Quote:
Originally Posted by Songman45
My plan is to return home to TX and establish a photograpy business. My children are now grown and seeking their own careers and I don't have a heavy load of responsibilities at present. Its a great time to stockpile assests, experience and get things set. Like many of my contemproaries, I'm a far better photographer than I am businessman. I hope to network with other professionals who established, grew and operate successful businesses.
Under capitilization is a major reason for start-up failure of many fine endeavors. I'm in hope that someone here was able to atract and aquire the funding necessary and will share how it was accomplished. I don't need to re-invent the wheel, I'd just like to duplicate a model that worked.
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Hi Steve:- you have achieved step one. You relize that business fails from undercapitilization.
You have to know your potential market first. If you haven't done so yet check out the town you are returning to and determine your potentials. Are you going to specialize? How? Who is your competition? ETC -- These questions can be answered without putting a lot of money into the venture.
The suggestion to check out SCORE or other organizations for that startup help is bang on. I am Canadian and there are a couple of funded organizations that will sit down with you and help with that initial planning. You're on the right track. Hang in there and be patient. I researched my market, potentials and all the logistics for at least a year before I started our business. It might not take you that long but it is not something you don't want to jump into.
When you ask questions, more always pop up. Keep asking them.
Good luck
Cheers
Chris