K. Lynn B. posted a new question on 11/20/2009
Currently brainstorming a way to start an interior design practice, somewhere down south in FL, CA or GA, anywhere it's warmer and more populated for business opportunity. With my 8 years of experience in the architecture and interior design field, my design skills are definitely there to produce great work. A businessman told me that many successful businesses start from recession periods. However my biggest challenge is getting the money/capital to cover overhead expenses and getting the word out that my design business exists. And of course the competition is fierce. No partners have come into the scenery yet, however I prefer to start solo until my business management skills are more intact. Definitely realize that money to uncle sam never ends - tax fees, professional license fees, business insurance. I'm still willing to be gutsy enough to start an enterprise knowing that there are many unknown variables out there.
Currently employed and unsatisfied with where it's taken me, which is nowhere. There is more satisfaction with creating work developed by my ideas and interacting in the forefront with clients. Also unsatisfied with where my current residence is, which is very isolated, making it difficult to capture resources for business ventures. As being a single woman, my choices are definitely wide open but also limiting since on my own in building up a business.
Your advice will definitely be appreciated. Please let me know of effective resources / people
|
|
|
Ashley Casey Responded on 11/19/2010
K. Lynn,
Congrats on wanted to plunge into your own business, it’s exciting. What I would recommend is researching competition on the locations you are thinking of moving too. It sounds as if you are in a smaller city, but moving into a large city will make it very difficult to penetrate the market as a start-up. Consider moving into a medium sized location, this way you will have a market and access to the supplies and networks you need. Obtaining capital is going to be the most difficult aspect, as right now, many lenders are requiring that you invest 40% of whatever you are seeking in a loan. There MAY be some grants available for woman/minority owned businesses, but those are extremely difficult to obtain.
Unfortunately, if you do not have anyone to fall back on, you may need to work part-time while establishing your business. Seek employment that is in the field you are interested in starting your business, that way you can start to build connections and a reputation. I would say to establish your LLC and website first, this way, while you are working part-time, you still have an image and brand that you are building for your company.
Hope that is a start!
-Ashley Casey
Branch of Success, LLC
www.BranchofSuccess.com
