How do I create and maintain a small business?
I want to start a small business someday, and whenever I look for resources to help me learn, I can only find these vague things about being unique, passionate, or whatever else. I really just want to know what the workload is. What kind of actual labor will I be doing? Is it a lot of paperwork? How do I hire people? #business #entrepreneur
Let me answer your question by first telling something about me. I am honor student with a degree in Masters of Business Administration and the course is all about how to establish a business , maintain it and make it more profitable. If you are interested I would like you to register into some business related course and take it from there.
In case you are not interested in taking any course and want to right away jump into some business, I would ask you to think about any idea where you do not have to invest a fortune amount of money and start with just one employee who is yourself under your home roof. I am talking about low risk, zero or low investment kind of business where only your hard work is invested. Once you start getting profits you can slowly enhance your business by taking a office space and hiring more people.
Another interesting point is to penetrate into a market where there is more demand but less supply
First pick an idea that you are really familiar and passionate about which can help you grow it (Ask yourself who will be your customer and pick a location). Second, how much can you invest? Making sure you have at least 6 months of disposable income in your savings. Third, research on what do you need to do to prepare filing with the local city government (licensing etc.). Next, pick if you want to be a Sole Proprietor or create an LLC (limited liability company) or Corporation. Corporation and LLC will have less liability on you personally in case the business doesn't do well.
Sayed recommends the following next steps:
It is easy to start a business but it is hard to grow one. Is your business brick and mortar and e-eCommerce? You might want to do an assessment of yourself first.
Veronica recommends the following next steps:
The first step would be to find something you are passionate about, that would determine what type of labor you would be doing. Working for yourself will require a lot of hard work.. you will be responsible for the majority of the work until your business can support hiring employees. The amount of paper work depends on the type of business you open some will require more than other.