Looking for advice from entrepreneurs here

[Savak]

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.

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

 

[Gilly]

A good business plan is essential, you must know your market and where you fit into that market. You must have a strong marketing plan that others can understand to give them confidence to invest. Practise selling your idea to a friend first until you can do it without thinking, I would even suggest taking a public speaking course. Most people invest in the person more than the idea. You are part of the investment so you must also be sellable. Listen to feedback and don't take it personally, this is business and you must think with a business mind. Be very clear what you expect from investors and what you will provide them and make sure you are able to uphold your promises, in other words do not promise what you cant deliver.

 

[GBK_Fan]

Bhai first you need a business idea, then you should do market research and determine the path forward. Financing and funding will come along the path. You don't seem to have the first step planned out

 

[GBK_Fan]

A good business plan is essential, you must know your market and where you fit into that market. You must have a strong marketing plan that others can understand to give them confidence to invest. Practise selling your idea to a friend first until you can do it without thinking, I would even suggest taking a public speaking course. Most people invest in the person more than the idea. You are part of the investment so you must also be sellable. Listen to feedback and don't take it personally, this is business and you must think with a business mind. Be very clear what you expect from investors and what you will provide them and make sure you are able to uphold your promises, in other words do not promise what you cant deliver.

The first part of the post is essential. You need a plan and market knowledge. Public speaking, personality is not a must imho. Having worked with VC funds I can tell you that people are willing to look beyond your inter-personal skills, if you have a sound idea

 

[Savak]

Bhai first you need a business idea, then you should do market research and determine the path forward. Financing and funding will come along the path. You don't seem to have the first step planned out

I have 1-2 business idea for sure, i know the market well enough to understand that there is a need and a demand for it. Still need more planning and work to do in terms of planning the execution phase. Financing is still tricky because banks will want some sort of security, collateral and may be less inclined to take a chance on someone pursuing his first venture but i have been advised to continue to shop around for lenders and other potential investors.

 

[Kianig89]

A sound business plan is essential after you have identified you target market through market reaserch then you need to do a SWOT analysis identifying your strengths weakness opportunity threats how will you reach break even whatvif you incur loss for first two years infacti will help you if you share the nature of business you are interested in ATM it's all vague

 

[GBK_Fan]

I have 1-2 business idea for sure, i know the market well enough to understand that there is a need and a demand for it. Still need more planning and work to do in terms of planning the execution phase. Financing is still tricky because banks will want some sort of security, collateral and may be less inclined to take a chance on someone pursuing his first venture but i have been advised to continue to shop around for lenders and other potential investors.

You should be able to get a small business loan. Check government schemes.

I have always created prototypes to get my initial funding but I believe your nature of business is different. Still will recommend not to go for the loan early. See if you can start working with your plan, without the investment. Do you get purchase from the market? If you can show some initial sales numbers, funding should be easy

 

[proud_pakistani]

I am a new entrepreneur myself having started my business almost a year back here in Dubai. I am glad you are considering starting your own shop and at your age it is definitely a good time as you don't have any liabilities.

You haven't given much details on your business so I will write in a general sort of way.

Of course you need to have a solid business plan, what are you selling, who are you selling to and at what price will they buy from you and why will they buy from you and not your competition. Do you have contacts in the industry which you can make use of to get sales? Are you planning an online business or is it more conventional. Why do you need financing and how much do you need etc.

My personal opinion on businesses are that it's best you start small. Prove your concept to the world and to yourself that yes there is a need for this in the market. If you are seeking a loan or an investment it means you want to start the business with a big amount of overheads or costs. Paying back those costs for a new business can be hard work if sales don't come through initially or if payments are delayed which can happen. Start up businesses fail a lot of the time because of poor cash management so my opinion is unless you have a very very solid idea as to why you require a bank loan don't take it. Considering the fact you are 32 you must have savings which you can put to some use. The other way is to have an angel investor. They are very hard to find but maybe your dad or someone from the family can be an investor.

Just to summarize, initially keep costs as low as possible and gradually build the business.