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How to start a business?

I am Mohamed
I am from Africa
I speak about 4 to 5 languages.
#bussiness
#health

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Subject: Career question for you

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Luigi’s Answer

Hi Mohamed,
Very impressive you speak so many languages. Maybe you can use that as a business?
The first step is identifying what you like to do. This is very important. If you get into a business strictly to make money, and do not enjoy what you do, your grown in this field will be slow. Liking what you do allows you to be passionate and eager to do it better.
The next step is visit your state's website for grants and industries they are trying to promote. There may be free money for you. You'll also need a business license from the state in which you will need to apply.
Have you thought about being a translator for the government? May state/federal courts are looking for interpreters as well as immigration offices.
Lastly, if you have an idea of what type of business you want to start, go around and look at your competition. Is there a lot? are there not enough and why? What will make you different and better?
Good luck!
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Ashley’s Answer

Mohamed,

Luigi had some really great steps! Once you figure out the bigger picture of what you want your business to be, you start putting that into action through a business plan. There are six key components to a business plan: [1] Executive Summary - what is your mission?, [2] Market Opportunity - what is your market offer and why is there a need? What is your competition and why are you different?, [3] Execution - how are you going to take your business to market, customer base/location, sales and marketing plans, operational structure, and goals and metrics - make sure they are measurable!, [4] Company and management summary - who do you need to hire to put this into action and what skills & experience do they need? What legal structure might you require depending on where you intend to operate e.g. impacts your taxes, permits, cash access, and regulatory compliance, [5] Financial plan - Sales, Cash, and Income forecasts - Decide if you are a non-profit or for-profit and recommend you partner with a financial expert if possible or someone who may be willing to help in your network to develop this for you, and [6] Other materials - product images like prototype models and other materials that will help an investor or bank understand the business better.

Ultimately, this helps you secure funding to begin your business and organizes your strategy and goals to begin performing against.

There are many books that dive into the details of the above and have helpful suggestions. This article on LinkedIn helps break down which of these books may be right for you: https://www.linkedin.com/pulse/which-best-business-plan-book-you-lauchlan-mackinnon-ph-d-/

Best of luck and hope to see your business out there someday!

Ashley
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Vineeth’s Answer

it’s crucial to understand the specific regulations in order to keep your business compliant.

1. Understand Employment Regulations
2. Identify The Top Markets
3. Find Growth Industries
4. Utilize International PEO to Simplify Expansion

Learn how to capture a piece of this developing market quickly and compliantly, with our international expansion services such as International PEO.
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