If I was to start a small business... what should I do first?

[NewJeffCT]

I saw this elsewhere online a week or two back and it got me thinking. Yes, that is very hard to do...but, one of my hobbies is role-playing games (yes, I'm a D&D geek at heart...) and related miniature table top war games. And, somebody on another board was interested in making their own miniature figures that could be used with D&D or for war games.So, this got me thinking about how I should go about something like this if I wanted to do it?

In the field, the 800 pound gorilla is a company in the UK called Games Workshop, who produce Warhammer & Warhammer 40K. There are smaller companies that have had some success like Reaper & Rackham. The producer of D&D (Wizards of the Coast) has had a small success in putting out their own line pre-painted plastic miniatures. Wizards' stuff comes in randomized packs of 8 or 10. The Warhammer stuff is not painted and comes in plastic or pewter - plastic generally for your 'regular' soldiers and pewter for the hero types. The quality of the Warhammer stuff is better than Wizards of the Coast.

There are quite a few small companies in this field, but I have no idea how successful they are.

My idea that is a bit different is to offer the miniatures pre-painted or unpainted (for those that like to paint their own stuff...)and not randomized like Wizards of the Coast, and possibly with a bit more variety. I have connections to places that can manufacture the figures cheaply.

After researching some of the small companies in the field (I don't know how easy it is to research companies that are not public and probably have very few employees...) what steps should I plan on taking after that, assuming I get good information in my research?

Please note, this is WAY WAY early in the process and is just in the lightbulb in my otherwise dim head stage.

Thanks

[StopTheMorans]

1. need some wood?

:shrug:

[koneko]

2. research

I'd start by browsing a bookstore or Amazon for books about starting up your own business. I want to say that there are organizations that will give advice, but I'm sure a good book will list off who they would be.

Other than that, GOOD LUCK!!!

And if you do need some wood, make sure to call the Pretzeldent. ;)

[lavenderdiva]

3. you'll need to decide on a company name

and register it with your county clerk's office. Then go to the county assessor's office and get a tax i.d. number. next stage depends on how you see yourself growing. some people want to incorporate, or do an LLC, etc. for that you probably need to talk to an attorney. Some people may need to speak to an accountant as well.

[NewJeffCT]

4. thanks - I have the accountant thing covered

I'm an accountant... though, tax accounting is at the bottom of my list of accounting things I know stuff about.

[Sgent]

8. Talk to SCORE

SCORE is a group of retired executives who voluteer to help people out who are trying to start/expand a small business. Their services are free, and are well regarded. Also, their website has a LOT of resources.

www.score.org for their resources and to find a local office.

Your first step will be to write a business plan, and score can help you with this. The business plan will give you a better grasp of your resources, challenges, budget guildlines, funding needs, etc. After the business plan is written, then you can start with the issues of actually forming a business -- I recommend an accountant (even a 1 hour sit down just to get some basic info), and a general business attorney.

You can do much of the work yourself, but establishing these resources early can go a long ways towards making life easier later on.

[lavenderdiva]

11. this is an excellent idea...

my husband went to SCORE here, and they were extremely helpful. Also, I don't know how big your city is, but here in Houston, they have an office in city hall that specifically helps small businesses. I'm not sure if it is exactly the small business administration. But they are set up to help you get started, from the idea stage. You might check with your city hall, and see if they have something like that. Best of luck!! :thumbsup:

[LuminousX]

5. My quick suggestions

Coming to this as a gamer geek myself (I knew TSR when TSR actually stood for something: Tactical Studies Rules), I think it is a great idea as a hobby business.

The nuts and bolts of miniature creation are up to you, as I don't have a clue as to how to even contact factories to produce the stuff. The initial foray into marketing is the key and I would strongly suggest attending every game convention you possibly can to sell the hell out of your product. Get people who are running games that use miniatures to use your product.

In a marketplace dominated by two giants, there is actually all sorts of room for the little guy to squeak by because gamers like uniqueness, especially when it comes to the miniatures representing their favorite High-Elf Ranger or Gnomish Illusionist. While doing the convention circuit, hitting every hobby store you know of to introduce your line of figures will be even more important.

[NewJeffCT]

14. I'm 38 and have been playing D&D since around '79

Funny thing - my gaming group is kind of on hiatus right now, as the guy that gets everybody together and runs things as the DM is scheduled to undergo major surgery soon - but, we have a large group of guys and the two most successful financially and socially are the two liberal Democrats. We both have good jobs, wives & kids and wives with good jobs. The guys that are Republicans in the group are up to their eyeballs in debt and have so-so to lousy jobs and little social life outside of gaming (with the exception of the DM guy, who is more of a libertarian...)

What I was thinking of is putting out a miniature and giving the buyer a few choices for weapons, instead of the usual miniature holding a sword, two-handed sword or sword in one hand, dagger in the other. Or, maybe putting out a separate weapons pack for the oddball gamer that wants to use a halberd or bill.

With me - I'm more worried about finding people to paint the minis to a decent standard than I am in making them. Most of the Wizards minis I've seen I have not been impressed with.

[commander bunnypants]

6. adult book stoer

100% mark-up

CB

[NewJeffCT]

17. don't laugh

I worked at one briefly years back to make extra cash. It was about as easy a job as you can get. I was the sole person in the store, worked the register, cleaned up, etc.

[MsAnthropy]

7. Be very, very rich

Inherit, maybe?

[NewJeffCT]

10. well..

Unless my parents struck it rich and didn't tell my brother & me, or have a secret life insurance policy they haven't told my brother & I about, and are both near death without my knowledge... that ain't happening. I'm sure they wouldn't be living in a 50 year old 1,000 square foot ranch in need of a new roof, either.

[MsAnthropy]

13. A small businessman said to me jokingly "I'll run the business until

my money's all gone." It turned out to be true, he lost his shirt (house, cars, etc.) when his business went under.

[da_chimperor]

9. Make a business plan. Part of this process will be looking into

the feasibility of such a company. A well-organized and well planned out business venture like this is much more likely to succeed. Heck, you may even be able to start it up with other people's money instead of your own if your business plan is compelling enough. Here's a pretty good link to help you out: http://www.sba.gov/starting_business/planning/basic.html

[XNASA]

12. I'm in the process of starting up a small business too.

The first thing is to find out how to incorporate. Most states have a small business website with a lot of info.

If you start an S-corp, you don't need to file taxes separately. You can just deduct your expenses, etc. from your personal taxes. It's ideal for start-up/cottage type businesses.

I'm taking a free seminar on how to start a small business in a couple of weeks at a local community college. That will give me a good overview.

Good luck.

[NewJeffCT]

15. free seminar sounds like a good idea

I'll have to see if I can find one in my area of CT.

[Sgent]

16. S-Corps do have to file

Informational returns, returns to the state, and make sure they maintain correct info.

The type of business -- S. Corp, C Corp, or LLC, or even an LLP in some cases, should really be discussed with someone who knows something about it. The $150 bucks you spend for an attorney or CPA to review your ideas and provide input could save you a lot more down the road.

[Bonhomme Richard]

18. They do one in Danbury..............

every year. It's put on by the chamber of commerce. I attended the seminar a number of years ago before I started my own company.

[Bonhomme Richard]

19. Actually they did it around this time of year

if my memory serves me.

[NewJeffCT]

20. thanks - I'll look it up.

I will look it up, and hopefully one in the Hartford area.