3 answers
tejaswi
Student
Los Gatos, California
1
Question
Asked
278 views
How do I start a bussiness?
I want to build a car company, but not sure what permits i need and how to get started is also a big question.
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3 answers
Rebecca Tang
Banking
1521
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. I am glad to hear that you want to be an entrepreneur in car industry. Would you like to run a garage or be a car manufacturer?
Below are my suggestions:
1. Attend car related courses in the college eg mechanical engineering, etc. and management courses
2. Explore any intern opportunities working in the industry
3. Work in the industry for some time to understand the operating model and establish people network
4. Attend industry seminars to keep your knowledge up to date
5. Start your business in small scale or online at the beginning
Hope this helps! Good Luck!
Below are my suggestions:
1. Attend car related courses in the college eg mechanical engineering, etc. and management courses
2. Explore any intern opportunities working in the industry
3. Work in the industry for some time to understand the operating model and establish people network
4. Attend industry seminars to keep your knowledge up to date
5. Start your business in small scale or online at the beginning
Hope this helps! Good Luck!
Paul E. Rodriguez
Engagement Financial Advisor
17
Answers
Freeport
Updated
Paul E.’s Answer
The first thing you need to do when you want to start a business is research. Research your field and become an expert in subject matter. What kind of cars do you want to build? Electric? Combustion engines? You will have to know enough to outperform your competition. The world is literally at your fingertips and finding the permits that you require is something you can find with some time researching online. There are no easy paths to starting a business, and nothing is immediate. Also, find people that have already done this, and contact them. There are seminars and Ted Talks that you can obtain right now pertaining to entrepreneurs.
Once you have done your research on the business, and the essentials you will need to get started, put together a business plan. You can find example business plans online. You will absolutely need this in order to get a loan, in the event that you do not already have capital to start your business. There are other things your will need to think about as well. Costs (overhead, reoccurring, one time, equipment, employees, location of factory, etc.), Incorporating your business, profitability and more.
Before you jump into starting a business in building cars, let me suggest getting your degree in Mechanical Engineering. That way you can understand what it will truly take to build a complex machine. If you have done that already, then you are ahead of the game.
Good luck!
Once you have done your research on the business, and the essentials you will need to get started, put together a business plan. You can find example business plans online. You will absolutely need this in order to get a loan, in the event that you do not already have capital to start your business. There are other things your will need to think about as well. Costs (overhead, reoccurring, one time, equipment, employees, location of factory, etc.), Incorporating your business, profitability and more.
Before you jump into starting a business in building cars, let me suggest getting your degree in Mechanical Engineering. That way you can understand what it will truly take to build a complex machine. If you have done that already, then you are ahead of the game.
Good luck!
Daniel Maynes
Credit Manager
188
Answers
Dallas, Texas
Updated
Daniel’s Answer
Hi tejaswi!
I would suggest the below 3 steps to help you start your own 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
I would suggest the below 3 steps to help you start your own 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: