6 answers
2
Questions
Asked
1353 views
What is needed to open a business?
I know that to have a business you need a lot of money and some permits from the city or state
Login to comment
6 answers
Updated
Kevin’s Answer
Hi Abraham,
Starting a business and entrepreneurship is an exciting journey!
Something I personally think that is really important as people are starting out to remember: all you need for a business is one person (or company) to be willing to pay you for it. That's it!
You don't necessarily need a lot of money to even start out. Well, if you're trying to build the next billion dollar tech unicorn, you do, but many small businesses don't need a ton of startup capital. Take for example a landscaping company. Maybe your family or a neighbor or someone has a lawnmower or are able to find a cheap one online. So long as you have a lawnmower, you could provide services and generate revenue.
Or alternatively, maybe you're strong with computers and happen to know web design or graphic design really well. There's lots of free software out there and so all you would need is a willingness to knock on doors and call local businesses to see if they're willing to help. Maybe you're good with dogs and could do a weekend dog walking route.
A formal business registration is certainly important, but if you're just starting out with your first few customers, it's OK to take some payments in cash or Venmo to get a sense if this is something you would want to pursue further. Regulations and registrations differ by location, so you'd have to check on a government website.
Best wishes and cheers to the journey ahead!
Starting a business and entrepreneurship is an exciting journey!
Something I personally think that is really important as people are starting out to remember: all you need for a business is one person (or company) to be willing to pay you for it. That's it!
You don't necessarily need a lot of money to even start out. Well, if you're trying to build the next billion dollar tech unicorn, you do, but many small businesses don't need a ton of startup capital. Take for example a landscaping company. Maybe your family or a neighbor or someone has a lawnmower or are able to find a cheap one online. So long as you have a lawnmower, you could provide services and generate revenue.
Or alternatively, maybe you're strong with computers and happen to know web design or graphic design really well. There's lots of free software out there and so all you would need is a willingness to knock on doors and call local businesses to see if they're willing to help. Maybe you're good with dogs and could do a weekend dog walking route.
A formal business registration is certainly important, but if you're just starting out with your first few customers, it's OK to take some payments in cash or Venmo to get a sense if this is something you would want to pursue further. Regulations and registrations differ by location, so you'd have to check on a government website.
Best wishes and cheers to the journey ahead!
Updated
Christopher’s Answer
Hey Abraham -
To open a business, you will typically need to write a business plan, choose a business structure, obtain necessary licenses and permits, open a business bank account, register your business, secure funding, implement a marketing strategy, and understand business taxes and insurance.
To open a business, you will typically need to write a business plan, choose a business structure, obtain necessary licenses and permits, open a business bank account, register your business, secure funding, implement a marketing strategy, and understand business taxes and insurance.
Updated
Saliek’s Answer
Opening a business involves several key steps, but it's not as overwhelming as it might sound. Here's a roadmap:
1. A Business Idea: Start by identifying what products or services the business will offer. It helps to solve a problem or meet a need in the community. Think creatively and research ideas that align with your passions and skills.
2. A Plan: Every business needs a solid business plan. This document outlines what the business will do, how it will operate, who its customers will be, and how it will earn money. It’s like a roadmap to success and can also be helpful when applying for permits or funding.
3. Money (Finances): While money is important, a lot depends on the type of business. Not all businesses require a large investment upfront; some can start small and grow. You can explore options like personal savings, small business loans, crowdfunding, or finding investors. Additionally, it's helpful to manage finances carefully and keep track of expenses and income.
4. Permits and Licenses: Depending on the business and location, there might be legal requirements. You may need permits from the city or state and a business license to operate legally. It’s important to research local laws to understand what's required.
5. Branding: A name, logo, and website can help the business stand out and attract customers. This is where creativity can really shine!
6. Marketing: Once everything is set up, it's time to spread the word. Social media, word of mouth, and advertising can help attract customers.
7. Persistence and Passion: Most importantly, you need determination and a love for what you're doing. Starting a business takes effort, but it's rewarding to see something you created thrive.
1. A Business Idea: Start by identifying what products or services the business will offer. It helps to solve a problem or meet a need in the community. Think creatively and research ideas that align with your passions and skills.
2. A Plan: Every business needs a solid business plan. This document outlines what the business will do, how it will operate, who its customers will be, and how it will earn money. It’s like a roadmap to success and can also be helpful when applying for permits or funding.
3. Money (Finances): While money is important, a lot depends on the type of business. Not all businesses require a large investment upfront; some can start small and grow. You can explore options like personal savings, small business loans, crowdfunding, or finding investors. Additionally, it's helpful to manage finances carefully and keep track of expenses and income.
4. Permits and Licenses: Depending on the business and location, there might be legal requirements. You may need permits from the city or state and a business license to operate legally. It’s important to research local laws to understand what's required.
5. Branding: A name, logo, and website can help the business stand out and attract customers. This is where creativity can really shine!
6. Marketing: Once everything is set up, it's time to spread the word. Social media, word of mouth, and advertising can help attract customers.
7. Persistence and Passion: Most importantly, you need determination and a love for what you're doing. Starting a business takes effort, but it's rewarding to see something you created thrive.
Updated
Rebecca’s Answer
Thank you for your question. I am glad to know that you would like to be an entrepreneur. Have you thought about what industry you would like to start your business?
Below are my suggestions:
1. Think about the industries you have interest or strength
2. Do some analysis on the industries eg entry criteria, competition status, any alternative or substitute,etc
3. Study industry related courses and management courses
4. Work in the industry some time to understand the business model and establish people network
5. Start the business online first if possible
Hope this helps! Good luck!
Below are my suggestions:
1. Think about the industries you have interest or strength
2. Do some analysis on the industries eg entry criteria, competition status, any alternative or substitute,etc
3. Study industry related courses and management courses
4. Work in the industry some time to understand the business model and establish people network
5. Start the business online first if possible
Hope this helps! Good luck!
Updated
Deborah’s Answer
I just opened a LLC business in 2024 and I don't have a lot of money. You can do everything ONLINE. Get business license, get EIN number for taxes, etc. A good website to do all that is https://bizee.com/ . You can register the business in your own state or do a google search about which state has the lowest cost fees for starting a LLC ( limited liability company ) . I used another website but I was more expensive and I don't like it's platform. Tons of information right on youtube and google.
You'll also need a virtual address and a 1800 phone number for your business and there are also online platforms for those.
Good Luck
You'll also need a virtual address and a 1800 phone number for your business and there are also online platforms for those.
Good Luck
Updated
Luke’s Answer
1. Develop Your Business Idea
Conduct market research to validate your idea and understand your potential customers, competitors, and industry trends.
2. Create a Business Plan
A business plan is a comprehensive document that outlines your business goals, target market, competitive analysis, marketing strategies, operational plan, and financial projections.
3. Choose a Business Structure
Selecting the right legal structure for your business affects your taxes, liability, and regulatory requirements.
4. Register Your Business and Obtain Licenses
Register your business name with local and state authorities to ensure its legally recognized. Additionally, obtain the necessary licenses and permits required for your industry and location. This may include:
5. Secure Funding (if required)
Determine how much capital you need to start and sustain your business until it becomes profitable.
6. Set Up Your Business Location
Choose a physical or virtual location for your business based on your operational needs, target market, and budget.
7. Build Your Brand
Develop a strong brand identity that resonates with your target audience. This includes creating a memorable business name, logo, and tagline, as well as establishing a unique value proposition that sets you apart from competitors. Your brand should reflect your business's values, mission, and personality.
8. Develop a Marketing Strategy
Create a marketing plan to promote your business and attract customers.
9. Set Up Financial and Legal Systems
Establishing robust financial and legal systems is crucial for your business's long-term success.
10. Hire and Train Employees (if required)
Recruit and hire employees who align with your business values and goals. Provide comprehensive training to ensure they have the necessary skills and knowledge to perform their roles effectively.
11. Launch Your Business
Conduct market research to validate your idea and understand your potential customers, competitors, and industry trends.
2. Create a Business Plan
A business plan is a comprehensive document that outlines your business goals, target market, competitive analysis, marketing strategies, operational plan, and financial projections.
3. Choose a Business Structure
Selecting the right legal structure for your business affects your taxes, liability, and regulatory requirements.
4. Register Your Business and Obtain Licenses
Register your business name with local and state authorities to ensure its legally recognized. Additionally, obtain the necessary licenses and permits required for your industry and location. This may include:
5. Secure Funding (if required)
Determine how much capital you need to start and sustain your business until it becomes profitable.
6. Set Up Your Business Location
Choose a physical or virtual location for your business based on your operational needs, target market, and budget.
7. Build Your Brand
Develop a strong brand identity that resonates with your target audience. This includes creating a memorable business name, logo, and tagline, as well as establishing a unique value proposition that sets you apart from competitors. Your brand should reflect your business's values, mission, and personality.
8. Develop a Marketing Strategy
Create a marketing plan to promote your business and attract customers.
9. Set Up Financial and Legal Systems
Establishing robust financial and legal systems is crucial for your business's long-term success.
10. Hire and Train Employees (if required)
Recruit and hire employees who align with your business values and goals. Provide comprehensive training to ensure they have the necessary skills and knowledge to perform their roles effectively.
11. Launch Your Business