Starting a small business

[The Guard]

So my wife, who is having a quarter life crisis, wants to start a small business. Nothing major, just something that will give her life meaning and help us pay the bills. We're not looking to make any serious money. She wants to open a small bakery here in town, and sell specialized "theme" cupcakes for parties and weddings and so forth.

I want to call it "Flancrest Enterprises", but I doubt that'll happen.

We've done the basic research on it over the last few weeks, but I'm sure there's a lot more to this than we've considered. Anyone have a small business, or know someone who does? Any advice?

 

[Morg]

First look up how much it going cost, going cook the food at home or at a store? Also look up what permits you might need and if you running a small store would have to look up what equipment you need to cook and other items for your business.

Running a small business isn't cheap

 

[Prison Mike]

wow, so you want to build a business from scratch? maybe you should look into investing in a franchise. it's probably cheaper and they train you how to make the food/drinks of whatever the franchise sells.

 

[The Guard]

But there aren't any franchises called "Flancrest Enterprises"...

 

[Downhere]

But there aren't any franchises called "Flancrest Enterprises"...

Why do you want to call it that, it seems...odd.

 

[Scarlet spidey]

wow, so you want to build a business from scratch? maybe you should look into investing in a franchise. it's probably cheaper and they train you how to make the food/drinks of whatever the franchise sells.

But then you're not working for yourself.

 

[huskerwebhead]

So my wife, who is having a quarter life crisis, wants to start a small business. Nothing major, just something that will give her life meaning and help us pay the bills. We're not looking to make any serious money. She wants to open a small bakery here in town, and sell specialized "theme" cupcakes for parties and weddings and so forth.

I want to call it "Flancrest Enterprises", but I doubt that'll happen.

We've done the basic research on it over the last few weeks, but I'm sure there's a lot more to this than we've considered. Anyone have a small business, or know someone who does? Any advice?

First thing is first, make a business plan. Even if you don't think you need one, do it. It walks you through everything, makes you think about things you may not have thought of, puts everything down on paper in front of you. There are forms/templates out there that walk you through making one.

Remember that there are tons of resources out there to help you: websites, groups, organizations, seminars, etc. Many are free. If you have questions, do not hesitate to use them. And as cliched as it seems, also ask them about possible grants that you or your wife may qualify for. There are quite a few designed for "women" entrepreneurs.

This is a good place to start: http://www.sba.gov/

 

[Scarlet spidey]

Oh yeah, I know you're pretty set on "Flancrest Enterprises", but if I were driving down the street and I saw that name on the side of a strip mall or something like that, I'd honestly assume it was a auto insurance place or something. It doesn't scream "bakery" to me.
"Flancrest pastries"?

 

[Prison Mike]

But then you're not working for yourself.

it just seems like it's a greater risk starting up your own business than investing in an existing franchise

 

[Scarlet spidey]

it just seems like it's a greater risk starting up your own business than investing in an existing franchise

It is more risky. But if you manage to become profitable its your profit.

 

[Lightning Strykez!]

I'd recommend talking to an attorney to get your LLC or DBA set up.

 

[bunk]

Have a good marketing strategy figured out. Look into setting up at wedding shows and advertising in local wedding magazines. Of course it can be any type of special event, it's just an example. There are give away magazines and hotel shows for any kind of event. Decide how much of the business should operate online, and how much out of the shop.

 

[Prison Mike]

It is more risky. But if you manage to become profitable its your profit.

true. either way, the current economy sucks for starting a business or investing in a franchise.

 

[stextc]

huskerwebhead is correct.
Start with a business plan is the first step.

 

[Majic Walrus]

So my wife, who is having a quarter life crisis, wants to start a small business. Nothing major, just something that will give her life meaning and help us pay the bills. We're not looking to make any serious money. She wants to open a small bakery here in town, and sell specialized "theme" cupcakes for parties and weddings and so forth.

I want to call it "Flancrest Enterprises", but I doubt that'll happen.

We've done the basic research on it over the last few weeks, but I'm sure there's a lot more to this than we've considered. Anyone have a small business, or know someone who does? Any advice?

Wait-a-minute. Either your wife is a Vulcan or she's aged somewhere between 18.5 - 20. Which one is it?

 

[The Guard]

She's turning 25. We plan on living to 100. Therefore, a quarter life crisis.

Why do you want to call it that, it seems...odd.

I don't actually want to call it that...that's a joke. It's a SIMPSONS reference.

 

[Ahura Mazda]

Having worked in a start up, I would say a first step is doing 3-5 year business plan. Do you know what your cash outflows will be and how long it will take for the inflows to become significant? These are fundamental questions that should be answerred.

As said above, to start any business is expensive and until you have an established clientele base it costs more then it earns.