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I want to start a business of my own, but I have no idea where to start at?

I've been in retail for 23 yrs, I want to start a business of my own, possibly an exisiting business such as a Bed & Breakfast in a tourist area, but I have no idea how to get started? Can anyone help with some advice?

Thank you

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The BAF Group LLC
MD

Do you know anything about the business? Do you know anything about costs, how the market is doing in the current economy? (I don't know about B&B, but Motel business is in the toilet, particularly in tourist areas; the only ones that are doing marginally well are in business districts, particularly near airports.)

I would take a look at what trade associations might be around, see how much information is available for start-ups and what research information is available. Then take a look at areas you might want to operate in and research that area, relative to the information you receive from what you have obtained from the association.

Then WRITE A BUSINESS PLAN!!! No one wants to do one, but if you do a comprehensive Business Plan, it will force you to take a look at the widest possible issues, in an organized manner. Make sure you examine ALL of the issues you can identify - good and bad! You may find that this is a great time to do this. You may find it is an awful time to start one. And then you might find that it is a great time, but the wrong location. If you do it correctly, the Business Plan will help you with any number of business decisions you will face.

I have been involved in start-up operations for more than thirty years, and beginning with a strong Business Plan is one of the best tools you can have. Done properly, it will also help you get funding for your project.

Aug 6, 2009

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