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What do I need to start a business?

I'm a strong motivated person, I love to express myself, and I'm very passionate about what I do. business entrepreneur marketing

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Daniela’s Answer

Hi Sara,

You're starting off on a great note with having a strong passion for what you do. Being an entrepreneur/business owner is not without its challenges and knowing you are putting that time and effort into something you truly care about is important.

Here are a few recommendations to get started:

- Establish a knowledge of the market your product or service is in. This includes doing research on what competitors are in the same space and their price points. How is your product or service different/improved from competitors? Identify the value-add or solution your product or service is providing for your consumers.
- Identify your target audience: What type of people are going to be most interested and/or benefit from your product or service. This will greatly influence your approach to marketing, targeting, etc.
- With these fundamentals, put together a forward-looking business plan with a clear vision, defined goals and solid grasp of financials. This will be incredibly helpful including if you're looking to apply for grants, submit to pitch competitions, etc.

Here is a resource to explore focused on the early stage of starting a business : https://www.practicalbusinessskills.com/getting-started
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Lucie’s Answer

Hello Sara,

Starting a business asks for a lot of determination! And each business has a different path to completion.
A few steps i would take:

#1 Planning
My advise would be to start by planning. Put your thoughts into paper, spreadsheet, etc. Laying your ideas would help you for the next phase.

#2 Research
Once you know what you want your business to be, have a concept of your business, research the market, numbers, competition, etc.

#3 Business Plan
The very crucial step of starting a business is to make an objective business plan. Be realistic, and do not leave out details. The better prepared you are the most your project will be. Think about the 4 Ps: Pricing, Position, Product, Placement; it helps to situate your product and business.

Many other steps to follow depending on the scale of the business you want to create but this would be my recommendations to help you start.

Hope this helps,
Cheers
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Neha’s Answer

Hi Sara,

Here are some steps you can take in order to start your own business -

- Have a vision, put it down in writing
- Conduct the market research to find out opportunities
- Based on your findings, make a business plan
- Gather funding for your business
- Register your business!
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Gonzalo’s Answer

Hi Sarah - I would recommend informing yourself via reading the following 5 highly recommended entrepreneurship books: https://www.entrepreneur.com/slideshow/299927.
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