<p>and would like to pass on words or wisdom? </p>
<p>I am just starting to think about this so I have only done a very limited amount of research on the subject. Any websites or other resources or books that are helpful? I’ve only checked out sba. </p>
<p>thanks :)</p>
<p>Moi.</p>
<p>What kind of business?</p>
<p>We partnered with someone else. H and I have a new side business (we hoped that it would pay some college bills, and then add to retirement). So far there is no profit, but we are not in the hole either. We started about a year ago, and it is breaking even. We were able to recoup our start up costs (kept as low, low as possible, and part of the reason that we are not profitable yet). We are now taking new steps that hopefully will lead to a profit. Part of the reason we are not in the hole is that our partner currently has a similar full time business, but I had a new idea (twist to that business). He liked my idea, and wanted to partner with us. H has certain skills that he contributes to the business. I pitch in only a few hours here and there. In fact, I currently have a few hours of work to do for it.</p>
<p>Moi too. But I read LOTS of books, magazines, periodicals - everything I could get my hands on - for YEARS, first. None of them have really served me very well in the reality of it though. The hardest part has been putting the right people together, internal and external. So, any material on leading people, especially if they’re very talented and/or very difficult, as well as material on what to do in emergency situations (payroll to meet and the funds are dangerously low because some invoices did not pay and the banker isn’t being very helpful) can be very useful.</p>
<p>I started a multi-million dollar publishing house from absolute scratch. Words of wisdom - make believe your competitors are (or can be) your friends, and learn to pick their brains (and collaborate when you will gain knowledge from it.) Don’t quit your day job until you are well launched (took me 22 months). It is easier to fail when you are too small because of lack of cash flow; it is easier to juggle cashflow, even when there is no profit, if you try to grow immediately. Absolutely as soon as you are capable, buy the building in which your business is located - you turn an expense into an asset, and also one that can be borrowed against, and which has immediate tax advantages. Hire other people to do the part of the business you don’t like - it is the creativity and vision that you can’t outsource, and if there are things getting in the way of having them flow, get rid of them - it is cheaper in the long run. Have a good accountant (and don’t depend upon your bookkeeper). </p>
<p>And HAVE FUN! Life is short.</p>
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</p>
<p>Wine shop. I have an acquaintance who did this in another city and she’s done well. For a long time she ran it by herself and I think even now she’s only got one PT employee. I’m sure she’d be willing to answer some questions, especially since I am so far away and wouldn’t be competition for her.</p>
<p>Have you worked in retail? Especially in a wine shop? How much do you know about wine? I like to get trustworthy recommendations when I shop in wine shops.</p>
<p>I do own a business, but my business didn’t involve any overhead and I’d spent years basically training for it. I’m an architect. I worked part time and started doing jobs on my own. Even eight years into it, I still feel like there is too much I don’t know. I also have no overhead. I work at home and have no employees.</p>
<p>I am also a business owner. I will echo mini here: </p>
<ol>
<li><p>Your competitors can be your friends for sure! Pick their brains and also visit their shops. See what you would do the same and what you would do differently. </p></li>
<li><p>Keep your overhead low in the beginning. Work it yourself or with family members if you can. </p></li>
<li><p>Absolutely no doubt about it buy your own building. Depending on how your business is structured, it may make sense to set up a second corporation to own the building. Ours is owned by an LLC which we own. </p></li>
<li><p>Look for other small business owners-for instance, our graphics/advertising is done by a stay home Mom who is disabled. She is also a friend (key word here) and gives me great deals. </p></li>
<li><p>Have a good accountant (and don’t depend upon your bookkeeper)-these were mini’s words. I’ll add here: get a good program like quickbooks and learn to do your own books. I do not have an accounting degree, as a matter of fact I am an English major and I do all of the books for our business which is substantial. An accountant CPA reviews with me quarterly. </p></li>
<li><p>Make friends with someone in the business department of your local bank. Get to know the bank, establish a line of credit. </p></li>
<li><p>On a side note, I have two good friends who own wine shops so if you have specific questions PM me and I’ll be happy to ask them. I see them both every Friday (LOL).</p></li>
</ol>
<p>thanks you guys! </p>
<p>Yes, I do have a pretty extensive background in wine. I managed the wine department for a few years for a grocery chain. I currently work for a winery so the “product” is nothing new to me and something I’m passionate about. </p>
<p>ebeeee, I might just contact you! Oh wait, it’s Friday today ;)</p>
<p>I own my own business also. Bought an existing pet shop nearly six years ago – and love most parts of the business.</p>
<p>I never worked in retail before I bought the shop – but I’d had sales training. I was an animal science major once upon a time and spent 10 years in advertising and marketing before I spent 15 years home with my kids.</p>
<p>The hardest part of retail is the employees – and the hours. At least in a wine shop (in CT anyway) you have to close on Sunday. The wine shop across the green from me closes Monday also.</p>
<p>Today however, the hardest part was being the captive audience to any salesperson that feels like stopping by. (Memo to sales people: Please take no for an answer once in a while. And call first to prequalify your target. PS. Do not come in the back door pretending to be the building super.)</p>
<p>cnp55, I’ve had that problem. Did you post a no soliciting sign? Sometimes it helps…</p>
<ol>
<li><p>Always form and conduct a business through an entity that gives you limited liability (e.g., S-corporation, llc, etc.). Never run a business as a sole proprietor or a general partnership. </p></li>
<li><p>Don’t start a business without sufficient capital to sustain projected operating losses until you begin to make money. Be realistic in your financial projections.</p></li>
<li><p>If the business becomes financially troubled, ALWAYS pay trust fund taxes – i.e., payroll taxes and sales taxes – before you pay anything else, even if it means closing up shop. You’ll be glad you did, because principals of a business are personally liable for these taxes.</p></li>
<li><p>Get a good accountant and a good attorney. Follow their advice and keep good business records.</p></li>
<li><p>Keep your overhead low.</p></li>
<li><p>Avoid signing personal guaranties for business debts (e.g., vendor agreements, bank loans, etc.)</p></li>
</ol>
<p>Thanks for the additional information. I knew this forum would have lots of knowledgable people!</p>
<ol>
<li> I once lost my mind and launched a major retail business to the side of my other business. Loved everything about raising the millions for the new venture, building the fit-out, sourcing the cutting edge product. Hated, hated, hated waking up every day and wondering if ti was a ‘good’ day for customers. BAsically–hated the all-consuming 24/7 thing of retail. And even though people asked me if I had retail experience, I had NO idea until Day one of operation that I would loathe running the dang thing. And becuase I loathed running it, suddenly we were unable to leap over the mountains of obstacles–as we had done so easily in the previous years. We closed it after two years.</li>
</ol>
<p>Are you sure there is no online way–or direct sales way to satisfy this urge you have? Sam Walton loved retail but oh my gosh–it is a tough tough lifestyle.</p>
<ol>
<li><p>Buy Quickbooks Pro and learn to use it–you can start with your personal stuff. Get a young start up accountant to show you the ins and outs.</p></li>
<li><p>Do not let anyone have access to your bank account or checks. Sign all the checks yourself. Keep a running tally of where you are financially at all times. make yourself do the bean counting. Learn to love that P and L sheet. Run comparisons between months, years–even weeks–until you can safely predict what the business will do.</p></li>
<li><p>Make friends with your banker–and all the banking staff. Call him or her when you need help–and call him or her to let them know when you have done exceptionally well.</p></li>
<li><p>Hire an accountant who is familiar with your business–if at all possible.</p></li>
<li><p>Look for ‘repeat’ customers. Try to establish who are/will be your ‘best’ customers–and think of ways to turn them into repeat customers. The ‘best’ customers are not always the biggest buyers. They are the biggest and most frequent buyers who pay you upon receipt of the invoice.</p></li>
<li><p>Keep your expenses to the barest minimum. Make money by not spending money. Do not hire full time employees unless you absolutely have no other way of making money/keeping up with the business. Use contract workers (like bookkeepers) wherever you can. Be prepared to call customers to chase down tardy invoices.</p></li>
<li><p>Find an attorney who can write a fantastic employment contract that will protect you. Establish and follow employemnt protocols.</p></li>
<li><p>The first few years are critical. Be prepared to put in long long hours for the first three years.</p></li>
</ol>
<p>Good luck.</p>
<p>Your best customers will also recommend you to other people.</p>