4 answers
Brynae
Student
New Haven, Connecticut
1
Question
Asked
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what are the steps and process to starting your own business
I am interested in creating my own store for shoes but I'm unsure how the process start either with design or income. #business
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4 answers
Holly Z.
Professional Business Support/ IT, Networking
131
Answers
Los Angeles, California
Updated
Holly’s Answer
Depending on what state you are in. This is different for every state. I have a book called the small business startup for the state of California. Each state has different laws. Also if you want a brick and mortor, oppose to an online business. It depends on the type of business too. You need a business license, you need to goto the city where you are opening up shop at and make sure you get everything you need or you can be held accountable for fines. There are city and state websites that have all the forms you need to download to get started. Most important you need a Federal Tax ID number for taxes that you must pay to operate your business. If you fail to pay that is called tax evasion and then you can be in trouble for practicing without proper permits and such. Say you want to open a trucking company. You need operating permits for highway usage in all states. New Mexico as for a tax Id card when you go through the scales. You must have permits to operate in all the states you drive in. If you have a building that is called brick and mortor. A place not a thing. Like a store, a shop etc. You have to meet all guidlines on what you are offering the customer, how much and operating capital. I suggest the small business admin. google that and the free program of retired business owner called S.C.O.R.E. both are great programs to get started and can guide you in the right direction Hope this covered it.
Step one. Target market. Marketing stratigies, find out if there is a demand for what you are trying to sell you much research what you intend to sell and find out if the supply and demand is there for the product or services. Google everything.
Holly Z.
Okay shoes, Great, You must make prototypes and find a manufactuer to make them for you or go to design school and learn to design on your own. Many options.
Holly Z.
Andre Garcia
Supervise Recreation Sports
2
Answers
Burbank, California
Updated
Andre’s Answer
Embarking on the adventure of establishing your own business encompasses several crucial steps and procedures. While the specifics might differ based on the nature of the business you're aiming to launch and your geographical location, here's a universal blueprint of the steps involved in kick-starting a business:
Blueprint and Exploration:
Pinpoint your business concept: What unique products or services will your business bring to the table? Is there a market thirst for your innovative idea?
Undertake market exploration: Dive into an analysis of your target market, potential rivals, industry shifts, and customer desires.
Craft a business blueprint: Sketch out your business aspirations, strategies, promotional plan, operational plan, financial forecasts, and funding needs.
Legal Framework and Registration:
Select a legal framework: Make a choice on whether you'll function as a sole proprietorship, partnership, LLC, corporation, or another legal entity. Each framework carries different tax, liability, and ownership implications.
Register your business: Secure the required licenses, permits, and registrations based on your business framework and local laws. This may involve registering your business name, acquiring a tax identification number (EIN), and securing business licenses and permits.
Finances and Capital:
Calculate startup costs: Gauge the initial expenses needed to get your business off the ground, including equipment, stock, promotion, legal fees, and operational costs.
Design a financial plan: Formulate a budget, cash flow predictions, and financial forecasts for at least the initial few years of your business.
Investigate capital options: Decide on how you'll fund your business, whether through personal savings, loans, investors, crowdfunding, grants, or other capital sources.
Location and Infrastructure:
Select a business location: Decide on whether you'll operate from the comfort of your home, rent or purchase commercial space, or utilize shared coworking spaces.
Establish infrastructure: Secure necessary equipment, tools, technology, and software to run your business smoothly.
Brand Development:
Cultivate your brand identity: Develop a distinctive brand name, logo, slogan, and visual elements that embody your business's values and offerings.
Construct a website: Build an online presence with a professional website that displays your products/services, contact details, and other pertinent information.
Produce marketing materials: Create promotional assets such as business cards, brochures, flyers, and digital resources to advertise your business.
Operations and Administration:
Set up business processes: Outline workflows, procedures, and policies for daily operations, including production, sales, customer service, and inventory management.
Recruit employees or contractors: Assess staffing needs and hire capable personnel to assist in managing and expanding your business.
Establish accounting and record-keeping: Set up systems for bookkeeping, invoicing, payroll, taxes, and financial reporting.
Launch and Publicize:
Kick-start your business: Announce your grand opening or launch date, and begin offering your products/services to customers.
Apply marketing strategies: Utilize a blend of online and offline marketing techniques such as social media, email marketing, SEO, advertising, networking, events, and partnerships to draw in customers and boost sales.
Foster customer relationships: Prioritize delivering superb customer service, gathering feedback, and building loyalty to retain customers and stimulate repeat business.
Monitor and Modify:
Track business performance: Monitor key performance indicators (KPIs) such as sales, expenses, profitability, customer satisfaction, and market trends.
Interpret data: Leverage data analytics and feedback to assess your business strategies, pinpoint areas for enhancement, and make informed decisions.
Modify and innovate: Remain flexible and adaptable by tweaking your business model, products/services, marketing strategies, and operations based on market shifts and customer feedback.
Compliance and Expansion:
Maintain compliance: Stick to legal and regulatory requirements, keep accurate records, file taxes, and renew licenses/permits as necessary.
Pursue growth opportunities: Seek out ways to grow your business, penetrate new markets, diversify products/services, innovate, and maintain a competitive edge in your industry.
Blueprint and Exploration:
Pinpoint your business concept: What unique products or services will your business bring to the table? Is there a market thirst for your innovative idea?
Undertake market exploration: Dive into an analysis of your target market, potential rivals, industry shifts, and customer desires.
Craft a business blueprint: Sketch out your business aspirations, strategies, promotional plan, operational plan, financial forecasts, and funding needs.
Legal Framework and Registration:
Select a legal framework: Make a choice on whether you'll function as a sole proprietorship, partnership, LLC, corporation, or another legal entity. Each framework carries different tax, liability, and ownership implications.
Register your business: Secure the required licenses, permits, and registrations based on your business framework and local laws. This may involve registering your business name, acquiring a tax identification number (EIN), and securing business licenses and permits.
Finances and Capital:
Calculate startup costs: Gauge the initial expenses needed to get your business off the ground, including equipment, stock, promotion, legal fees, and operational costs.
Design a financial plan: Formulate a budget, cash flow predictions, and financial forecasts for at least the initial few years of your business.
Investigate capital options: Decide on how you'll fund your business, whether through personal savings, loans, investors, crowdfunding, grants, or other capital sources.
Location and Infrastructure:
Select a business location: Decide on whether you'll operate from the comfort of your home, rent or purchase commercial space, or utilize shared coworking spaces.
Establish infrastructure: Secure necessary equipment, tools, technology, and software to run your business smoothly.
Brand Development:
Cultivate your brand identity: Develop a distinctive brand name, logo, slogan, and visual elements that embody your business's values and offerings.
Construct a website: Build an online presence with a professional website that displays your products/services, contact details, and other pertinent information.
Produce marketing materials: Create promotional assets such as business cards, brochures, flyers, and digital resources to advertise your business.
Operations and Administration:
Set up business processes: Outline workflows, procedures, and policies for daily operations, including production, sales, customer service, and inventory management.
Recruit employees or contractors: Assess staffing needs and hire capable personnel to assist in managing and expanding your business.
Establish accounting and record-keeping: Set up systems for bookkeeping, invoicing, payroll, taxes, and financial reporting.
Launch and Publicize:
Kick-start your business: Announce your grand opening or launch date, and begin offering your products/services to customers.
Apply marketing strategies: Utilize a blend of online and offline marketing techniques such as social media, email marketing, SEO, advertising, networking, events, and partnerships to draw in customers and boost sales.
Foster customer relationships: Prioritize delivering superb customer service, gathering feedback, and building loyalty to retain customers and stimulate repeat business.
Monitor and Modify:
Track business performance: Monitor key performance indicators (KPIs) such as sales, expenses, profitability, customer satisfaction, and market trends.
Interpret data: Leverage data analytics and feedback to assess your business strategies, pinpoint areas for enhancement, and make informed decisions.
Modify and innovate: Remain flexible and adaptable by tweaking your business model, products/services, marketing strategies, and operations based on market shifts and customer feedback.
Compliance and Expansion:
Maintain compliance: Stick to legal and regulatory requirements, keep accurate records, file taxes, and renew licenses/permits as necessary.
Pursue growth opportunities: Seek out ways to grow your business, penetrate new markets, diversify products/services, innovate, and maintain a competitive edge in your industry.
Sydney Whitten
Photographer
6
Answers
Nashville, Tennessee
Updated
Sydney’s Answer
What a great question! I am so glad Holly covered a lot of the tax/government issues when starting a business. These are all crucial and important steps. But- I would argue that these come after laying some of the groundwork for the foundation of your business. I am currently an entrepreneurship major, so I love to see other young people wanting to start businesses! It is definitely a good way to develop the kind of lifestyle you are seeking, as well as be your own boss. Although, it comes with many challenges. Being self-employed can make work/life balance difficult to achieve. You are also more apt to live without the benefits of being traditionally employed by an employer (health insurance, retirement)... These are still attainable, but require success, hard work and planning. If you decide you are ready for the hustle and want to create a life doing or making the thing you love, go for it! I'll be right there with ya!
What is your business? Become an expert on your business idea. Get a notebook and think of everything. (who are your customers, whats the current condition of the market, are there any companies doing something similar, what are your revenue streams, will you have a brick and mortar store, how will you market your business, what is your value proposition, how do you stand apart in the existing market, what value do you provide to your customers, do you need to hire employees, how will you reach your customers, what is your brand identity, will you have a social aspect to your company (TOMS), how will you be sustainable (long term and to the environment)...)
Do customer discovery research. Make polls to send to your friends, poll your instagram followers, find out what people want, ask questions, find what people are willing to pay for shoes, what draws people to shoes, where they currently buy them....
After this, you may have to adjust a lot of your plans made in step 1. This is ok! You are crafting and perfecting your business! Adjust where you need to. Don't be too attached to any. one thing, you want to fit where the needs are in the market.
Figure out all expenses. How much will it cost to make one pair of shoes? how much will packaging and shipping cost? do all your research and crunch all the numbers. This will be important to staying afloat. figure out what you need to make in the first year and how many shoes you need to sell in the first year in order to make this income.
Fundraise. Develop a Launch Plan! Do the thing! You got this! you are now prepared and all your bases are covered. Good luck!
Sydney recommends the following next steps:
Maria Reverdatto
Marketing
3
Answers
Austin, Texas
Updated
Maria’s Answer
Hi Brynae,
Great question! I would start with understanding why you'd like to open up a shoe store and what you truly enjoy. Do you really love design and creating new shoe fashions? If that's the case, you may want to consider working in an existing store or for an established shoe designer early on in your career and decide to open your own store later on once you're more established. As an entrepreneur, I can attest that being an expert in your field, having a great network and understanding the ins and outs of the industry are absolutely critical. I don't want scare you, but majority of small businesses fail, so it's important to set yourself up for success. Also, as a business owner, you are responsible for running everything and you may not have as much time to spend on design and fashion, if that's what you're truly interested in. The day-to-day operations of running a business involve figuring out taxes, securing financing, paying bills, preparing payroll, making sure you have the right type of insurance, negotiating with vendors, selling, managing inventory... As Holly pointed out, laws and regulations are different in every state, so you would need to understand what's required in your state to start a business. If you decide that you truly are committed to opening up your own store, I recommend starting with a business plan. You don't need a business degree to create one, you can take classes or even find resources online. A business plan will help you answer a lot of the questions Sydney mentioned - What is your product? Who is your target audience? How will your shoes be different from others already on the market? What is the price point that you plan to charge? How much will it cost to open up a store? Where will you get the funds? Best of luck on your journey!
Great question! I would start with understanding why you'd like to open up a shoe store and what you truly enjoy. Do you really love design and creating new shoe fashions? If that's the case, you may want to consider working in an existing store or for an established shoe designer early on in your career and decide to open your own store later on once you're more established. As an entrepreneur, I can attest that being an expert in your field, having a great network and understanding the ins and outs of the industry are absolutely critical. I don't want scare you, but majority of small businesses fail, so it's important to set yourself up for success. Also, as a business owner, you are responsible for running everything and you may not have as much time to spend on design and fashion, if that's what you're truly interested in. The day-to-day operations of running a business involve figuring out taxes, securing financing, paying bills, preparing payroll, making sure you have the right type of insurance, negotiating with vendors, selling, managing inventory... As Holly pointed out, laws and regulations are different in every state, so you would need to understand what's required in your state to start a business. If you decide that you truly are committed to opening up your own store, I recommend starting with a business plan. You don't need a business degree to create one, you can take classes or even find resources online. A business plan will help you answer a lot of the questions Sydney mentioned - What is your product? Who is your target audience? How will your shoes be different from others already on the market? What is the price point that you plan to charge? How much will it cost to open up a store? Where will you get the funds? Best of luck on your journey!