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What steps are recommended to take before entering this field ?

I want to run a small business and I am curious to know what steps I should take before jumping into it.

business management entrepreneur business-development small-business administration
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Chirayu’s Answer

Several things to get a good idea on what a small business owner should do - taking a business class to get a grasp on the different fundamentals is the key. Drafting a business plan is very important, coming up with the different cost structures, how much financing will be required and how that will be done, what are the main competitors in the field and price points for the products you may sell as all those things must be known before jumping in and starting a business.
Thank you comment icon Chirayu, thank you! Katlin
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Alexis’s Answer

Hi Katlin- I'm excited for you! If you are a student considering a product based business, here are a few things to be aware of: Finances, Marketing, Resources, and your Environment.
Finances- In starting a small business there are milestones. You may not need a LLC until you made your first thousand or so dollars- starting requires will, sustaining requires passion. An early milestone is having the money to buy your materials and present your product in a nice way.
Marketing- Grab your social media handle asap- at least one platform you understand. Investing in a brand designer can fuel your passion and set a professional tone. Quality products + word of mouth works wonders for reach.
Resources & Environment- As a small business owner you will be wearing multiple hats. Identify what processes are draining and steal your passion - those are the things you want to outsource. So be resourceful! As a student you can connect with peers and discover graphic designers, people with big personalities to help with sales, and even studious hard workers. Utilize your environment and network to build a team. It's wonderful when you don't have to do it alone.

Hope that helps for an easy start!
Thank you comment icon Loved reading this, thanks! Katlin
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Gary’s Answer

Good morning Katlin! You will be a fantastic small business owner. You are taking a step that many do not. Asking for help. I think it is important to understand if there is a market for your product/service in your area, what are the start-up costs involved and how you plan to structure LLC, Sole Prop, etc.) the business. There is a very nice visual refence book that is very short and to the point called The Infographic Guide for Entrepreneurs written by Carissa Lytle & Jara Kern. It literally takes you down a step-by-step visual path to help you answer the questions you have. Good luck!
Thank you comment icon Thank you, Gary! Katlin
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Rebecca’s Answer

Hi Katlin, I am glad to hear that you want to be an entrepreneur. Have you thought about what industry you want to run your business.
Below are my suggestions;
1. Think about what you have interest or strength. Identify the related the industry.
2. Explore more on these industries and shortlist some you have interest
3. Do some analysis on the industries, eg competition, entry barrier, etc. shortlist 1-2 industries
4. Attend some courses on these industries and management courses
5. Work in the industries for some time to understand the business model and establish the network
6. If possible, start the business online or do a pop up first
Hope this helps! Good Luck!
Thank you comment icon Thank you for the advice. Katlin
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Alpesh’s Answer

Determine what type of small business you want to do and volunteer at a nearby similar small business to get first-hand experience on what it might take to open your own business.
Thank you comment icon I appreciate this, thank you for the advice. Katlin
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Olivia’s Answer

Is so Challenging to start a new business but is something that is a good idea.
Before starting a business is important you be prepared, there are books on how to begin a startup, In my country there are courses for startups and some organizations that help in education for startups.
It is important that you read about idea of a new business it has to be a good idea, competitive advantage., innovation is the key for success, sIt is important to do something different.
if you do not have a different and innovative idea there are franchises that you can explore
marketing research is important.
Study the location.
and be prepared, study, take courses, read books.
Thank you comment icon Thanks, can't wait to put this advice into action! Katlin
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Daphney’s Answer

Hi Katlin! Glad to hear you are wanting to start your own business. First thing I would do is determine what kind of small business I am interested in starting. For example, if you want to start a hair salon, connect with hair salon owns in your local community. Ask them if you would be able to have a sit-down session with them, be sure to come with questions to ask to gain a better insight on the business. Then ask if you would be able to shadow them for a day to get a hands-on experience on what it takes to run the business. If this option is not available, I would find some business pertaining to your specific business and read on how to get started. Wishing you the best!
Thank you comment icon Your advice was so helpful! Katlin
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Michael’s Answer

1. Place where your market will grow.
2. Product that you want to sell and costumer (who and what they want)

Michael recommends the following next steps:

Place
Product
Costumer
Equipment to make product
Man power
Thank you comment icon Thank you, this is amazing! I really needed it. Katlin
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