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What is the first step to take when starting a business ?
What should I expect and not expect?
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Florence’s Answer
You are on the brink of an exciting journey! Here are some uplifting and inspiring steps to help you lay a strong foundation for your dream business:
1. Be prepared for anything by saving 6 months of operating expenses – this will give you the resilience you need to face challenges with confidence.
2. Take a deep dive into the industry that you're passionate about joining – it's time to soak up all the knowledge you can.
3. Craft a thoughtful and detailed business plan – put your goals, strategies, and milestones down on paper.
4. Explore different legal structures – get a good understanding of the options available, and choose what works best for you.
5. Leave no stone unturned – complete market research to learn from competitors, and take inspiration from their successes.
6. Seek guidance from a trusted financial advisor – the advice of an expert can be invaluable in navigating the financial aspects of your venture.
7. Open a dedicated business account – this will help you manage your finances more effectively and maintain a clear distinction between personal and professional funds.
8. Consider engaging with organizations like SCORE – they offer free consulting and mentoring services that will connect you with experienced entrepreneurs.
9. Broaden your network – research potential investors who may be interested in supporting your dream and help your business soar.
Keep your spirit high and remember that with hard work, determination, and perseverance, you are destined to achieve great success in your new endeavor!
1. Be prepared for anything by saving 6 months of operating expenses – this will give you the resilience you need to face challenges with confidence.
2. Take a deep dive into the industry that you're passionate about joining – it's time to soak up all the knowledge you can.
3. Craft a thoughtful and detailed business plan – put your goals, strategies, and milestones down on paper.
4. Explore different legal structures – get a good understanding of the options available, and choose what works best for you.
5. Leave no stone unturned – complete market research to learn from competitors, and take inspiration from their successes.
6. Seek guidance from a trusted financial advisor – the advice of an expert can be invaluable in navigating the financial aspects of your venture.
7. Open a dedicated business account – this will help you manage your finances more effectively and maintain a clear distinction between personal and professional funds.
8. Consider engaging with organizations like SCORE – they offer free consulting and mentoring services that will connect you with experienced entrepreneurs.
9. Broaden your network – research potential investors who may be interested in supporting your dream and help your business soar.
Keep your spirit high and remember that with hard work, determination, and perseverance, you are destined to achieve great success in your new endeavor!
Updated
Clint’s Answer
Making money! Or at least developing a method/service/solution as well as a brand to make money. Often times when discussing entrepreneurial development, start-ups, and/or creating your own business; the common theme or negative component is over complicating what you are delivering or providing. You earn customers frequently with a simple quality or foundational value they are seeking, and when a business overthinks or over saturates its offerings; they trend towards losing or not supplying the core service/product the customer fell in love with in the first place.
As a result, I would advocate to keep it simple & centered on how you are can/are making money both long and short-term, and what your approach is going to be regarding earnings and profit. Are you going to reinvest it in the business, if so; how? Adding more human capital, stronger branding/advertising, expansion/franchising, etc.? So...what is it you can provide that society values or 'thinks' they value/need? Supply and demand. WOW...I sound like an arrogant business professor.
For me; I trend towards thinking of new ways of doing a standard process or service, being first to market in a smaller niche, or what I should be focusing on is what is it about me that people value/enjoy? Lastly; most entrepreneurs diversify their investment/time across different types of start-ups. Meaning; they might start a company founded upon simply production of generic community t-shirts while they also may be committed to exploring further the crypto industry. I hope this helps and thanks again!
Clint
As a result, I would advocate to keep it simple & centered on how you are can/are making money both long and short-term, and what your approach is going to be regarding earnings and profit. Are you going to reinvest it in the business, if so; how? Adding more human capital, stronger branding/advertising, expansion/franchising, etc.? So...what is it you can provide that society values or 'thinks' they value/need? Supply and demand. WOW...I sound like an arrogant business professor.
For me; I trend towards thinking of new ways of doing a standard process or service, being first to market in a smaller niche, or what I should be focusing on is what is it about me that people value/enjoy? Lastly; most entrepreneurs diversify their investment/time across different types of start-ups. Meaning; they might start a company founded upon simply production of generic community t-shirts while they also may be committed to exploring further the crypto industry. I hope this helps and thanks again!
Clint