4 answers
Rafael
Student
San Luis, Arizona
2
Questions
Asked
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How hard is it to start a small business?
If I wanted to start a shop what is the difficulty.
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4 answers
Katherine Avery
Run a music studio and teach private music lessons; teach college-level religion classes
300
Answers
Spanish Fork, Utah
Updated
Katherine’s Answer
Two sources you might find helpful are Dave Ramsey's book Entreleadership and this workbook: https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf
Terrell Turner
Firm Partner
3
Answers
Pineville, North Carolina
Updated
Terrell’s Answer
Someone else asked this question so I will share what i told them:
It is very easy to start a small business, depending on the type of business that you want to start. If this is going to be a service-based business, you can probably start with a cell phone and access to a laptop.
Now growing the business will be where you run into the challenge. Growing a business will require you to find creative ways to find and connect with potential customers that are willing to pay you for what you do. In the current environment that we live in, technology and social media does make it a little easier to find and connect with customers, but it still does require some work and consistency. Honestly speaking, it might take a couple of months for you to start seeing some results when you first start your growth process, so don't get discouraged if things don't happen right away. I hope that helps.
It is very easy to start a small business, depending on the type of business that you want to start. If this is going to be a service-based business, you can probably start with a cell phone and access to a laptop.
Now growing the business will be where you run into the challenge. Growing a business will require you to find creative ways to find and connect with potential customers that are willing to pay you for what you do. In the current environment that we live in, technology and social media does make it a little easier to find and connect with customers, but it still does require some work and consistency. Honestly speaking, it might take a couple of months for you to start seeing some results when you first start your growth process, so don't get discouraged if things don't happen right away. I hope that helps.
Rebecca Tang
Banking
1653
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. I am glad to hear that you would like to be entrepreneur.
Have you thought about what business you would like to start your business?
Below are my suggestions :
1. Think about what industry you would like to start your business, e.g. what you have interest, what you have strength
2. Analyze the industry, e.g. entry criteria, the supplier & customer, market competition
3. Attend industry relevant course and management course
4. Work in the industry for some time to understand the business model and establish people network
5. Start the business online first if possible
Apart from part, though it is small business, you may also need to define some business plan/goal to review from time to time.
Hope this helps! Good Luck!
Have you thought about what business you would like to start your business?
Below are my suggestions :
1. Think about what industry you would like to start your business, e.g. what you have interest, what you have strength
2. Analyze the industry, e.g. entry criteria, the supplier & customer, market competition
3. Attend industry relevant course and management course
4. Work in the industry for some time to understand the business model and establish people network
5. Start the business online first if possible
Apart from part, though it is small business, you may also need to define some business plan/goal to review from time to time.
Hope this helps! Good Luck!
Daniel Maynes
Credit Manager
188
Answers
Dallas, Texas
Updated
Daniel’s Answer
This is a great question Rafael!
Below are 3 helpful steps to start a business.
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 two books to you, it would be the books below. Hope these thoughts help and good luck on the journey!
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
Below are 3 helpful steps to start a business.
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 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: