Saturday, February 7, 2009

Starting a new business

Welcome to my blog. I know many of us have dreams and aspirations to start a new business. It is scary, especially for us traditional 9 to 5'ers. I am going to start a small side business, one that will generate passive income to me. I am going to start it with less then $2,500. I will design it so I have to do minimal work and if it fails, I am out a maximum of $2,500.

I have received inspiration from many sources. Watching The Big Idea with Donnie Deutsch, working for Silicon Valley companies that have a very entrepeneurial mindset, and finally reading the book The Four Hour Work Week by Timothy Ferris that gave me some of the tools and inspiration to move forward.

What this business will not be? It will not be a venture capital based business with the next great web 2.0 (2.75 now?), technology or pharmaceutical business. It will be a simple one product business with minimal investment. I will outsource production, fullfillment and customer service as much as possible. Yes, this will cut into my "profit margin" but at the same time, if its an extra $100 a month in profit for doing nothing, so be it.

I am new to blogging, so I will be making mistakes, taking suggestions and will leave the comments open at this time. I reserve the right to shut them down if they become petty, spam or just do not have the time. Welcome and enjoy!



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