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so if i start my own business how do i go by that at the start?
if i think some people won't go for it and I need help so if you have any advice can yall" help.
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5 answers
Anthony Kofi Hene-Amoah
Project Analyst/Advisor, Career Advisor, Translator/Editor
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Anthony’s Answer
Hello,
Please, note the following, concerning how to start your own business :-
1. Consideration of the type of business.
2. Consideration of your goal.
3. The interest you have in the business.
4. The extent of your knowledge in the business.
5. The location of the business.
6. How to get your finances or capital.
Best regards in your vision.
Please, note the following, concerning how to start your own business :-
1. Consideration of the type of business.
2. Consideration of your goal.
3. The interest you have in the business.
4. The extent of your knowledge in the business.
5. The location of the business.
6. How to get your finances or capital.
Best regards in your vision.
Updated
Fred’s Answer
Do you have an idea for what your business will be? That's the first step.
Then, you'd generally want to write a business plan. You can search online for how do to that and find examples. It will help you understand what your business is, why it's better than other businesses in the same area, help you with a budget, marketing, planning, and day-to-day operations. If you want investors (beyond family and friends, and sometimes even for them), you NEED to have a well written one.
Research your state's laws on responsibilities and rights as a business owner. Do you want to incorporate or not? If so, find out how. (Try looking here: https://www.michigan.gov/lara/bureau-list/cscl/corps/corporations.) Make sure you understand or have someone who understands tax law. You may not have to worry about taxes until your business turns a profit, or makes over some amount of revenue, but you need to know, and you need to keep accurate records in case you are audited.
Branding and marketing is very important. A mediocre product with a good brand will out-perform a good product with a lousy brand. Think about why your business is better than others. Faster service? Better customer relations? etc. Don't focus on being "cheaper" than the competition, as that is a loosing strategy. If you do, then they lower their prices, forcing you to lower yours, until everyone is at the lowest possible price, possibly driving one or more out of business. This is known as the "race to the bottom".
Then, you'd generally want to write a business plan. You can search online for how do to that and find examples. It will help you understand what your business is, why it's better than other businesses in the same area, help you with a budget, marketing, planning, and day-to-day operations. If you want investors (beyond family and friends, and sometimes even for them), you NEED to have a well written one.
Research your state's laws on responsibilities and rights as a business owner. Do you want to incorporate or not? If so, find out how. (Try looking here: https://www.michigan.gov/lara/bureau-list/cscl/corps/corporations.) Make sure you understand or have someone who understands tax law. You may not have to worry about taxes until your business turns a profit, or makes over some amount of revenue, but you need to know, and you need to keep accurate records in case you are audited.
Branding and marketing is very important. A mediocre product with a good brand will out-perform a good product with a lousy brand. Think about why your business is better than others. Faster service? Better customer relations? etc. Don't focus on being "cheaper" than the competition, as that is a loosing strategy. If you do, then they lower their prices, forcing you to lower yours, until everyone is at the lowest possible price, possibly driving one or more out of business. This is known as the "race to the bottom".
Updated
Leonard’s Answer
A very good answer in here already! I would also offer up that you seek others who offer the same (or very similar) service/s. Interview them and ask about their experiences. Maybe offer to work for them (or intern for them for free if they can't pay you) for a short period of time to see what that industry is like? Initial research should include your passions, your product, your target customers, the market for your services. If you really like what you are doing, you won't feel like it is work!
Updated
Rebecca’s Answer
Thank you for the question. I am glad to hear that you would like to be entrepreneur. Have you thought about what industry you would like to start your own business?
Below are my suggestions:
1. Think about what industry you would like to start your business, e.g. your hobbies, what you have strength on, etc.
2. Take the relevant courses and have business / management subject as the minor in the college
3. Do analysis on the industry, e.g. entry criteria, competition status, what are the substitutes / alternatives of the product, etc.
4. Explore any intern opportunities before you graduation
5. Suggest to work some time in the industries after your graduation to understand the business model and establish the people network. Also, you can earn the funding for the startup.
6. Start the business online first if possible
7. Take a MBA degree on part time basis
Hope this helps! Good Luck!
Below are my suggestions:
1. Think about what industry you would like to start your business, e.g. your hobbies, what you have strength on, etc.
2. Take the relevant courses and have business / management subject as the minor in the college
3. Do analysis on the industry, e.g. entry criteria, competition status, what are the substitutes / alternatives of the product, etc.
4. Explore any intern opportunities before you graduation
5. Suggest to work some time in the industries after your graduation to understand the business model and establish the people network. Also, you can earn the funding for the startup.
6. Start the business online first if possible
7. Take a MBA degree on part time basis
Hope this helps! Good Luck!
Updated
Brennan’s Answer
Hey Cameron, it's really great that you're interested in becoming an entrepreneur! Personally, I'm 23 and run an ABNB business in addition to working my daily job. My advice to you regarding how to start is to
1. Identify what problem you want to solve in the form of a product or service - this can be innovating a better seatbelt, phone case, pillow, lawn care, driveway installation, coaching, etc.
2. Once you've identified the problem you want to solve, you'll want to establish a business - LLC, S-CORP, C-CORP, etc. - Research the differences between each and open the one that's best for you. Piece of advice from someone who owns two businesses, creating a business in and of itself is easy and inexpensive. I live in GA and the process is filling out two sheets of paper, submitting via email, and paying $100 and bam I'm open for business. I see you're based in Michigan, so I'd recommend searching something along the lines of 'secretary of state Michigan business' and read through the first couple of articles for more specific information to your state.
3. Get after it! It's sounds cool to run a business and be a 'CEO' but it comes with the responsibilities and ownership of actually running the business so you'll want to first and foremost understand the numbers - Expected revenue, expected expenses, what your breakeven is, and create budgets accordingly. It's mundane but is necessary to be successful.
4. Be consistent. Owning a business is not a smooth ride so when challenges come up don't default to wanting to quit this is an opportunity to solve a problem and gain real tangible experience.
1. Identify what problem you want to solve in the form of a product or service - this can be innovating a better seatbelt, phone case, pillow, lawn care, driveway installation, coaching, etc.
2. Once you've identified the problem you want to solve, you'll want to establish a business - LLC, S-CORP, C-CORP, etc. - Research the differences between each and open the one that's best for you. Piece of advice from someone who owns two businesses, creating a business in and of itself is easy and inexpensive. I live in GA and the process is filling out two sheets of paper, submitting via email, and paying $100 and bam I'm open for business. I see you're based in Michigan, so I'd recommend searching something along the lines of 'secretary of state Michigan business' and read through the first couple of articles for more specific information to your state.
3. Get after it! It's sounds cool to run a business and be a 'CEO' but it comes with the responsibilities and ownership of actually running the business so you'll want to first and foremost understand the numbers - Expected revenue, expected expenses, what your breakeven is, and create budgets accordingly. It's mundane but is necessary to be successful.
4. Be consistent. Owning a business is not a smooth ride so when challenges come up don't default to wanting to quit this is an opportunity to solve a problem and gain real tangible experience.