How do I start my own business?

thegiver

Mon, Oct 23 2017, 11:43 pm

I want to be able to afford my children's tuition with dignity. Our budget was fine before tuition entered the picture.

I would like to invest minimal capital and grow organically. I am not a social butterfly and would want the service or product to speak for itself. I see in the frum sector clothing and all accessories are full to capacity. I am an abstract thinker and can sell ideas but don't know how to reach a target market. I can handle personal marketing well--like selling an idea to someone I know.

Any one have an idea how to break into an industry? My husband says just choose anything but how do you find a need? How do you do your research?

Are there any books your recommend or anyone who's done this who can mentor me? We've had a business selling some random product from China but made huge losses. How do you minimize loss?

Thanks!!

Kiwi13

Mon, Oct 23 2017, 11:45 pm

If you’re good with ideas maybe you can set up a consulting business. You can learn to write business plans and help people fine tune their business ideas. Just a thought.

amother

Indigo

Mon, Oct 23 2017, 11:49 pm

You can become an EOS implementer. Overall its a lot of money to invest in yourself but you can do it slowly and its a great business model used by Google think.
Google them.

amother

Brown

Tue, Oct 24 2017, 12:02 am

To avoid losses, avoid any business plan without a clear exit plan if things don't work out. Don't order merchandise that you can't get rid of. There has to be a way to sell it out if you can't find buyers

Another way to avoid losses is to sell either as a broker or to sell services. In these cases all you can lose is time invested and lost.

Sometimes its easier to sell for someone else. They have the risk and you can do what you enjoy.

If you want your own business the best thing is to look around and see whats missing either online or in your area. Maybe there is room for a camp, or clubs, or maybe a car rental or a car share. If you want to sell you have to have a solution to someone elses issue.

You might want to start thinking Purim.

amother

Jetblack

Wed, Oct 25 2017, 2:50 pm

question for previous poster- will other people actually hire someone to help them improve their business if the person hasn't actually ran a successful business themselves? I thought those jobs were for people who were success business people who decided they want to switch their focus to help other people?

TranquilityAndPeace

Wed, Oct 25 2017, 2:56 pm

Real money is in real estate investing. It's not for the faint of heart, and doesn't seem like something women do, but that's where real wealth is.

Go to the library. Read Rich Dad Poor Dad and the real estate books by Robert K. (I can't spell his name!)

If you want to have an average size frum family and pay full tuition, running a day camp or having a store in your basement probably won't cut it.

amother

Jetblack

Wed, Oct 25 2017, 3:00 pm

my real estate agent when I bought my current house is female and owns real estate so yes women can do it Wink

but doesn't sound like it's going to work for the op since you definitely need to put money in.

Kiwi13

Wed, Oct 25 2017, 5:08 pm

amother wrote:

In looking to hire a consultant, people are attracted to confidence and professionalism. They care less about what you have achieved and more about what you can help THEM achieve.