Need some advice on start up business

[a_lifters_life]

Does anyone have any personal experiences with starting up a business (whether fail or pass)? How much capital did you save before? Tell me all about it

 

I graduate from college in a year and half and want to hear your experiences because Im trying to decide if i wanna do 5 years in a company when i graduate THEN go into business, or go into business straight out.

 

Thanks!

[turnera]

One side says start now, when you graduate, when you have no bills and responsibilities.

 

The other side says do your time in a company, learn what to do and what not to do, so you don't waste time making mistakes. And then start your business.

 

You should have at least 6 months worth of expenses saved up - you cannot count on making any money the first 6 months, but you still have to pay the bills to keep the company running. That's when most companies fail. So don't do anything until you have that saved up.

 

Be sure to visit your local Chamber of Commerce. Their business is helping people like you start and succeed in a small business. They have advisors and other help.

[avman]

It depends on the business. I started a consulting business that was not at all capital intensive. So my main issue was sales and developing a client base. Other businesses are totally different and require significant capital.

 

I would go a step further than turnera and say you need to be able to cover the first year's expenses given this economy.