This is a GUEST POST by Michaela Sibanda of Passionate Profitable Moms
Three years ago, I decided I was going to start a letter writing business for children. I created cute little characters, developed their personalities and wrote a few letters. The idea was that I would write the letters and put fun little activities or toys in the package.
I went to my local Small Business Association to get information about starting an itty-bitty part-time business and met with a man, who was very nice and helpful. He told me I needed to develop a formal business plan. My 5 page plan was good, but needed more detail if I was going to apply for a business loan. A business loan? I thought. Why do I need a business loan?
He also told me that I would need to get an e-commerce website up and going. He said that the cost of a website that would cover my needs would cost about $10,000 and he suggested I should start applying for a couple of small business loans to get my business up and running.
I was dumbfounded. I loved children and wanted to put a smile on their face, while making some money in the process. I would have never thought that businesses like My Very Own Mail or Santa’s Letters for Kids spent that kind of money to get things set up. Who knew I had to spend over $10,000 to get such a business started? I thought I just needed a printer, my computer, some cute paper, pencils, stickers, envelopes, stamps and some fun activities to put in the letters.
Even though I went home defeated I started on my business plan. It took me two weeks to complete and I still have my 25 page plan drafted and saved on my computer to this day. However, the thought of the $10,000 website stopped me dead in my tracks. This project was not worth the investment to me and I didn’t know it at the time, but that kind of investment was not really necessary.
If you’re just getting started with your small business or are thinking about going into business, I would suggest that you take advice from someone who is actually in business. Think about it, many of the helpful people at the Small Business Association used to run a business or simply studied it (at least, that was my experience). I don’t want to make any generalizations. But, talking to people who are in the game right now are the people you want to talk to.
They will tell you how they financed their business. And you just might be surprised to hear that they did not save 6 months of their salary, they did not get a business loan. Many of them boot-strapped their way up by using credit cards, getting help from family members or simply kept their day jobs and considered their job a business loan.
Additionally, if you want to get a website set up I would highly recommend that you meet with a WordPress Website Consultant, like Glennette Goodbread of Premium Web Design and Hosting. You can easily get a website put together for less than $400. A consultant can get your site up and running and can teach you the ins and outs of your website so that you can be self-sufficient and more comfortable with technology.
If I knew then, what I know now maybe I would have had my million dollar personalized letter service for kids up and running.
Follow Michaela on twitter @michaelasibanda
To learn more from Michaela Sibanda, visit Passionate Profitable Moms, your source for helping you find joyful work. Whether you are looking to make money from a passion or don’t know exactly what your passions are…Passionate Profitable Moms can help.
