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where should I start if I am trying to build a business

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Jenna’s Answer

I own a small business, and you need two things: the business operation (the good or service you are actually selling), and then all of the support for that operation. So, get clear on the skills or knowledge you will need for what your business is, and it never hurts to work for someone else in that business for a while, so you can learn not just how to do the job (work IN the business), but how to run the business (work ON the business).

I also recommend networking and referrals. My best clients come from my network. Get to know people that know people that want/need your services and provide excellent customer service and the solution to their problem.

You should have savings to invest in the business before you start it- you'll need to legally incorporate, you'll need tax advice and bookkeeping help, and you will need a plan to get customers and make them happy. It's a good idea to get a mentor and spend some time on the non-operations part before you start (legal, tax, accounting, marketing, employment, etc.). I spend a lot of my time working with business owners who didn't invest in their business properly, then they have a tax or a legal problem, and sometimes they have a lot of exposure, which they would not have had if they had done it properly from the beginning.

So, get familiar with the operations of the business, get to know a lot of the right people in your network, and get some advice about the other parts of running a business and the help you will need to do it right. Good luck!
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Ahsan’s Answer

I think you should need to know what are your passions first. Break it down, and keep doing that to help you lead to the related fields. Identify the ones you know something about or can have access to it's knowledge. Look out for smart options of its related business that can be started on E-Commerce websites which requires minimum investments. Meet the sellers / whole sellers to understand the product. Research on the feasibility of the products and keep a buffer for worst case scenario (don't put all your eggs in one basket).

Some recent examples I've seen people doing is:
-Selling products on Amazon which they bought in quantity from Alibaba
-Setting up a water filtration plant in areas where it can sold with minimum legal requirements
-Setting up trailer restaurants
-Building new apps based on random ideas generated at small costs
-Trading cars with minimum investments to generate some money on side.
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Randy’s Answer

My advice: Extensive research. Use whatever resources you have available to collect as much information about your dream as possible. Understand and evaluate the industry and market opportunity. Who are you serving and what is the demand? Identify your competition and consider interviewing them for information. Many small business owners are happy to share their advice and help you get started. How can you differentiate yourself from your competition who offering the same service or product?

If you find that your dream is worth pursuing further, write a business plan. Map out your goals and milestones. The business plan will help you uncover what is needed to start the business: how much capital (funding) you will need, who are your potential clients, where your operations will be located, number of employees needed to operate effectively, barriers to entry (what is involved with starting your particular business and how difficult or expensive will it be?), exit strategy (when you reach a certain point in your business, what will you do with it? dissolve it, sell it, merge with another company or expand to new markets, go public, etc.).

Be inspired and don't be afraid to aim for the stars! Steve Jobs started Apple in his garage.
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Bob’s Answer

Consider that by asking the question it equates to you having already started. Started upon a journey to determine the industry and business you will pursue. First, you should give thought to perhaps an advocation or hobby that intrigues you or you may have a passion for. Can you convert this advocation into a business and career vocation?
Is there something you have learned in this pursuit that will be valuable in application to a related business or industry? What would you bring in terms of knowledge, skills, allies, financial backing that would entice others to join you in the business(es) you are considering?
The same above thoughts should come to mind should you be working in a company and see opportunities to spin off from that job; to utilize what you have learned to begin a business. A business you have a passion for. A business offering you the opportunity to provide what it is prospective customers are seeking.
Look at yourself as an asset. Will your friends and relatives invest their hard earned dollars in you and your start-up? What would make them consider that you know what you are doing and offer financial help? What do you lack? Can you obtain the knowledge and skills lacking or can you find someone to partner with who has these skills?
It is now time to do your homework, consider what it is you know, what is it you suspect and what it is you do not know. Accept the excellent advice that others have included here for research to lay out a plan.

Bob recommends the following next steps:

While developing a plan consider attending a trade show for the industry you selected. Speak with participants.
Meet other entrepreneurs to learn the process of successfully starting a business
Seek out magazines that focus upon the industry you have an interest in.
Consider what you may need to participate in a Business Nursery, with a network that can teach and support you to avoid mistakes.
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Dara’s Answer

There are a number of resources in the Miami area that can help depending on where you are at with your business. For instance if you have an idea and are thinking about starting a business University of Miami has an entrepreneurship center and offers a program called The Launch Pad. It is important to make sure you have a market,/customers willing to pay you for your product or services.

You can also visit https://flvec.com/resources and find resources in your area. There are organizations like SCORE and the Small Business Development Center that may be able to recommend the best resources and connections based on where you are at with your business.



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PRASANJIT’s Answer

You have to make a business plan ,like which product or service will be good. For that you have to do market survey and research. Which location will be good. These are the task you have to do before starting a business.
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