Comments on: Step 2: Forecasting Your Business Startup Costs

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By: John Ho

John Ho — Thu, 23 Oct 2008 12:43:56 +0000

With economy like this now, cash is KING.

John Ho
Understanding Personalities for Better Influence & Persuasion

By: Steve Chambers

Steve Chambers — Thu, 23 Oct 2008 06:46:53 +0000

Great story...witha sad ending. Proper financing is the key to a successful business. Stagflation is returning and so will finance concerns. Plan your business affairs accordingly. Sales and Leadership Consultant

By: Cindy Eyanson

Cindy Eyanson — Thu, 23 Oct 2008 05:36:32 +0000

Great info Rob! Cindy Cindy Eyanson Online

By: Michael Roth

Michael Roth — Thu, 23 Oct 2008 02:06:55 +0000

Rob,great post with timely info. Thanks

By: kevin

kevin — Thu, 23 Oct 2008 01:39:36 +0000

excellent
kevin
http://www.kevinhogan.net

By: Rob Northrup

Rob Northrup — Wed, 22 Oct 2008 21:34:37 +0000

Bob… I sent some templates your way that might help... Seize the Day, Rob Is Your Corporation Protecting You? Protecting Your Assets From The Envious Hordes

By: Robert Kaufer

Robert Kaufer — Wed, 22 Oct 2008 21:14:51 +0000

Test Comment to see if I can post with HTML for my link Learn How To Be a Do It Yourself Lawyer

By: Lena

Lena — Wed, 22 Oct 2008 20:33:04 +0000

Hi Rob such an instructive story.you never know how much you would need to spend and some money put aside for that is a great idea. Reading and Decoding Body Language

By: Jennifer Skinner

Jennifer Skinner — Wed, 22 Oct 2008 14:59:39 +0000

Rob-
The story you relate is a good example of why I’ve always been timid about starting a business. But I’m learning, I’m learning….

Jennifer Skinner
Wardrobe Planning, Style Development

By: David J. Parnell

David J. Parnell — Wed, 22 Oct 2008 13:25:35 +0000

Rob, An interesting illustration of this is shown almost every week on the TV show "Flip This". People purchase house that they are going to flip and basically "make up" their budgets out of thin air... amazing how little communication goes back and fort about the realities of the matter. Just setting themselves up for failure... David J. Parnell | Evolved Communication The Effective Communication Blog

By: Anonymous

Anonymous — Wed, 22 Oct 2008 13:09:44 +0000

Rob, This is a very common problem in the construction….more construction failures are caused by cash flow issues than probably anything else. It is what causes the extreme loyalty in this industry….when they are in a bind, other companies (sometime their competitors), will loan equipment and even employees , to help them finish a job. But if they have not managed their cash well, they are DONE. Also, if someone gets a rep for not paying their subs on time, soon no one wants to work for them….very interesting post.
Sunny Lenzo

By: Rob Northrup

Rob Northrup — Wed, 22 Oct 2008 12:55:53 +0000

John,

The story was a tragedy to me too, my father never fully recovered from losing this dream… It was an example of naive management, poor planning, poor negotiation, and external events piling on with the economic situation at the time.

I have never tried to write this story before, it was one of the formative experiences of my teenage years. Our house was maybe 1000 square feet on the main level, and we had a three person business going on in the basement during the day and many late nights… we were all close to the situation…

WHen I started my own company ten years ago, I made sure I had enough in reserve to make it 18 months without a nickel coming in… and I was fully prepared for reality. (it ended up only being 12 months, but I’m glad I thought ahead)…It is better to learn painful lessons from someone else’s experience if possible…(That’s why I love to read bios)

This was a lesson I learned from my father, and I hope to never repeat his mistake…

By: Intuitive John

Intuitive John — Wed, 22 Oct 2008 12:00:35 +0000

This story is a tragedy to me. All the stress…all the anxiety to build a business up…then lose it. I don’t know it’s a an example of bad management…poor planning…or self-sabotage. But your lessons are helpful in planning for my future.

Intuitive John
You Can Bring Happiness Into Your Life Now!

By: Cindy Eyanson

Cindy Eyanson — Wed, 22 Oct 2008 06:19:57 +0000

Great story and helpful information!
Cindy

Cindy Eyanson Online

By: Scott A Bell

Scott A Bell — Wed, 22 Oct 2008 02:49:49 +0000

Hello Rob,
very good information and a very good point. Measure twice cut once is what my grandpa always said.

Scott Bell
ScottAlexanderBell.vox.com

The Road Warrior
http://www.scottalexanderbell.com

By: angela

angela — Wed, 22 Oct 2008 02:48:15 +0000

Really good advice on starting a business. Good planning for what may come up and how to handle

Angela

By: Sheridan

Sheridan — Wed, 22 Oct 2008 02:31:50 +0000

diylawyer is right about the undercapitalization. Maybe we should stick to businesses we can run at our kitchen table in our underwear.

By: Lisa McLellan

Lisa McLellan — Wed, 22 Oct 2008 02:14:43 +0000

Great story rob, I couldn't help but feel bad for them and want to give them the money to finish. That's a sad story but a good one and a good lesson for us all. Babysitter, Nannies, and Au-pairs

By: Robert Kaufer

Robert Kaufer — Wed, 22 Oct 2008 01:11:02 +0000

Rob,

This is good information for anyone starting a business. Under capitalization is also a way the corporate veil can be pierced.

Very good points.

Thanks

http://www.diylawyer.net

http://diylawyer.blogspot.com/