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How do I come across starting my own brand/company?
I've been thinking about starting my own business and generating income through that. With that being said, I have no idea how to make the steps as simple as possible for myself.
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6 answers
Updated
Ryan’s Answer
The first thing to do is to come up with a viable business idea and a plan to execute that idea. While you may already have an idea, it is good to write down every small step to getting your business rolling just so you can stay progressive and continue to check things off the list. The hardest part is getting the ball rolling and keeping it rolling, so making checks off a list helps to keep the business in motion. Once you feel you have everything in place to begin a business it's time to actually legally register it with the state. Every state is different so look up the options and laws for your state. It's important to choose the best business format for your business. LLC is usually the best option if you are looking to have an incorporated business. This will allow you to set up legal income formatting with any co-owners or employees. However, if you are working alone, I encourage you to look into unincorporated business formatting in your state, as you can still obtain a tax ID number that will essentially be added on to your personal yearly taxes. This is also best if you do not need to generate a bunch of legal business documents, however, you will be personally liable for any legal issues you get into compared to an LLC. This is really nothing to worry about if you have a proper plan and can execute the business properly and legally. If you have any major concerns with legality, its best to speak with a lawyer and/or accountant to make sure everything goes smoothly. Overall, it's about working hard and staying motivated.
Updated
Kimanu’s Answer
I would first search and see if there are any entrepreneur workshops in the area you live in . This could be helpful to guide you to a field you may be interested in. Look to see if any business owners in your local area need volunteers or apprenticeship programs to see the insides and how they operate. Also keep a journal or diary of daily thoughts and ideas that you can revisit. Place a visual thought board in your room. Reach out ask another of questions. Build a strong community of great free thinkers who come up with great ideas and are willing to take risks.
Thank you so much!
Noah
Updated
Vamshee’s Answer
First and foremost, you have to come up with a good business ideas.
Follow and research about new businesses/startups/entrepreneurs and their success stories to get inspiration.
The following links provide you insights on how to become an enterpreneur.
https://onlinedegrees.sandiego.edu/how-to-become-an-entrepreneur/
https://www.forbes.com/sites/alejandrocremades/2019/05/25/how-to-become-an-entrepreneur/?sh=6cb43e768a6c
https://tie.org is a good resource i know or come across..
TiE Global is a nonprofit organization devoted to entrepreneurs in all industries, at all stages, from incubation, throughout the entrepreneurial lifecycle. With a global reach and a local focus, the heart of TiE efforts lies in its five foundational programs, – Mentoring, Networking, Education, Funding, and Incubation.
Several members have formed startups while at TiE, and are now charter members giving back to the community. TiE’s ultimate goal is to foster entrepreneurship, creating wealth for both the entrepreneur and the local communities
Good luck in your future endeavors!
Follow and research about new businesses/startups/entrepreneurs and their success stories to get inspiration.
The following links provide you insights on how to become an enterpreneur.
https://onlinedegrees.sandiego.edu/how-to-become-an-entrepreneur/
https://www.forbes.com/sites/alejandrocremades/2019/05/25/how-to-become-an-entrepreneur/?sh=6cb43e768a6c
https://tie.org is a good resource i know or come across..
TiE Global is a nonprofit organization devoted to entrepreneurs in all industries, at all stages, from incubation, throughout the entrepreneurial lifecycle. With a global reach and a local focus, the heart of TiE efforts lies in its five foundational programs, – Mentoring, Networking, Education, Funding, and Incubation.
Several members have formed startups while at TiE, and are now charter members giving back to the community. TiE’s ultimate goal is to foster entrepreneurship, creating wealth for both the entrepreneur and the local communities
Good luck in your future endeavors!
I appreciate you taking the time to answer this.
Noah
Updated
Gurinder’s Answer
Identify a type of business that you would like to build or an idea of a business
Research the industry
Identify competitors - what are their strengths and weaknesses
Identify key metrics - Total Addressable Market, Industry Growth Rates
How viable is the industry?
Having experience in the industry can be really important. It will help you move faster, understand regulatory requirements, have a better understanding of what can make you successful etc
Look for entrepreneur groups/organisations (online or in person) where you can discuss your ideas and also get feedback from others.
Start with a Minimum Viable Product and get feedback as early as possible in the process. This gives greater agility and helps to ensure you do not waste time on developing a business that doesn’t have a market
Join startup accelerators that have structured programs (if possible)
Gather a team of founders / early joiners that you trust as professionals and complement your skills
If possible, have a partner where you can pilot your ideas, someone to help you validate your ideas and could eventually become a customer
Focus Focus Focus - don’t try to build everything
Execution - coming up with the idea is only the beginning, execution plays a key role
Be able to adapt quickly, pivot your idea
Research the industry
Identify competitors - what are their strengths and weaknesses
Identify key metrics - Total Addressable Market, Industry Growth Rates
How viable is the industry?
Having experience in the industry can be really important. It will help you move faster, understand regulatory requirements, have a better understanding of what can make you successful etc
Look for entrepreneur groups/organisations (online or in person) where you can discuss your ideas and also get feedback from others.
Start with a Minimum Viable Product and get feedback as early as possible in the process. This gives greater agility and helps to ensure you do not waste time on developing a business that doesn’t have a market
Join startup accelerators that have structured programs (if possible)
Gather a team of founders / early joiners that you trust as professionals and complement your skills
If possible, have a partner where you can pilot your ideas, someone to help you validate your ideas and could eventually become a customer
Focus Focus Focus - don’t try to build everything
Execution - coming up with the idea is only the beginning, execution plays a key role
Be able to adapt quickly, pivot your idea
Thank you for the advice, Gurinder.
Noah
Updated
Rebecca’s Answer
Thank you for your question. I am happy to hear that you would like to be entrepreneur.
Have you thought about what industry you would like to start your own business? Perhaps you can consider to start with something you have interest or strength.
Below are my suggestions:
1. Think about what industry you would like to start your business, e.g. what you have interest or what you have strength
2. Analyze the industry, e.g. market competition, entry criteria, any substitutes or alternative
3. Take the industry relevant courses and management courses
4. Work in the industry for a while to understand the business model and establish people network
5. Start the business online if possible
Hope this helps! Good Luck!
Have you thought about what industry you would like to start your own business? Perhaps you can consider to start with something you have interest or strength.
Below are my suggestions:
1. Think about what industry you would like to start your business, e.g. what you have interest or what you have strength
2. Analyze the industry, e.g. market competition, entry criteria, any substitutes or alternative
3. Take the industry relevant courses and management courses
4. Work in the industry for a while to understand the business model and establish people network
5. Start the business online if possible
Hope this helps! Good Luck!
Updated
Shawn’s Answer
Hi Noah,
It's great that you're already thinking about starting your own business! There are some great answers here already, and hopefully I can add some value with mine.
1) Know your "why". Before starting a business, it's important that you know why you want to start a business in the first place. Knowing your "why" can help you determine what business you want to start (if you're unsure), and can help guide and inform all the business decisions you make. I highly recommend watching the "How great leaders inspire action" (https://www.ted.com/talks/simon_sinek_how_great_leaders_inspire_action/comments) and "How to discover your 'why' in difficult times" (https://www.ted.com/talks/simon_sinek_how_to_discover_your_why_in_difficult_times) TED talks by Simon Sinek to learn more about why finding your "why" is so important. I watched the first video back in 2010, and I have used the information to help guide my professional career and business ventures ever since.
2) Know your customers. Your customers can be individuals or businesses or both, and you'll need to know as much about your potential customers as possible to help you determine if there's a market for what you're selling and how you might sell to them.
3) Know your competition. Knowing who you're competing against is crucial. You'll want to know what they're selling, how they're selling it, who they're selling it to, etc.
4) Know the risks. There are always risks when starting a business, so you'll need to identify those risks and determine if you're willing to take them on.
5) Know how you will handle your finances. It's crucial to understand everything about your finances, particularly budgeting and financial forecasting, and where you'll get the money you need to start your business. You'll also need to have a good accountant and/or tax advisor.
6) Learn about sales. When you own a business, you are always selling. Learning more about sales strategies, customer buying patterns and habits, and even their psychologies, will be crucial.
7) Contact other business owners in your industry. It always helps to contact other business owners who are also in your business/industry and find out more about how they started, what's working and not working for them, etc. Even though you may think of these other businesses as competition, in most cases other business owners are happy to talk with other business owners about their experiences.
8) Find a mentor. It's very helpful to have someone you trust who can give you advice, answer your questions, review your ideas, etc. Your mentor doesn't necessarily need to be in your industry. It just needs to be someone who will give you honest feedback and advice.
Those are just some of the considerations. And keep in mind you'll never be 100% ready to start your business...at some point you'll just have to get started! That's where a mentor comes in handy.
Good luck to you!
Shawn
It's great that you're already thinking about starting your own business! There are some great answers here already, and hopefully I can add some value with mine.
1) Know your "why". Before starting a business, it's important that you know why you want to start a business in the first place. Knowing your "why" can help you determine what business you want to start (if you're unsure), and can help guide and inform all the business decisions you make. I highly recommend watching the "How great leaders inspire action" (https://www.ted.com/talks/simon_sinek_how_great_leaders_inspire_action/comments) and "How to discover your 'why' in difficult times" (https://www.ted.com/talks/simon_sinek_how_to_discover_your_why_in_difficult_times) TED talks by Simon Sinek to learn more about why finding your "why" is so important. I watched the first video back in 2010, and I have used the information to help guide my professional career and business ventures ever since.
2) Know your customers. Your customers can be individuals or businesses or both, and you'll need to know as much about your potential customers as possible to help you determine if there's a market for what you're selling and how you might sell to them.
3) Know your competition. Knowing who you're competing against is crucial. You'll want to know what they're selling, how they're selling it, who they're selling it to, etc.
4) Know the risks. There are always risks when starting a business, so you'll need to identify those risks and determine if you're willing to take them on.
5) Know how you will handle your finances. It's crucial to understand everything about your finances, particularly budgeting and financial forecasting, and where you'll get the money you need to start your business. You'll also need to have a good accountant and/or tax advisor.
6) Learn about sales. When you own a business, you are always selling. Learning more about sales strategies, customer buying patterns and habits, and even their psychologies, will be crucial.
7) Contact other business owners in your industry. It always helps to contact other business owners who are also in your business/industry and find out more about how they started, what's working and not working for them, etc. Even though you may think of these other businesses as competition, in most cases other business owners are happy to talk with other business owners about their experiences.
8) Find a mentor. It's very helpful to have someone you trust who can give you advice, answer your questions, review your ideas, etc. Your mentor doesn't necessarily need to be in your industry. It just needs to be someone who will give you honest feedback and advice.
Those are just some of the considerations. And keep in mind you'll never be 100% ready to start your business...at some point you'll just have to get started! That's where a mentor comes in handy.
Good luck to you!
Shawn