Looking for advice from entrepreneurs here

Society Business and Career
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I basically wanted to reach out to Entreprenuers over here especially those individuals who got over their fears, barriers and transitioned from employment to Entreprenuership and overcame the initial challenges and fears.

I am deep down now seriously thinking of a business idea or series of ideas with a long term vision of establishing this business in both Canada and later on expanding in the US. After 32 years of my existence in which i strictly limited myself to thinking in terms of jobs, employment, aiming for a professional career, it is now dawning on me that things in life do not go as planned and that one has to broaden their horizons and get out of their tunnel vision mindset.

I am single and have no responsibilities right now, i am willing to dive right in and convert any challenge i have into an opportunity as a vast majority of people i observe have good ideas, are very smart but are afraid to execute them because they have too much too lose i.e. secure jobs, families to take care off i.e. spouse, kids, paying the rent or mortgage, utilities and therefore it becomes harder for them to take risks.

In comparison i am very lucky, i am living in my own house and have my own personal car and no real liabilities to speak off at this point and if i am not settled personally at the age of 32 then it really doesn’t bother me too much, it is in fact a god send and makes it easier for me to do different things.

I am currently living in Canada at the moment but i just wanted to seek feedback, advice from Entreprenuers as to what tips, suggestions would they give

  • Tips to arrange for financing, how to reach out to potential investors?

  • Any good resources to write down your idea into an attractive business plan which would impress the banks or other lending agencies?

  • Any other bhaag dor or other tips will be welcome

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Re: Looking for advice from entrepreneurs here

I wrote it all down and then it deleted !

Anyways , here it goes again.
Research your potential business competitors locally , nationally and then internationally. Speak to as many people indepth and observe their business models and revenue generation , clientele and marketing strategies

Create a business plan of products /services you are selling , who will your be competing in the market in the early stages , then as you grow who will you be competing against in the market ( say two years and five years down the road )

Create Revenue plans , clientele gaining plans , realistic numbers to be broken down into yearly , then monthly then daily targets to be achieved .

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Re: Looking for advice from entrepreneurs here

What kind of human resource will be required need immediately and over time . Their salaries and other benefits .

The laws of the country and how you will be ensuring all business stays within legal bounds

Then comes the most important bit : The revenues . What you already have on the table, how much financing a bank or an investor is required to do and how much will be raised over time to further invest in the business to help it grow .

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Re: Looking for advice from entrepreneurs here

I strongly believe that you should be able to set up something first before hunting for investors . Once you are in the market , it becomes easier to realize your real numbers and challenges specific to your own business and then pitching something realistic and opportunistic for the investors .

For business plan creation , there are several online softwares , but I feel creating your own is the best choice .

Fear is a very natural element when stepping into these risky waters . But remember , once you are into it , you will start feeling the motivation and the ideas will start comng to you on a day by day basis . and as you start getting the grasp of things fear of failure will start subsiding.

These are just the generic pointers .

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Re: Looking for advice from entrepreneurs here

I think I replied to you on CS.

Anyways, same here:

I have started my own practice from scratch in Australia. I can offer you my blue-print as I understand your job and field is different.

1) Create a pro forma and obtain financing. A pro forma is essentially the lighter version of a full-blown business plan, with revenue and debt projections that are grounded in reality. In a pro forma, you'll account for all of your expenses, debt and anticipated revenues. This also means knowing what type of service(s) you will offer, where your customers are going to come from, what are your costs and revenue projections etc. Bankers can tell what projections are realistic and which aren't; it's their job to make wise investments, so you'll want to be able to back up any numbers you use. In fact, you might look to incorporate statistical analyses of comparable businesses in order to support your hypothetical projections. The experts who spoke to Business News Daily said a strong pro forma will project at least three years into the future, but sometimes even as far as five years out.

2- Purchasing equipment and staffing your business. Once you've obtained a loan and opened a line of credit, you're ready to start putting together the meat and potatoes of your practice, namely hiring your team and purchasing the equipment you'll need. This task is easier said than done, and ample research is required when making each decision. But again, with a little planning and the right information, setting yourself up for success is just a matter of effort. You may need an IT record system, a management software, a billing and invoicing service, background check services for your staff depending upon the nature of your business, credit card processor, and select an officer manager etc

3- Preparing to open.There are a number of logistical steps that must be completed before you can finally open your doors. These things should really be done in conjunction with steps 1 and 2. Credentialing, for example, can take quite a while and is dependent on the pace at which other organizations operate, so don't leave anything to chance; set these wheels in motion as soon as you are able. You may have to incorporate as a legal entity e.g. a limited company, obtain a business and director tax ID, set up the payroll, licensing if needed, establishing policies, procedures, and compliance documentation, and purchasing insurance etc

Other things to consider:

4- Marketing. Depending upon the nature of your business, you might want to invest in some good marketing strategies. Good old newspapers ads plus online marketing, may be a 'free service' or product day, promotional offers, banners, campaigns etc can all help but if your product is good then nothing beats the word of mouth of your customers. If you can, try to get a celebrity or half-celebrity to tweet about your product/service and that can do wonders!

5- Construction needs: If you need to perform any kind of construction on your office space, make sure you start as early as possible. Otherwise, you might find yourself well past your target opening date without a workable space. It's always best to find a turnkey location where you can immediately set up business, but realistically, such space is not always available. Make sure you evaluate your location early on and determine exactly what work needs to be done, then get to hiring the contractors who will do it. With luck and planning, construction will be completed by the time you're ready to start purchasing equipment.

6- Keep up to date with changing regulations and payers rules. You might want to hire an adviser and a lawyer depending upon your needs and nature of your business.

Good luck, and try to work 'smart' not just hard.