Starting a business advice needed

[NewJeffCT]

I have a decent job now, but I'm kind of bored with it. I had two second interviews last week. I got a job offer from one that I have accepted, and will likely get another job offer from the other second interview by the end of the month...

However, I got depressed this morning with thinking that if I take the first job, I'll likely have to break the plans I've had with my wife for a nice vacation to celebrate our anniversary in November... and, being in the accounting/financial reporting field means I won't be able to take vacation time in January or February - have to get those 10-K filings out the door, etc. So, I'll never get to celebrate Chinese New Year in China, or just take any vacation during that time of year.

Enough of my wallowing in misery.

I had posted this on DU several months back, but frankly, I've forgotten the answers, even though I remember getting some good advice.

I was thinking of starting my own business. As somebody who grew up playing Dungeons & Dragons and a few other games, I've become fascinated with miniature figures for war games. I know that Games Workshop (Warhammer) is the 800 pound gorilla in the field, but there are plenty of smaller companies that do it as well (I have no idea who is the leader in non fantasy/sci fi wargaming figures, though) I'd love to start up a business with some ideas I have on this, but need some advice on how to start.

1) Any good 'How to start your own small business' books to read?
2) Where should I start, besides with an accountant?
3) How about in actually drafting up a business plan?

Thanks, & please feel free to add anything I missed.

[pitohui]

1. being self-employed means you never take a vacation

don't make that a reason to quit your job or industry

self-employeds don't get vacations, no boss there to provide vacation, social security taxes (your social security payment just doubled when you turned self-employed), or buy health insurance (in some states w. some conditions you may not be able to buy health insurance at all for less than your entire disposable income)

before you start a business in any industry work in that industry at least two years as an employee so you can get a feel for the realities w.out risk

during those two yrs you can worry abt reading the self-employment books, most are handjobs meant to sell a book, i can't really recommend a book, i found actually working in my industry and making connections w. real people the more valuable step

most new businesses fail in 5 yrs

can your marriage handle business and personal bankruptcy or how will yr wife feel if you quit a secure job to take on this kind of risk, which forces her to be the financial support for months or yrs while you're establishing yr business

only you can answer these questions

if you're not willing to work in this industry as an employee, assume you are not willing to be tied to it as a boss 24/7 with no breaks or vacations

if it gets that far, yr loan officer at yr bank will help you w. the business plan, they're fairly specific abt what info they need from you

[NewJeffCT]

4. thanks

I know it will be tough at first... but, my father has his own small business, never works overtime and takes vacations when he wants. He's not a millionaire, but he's doing okay.

[pitohui]

6. i'll give you another kick

but sounds like yr best source of advice could be yr own dad

you'll find that imitating people who are already successful is the way to go in business

[NewJeffCT]

10. not sure about that

My dad is good at his job, but he's not really a businessman.

[GreenPartyVoter]

12. Not so. Hubby just took a vacation. Yes he was worried about this biz

while gone, but it was still here when we came back. Still lots of computers that need fixing.

[Zinfandel]

2. Forget taking a vacation, waste of money, only an expense memory...

If you really want to start a business, all your time and energy are necessary to make it work in this day & age of corporate Bushism...

You should be well planned financially and every single step, idea and detail should be worked out long in advance...as if you were a director making a great film...every single frame is planned long before shooting ever begins.

Know and continue to learn (one can NEVER know enough about anything) about the business and all aspects of it. Be creative. Study!

Getting the best people, usually the most expense, is a must. This very well could mean the difference between success and failure. There is no substitute for good, creative, hard working, honest people...they will pay for themselves in the long run.

Offer yourself and your personality to your venture as much as possible.

DON'T BE GREEDY. ENJOY WHAT YOUR DOING AS IF YOU WOULD DO IT FOR FREE!!!

[pitohui]

3. he he

ENJOY WHAT YOUR DOING AS IF YOU WOULD DO IT FOR FREE!!!

too true

at the end of the day, when you run the numbers, you'll likely find out you were paying to work

for many people self-employment is the royal road to bankruptcy

[NewJeffCT]

5. afternoon kick

thanks

[KurtNYC]

7. My 2 cents

Before spending a lot and filing paperwork, try it out small scale.

Possibly Ebay -- make some figures and list them there. See how it goes. What sells, what doesn't. Who is buying? Are you better off selling indivual pieces or bundling. Ebay is great for this kind of testing because it will give you instant feedback and there is no immediate need to file legal paperwork, get a tax permit, etc. You don't even have to make original figures at this point - you could simply resell some that YOU like. The point is to see what kind of market there is for this and how best to tap into it.

Trump gave some great advice on the Apprentice. It was simply this: know exactly who your customer is. To me that means what ages are they, where are they, what do they expect to spend, what do they read. Info like this will let you communicate with them in an efficient and productive way. What will they pay more for? What do they value in a product like yours?

Do a little internet searching for competitors. You may find some that went bust and these can tell you just as much as those that succeeded. wrong product, wrong price, wrong placement, other things to avoid. We all learn from mistakes and it is cheaper to learn from someone else's.

Drafting a business plan -- If you were selling the business or taking investors this would be important but it would seem at this point you are probably more interested in laying out some potential cash flow and just clarifying the plan for yourself. Again, I would think in terms of letting the market tell you what it wants. Especially while you still have the flexibility to deliver.

I'm guessing that game figures are a fairly low dollar item so the main equation for you will be how much can you sell to the average customer minus how much does it cost to find that customer. If that equation equals something greater than zero then you have a shot.

[NewJeffCT]

8. thanks

the Warhammer stuff sells on eBay quite a bit, often by local hobby stores trying to make extra bucks. Warhammer is a bit on the pricey side compared to others, but they also have an established game that has been around for a good 30 years now, or close to it.

Painted Warhammer stuff can either ruin a miniature's value (in the case of a really bad paint job) or enhance it greatly - I've seen well painted single miniatures sell for hundreds of dollars. Yes, a 1 inch tall painted figure can sell for that much if it is from the right painter (i.e., one that has won awards in the field)

I couldn't make the figures myself... I'd have to find somebody to make the molding & cast the figure for me. I would just have a general idea of what I wanted in the product.

[usedtobesick]

9. Having done this in the past...

take everything you need to live for a year, all expenses and add 25%, then make sure you've got at least 4 years of that in the bank. Money disappears quick when there is no replacement. Also look at what you need to capitol expenses and stock and throw that in at a higher rate.

[TrogL]

11. don't

[Lydia Leftcoast]

13. I had supplementary income while transitioning from a typical job to

my career as a free-lance translator. I couldn't have done it otherwise.

In my field, clients are understanding about vacations. Money is a greater obstacle than time.

My two biggest beefs about being self-employed are self-employment tax (I pay both parts of my SS-Medicare levy) and the difficulty of getting affordable health insurance.

But I am not sorry that I left academia 12 years ago, except for missing the pleasure of having a lot of intelligent colleagues. Job security is increasingly hard to come by in academia, while I have job security of a sort as long as I don't screw up too badly.