4 answers
Quinton
Student
Rock Hill, South Carolina
1
Question
Asked
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How would you go about starting your own business?
Any type of business tips help like what you do if you cant fund the business?, What kind of connections do I need to grow the business.
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4 answers
Daniel Maynes
Credit Manager
188
Answers
Dallas, Texas
Updated
Daniel’s Answer
This is a great question Quinton! A couple of helpful steps below:
1. You need to register your business with the Secretary of State (SOS). Most businesses register in the state where the business is actually located (HQ Address). At the same time you will need to decide the entity type for your business such as a LLC, Inc, LTD. Make sure you register with a state so your business can operate legally.
2. Come up with a business plan. This would include items such as operations, location, capital/funding, vision/mission statement etc. You can easily get lost in the weeds on this part. Don't get caught up in details that you can figure out later. Think big picture and ask yourself what is your business really trying to accomplish? That is always a good starting point on a business plan!
3. Lastly, come up with different business goals and set dates when you want to accomplish them. Setting a timeline will help you stay on track and know where you are in the process. It is very difficult but don't let yourself get caught up in the whirlwind of the "day to day." Meaning, set yourself and the business up with clear goals and do your best to not let the "daily fires" use up all your time. Inadvertently, you will have to attend to some of these daily fires but make sure you block off time to keep the vison of the company alive.
Out of the many business books I have read, if I could only suggest one to you, it would be the book below. Hope these thoughts help and good luck on the journey!
Read the The 4 Disciplines of Execution: Achieving Your Wildly Important Goals by Chris McChesney, Sean Covey, and Jim Huling
1. You need to register your business with the Secretary of State (SOS). Most businesses register in the state where the business is actually located (HQ Address). At the same time you will need to decide the entity type for your business such as a LLC, Inc, LTD. Make sure you register with a state so your business can operate legally.
2. Come up with a business plan. This would include items such as operations, location, capital/funding, vision/mission statement etc. You can easily get lost in the weeds on this part. Don't get caught up in details that you can figure out later. Think big picture and ask yourself what is your business really trying to accomplish? That is always a good starting point on a business plan!
3. Lastly, come up with different business goals and set dates when you want to accomplish them. Setting a timeline will help you stay on track and know where you are in the process. It is very difficult but don't let yourself get caught up in the whirlwind of the "day to day." Meaning, set yourself and the business up with clear goals and do your best to not let the "daily fires" use up all your time. Inadvertently, you will have to attend to some of these daily fires but make sure you block off time to keep the vison of the company alive.
Out of the many business books I have read, if I could only suggest one to you, it would be the book below. Hope these thoughts help and good luck on the journey!
Daniel recommends the following next steps:
Jack Alexakis
Project Manager
11
Answers
Lakewood Ranch, FL
Updated
Jack’s Answer
Starting your own business takes a lot of research. The first thing I would do is create a cluster of business ideas. I would also do research on the the internet and find out more about your city, county and community. Also, typically every state has business connections in where you can get advice, do research, get training/courses and possibly funding/grants.
But when you decide you want to start your business, you need to go to the state website and register your business/fictitious name, also need to do this through the IRS in which they will give you an business ID. You have to decide what type of business you wan to have it under, sole proprietorship, LLC, corporation, etc. If you start or when you start generating income you should go down and open up a business checking account so you can pay your bills and show your receipts and invoices.
You will need to get an CPA to handle your taxes at the end of the year and they can educate on what right offs you can have. Websites/advertisement, you need to do research on what makes sense for your business.
Also, there a local business people, there are associations called BMI groups where you can get each other leads and network.
Good luck!
But when you decide you want to start your business, you need to go to the state website and register your business/fictitious name, also need to do this through the IRS in which they will give you an business ID. You have to decide what type of business you wan to have it under, sole proprietorship, LLC, corporation, etc. If you start or when you start generating income you should go down and open up a business checking account so you can pay your bills and show your receipts and invoices.
You will need to get an CPA to handle your taxes at the end of the year and they can educate on what right offs you can have. Websites/advertisement, you need to do research on what makes sense for your business.
Also, there a local business people, there are associations called BMI groups where you can get each other leads and network.
Good luck!
Jill Butler
Internal Audit
2
Answers
New York, New York
Updated
Jill’s Answer
Hi Quinton,
I would recommend that you find something you like, either a hobby or subject that you find interesting, and focus your efforts on that. If you have a passion for something, that will help you strive to achieve it and push you to success. Once you have that idea in mind, you will need to do lots of research. Researching can be done by reading related articles, listening to podcasts about the particular subject, and finding online communities that will help provide advice and support your vision. In relation to podcasts, there are many that are subject specific that are helpful but also more general podcasts such as How I Built This, that bring in various CEOs that have built many successful companies that we all know, from the ground up. I find these very inspiring and interesting.
Once you get your business idea in motion, you will need to determine the type of company you want to set up and understand the tax and liability implications of each. There are also different requirements in each state in order to set up a legal entity.
In terms of funding, depending on the business case and any initial financial success to show proof of concept, there are different avenues to raise funds. You might be able to attract a single investor or groups of investors or may need to go to bank for funding. You will need to be able to present your business so I would research startups and how they grew the Company to better understand what you will need to do for long term success.
Good luck!
I would recommend that you find something you like, either a hobby or subject that you find interesting, and focus your efforts on that. If you have a passion for something, that will help you strive to achieve it and push you to success. Once you have that idea in mind, you will need to do lots of research. Researching can be done by reading related articles, listening to podcasts about the particular subject, and finding online communities that will help provide advice and support your vision. In relation to podcasts, there are many that are subject specific that are helpful but also more general podcasts such as How I Built This, that bring in various CEOs that have built many successful companies that we all know, from the ground up. I find these very inspiring and interesting.
Once you get your business idea in motion, you will need to determine the type of company you want to set up and understand the tax and liability implications of each. There are also different requirements in each state in order to set up a legal entity.
In terms of funding, depending on the business case and any initial financial success to show proof of concept, there are different avenues to raise funds. You might be able to attract a single investor or groups of investors or may need to go to bank for funding. You will need to be able to present your business so I would research startups and how they grew the Company to better understand what you will need to do for long term success.
Good luck!
Vicki Kropf
Marketing Manager
3
Answers
Oceanside, New York
Updated
Vicki’s Answer
There are many trade shows that you can attend to help you see what kind of businesses are out there. They often have many Franchise opportunities, which is an easier way to start your own business. If you have a specific idea, you should search for any information that exists on the internet about that idea. I would also suggest going to some small businesses and ask the owner(s) if they would spend some time with you answering questions.