Feed for content matching tag 'starting_a_new_business'

What basic software should I use to start a used car lot?

updates@sbcommunity.bankofamerica.com — Mon, 31 Oct 2011 15:56:42 GMT

Opening a used car lot in Minnesota. We're going to be small, about 15 cars, tops. Utilizing hwy frontage alongside an auto body repair shop. I'm getting overwhelmed with software choices. I need cheap, but efficient. I want to use it to explode a vin, enter customer data and have it fill in my sales forms, if possible, with calculations. Would be nice to get auto values, would be nice to have some lender platform, and I'd like to post to Craig's List and Ebay motors, to name a few. I'm not sure if I'm asking for Lexus and want to pay for a Kia! I've looked at Finance Express, AutoRaptor, Frazer, Lot Wizard... I need something to get started; any, and all, advice/recommendations are welcome!

Thanks!

Lori

i have a great website - but no visitors

updates@sbcommunity.bankofamerica.com — Wed, 21 Dec 2011 03:35:36 GMT

we developed goodbuy.co.uk and i think its great and more importantly its free, but we don't get much visitors, not sure what to do or how to get them...any help?

i want to start my own clothing brand. how to get it started

updates@sbcommunity.bankofamerica.com — Tue, 16 Feb 2010 22:19:36 GMT

im looking to start a clothing brand i want to know what do i half to do to get it started i have very good ideas. i want to know everything i need to know to make it happen and prosper. thanks to who ever answer this.

why do i keep getting blocked for asking a marketing question?

updates@sbcommunity.bankofamerica.com — Tue, 20 Dec 2011 19:35:14 GMT

3 times now i have asked simple question, how do i market my new website goodbuy.co.uk and it keeps getting blocked and deleted..i dont understand? what am i doing wrong?

i need to promote my new site, and not sure how..any ideas?

How to buy a good business without using your own money

updates@sbcommunity.bankofamerica.com — Thu, 22 May 2008 21:54:50 GMT

How to buy a good business without using your own money - Part 1 - Why This Works:

We all know the principle of leverage.

In its primary application it is where you use tools and positioning to increase your power and ability to lift or work with heavy objects.

Archimedes stated "Give me a lever long enough and I can move the world".

Well, we don't need to move the world and we are not talking about moving heavy objects but in its truest application, leverage can be used in financial transactions just as in mechanical applications.

You can use the principles of financial leverage to buy a good, solid business without using your own money.

Financial leverage is a fancy way of saying "Other Peoples Money".

When you use other people's money to buy a business it's called a leveraged buyout or LBO.

Leveraged transactions (LBOs) work this way:

The buyer finances the transaction with funds borrowed against the assets and projected cash flows of the business being acquired. Through the use of proven deal structure the buyer accommodates the needs of the business owner yet creates a means to defer additional cash required to purchase the business from them.

Leveraged buyouts are financed chiefly with borrowed capital (from lenders and even from the business seller themselves), not only because such funds are readily available, but also because if you used cash to buy equity you actually lower the return on your investment than when transactions are financed predominately with debt and cash deferral deal structure.

Debt is less costly than equity financing for two reasons. First, equity is at greater risk. It is subordinated to debt, trade creditors, and others as to rights to the cash flow of the business.

If you funded the acquisition through bringing in equity investors, they expect substantially higher returns on their investment than do lenders.

Second, interest on debt is a deductible expense whereas dividends on equity are paid with after-tax dollars. So from a buyer's standpoint it is more costly for your business to provide a return on equity than it is to provide the same level of return on debt.

You structure the leveraged buyout of a business by using the assets and cash flow of the business to finance and pay for the entire purchase price; both the cash down payment and the monthly installments to pay for the business.

The business buys itself and you own it.

This way of buying business has been going on for decades; earliest actual reports of LBOs date back to World War II and no doubt occurred even farther back than that.

In fact leveraged transactions such as LBOs are so accepted by the financial communities that an entire financial services industry supports these types of transactions.

Even the Business Brokerage industry is trying to educate people to the benefit of using creative ways to structure deals; recently the International Business Brokers Association distributed an article entitled "Creative Financing for Buyers with Limited Capital".

Brokers understand that the more they can educate buyers to use the same tools as we discuss in this book, the more businesses they can sell.

We know that if you are reading this, that you might be interested in buying a business of your own. But you probably have two main questions:

Who would sell me a good business if I don't put my own money into it?

And ...

Can I really do it?

Those are good questions; we'll answer them directly.

Right now we're entering a period of tremendous availability of good solid businesses; baby boomers that own businesses get older every day and many of them need to find a way to exit their business as best they can. And remember just because you do not put cash of your own into the transaction; it does not mean that the seller does not get a cash down-payment and other acceptable terms to satisfy them in order for them to sell their business to you.

Yes. Leveraged buyouts and buying businesses without using your own money is done every day countless times in the United States and internationally.

Most people think that they have to have a lot of their own money to buy a business.

That is just not true.

It does take money to buy a business but again we're talking about learning how to use other people's money ... not your own!

Perhaps you have another question like "I've heard that it is very hard to find money to start a business ... why would someone provide money for me to buy a business?"

Here's why:

It is cheaper smarter safer and much faster to buy a good business rather than to start one.
Established businesses have proven revenues and cash flow.
They have existing customers and supplier relationships.
The financial communities know that it is much safer for them to put money into an established business as compared to a start-up business.
The financial community that we mention above is familiar and comfortable in working with business people in leveraged transactions for solid established businesses.

They understand their business and what's more they are comfortable and understand the businesses of their clients.

They know that asset-based transactions are a good investment for them and that historically they have worked well for many buyers who use their services (and capital) to buy businesses.

Keep in mind, as an example, if you buy a successful business for $1 million using other people's money; you own a significant asset that produces a regular income.

It doesn't matter if you bought the business without using any of your own money.

When the financing is paid off you will own a $1 million business asset free and clear. Paid for by other people's money that is paid back from the cash flow of the business!

The business market favors the knowledgeable buyer!

Right now we're entering a period of tremendous availability of good solid businesses as baby boomer business owners look to exit their businesses.

Here's a couple of interesting statistics from the business brokerage industry:

Over 90 percent of the people who began the search to buy business fail to complete a purchase and they look at business for sale listings for eighteen months yet still never buy

Only 25 percent of business broker listings sell; 75 percent of the business listings do not sell

So we have a very significant and dynamic event shaping up. More business owners than ever in history reaching a point where they need to sell, faced with people who want to buy but 90% of the time, never do!

Why do "buyers" not buy and "sellers" not sell?

I have been involved in literally hundreds of types of transactions over the course of my business career and I can answer this question with absolute certainty.

Lack of knowledge.

Buyers that do not know how to find, evaluate, structure and negotiate transactions and business owners who do not understand how proper valuation and deal structure can help them sell their business for a fair (in some cases premium) value and with a structure that optimizes tax benefits for them.

For buyers that understand these things there will be hundreds of thousands if not millions of dollars made by them over the next few years as they are presented with opportunities from thousands of business owners motivated to sell their business.

Again you don't need your own capital, you just need to learn how manageable leveraged transactions are done and go out and do it.

You've probably seen the big business buyers always in the news. There are hundreds, if not thousands, of smaller business buyer success stories that happen every day that you never hear about ... setting their life up so that when they retire, it will be with a pile of money ... and all they are doing is buying businesses using other peoples money.

The huge number of available businesses out there and business owners interested to sell their business coupled with the fact that there are not enough knowledgeable, truly knowledgeable buyers out there is one of the main reasons why this works when you become one of those knowledgeable buyers.

The point that we make in this book is that the cash for the down-payment does not have to be yours.

Asset based and collateralized lending has been around for hundreds and thousands of years.
Using the assets and cash flow of a business to help you buy it is something that's commonly accepted in the financial community.
There is a whole industry of lenders and investors who focus just on that very thing.
There are literally hundreds and thousands of investors and lenders that put money into businesses based on the assets of the business and its cash flow and ability to pay the money back.

All of the above, are the reasons that leveraged transactions have worked in the past, they work today and will work in the future!

If you are interested in this thread let me know and I will post: Part 2 - "How It Works".

Franchising for Beginners

updates@sbcommunity.bankofamerica.com — Wed, 30 Nov 2011 15:49:44 GMT

Do your homework before leaping into a franchise business model.

by Sherron Lumley.

“I didn’t want to start from scratch,” says Ann Bell who bought a Subway sandwich-shop franchise in 2010 with her husband Steve. “I was a stay-at-home mom and our kids are older now and off to college, so I decided it was time to go back to work,” she says. Although her husband had small business experience, Bell was more of an entrepreneurial beginner, so buying a franchise appealed to her as a safe way to invest in a business and re-enter the work force. “I work better under structure,” she says.

In the franchise form of business, a franchisor licenses to a franchisee the right to operate under a trade name, sell its products and services, and receive guidance, in exchange for a fee. “My first step was to research the business model, to see if I could believe in it and embrace it,” says Bell. Typically, the franchisor provides business expertise in the form of marketing plans, management guidance, financing assistance, training, and sometimes site location. The Bells who are from Oregon, went to “Subway School” in Connecticut for training.

Here is a look at three early steps to franchise ownership.

Step One - Decision to buy a franchise: Yes/No

A franchise is a familiar form of business in America, accounting for 10.5 percent of all businesses with paid employees, according to the U.S. Census Bureau. Clearly, the decision to buy a franchise has some strong advantages. In The Franchise Bible, How to Buy a Franchise, or Franchise your own Business, author Erwin J. Keup, says that group advertising power, recognizable trademarks, franchisor experience, patents and designs, training from experts, and a lower risk of failure or loss of investments are top reasons to become a franchisee. Other reasons are uniform operation, assistance in financial and accounting matters from the franchisor, and ongoing support.

Although ongoing support is typically considered one of the greatest advantages of franchising, it comes with a price. Nolo.com, a legal resource publisher, provides a look at some of the disadvantages to franchise ownership, which include royalty payments to the franchisor, advertising fees, and high start-up costs. Indeed, nine of the top ten U.S. franchises have start-up costs averaging more than $100,000 and the top three (Hampton Hotels, ampm convenience stores, and McDonald’s) are beyond the million-dollar mark to start.

For a sense of the ongoing fees franchisors expect, Subway requires franchisees like the Bells to pay 12.5 percent of their gross sales every week to the company; 8 percent of this goes toward franchise royalties and 4.5 percent goes towards advertising. This is in addition to the initial franchise fee of $15,000 and Subway franchise capital requirements fall between $115,000 and $258,000. However, not all franchises require such a hefty investment. Number seven on the list of the Franchise 500, Vanguard Cleaning Systems, has start-up costs of just $8,000 to $38,000.

For more information on choosing between launching your own business or buying into a franchise, check out our recent story: “My Way or the Buy Way.”

Step Two - Shopping for a franchise

Certainly, cost will be a factor and franchise options will be far different for a small business owner with a few thousand dollars of capital versus another with a million or more to invest. Here are a few of the many ways to shop for a franchise at all budget levels:

The Franchise Registry, through a partnership with the U.S. Small Business Administration (SBA) maintains a list of companies with franchises that are pre-approved for expedited loans.

The Federal Trade Commission recommends attending a franchise exposition to compare a variety of franchise opportunities and using a franchise broker who can help with applications and paperwork. But remember, the brokers often work for the franchisor. Information about upcoming national and international franchise expos and trade shows is available online at FranchiseDirect.com.

Franchise.com is another popular online resource. It offers an interactive search of franchises for sale by budget, industry, and location. The Internet is full of franchise websites to research, but “be on the lookout for certain characteristics that are very common among untrustworthy or illegitimate franchising sites,” warns Kevin Murphy, author of The Franchise Handbook. He specifically cautions against dealing with a company that does not provide full financial details at the outset and says that websites with overly aggressive marketing and a lot of hype should also be avoided.

As with any small business venture, consider the demand, competition, and ability to operate the business in making a franchise selection.

Step Three - Follow a franchise investigation strategy

“Never do business with people you have not met,” say the authors of Street Smart Franchising, Joe Mathews, Don DeBolt and Deb Percival. “Franchising at its best is a highly personal relationship. You are entrusting your dreams and capital into the care of the franchisor leadership,” they say. Visit the franchisor’s home office and further investigate the franchise by interviewing franchisees in person, and reviewing the Franchise Disclosure Document (FDD) with an attorney with expertise in franchise law.

In interviewing other franchise owners, ask questions about their experiences, both good and bad. “It’s important to interview people so you know the bad and ugly,” says Bell, who found this helped her know ahead of time what it would really be like to own a franchise. For example, she learned that unlike working for someone else, “It’s nice to work for yourself, but you do take your work home with you,” Bell says.

A look at financial prospects for franchising

Using Census Bureau data, the International Franchise Association released a detailed report on this segment of the U.S. economy called The Franchise Business Economic Outlook: 2011. It forecast growth in all industries except Business Services, reporting: “The largest percentage increases in the number of establishments in 2011 are projected in Lodging (4.4 percent), Automotive (3.9 percent), Retail Products and Services (3.9 percent), and Commercial and Residential Services (3.7 percent).”

“The forecast of stronger growth in 2011 for franchise businesses is good news for our country. When franchise businesses are stronger, so is our economy as a whole,” said IFA President and CEO Stephen J. Caldeira. “However, while the forecast reflects a stronger outlook for the franchise industry and the overall economy, franchise businesses will continue to struggle with accessing sufficient credit that would enable business expansion and job growth,” he said.

Caldeira says that lending to franchise businesses was down in 2010. “For 2011, the credit gap between supply and demand should show some improvement, but we are a long way off from the pre-recession, more robust appetite for business investment and lending.” According to the SBA, total small business lending peaked in 2008, when depository institutions in the United States held small business loans valued at more than $711 billion, then declined by 8.3 percent to $652 billion by 2010. In the first quarter of 2011, the SBA reported bank lending to small business [including franchises] fell by $15 billion.

Since 2007 when the Census Bureau first gathered franchise data, the number of franchise establishments is estimated to have grown steadily from 765,723 to 784,802, whereas overall entrepreneurship has had a slight decline. (Bureau of Labor Statistics data for self-employment in non-agricultural industries.) Perhaps one explanation for this is that risk-averse behavior kicks in during times of economic duress. The Bells wanted to own a small business, without all of the risks involved with going solo. By buying into something larger, gaining considerable expertise and centralized marketing, advertising, and promotion, Bell says she felt comfortable with the decision to buy a franchise. “I’m really happy with my outcome,” she says.

Additional Franchise resources:

The Franchise Registry, in partnership with the U.S. Small Business Administration maintains a list of companies with franchises that are pre-approved for expedited loans.
Read the Federal Trade Commission Consumer Guide to Buying a Franchise.
Find franchises for sale by budget, industry, and location online at Franchise.com
Investigate franchise and business opportunities with the Better Business Bureau
Learn about upcoming franchise expos and tradeshows at FranchiseDirect.com.

female clothing manufacturer needed

updates@sbcommunity.bankofamerica.com — Fri, 12 Feb 2010 03:04:39 GMT

hello everyone, i am looking for a female clothing manufacturer with a reasonable pricing. Please leave me a brief info of your manufacturer, location (if you are located outside the US, i want to know if you ever import anything to the US before), email, sample, and pricing, and i will respond to you as soon as possible.
thanks

My Way or the Buy-Way? Should you start your business from scratch or buy a franchise?

updates@sbcommunity.bankofamerica.com — Wed, 02 Nov 2011 19:27:49 GMT

by Cindy Waxer.

Cary Cheung wakes up at 4:30 a.m. every morning to run a business that requires him to pay a fee. He doesn’t own it outright, and it doesn’t even bear his name. And yet he couldn’t be happier.

That’s because Cheung is a franchise owner of Doc Popcorn, a maker of flavored popcorn that uses a variety of organic and all-natural ingredients. In fact, Cheung abandoned his career as an assistant vice-president at WaMu Investments to become Doc Popcorn’s very first franchisee in November 2009. And just a few weeks ago, Cheung and his wife, Judy, opened their second Doc Popcorn location in California.

The Cheungs aren’t alone. According to the International Franchise Association, approximately 4 percent of all businesses in the United States are franchisee-worked. And the consultancy Franchise Marketing Systems says that franchising is a business model that generates more than $1 trillion in U.S. sales annually across more than 70 industries. Franchised businesses ran 767,483 establishments in the United States through 2008, including establishments owned by both franchisees and franchisors.

But while running a franchise business can be both professionally attractive and personally satisfying, not everyone is cut out for the task. Just ask Amy Bennett, owner of The Greene Grape, a Brooklyn, New York-based seller of fine food and wine. The choice was obvious to Bennett: “Part of opening my own business rather than a franchise was for it to be a creative outlet for me. I wanted something I could contribute to meaningfully.” Add that desire for creativity to the many negatives associated with franchising, such as royalty fees, restrictive licenses, meddlesome franchising authorities, and a lack of ownership, and it is easy to see why many are dissuaded from signing up to become a party to a franchise.

For many others, of course, those negatives are more than outweighed by the many benefits of running a business associated with an established brand and backed by the marketing muscle and support of a large corporation. So how do you know if you’re best suited to run a franchise or if you should strike out on your own? Answering these five questions can get you a step closer to the right answer.

1. How much legwork are you willing to do?

“When you invest in a franchise, you’re getting the brand name of the franchisor, the operating system, a proven track record, not to mention ongoing support, education and training,” says Brian Miller, president of The Entrepreneur’s Source, a business ownership consultancy in Connecticut. “If you started out running your own business, however, you really wouldn’t have anybody to rely on.”

That kind of pre-existing structure was precisely why the Cheungs opted to run a franchise. “My parents owned their own restaurant so I saw the struggles they had starting off and all those lessons they had to learn,” he says. “The attraction of a franchise is the system is created for you.”

“There are very few people who are true entrepreneurs and who can really go out and make a business their own,” says Miller. “But there are a lot of people who have that passion and fire in their belly and know that they want to take control of their own destiny but need a little bit of help.”

2. What are you willing to invest financially?

Launching your own business often requires little to no capital, especially if you start small. But many popular franchises demand lots of upfront capital and collateral—sometimes up to millions of dollars—from a prospective franchisee before offering a contract. These “working capital reserves,” as they’re called, are often required by franchisors so that they will feel comfortable that a franchisee can stay in business until he or she reaches the financial break-even point.

In the case of Cheung, he invested between $100,000 and $150,000 to open his first store, including upfront franchise fees. “That was a main reason why we chose Doc Popcorn—the low entry point.” Every other franchise he looked at was going to cost from $200,000 to $250,000 to start, he says.

Still, some franchises are willing to lend a helping financial hand. “My wife and I funded the store on our own, but I know that Doc Popcorn has third-party connections to help with funding,” says Cheung.

To learn more, check out our previous article on franchise startup costs.

3. Can you back someone else’s product?

While there’s definitely something to be said for creating your own business, many entrepreneurs are proud to peddle a franchise’s products. “The only reason we signed with Doc Popcorn is because of the product and what it represents,” says Cheung. “Of course, trying to make money is always a goal for all business owners but you have to believe in the product.”

For Bennett, however, launching The Greene Grape was an opportunity to express herself and act on her vision of a perfect wine shop. “At the time I opened my first wine store, there wasn’t really a franchise that focused on handcrafted, affordable wine,” she says. “My twist on a regular wine store was part of the creative process.”

4. How much say would you like in the business?

“The advantages to running your own business are mostly in creative control,” says Bennett. “I can market the way I want, my store can have a personality that reflects who we are. This means a lot more work, of course, but at the end of the day I can step back and be proud of how the store is presented.”

That’s not to suggest that franchisees don’t have any input. Rather, Miller explains, “As you become successful in a franchise system, there are opportunities for you to work collaboratively and to develop new products and services.”

5. How long can you wait to break even?

According to Miller, “the support given by a franchise in the beginning in terms of brand recognition means that you might have a quicker start in terms of sales. Educating the consumer for a new business definitely takes more time. Depending on how a franchise agreement is structured, that could mean breaking even for the franchisee earlier.”

Still, if the substantial franchise buy-in requirements are too steep, taking the franchise route (and its more desirable, early break-even point) may not be a realistic option for many budding entrepreneurs. Instead, they may have no other option but to launch on their own, either diving into entrepreneurship full-time and striving for a quick rise in profits or running a side or part-time venture for a longer period of time, until the business proves it can stand on its own.

How do I compete with businesses that can offer similar products/services at a lower cost?

updates@sbcommunity.bankofamerica.com — Wed, 02 Nov 2011 15:42:54 GMT

How do I compete with businesses that can offer similar products/services at a lower cost?

Thinking of doing Online Business - what are the first steps?

updates@sbcommunity.bankofamerica.com — Sat, 22 Oct 2011 03:30:38 GMT

Im designing the website now

Getting a PO Box address

Designed my brochure

I have created several designes ready for printing

I have sample products ready to show

i have a manufaturer that can produce in a short lead time

**** i am ready but just not sure about the legalities....

do i need tradename registration?

do i need to copyright my artwork?

do i need to open checking account under the business name?

do i need a license?

etc....

any advise please?

Thanks,

SCA

Start Up & Expansion Advise

thecapecodcookie@gmail.com — Sun, 23 Oct 2011 17:28:11 GMT

My husband and I own a small, licensed residential kitchen. We've been selling our products online for roughly a year and a half we are just closing on our first official season of farmers markets and fairs. We specialize in hand made, dropped style, rustic cookies, as well as filled cookie sandwiches (which we wish to expand on). We also do a variety of chocolate bark and some bread, but these are mostly fillers at the markets & fairs. We are passionate about our cookies and they are always well received.

Our dream is to have a little shop right downtown where the bread & butter is markets & fairs, weddings, events and online sales… and any walk-ins are welcomed bonuses (I envision ice-cream cookie sandwiches, coffee, and other little desserts). I want to be smart, have a bang-up business plan including a smart marketing plan. Our business plan is incomplete as far as projections and cost of equipment.

We have two features coming up in the November issues of a local paper and a local magazine that we hope will boost business at least a little. But I still work full time; my husband was laid off and no longer collects unemployment but runs the business and takes care of the kids. We are just paying our own bills and have no more cash to invest into the business.

How can we complete the projections portion of our business plan without access to a financial advisor? We cannot afford one!

How can we get funding for expansion (at the very least, a few thousand for advertizing so we can get some momentum!) with a poor credit history?

Two local businesses have asked to carry our cookies but we are unable due to our current licensing. If we had the means to expand, the business is waiting for us.

Many friends & family have said what we really need is an angel investor. Thoughts?

Thanks!

Confused and frustrated..need an advise

updates@sbcommunity.bankofamerica.com — Sat, 08 Oct 2011 14:10:11 GMT

I've been running a restaurant business with a partner nearly 3 months ago.At first,our business is quite good.But the case is,she takes this opportunity by increasing the dishes pricing at almost 35% mostly dishes without my knowledge.Our business starting to drop since then.I've discuss this matter with her,and she kept giving excuses.So I decided to pull out from the business and offer my share to her at 50K or I buy her out.She doesn't want it either way.I really need the advise and hopefully it can help me to overcome it.We don't have any document bout the share as we trusted each other at first.Thank you for your kind advise and I do really appreciate it a lot.

Why the Lifestyle of an Entrepreneur is No Longer a Lonely Road

updates@sbcommunity.bankofamerica.com — Mon, 26 Sep 2011 22:20:21 GMT

In a recent article written by Marty Zwilling (Entrepreneur: Challenge Yourself Before You Invest), he discussed several risks of starting a business. One of the risks he stated was: “Being a startup founder is not a job, but a lifestyle, getting married versus staying single. In fact, it’s more like being single, since founders usually have no one to lean on, no one to make decisions for them, no one to blame, and no vision to follow but their own.”

I completely agree with this statement and propose this question to the audience: When starting a business do you need a business mentor?

The simple answer is “Yes” and here are several reasons why:

Someone to be answerable to. It is often too easy for an entrepreneur to procrastinate when it comes to performing tasks that consume a lot of time, are boring, difficult, etc. A business mentor will help keep you on track by continuing to ask what your goals are and pushing you to succeed.

Someone to help you refine your business ideas into reality. You have great ideas… some of them; however, are raw and need refinement to be put into reality. A business mentor has the experience necessary to help you hash out the details of your idea and bring it into fruition.

Someone who can bring a wealth of new ideas to your business. A business mentor has been there before and understands what works and doesn’t work. As an entrepreneur your goal is learn as much as you can and then use the lessons he/she teaches you to grow your business and become successful.

Someone outside looking in. As an entrepreneur, one of the hardest things to do is take a step back and see your business from an outsider’s point of view. A business mentor is an excellent resource to get this pivotal feedback.

What do you think? Does someone starting a business need a business mentor? Furthermore, what are some reasons why a person should not find a business mentor? Reply down below in the comments.

What are some foolproof ways one finds wholesalers for a particular product?

updates@sbcommunity.bankofamerica.com — Mon, 29 Aug 2011 23:07:18 GMT

I like to collect kerosene lanterns, old and new. There is a particular brand of lantern I like, and now that I'm a retailer, I have searched high and low for the wholesaler of these particular lanterns. I see others around me selling this same lantern, but all attempts at searches for this particular brand of lantern turn up only yielding other retailers, but no wholesalers. How does one go from seeing an item in a competitor's store to actually having the wholesaler of that product on speed dial in their store a week later?

Pointers on a Photography Business (Newbie)

updates@sbcommunity.bankofamerica.com — Wed, 21 Sep 2011 19:43:15 GMT

Hello everyone,

I've always helped people in getting their accounts ready for their businesses, but like they said, "When the shoe is on the other foot..." it is very intimidating. A mirage of questions run through your head: How do I even start, where do I go, what document is that? I was wondering if I may ask the forum for any help or suggestions on starting a new business in today's era, kind of like "grab my hand and lead" situation from my side. I have it down to the type of documents needed to file to get the business registered, and where to open an account, but then what?

What can I expect, or even better....what should I prepare for? As of now, it will be me and a business partner till further notice. That is the basic information I can provide for now because I haven't even opened the business just yet. I'm the type of person who prefers to get his facts straight and all the information possible before doing that first step. I would like to thank you all in advance for taking some time and helping a newbie start-up. All suggestions are appreciated and any information will be taken in and considered.

Enjoy the rest of your day......