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what are some steps to making a business ?
really into businesses
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david’s Answer
Hi, Dennis,
That's a big question, and it would be answered differently, depending on whether you plan to sell a product (such as furniture), a service (such as carpet cleaning), or intellectual services (such as financial consulting, web design, etc.).
- For all of them, a good start would be to assess the marketplace to see if others are in the business, whether yours would be different, what you think the possible audience would be. Having a good grasp of that will help you decide if the financial commitment is worthwhile.
- If you need to receive customers, you will have the cost of space rental, purchase of furniture, purchase of supplies)
- if selling a product or service, you will need to have a relationship with providers, so you will have products to sell.
- you will need a line of credit with a bank to help you manage cash flow, which will be vital for survival during the first year.
- you will need professional tax and legal advice routinely, not a one-time consultation.
- you may need a business license
- you will need at least one employee if you need a storefront to ensure your business is always open.
- you may need an advertising service to help you devise a marketing plan to announce your business. That may include TV and website promotion, and local mailings
- you will need insurance to protect your business property and liability insurance to protect you from lawsuits
- you will need sufficient funds to handle all upfront costs, and funds to live on, for at least six months or more.
- you should have (but not mandatory) a realistic financial forecast before starting to help you assess your success, as the initial months will show significant out powering of funds for startup expenses, plus ongoing expenses, and income will be low until you have more customers.
Admittedly, this are just bullet-points to consider, but I felt they may be useful in getting a broad brush assessment. All the best to you.
That's a big question, and it would be answered differently, depending on whether you plan to sell a product (such as furniture), a service (such as carpet cleaning), or intellectual services (such as financial consulting, web design, etc.).
- For all of them, a good start would be to assess the marketplace to see if others are in the business, whether yours would be different, what you think the possible audience would be. Having a good grasp of that will help you decide if the financial commitment is worthwhile.
- If you need to receive customers, you will have the cost of space rental, purchase of furniture, purchase of supplies)
- if selling a product or service, you will need to have a relationship with providers, so you will have products to sell.
- you will need a line of credit with a bank to help you manage cash flow, which will be vital for survival during the first year.
- you will need professional tax and legal advice routinely, not a one-time consultation.
- you may need a business license
- you will need at least one employee if you need a storefront to ensure your business is always open.
- you may need an advertising service to help you devise a marketing plan to announce your business. That may include TV and website promotion, and local mailings
- you will need insurance to protect your business property and liability insurance to protect you from lawsuits
- you will need sufficient funds to handle all upfront costs, and funds to live on, for at least six months or more.
- you should have (but not mandatory) a realistic financial forecast before starting to help you assess your success, as the initial months will show significant out powering of funds for startup expenses, plus ongoing expenses, and income will be low until you have more customers.
Admittedly, this are just bullet-points to consider, but I felt they may be useful in getting a broad brush assessment. All the best to you.
Katherine Avery
Run a music studio and teach private music lessons; teach college-level religion classes
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Katherine’s Answer
You might find the book Entreleadership by Dave Ramsey helpful for sparking ideas. You also might like this workbook that walks you through basics of things to think about to run a successful business. (https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf)
Updated
Chirayu’s Answer
Starting a business can be an exciting and rewarding experience, but it can also be challenging. Here are some general steps to consider when starting a business - Start by brainstorming and researching potential business ideas. Think about what products or services you can offer, what makes your idea unique, and who your target customers will be. Before you start investing time and money into your business, you need to make sure that there is a market for your products or services. Conducting market research will help you understand your competition, your target market, and your potential customer's needs and preferences. A business plan is a document that outlines your business idea, your target market, your marketing strategy, your financial projections, and your operations plan. It is a roadmap for your business that will help you stay focused and organized. Starting a business can be expensive, and you may need to secure funding to get started. There are several options available, including personal savings, loans, grants, and investors. Once you have a business plan and funding in place, you need to register your business with the appropriate government agencies. This may include registering your business name, getting a tax ID number, and obtaining any necessary licenses and permits. This includes setting up a physical location (if necessary), hiring employees (if needed), and setting up your accounting and bookkeeping systems. Once everything is in place, it's time to launch your business! Make sure to promote your business to your target market, and be prepared to adjust your business plan as needed.
thank you this we'll be very helpful
Dennis
Updated
Daniel’s Answer
Dennis,
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!
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
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:
Updated
Scott’s Answer
I'd be happy to help! Starting a business can be intimidating, but it's also an exciting and fulfilling experience. Here are some steps that an average person can take to make a business:
1. First, think about what kind of business you want to start. Do you have a passion or skill that you want to turn into a business? Take some time to brainstorm and come up with a business idea that you're passionate about.
2. Research your industry and competitors to understand the market and identify opportunities for your business. Look for gaps in the market that you can fill with your products or services.
3. Develop a business plan. This doesn't have to be a complex document, but it should outline your goals, target audience, budget, marketing strategy, and other important details.
4. Come up with a name and logo for your business. This will help you build a brand and stand out in the market.
5. Secure funding for your business. This can include personal savings, loans, grants, or investors. Start small and look for ways to grow your business gradually.
6. Start marketing your business to potential customers through various channels, such as social media, advertising, and networking. Start with people you know and build your network from there.
7. Stay organized and track your progress. Keep records of your finances, sales, and other important metrics so you can measure your success and make adjustments as needed.
Remember, starting a business takes time, effort, and a willingness to learn. Don't be afraid to ask for help and advice along the way. With hard work and determination, you can turn your business idea into a reality.
Good luck!
1. First, think about what kind of business you want to start. Do you have a passion or skill that you want to turn into a business? Take some time to brainstorm and come up with a business idea that you're passionate about.
2. Research your industry and competitors to understand the market and identify opportunities for your business. Look for gaps in the market that you can fill with your products or services.
3. Develop a business plan. This doesn't have to be a complex document, but it should outline your goals, target audience, budget, marketing strategy, and other important details.
4. Come up with a name and logo for your business. This will help you build a brand and stand out in the market.
5. Secure funding for your business. This can include personal savings, loans, grants, or investors. Start small and look for ways to grow your business gradually.
6. Start marketing your business to potential customers through various channels, such as social media, advertising, and networking. Start with people you know and build your network from there.
7. Stay organized and track your progress. Keep records of your finances, sales, and other important metrics so you can measure your success and make adjustments as needed.
Remember, starting a business takes time, effort, and a willingness to learn. Don't be afraid to ask for help and advice along the way. With hard work and determination, you can turn your business idea into a reality.
Good luck!
Updated
Rebecca’s Answer
Thank you for your question. I am glad that you would like to becomes an entrepreneur.
Have you thought about what industry you would like to start your business?
Below are my suggestions:
1. Think about what you have interest or strength and identify the related industry to start your business
2. Analyze the business, e.g. competition status , entry criteria, any substitutes or alternatives, etc.
3. Take industry relevant courses and management coureses
4. Work in the industry some time to understand the business model and establish people network
5. Start the business online if possible to minimize the startup cost
Hope this helps! Good Luck!
Have you thought about what industry you would like to start your business?
Below are my suggestions:
1. Think about what you have interest or strength and identify the related industry to start your business
2. Analyze the business, e.g. competition status , entry criteria, any substitutes or alternatives, etc.
3. Take industry relevant courses and management coureses
4. Work in the industry some time to understand the business model and establish people network
5. Start the business online if possible to minimize the startup cost
Hope this helps! Good Luck!