Add to GuideAsk a Question
To Top

Starting a Small Business

Category Business
A couple standing in front of their coffee shop.
Depending on what kind of business you are opening, there are many things to consider to make sure you plan for success. This guide is about starting a small business.
Ad

Solutions

Share on ThriftyFunThis guide contains the following solutions. Have something to add? Please share your solution!

December 29, 2016

A few months ago, I posted a simple chocolate cake recipe online for my ThriftyFun entry. Suddenly because of that post, I became an instant businesswoman. Orders are flooding in after that post and I'm going to share with you how to earn more as your business grows.

Ad

  • First, always check your available funds. Prioritize the ingredients to buy.

  • Know the major and minor ingredients (those that are optional). List them.

  • Next, compare prices of ingredients from different stores. Take note that it is best to buy cheaper items but never forget to check its quality.

  • Trial and error could sometimes help. When you start your small business you have to mix and match every ingredient and see which one could give you a better product.

  • As you have already chosen the best one, go back to listing the ingredients and mark their names and prices.

  • Always buy in bulk. This will help you save time and money. Buying little by little will only make you spend more money in going to stores and it will consume much of your time, plus raw materials aren't always available on the store so it is important to buy them in bulk so you won't be having a problem when they're out of stock.

  • Check your compared lists of ingredients and their prices. Compute your expenses and gross earnings. Subtract your expenses from your gross earnings and you will see the big difference of your possible net profit.

  • The more ingredients you buy, the more products you can make and the bigger the profit you can get.

  • In selling your products it is also best to sell at low prices especially this season where people search for affordable ones. It might give you small profit but people will keep coming to buy your product as they would think yours is much affordable compared to others' and still you will end up succeeding in your business.

Link: Here is a link to Katrine's steamed chocolate cake recipe.

Ad

Comment Was this helpful? Yes

Questions

Ask a QuestionHere are the questions asked by community members. Read on to see the answers provided by the ThriftyFun community or ask a new question.

By 0 found this helpful
December 29, 2010

Does anyone know of a grant or organization that would help me open a fabric store? Thanks.

By Robert from Columbus, OH

Answer Was this helpful? Yes
January 4, 20110 found this helpful

There are several helpful books on the market, but that are written in a technical manner and can be hard to relate to your needs. Two that are clear and relevant are Robert A. Cooke's small business formation handbook and buy your own business with other people's money, both published by John Wiley & Sons, Inc. When you get further into your new enterprise, look up other books by this author. Very practical, and readable! If your bookstore doesn't have them or won't order them for you, check Amazon. Last time I looked, they had most of his books (he's written seven). Good luck! Cay from FL

Reply Was this helpful? Yes
Ad

January 30, 20110 found this helpful

Small Business Development Center has loans and grants available, and also classes and other assistance with starting a business. http://www.sba.  nt-centers-sbdcs

Reply Was this helpful? Yes
December 31, 20160 found this helpful

Check with your states local small business administration or your local state university extension center. They have ideas, suggestions, info and often info on grants.

Reply Was this helpful? Yes
January 2, 20170 found this helpful

You could try crowdfunding. Gofundme.com is one of several.

Reply Was this helpful? Yes

By 0 found this helpful
April 21, 2015

I am living below poverty level on SSI. I need a little more income to make ends meet better. I found a very decent site with OK prices for jewelry. I can't seem to find a flea market near me. I can't get a license and my last resort would be home parties. Could anyone offer me any help here? Thanks so very much.
Ad

By Sharon6345

Answer Was this helpful? Yes
April 22, 20150 found this helpful

Why don't you check out eBay, Google, Etsy and lots of other sites that you can do everything from your home.

Reply Was this helpful? Yes
April 23, 20150 found this helpful

Are you making this jewelery or are you buying it and reselling it? Ah, I see on your title, that you are reselling it. I do not know if this is such a good plan. I know that some women make a fairly good income by selling products such as Avon, various jewellery brands, cosmetics, etc., but they almost always have cars to transport these items, to go to home parties, to go to trade shows and flea markets.

If you live in a city so that you have a large variety of flea markets, garage sales, thrift shops, to look for vintage and collectable items, you might be able to find things for next to nothing, and then resell them for a profit on eBay, etc. The Thrift Hunters on TV seem to be able to do this. But, I think, you really need to do research to find what it is that sells. That is a business you might be able to do from your home.

Reply Was this helpful? Yes
Ad

December 31, 20160 found this helpful

I would try and sell online

Reply Was this helpful? Yes

September 22, 20130 found this helpful

Can someone help me come up with a snappy name for a consignment/thrift store?

By Alise

Answer Was this helpful? Yes
September 24, 20130 found this helpful

I have always wanted to name one "Second Hand Rows". Get it?

Another is "Second Time Around", "Second Times a Charm" and finally "Encore Presentations".

Can you guess I have thought of this once or twice? Good luck. Where will you be? Let us know if any of our suggestions helped won't you?

Sandi/PBP

Reply Was this helpful? Yes

Archives

ThriftyFun is one of the longest running frugal living communities on the Internet. These are archives of older discussions.

December 29, 20100 found this helpful

I would like to start my own decor business, but don't have the financial support for it. What should I do? I don't want to take out a bank loan. The interest rates are very high in South Africa. Any suggestions for getting financing for my business?

By Rencia from South Africa, Cape Town

Answers:

Advice On Opening and Financing a Small Business

SA has a program called KIVA which will fund your start up business. (08/20/2010)

By zimexlady

Comment Was this helpful? Yes

August 19, 20100 found this helpful

I am saving up to open a business around this time next year. My goal is to have enough money to buy the building. Can anyone give me any tips on what I will need to do as far as getting the building inspected, getting alcohol license, etc. I need information on how to draw up the business proposal and if I need money to expand, are there any grants for small businesses.

Pam from GA

Answers:

Advice On Opening and Financing a Small Business

Since you are asking these types of questions, my guess is you are not ready to go into business. You need to take some business courses at your local college. You need to know how to write a business proposal. Go to the city to see about getting your inspections, before you buy a building.

Make sure it can be used as a place that sells alcohol. I don't know if there are any grants for this, but you could probably get a small business loan, providing you have good credit. You must also be able to either do your accounting or at least know if someone who is doing this for you is taking advantage of you. You have to apply to the state for a business license and a city business license. Remember you will have to pay taxes to the Fed and state for employees.

An alcohol license isn't easy to get. You should apply for this and make sure you can get it before buying the building. You will have to have a background check done on you and whoever else will be named on the license.

I don't mean to be negative, but there is a lot more to going into business than just buying a building and borrowing money. You should also have enough money to pay all your expenses for at least a year in case business isn't as good as you thought it would be.

Also, plan on more than you think you will need as we never seem to make a correct estimate on dollars to be spent. If you have a friend in business, it might be a good idea to talk with them. They can probably give you some very good advise.

Remember, you will have to have a lot of equipment, furnishings, etc. You should contact the people who sell alcohol, for prices. You should know how many drinks you should get from a bottle of a certain size, etc. Good luck. (04/09/2008)

By Danialle

Advice On Opening and Financing a Small Business

I agree with the above advice. I own a small business and it's a lot of work. This is my 3rd business venture and I finally learned that you need to get your ducks in a row, before going out and taking the plunge. I would also advise to check online for current businesses and their growth pattern say over the last several years in the area you are thinking about opening in.

I believe you should rent before you buy. That's what I did this time. That way if it didn't work, I wouldn't be stuck with a building and payments if the business didn't fly. Now after a year and a half I'm purchasing a building. (04/09/2008)

By Denise W

Advice On Opening and Financing a Small Business

You've gotten good advice here. Don't be afraid, but be realistic. You need to know how to start and run a business. That means taking courses at your local technical school. In my state, the local job center offers free courses on starting and running your own business.

Get a mentor. I think SCORE is the name of a volunteer group of retired executives who would love to help you, for free. Ask for help. You need all the help you can get if you're going to be successful. Do that business plan now, so you know where you're going. You can always change it as you go along, but you've got to know where you're going.

Start small, and allow for future expansion. Rent a building first. Another place to get info is a wonderful, long-running instructional program for entrepreneurs on public TV. I can't remember the exact name, but you can probably find it on "pbs.com". It's good, free advice that you can watch in your living room. The instructor is a self-employed businessman and former banker. He knows all there is to know about starting a business and he does not pull any punches. He tells it like it is. Good luck to you. (04/11/2008)

By Jantoo

Advice On Opening and Financing a Small Business

I agree with the others about taking courses. I have a small home boutique business that I am now ready to expand to the internet and I found a very effective site that provides all the things you'll need to know to be successful without paying a fortune for it.

It's www.trumpuniversity.com. There they have free tutorials and courses and teach you all about real estate, owning/managing your own business, and all online with live famous instructors -Donald Trump, Paul Wimer, and more. I just took the coarse that teaches you how to write a business plan for free and the next course I'm taking soon is only $145! At a technical college or business school, you would probably have to take out a loan for the same courses so check it out. I've told some of my friends and one of them is thanking me so much as she has just started her own business and says that the TrumpU site made her feel a lot more confident than the time she spent in school, so check that out. Hope this all helps. (04/25/2008)

By sbb1

Comment Was this helpful? Yes
Related Content
Categories
Business and Legal BusinessAugust 1, 2013
Guides
A daycare provider with children.
Starting a Daycare Business
beautifully designed kitchen
Starting an Interior Design Business
A woman who owns a cleaning business.
Starting a Cleaning Business
A young clothing designer.
Starting a Clothing Business
More
📓
Back to School Ideas!
😎
Summer Ideas!
Facebook
Pinterest
YouTube
Contests!
Newsletters
Ask a Question
Share a Post
Categories
Desktop Page | View Mobile

Disclaimer | Privacy Policy | Contact Us

© 1997-2017 by Cumuli, Inc. All Rights Reserved.

Published by .

Generated 2017/08/18 21:36:05 in 913 msecs. ⛅️️ ⚡️
Loading Something Awesome!