4 answers
BIG R
Student
Roseau, Minnesota
3
Questions
Updated
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How much money would I need to have in my account before I consider starting my own business?
What are some good things to know before starting a business?
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4 answers
Ranjani M
Operation management
6
Answers
Chennai, Tamil Nadu, India
Updated
Ranjani’s Answer
There isn’t a single “magic number” for how much money you need before starting a business — it depends on the type of business, your risk tolerance, and how much financial cushion you want. But here’s a practical way to think about it:
Rebecca Tang
Banking
2572
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. I am glad to know you would like to become an entrepreneur. In fact, it may not require a lot of funding to start the business if the business can start online. On the other hand, you would need to have the knowledge and experience on the industry.
Below are my suggestions :
1. Have you thought about what industry you would like to start the business? E.g. your strength, favourite, etc.
2. Do some analysis on the industry, e.g. entry criteria, competition status, any alternative / substitute, etc.
3. Attend industry related courses and management courses
4. Work in the industry some time to understand the business model and establish people network. You can also earn the funding to start the business
5. Start the business online first if possible
Hope this helps! Good Luck!
May Almighty God bless you!
Below are my suggestions :
1. Have you thought about what industry you would like to start the business? E.g. your strength, favourite, etc.
2. Do some analysis on the industry, e.g. entry criteria, competition status, any alternative / substitute, etc.
3. Attend industry related courses and management courses
4. Work in the industry some time to understand the business model and establish people network. You can also earn the funding to start the business
5. Start the business online first if possible
Hope this helps! Good Luck!
May Almighty God bless you!
Liam Rielly
Data Center Technician
180
Answers
Manassas, Virginia
Updated
Liam’s Answer
I like Vianne's answer, that is basically what you need to keep in mind to start a business.
My answer is technically you don't need any money. A business can be just a concept mapped out and get find investors for it later on. Likewise you can have a business where you provide labor and from that you don't have any assets or employees other than yourself you won't need money for that, but you also won't make a lot of money either.
Don't limit yourself by saying "I don't have ___$ in the bank so I can't have a business", think how can you start a business and change as you find new ways to make money. Start with just labor and when you have saved enough change it into a service, or hire someone on to help you do jobs. Find goods to buy and sell, figure out services you can sell to people or businesses, find places to invest money that give you reasonable return, or find a company you can work for that is in the same business you want to start later on to get experience.
People who are successful in business often find creative ways to keep making money no matter what. Your business in mind might be specific but there might be a path that has you doing something very different in the meantime. The more creativity and flexibility you can add to your business model the better.
The best thing to start off doing is becoming financially stable and aware of your own expenses. If you owe money, invest poorly, and waste money on things not needed you will likely not become successful in business. Get some money in the bank for you, and then keep thinking creatively in order to expand what you are doing!
https://www.khanacademy.org/college-careers-more/financial-literacy
My answer is technically you don't need any money. A business can be just a concept mapped out and get find investors for it later on. Likewise you can have a business where you provide labor and from that you don't have any assets or employees other than yourself you won't need money for that, but you also won't make a lot of money either.
Don't limit yourself by saying "I don't have ___$ in the bank so I can't have a business", think how can you start a business and change as you find new ways to make money. Start with just labor and when you have saved enough change it into a service, or hire someone on to help you do jobs. Find goods to buy and sell, figure out services you can sell to people or businesses, find places to invest money that give you reasonable return, or find a company you can work for that is in the same business you want to start later on to get experience.
People who are successful in business often find creative ways to keep making money no matter what. Your business in mind might be specific but there might be a path that has you doing something very different in the meantime. The more creativity and flexibility you can add to your business model the better.
The best thing to start off doing is becoming financially stable and aware of your own expenses. If you owe money, invest poorly, and waste money on things not needed you will likely not become successful in business. Get some money in the bank for you, and then keep thinking creatively in order to expand what you are doing!
Liam recommends the following next steps:
Vianne Phan
Youth Development Teacher
296
Answers
San Diego, California
Updated
Vianne’s Answer
The amount of money you need in the bank depends on your business type. Small ventures, like online services or product sales, might require less money. In contrast, larger businesses, such as stores or restaurants, usually need more funds. It's crucial to have enough to cover startup costs and a bit extra for the first few months, as things often take longer than planned.
Before starting, it's useful to understand your customers, how to reach them, and what makes your business unique. Knowing how to manage money, plan schedules, and handle daily tasks can make a big difference. Planning ahead can help reduce stress.
Talking to other business owners or observing someone with a similar business can be very helpful. It gives you a real look at daily operations, challenges, and successes.
Before starting, it's useful to understand your customers, how to reach them, and what makes your business unique. Knowing how to manage money, plan schedules, and handle daily tasks can make a big difference. Planning ahead can help reduce stress.
Talking to other business owners or observing someone with a similar business can be very helpful. It gives you a real look at daily operations, challenges, and successes.