3 answers
MaryKate
Student
Jonesboro, Arkansas
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What are some tips to starting your own business and becoming a popular brand?
I'm looking into starting a clothing business or restaurant that would hopefully flourish in many different ways. However, I have no experience in either field, it has just recently been a huge dream of mine. #business-development #starting #women-in-busine s
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3 answers
Jolyne Caruso-Fitzgerald
Wealth Management Vice Chairman
4
Answers
New York, New York
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Jolyne’s Answer
The first step in starting any business is to do a lot of research on the industry. Both food and clothing are competitive and challenging industries that are undergoing significant structural change post Covid. IT might make sense to get a part time job in a retail store either as cashier or on the floor and perhaps at a restaurant at the host desk, back office or even wait staff to see how the business works. They are very different businesses that demand different skills, capital and time commitment so it is worth working at both to make sure you really like it.
Once you narrow your choice, there are many crowd funding channels and angel funding groups that fund early stage businesses- you can google angel investment groups and find local ones in your area. For female founders in particular there are many organizations targeted at helping women business owners some of which can guide you on business plan development etc. You will need to put together a formal business plan in order to get some funding from either family and friends or these angel groups. While the process can take some time, we need more entrepreneurs with your passion and drive so best of luck on your journey!
Once you narrow your choice, there are many crowd funding channels and angel funding groups that fund early stage businesses- you can google angel investment groups and find local ones in your area. For female founders in particular there are many organizations targeted at helping women business owners some of which can guide you on business plan development etc. You will need to put together a formal business plan in order to get some funding from either family and friends or these angel groups. While the process can take some time, we need more entrepreneurs with your passion and drive so best of luck on your journey!
David Ferraro Jr.
Financial Planning Professional
5
Answers
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David’s Answer
MaryKate,
Entrepreneurship is the American dream, and I'm so happy you have the drive to start your own business and pursue your dreams! I would encourage that before starting your own business you consider getting a job in one of those fields. If you haven't had experience in either of those fields, "you don't know what you don't know." It is always best to get some experience first.
Clothing and Restaurants are two of the most competitive businesses out there, and there is a lot more to it than meets the eye. With clothing, it isn't just about the product or brand. You need to know how to manage inventory and customers. With a restaurant, you need to know how to satisfy customers, order the proper amount of supplies, track receipts, price the menu, have proper sanitation, etc. It is all certainly manageable, but these are key things to learn before diving in. I would suggest starting with a job as a waitress or hostess in a restaurant, or as a sales associate in a retail store. It will give you the right experience before jumping in, and give you a better chance at success. career entrepreneurship
Entrepreneurship is the American dream, and I'm so happy you have the drive to start your own business and pursue your dreams! I would encourage that before starting your own business you consider getting a job in one of those fields. If you haven't had experience in either of those fields, "you don't know what you don't know." It is always best to get some experience first.
Clothing and Restaurants are two of the most competitive businesses out there, and there is a lot more to it than meets the eye. With clothing, it isn't just about the product or brand. You need to know how to manage inventory and customers. With a restaurant, you need to know how to satisfy customers, order the proper amount of supplies, track receipts, price the menu, have proper sanitation, etc. It is all certainly manageable, but these are key things to learn before diving in. I would suggest starting with a job as a waitress or hostess in a restaurant, or as a sales associate in a retail store. It will give you the right experience before jumping in, and give you a better chance at success. career entrepreneurship
Do extensive research on Marketing...who to sell to, target, and positioning. Sales is all about numbers. I agree with the first post that this is a very competitive business, both clothing and restaurant. But they are businesses that are constantly innovating also! Make your product/restaurant unique to stand out from others.
Jasmine R, NT
Lidiane Silva
Supply chain manager
6
Answers
Updated
Lidiane’s Answer
Well both are very different from each other, I would start thinking about what will be less investment ( thinking about if things go bad ), also the market and region and your public, today have connection helps a lot start a business, example if you have lots of friends they will definitely buy clothes from you and also give your reference for other friends, because is something easy to sell end everybody loves anice outfit.
Food is lot of work, and also weekends, you need to be aware about working hours, investment, food can be great if you know what you are doing and have a good money to invest, but remember, food you need to put away in the next day to start fresh, so budget is crucial.
Food is lot of work, and also weekends, you need to be aware about working hours, investment, food can be great if you know what you are doing and have a good money to invest, but remember, food you need to put away in the next day to start fresh, so budget is crucial.