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My husband wants to open his own business.

I completely support him and think the idea is a good one. I was wondering if I could get any tips on how to actually get the idea off the ground. He already knows the kind of business and the general location. If anyone has any tips on the rest of it, they would be greatly appreciated.

 
AmberBrat

Asked by AmberBrat at 1:55 PM on Feb. 27, 2009 in Money & Work

Level 4 (52 Credits)
This question is closed.
Answers (5)
  • Places like Staples have software programs to set up a business proposal or business plan to present to your local small business administration. Tell him to get his contact in now with the SBA and get working now on his ideas, paperwork and proposals so he wont have any questions asked that he cannopt present a concrete answer for. I would stay away from conventional banking loans and go with the government right now for your lowest interest rates and your best plans and alot of help. If his idea is not a "go" they will work with him for free and tell him upfront before you lose any money. I commend you on getting your own business going during these times, good for you!!
    akinbottom2

    Answer by akinbottom2 at 2:39 PM on Feb. 27, 2009

  • He will need to have a business plan if he wants to try and get investors or small business loans. Most community colleges offer classes on small business you can try looking into that. I was thinking of going into business with my mil last year but we put those plans on hold for a few yrs. Ill just work for the county.
    gemgem

    Answer by gemgem at 1:57 PM on Feb. 27, 2009

  • Be ready for him to work more hours especially starting a new business. You will most luckily see less of him.

    Anonymous

    Answer by Anonymous at 2:11 PM on Feb. 27, 2009

  • Also be aware that most businesses take 5 years to finally turn a profit, so you'll want to have enough saved up that you can afford to lose money each year. He'll need to develop a business plan to get a loan, if he wants that. Good luck!!
    Anonymous

    Answer by Anonymous at 2:14 PM on Feb. 27, 2009

  • He's going to want to contact the secretary of state to find out about registering his biz name and what is required of that as well...if he's going to start it from home rather than an office or something I'd suggest looking into an inexpensive po box; ie mailboxes etc or something...
    beachmamaof2

    Answer by beachmamaof2 at 4:10 PM on Feb. 27, 2009