Ask - Jeff Winters
Ask Jeff
"Jeff Winters answers your Entrepreneurial Questions" For many of us our professional transition may include a decision whether or not to become an entrepreneur and create your own jobs. Jeff Winters (CEO www.OurExperienceCounts.com) partners with the Alameda County (CA) branch of the SBDC (Small Business Development Center), hosting a webinar focused on providing support for the decision and the early stages of a new company. OurExperienceCounts.com will continue developing new webinars that provide support specific to the planning required for different types of enterprises. Whether you are considering a consulting service, exploring purchase of a franchise or actually planning to setup a manufacturing operation, we want to help. To better provide this help on a more-timely basis, Jeff will be hosting a weekly blog that will focus on answering your specific questions and concerns.
Dear Jeff:
I am seriously considering starting my own business by opening a tropical fish store. It has been a hobby of mine for many years and I am very knowledgeable and I am passionate about the hobby. How should I begin?
Bud - Cleveland, OH
Answer:
Dear Bud:
Bud, normally I would advise you to write a business plan, but this might be premature. You didn’t indicate what retail experience you have, but it probably would be a good idea for you to find a job at tropical fish store that is already operational and preferably profitable. It’s always a good idea to gain the knowledge required to turn your hobby into a business by learning on the job instead of making expensive mistakes while you attempt to learn on the fly after starting your own business. It will of course be necessary to write a business plan and it is essential that you have the financial capacity to support yourself while your business builds towards profitability. Be conservative with your financial expectations and make sure you have the support of your spouse before engaging in this project.
Good luck!
Jeff
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