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What are some good tips for starting your own business?

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business finance
Thank you comment icon There are many tips available for starting a business. The best part about starting a business today is that these tips are a 10 second google search away! You can google tips from articles, find great books for starting a business, reach out to people on LinkedIn and so on. The main point is that you utilize these resources to research information about the business you want to start. You can look at the pros, the cons, how people succeeded, how to market your business and more. Good luck on your business! Madisyn Dunlap
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Anthony’s Answer

Please, note the following
concerning starting your own business :-
1. Please, identify the type/kind of
business.
2. Consider the objectives and
goal/goals.
3. The extent your INTEREST,
KNOWLEDGE, EXPERIENCE
and the ABILITY to perform the
various activities well.
4. The need for the required
finances/capital.
5. Hardworking, honesty,
faithfulness and
transparency at all times.

Best wishes to you.
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Stephanie’s Answer

When I started my first business, it was in response to a demand for a more automated way to answer recurring payments in learning centers.
Today, there are many reasons to start a business. First, consider your intention for wanting to start your own business.
Do you want to create something?
Do you want to provide a service?
Do you have buyers?
Can you differentiate in the marketplace?
Do you have 6-12 months savings in the bank for food, rent, groceries, medical, car, etc., in order to sustain while you ramp up sales?
Is your business scalable?
Consider putting a business plan together, even an outline for strategy of going to market.
What do the first 90 days look like? What’s the marketing plan to generate interest or sales?
Then I’d definitely recommend putting metrics (forecasting) out there for 6 month goals, 12 month goals, 2 year goals, etc., so you can benchmark your success. Or, if your business isn’t sustainable, the numbers won’t lie.
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Meagan’s Answer

Find your passion, research the industry and network!
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James’s Answer

Anthony has provided some good responses. I'll add that you aren't the first person who's wanted to start their own business (in fact, my parents started and grew their own small business). Spend some time learning about the mistakes / lessons learned from people who started their own business so you try to avoid them as best as possible. YouTube can be a great resource for this. I'd also recommend reading books from successful entrepreneurs and business owners that capture their lessons learned.
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Bob’s Answer

Questions to pose to yourself-What problem am I attempting to solve (Need)? Who are you solving them for (customer), How many customers are likely to have this problem (Market)?How do you intend to solve the problem (Unique Value)? Why is your solution better than others now available (Value Added)? What can your solution do that other solutions cannot do (Unique)? What are competitors likely to do when you enter the market (Ease of Entry)? What is your long term vision for your business(Plan)? How do you intend to profit(Business Model)? Where do you fit in the supply chain? What are you plans for expansion (replicatable Model)? Is there an opportunity for global entry?
Then start with a Funding Plan-Of the above questions-What do I know, What do I think I Know, What don't I know, What do I need in order to answer the above questions.
Starting a business takes razor sharp focus, sticking to what you know, risking the capital of you and your family/friends, endless curiosity, boundless energy, help from friends who have started a business and initial customers willing to help you develop/test the product, code, software, et al.

Bob recommends the following next steps:

Speak with entrepreneurs you know, work in a start up business, see if it is for you
Read entrepreneurial books. Read about Business Models, Supply Chains.
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