Starting your own business?
 

Well I have has enough of working in the corporate world! The internal politics are killing me. I want to start my own business in I.T. _ That is what I have all my working experience in - 12 years of it to be exact.

I am 30, have a wife that is expecting and a 4 year old daugther - so the risks are high, but on the other hand, they are not going to get any less! O, by the way I live in South Africa and my experience is mainly mainframe with some front-end and server knowledge.

So my question is basically - Does anyone have any pointers on how to start or what to watch out for or what not to do?

Moved to Tilted Advice.

Get your name and services out there.

Before you leave your current job, try to network and get as many contacts as you can. People who currently uses your company's services that you know you will be able to offer to them at a competitive price. The company that you currently work for must have a database with clients' names and what services they required.

My mom, an accountant, took a lot of clients from a major accounting firm, when she left the organization. She basically notified these clients that they could save a bit if they decide to use her services through her at-home accounting services.

They have been utilizing my mom's accounting services for the past 10 years.

Thanks, that sounds good to start with

Watch out that you don't have a "non-compete" clause in your present work contract. Many firms have this so that when you quit, you can't take their clients with you. You will be sued by the IT company if you take away their business!

Doing something that you are skilled at is important. However, doing something you are passionate about is much more important. Starting a business takes a huge amount of patience and perserverence and if you are not passionate about what you are doing you will not be able to hang in for the long haul.

i completely agree with cheezdip, i'm currently starting up my own, i'm only 20 and i don't have much experience but the fact that i know i can do it it's just a matter of time and work work work keeps me going. After a million visits to my bank, i think they're finally ready to give me the cash this monday, lets hope it works out the way i've planned it. You said you're in Africa, i'm not sure about starting something there but a website that helped me plan everything is www.sba.gov great site, tons of resources.........................................Hope that helps

I don't know what the tax situation is like in SA, but I would advise speaking with an accountant right oof the bat. Get an idea about how much of your income is going to be spent on taxes and how to legally avoid paying as much as possible.

Here in the USA, taxes can kill you if you aren't ready for them.

I agree with Clavus.

The first job is to assemble a competent team- accountant, lawyer and banker. Then make sure you have a good business plan.

I started my own business from scratch 11 years ago

Expect alot of sleepless nights and sacrifice at the beginning, but it is all worth it!