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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

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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