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Translated from Spanish .
Si quiero tener mis propios negocios que consejos me dan para empezar?
If I want to have my own business, what advice do you give me to start with?
#office-administration #entrepreneur #business
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3 answers
Updated
Zimkita’s Answer
Get you a journal, and start asking yourself first what it is that you like to do. It could be a hobby or something that inspired you.
Then research your niche and learn more about how you can turn that to profit.
Draw out a plan, of how much you'll need to buy startup items. You don't need to buy a lot it could be 5 items and you sell them to your family and friends and reinvest the money by buying more.
You also want to come up with a name for your business and obtain an EIN and take that to register your company in your state as LLC. Make sure when choosing a name it's not a name that' s trademarked or taken to avoid getting sued.
You don't need to have everything in place in order for you to start your business. You'll learn as you go. Good luck!
Then research your niche and learn more about how you can turn that to profit.
Draw out a plan, of how much you'll need to buy startup items. You don't need to buy a lot it could be 5 items and you sell them to your family and friends and reinvest the money by buying more.
You also want to come up with a name for your business and obtain an EIN and take that to register your company in your state as LLC. Make sure when choosing a name it's not a name that' s trademarked or taken to avoid getting sued.
You don't need to have everything in place in order for you to start your business. You'll learn as you go. Good luck!
Updated
Veselinka’s Answer
Hi,
Here is what you need in order to start a new business: ask why you want this in the first place! Do you have original idea? Which product /service you want to offer? What is your target market - customers? Are there similar business in the area-explore the competition!
Research the regulation - you will cover the questions on how to open the business, which documents do you need, how much initial capital is needed in order to open a bank account etc? How will you sell the product - physical location or via internet? Make a business case - this is excel document where you will put all your assumptions based on the market research in order to predict the revenues , costs and profitability of your idea (NBV, ROI, EBITDA, payback etc)
Explore the environment - vendors, job market if you need to employ people etc....
I gave you just few things by the book that you need to think about. Best advice you can find from a friend who already went trough the process.
Good luck
Here is what you need in order to start a new business: ask why you want this in the first place! Do you have original idea? Which product /service you want to offer? What is your target market - customers? Are there similar business in the area-explore the competition!
Research the regulation - you will cover the questions on how to open the business, which documents do you need, how much initial capital is needed in order to open a bank account etc? How will you sell the product - physical location or via internet? Make a business case - this is excel document where you will put all your assumptions based on the market research in order to predict the revenues , costs and profitability of your idea (NBV, ROI, EBITDA, payback etc)
Explore the environment - vendors, job market if you need to employ people etc....
I gave you just few things by the book that you need to think about. Best advice you can find from a friend who already went trough the process.
Good luck
Updated
Janice’s Answer
Talk to as many entrepreneurs as you can find and ask them how they got started and what they wished they knew back then that they know now. Most entrepreneurs are happy to share their experiences and advice. One word of caution though is that there are many ways to get started and you could get overwhelmed with the many suggestions that you will receive. You will need to assess each one and determine which one(s) are right for you. There are also clubs and organizations out there for people who are thinking about starting their own business or who have started their own businesses. You can identify these through your local business communities or online (google/bing).
Be sure you have researched every aspect of the business you want to start. Most people miss critical aspects that ultimately cause them to fail. For example, what about your supply chain? Are you able to get good contracts with your suppliers...contracts that will ultimately enable you to be able to make a profit after you add in all of your fixed costs etc...
There are also courses you can take at your local community colleges. They are typically reasonably priced and not only do get valuable information but you also make valuable connections with others who are starting out plus your instructor should be able to suggest other ways for you to make the very needed connections to make your business successful.
Good luck!
Be sure you have researched every aspect of the business you want to start. Most people miss critical aspects that ultimately cause them to fail. For example, what about your supply chain? Are you able to get good contracts with your suppliers...contracts that will ultimately enable you to be able to make a profit after you add in all of your fixed costs etc...
There are also courses you can take at your local community colleges. They are typically reasonably priced and not only do get valuable information but you also make valuable connections with others who are starting out plus your instructor should be able to suggest other ways for you to make the very needed connections to make your business successful.
Good luck!