some books out ( it is public here)

I will make it my goal to have started my company before 2014. I will spend the next year learning and preparing for this.
TheMarcher Featured By Owner Nov 12, 2012  Hobbyist Photographer
I have a good idea about cost and margin, since I am working in procurment now.
yes that would be the long term plan, rather than investing money in expensive machinery I would work together with people who have that machinery.

Well my plan is not solid yet, this is something I want to develop and do it now while I have the time to figure out details.
Hence why I asked for help here to get my mind started on the right path.

Thanks for you help!
TokyoV Featured By Owner Nov 12, 2012
Good thinking. Licensing is way better than building the stuff yourself. If you're going to be making tools, figure out what some needs are rather than what ideas seem cool or innovative. Ask people in construction what limitations they have, or just start using tools whenever you can to try and discover holes.

(I'm assuming you're talking about those kind of tools).
njsaberman Featured By Owner Nov 11, 2012
I currently study economics at a top 50 business school and will hopefully be getting my MBA in finance soon. You need to ask yourself a few different questions.

What kind of business?

It's not easy to just randomly start up a business. Successful businesses have good plans, a good accountant, and a good attorney. But before you can do anything you need to have a business model to start getting capital for your business.

Now to get a better undestanding let me ask you a few things...
What is your level of education?
What experience do you have?
Can you finance any of this yourself?
What kind of business do you want?
TheMarcher Featured By Owner Nov 11, 2012  Hobbyist Photographer
To answer the last questions first:
I chose a program for highschool that had math, physics and chemistry and computer science.
I have one year at a university but dropped out because of financial issues.
But I do read on my own, but I lack the diplomas so to speak.

I have 10 years experience as a consultant, the manpower kind though. And I also have experience as a manager.
I am saving up some money to get started but I realize that I might have to take a loan or apply for a "new company scholarship" (we have those here where you get a half years wages paid to you)

The idea is to construct special and customized tools as I can see that there often is a demand for better tools in every place I have worked.
Every place you look people are using tools and systems that are very generalized and does not work very well at any special task.
I have built special tools and I think this could be something I would be good at.
I do also have contact in different industries and I could get help from people there if I were to go in to production in a later stage.

If things develops as I wish, I want a company who deals in patents and ideas, more than being the producer of products.
njsaberman Featured By Owner Nov 12, 2012
Your high school education means nothing. Sad but true.
One year may not be good enough, if means you are riskier then someone with an advanced degree.
Reading also means nothing.

Your experience is going to be your only real asset. Make sure you emphasize that in your bio when putting together a business plan to present to a bank or investors.

In order to break into that field you may need a background in engineering. You seem to only have a general idea, you may need to get more specific. Special tools for what? Medical industry, construction, auto mechanics? What is going to set you apart from the companies who currently do the same thing. Why should a bank invest in you? What type of company are you going to have? LLC? Partnership? S-Corp?

These are the things people will ask you if you move on to the later stages of a business. There's a lot of technical crap you will need to work through. You will also need to make sure you can make money and are producing a good or service people have a need for.
TheMarcher Featured By Owner Nov 12, 2012  Hobbyist Photographer
I am aware of my lacking degrees. But as it is now I have no possibility to go back to school.

One idea that is growing now is to offer a whole concept with production flow, tools, machinery and perhaps even recruiting.

My work experience is a great strength since I have worked in many different places in everything from multi-national corporations to one man companys.

The basic idea I am going to develop and research is:
Production flow
Identifying and eliminating bottlenecks
looking over tool resources and developing customized tools and machinery for the specific production.
recruiting and hireing skilled work force
procuring and owning patents for said machinery, or selling said patent to highest bidder.

Costumers would be companies with 10 or more employees needing to expand or make their production more efficient.
The goal would be to make the most of what they have already got and make them use my companies specialized tools and machinery.

And I actually have some experience doing this at Ericsson where I was part of a group who started up a whole production flow with warehouse, production,logistics, pick and pack and writing the instructions for the assembly of the product. And I have been working with management and procurement a lot since then to. So this is something that could work out.

I will have to work on this for a while and i will take a few courses at the local university to freshen up my knowledge a little.
With that I will have a very good combination of experience and studies.
TokyoV Featured By Owner Nov 12, 2012
I think njsaberman is way off on a major thing

No one cares about your education. If you're applying for a job? You betchya. If you're running your own company? If you go to a business with an innovative product that will help them make money, they wouldn't even care if you didn't go to grade school, and investors only care about high quality products or sales.

You either know how to run a business, and make good products, or you don't. Maybe going to school would help you learn how to do these two things or maybe it would be a huge waste of time. Either way, there's no definitive.
TheMarcher Featured By Owner Nov 13, 2012  Hobbyist Photographer
I do need to freshen up a few skills so taking courses in those areas would be a good idea. It is not to have a fancy diploma to show..

Thanks for your input!
njsaberman Featured By Owner Nov 12, 2012
While the idea is sound, what is going to set your firm apart?

Your work experience isn't that great. You seem to have only floor level experience and some small managerial roles. That isn't enough for a serious position in business or enough to have experience in designs or engineering.

How are you qualified to deal with the different levels of production? What makes you capable to increase efficiency in a production line? Isn't that what logistics personnel are for? Why are you qualified to improve their lines?

You seem to know what you want to do and that's good. You can try to do this but it's important to know what is holding you back.

If you're really interested in pursuing this taking a small amount of courses would be a good idea. Either take them in management and get an associates in business or in engineering or something. Only small amounts of your experience will be applicable to this that Ericsson thing will be the only thing that really matters.
karorawro Featured By Owner Nov 11, 2012
"The idea is to construct special and customized tools as I can see that there often is a demand for better tools in every place I have worked."

Before starting you will want to figure out lots of things and compile it all into a well written Business Plan.

-"What exactly is my product?"
-"How/Where will I produce my product?"
-"How much will production cost?"
-"Who exactly is my target customers?"
-"Where do my potential customers live, work? How much do they earn?"
-"Are there enough potential customers?"
-"What are my competition? Can my product compete?"
-"What is my medium of sales?"

Your research should involve a SWOT-analysis.

A well written plan will also be helping when trying to get a loan!

Good luck
TheMarcher Featured By Owner Nov 12, 2012  Hobbyist Photographer
Thank you for your help. This is some very useful advice and I will take it to heart and start working on my plan.
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