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What do I need to start a small business?

How much will I be paid?

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Michael’s Answer

To start a small business, you will need a solid business plan, sufficient funds to cover startup costs and ongoing expenses, a legal structure such as a sole proprietorship or LLC, necessary permits and licenses, and a strong understanding of the market and competition. It is also important to have a clear idea of your target customer base and a plan for marketing and advertising your business.

The amount you will be paid as a small business owner can vary widely depending on the success and profitability of your business. It is important to set realistic financial goals and monitor your business's financial performance regularly. Seeking out assistance from government resources, such as the Small Business Administration or your local Department of Labor, can provide valuable guidance on starting and running a successful small business
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Steve’s Answer

First thing you need to do to start a business is have an idea of what kind of business. Once you figure out what kind of business you will want start you will need a business plan. In the business plan you will discuss product or service, cost to do run the business.
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Hasan’s Answer

1. A business plan
2. Start-up capital
3. A business license
4. A marketing plan
5. A business bank account
6. An accounting system
7. A website
8. A customer relationship management system
9. A support system
10. Networking contacts
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Candy’s Answer

You can seek guidance from nonprofits that specialize in CDFI lending for small businesses.
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Daniel’s Answer

This is a great question Nataly!

I would think about the two steps below and really put some thought into your business.

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!

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 two books to you, it would be the books below. Hope these thoughts help and good luck on the journey!

Daniel recommends the following next steps:

Read Dream Big by Bob Goff
Read the The 4 Disciplines of Execution: Achieving Your Wildly Important Goals by Chris McChesney, Sean Covey, and Jim Huling
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Aisha’s Answer

Becoming a successful business owner requires focusing on what type of business service or product you will provide. Secondly, it involves doing what is called a SWOT analysis. This stands for strength, weaknesses, opportunities, and threats. This is an exercise to determine what are your individual business strengths, what are your weaknesses, analyzing the opportunities of your field by size/revenue, and what are threats i.e. companies that can be your direct competition. Then you should prepare a business plan to outline your business focus, and what you will be bring to the market. Lastly, and most importantly raising capital to fund your business either through your own means or via investors. If you take on investors they may want equity or a percentage of your business, which means they would become your partner in exchange for their money.
Go to your library and check out books about business, and starting a business. If you are planning to go to college, study business or a field in which you have an interest in starting a business in. If you want to jump in to business now or in the future watch podcasts on Youtube, on your subject, read or listen to audio books. Good luck.
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Kristine’s Answer

Hi,

I HIGHLY recommend going to SCORE.org . They have so many resources and you can get paired with a volunteer mentor who has business expertise and can get you started. They also can direct you to resources in your state to get up and running.

Good luck!
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PRASANJIT’s Answer

Please follow the below steps to start small business:

Start with a Good Business Idea. If you're wondering how to start a business, it may be easier than you think.
Conduct Research and market survey about your Business Idea.
Write a Business Plan.
Make Your New Business Official.
Know Your Finances.
Protect Your Business.
Build Your Business.
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