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Im 30 years old and would like to own my own business. Ive started with ads on kijiji but would like to grow into a multi million dollar company. How do i start doing that?

Starting a fan base on Facebook and Instagram is where I'm at but I need to find out how to go about finding and leasing property or land so I can make my auto body shop a worth while venture. Small businesses #good-attitudes #entrepreneurship #business #business-development #small-business

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David’s Answer

Hi, the key element to understand is if your idea or company has potential to attract millions of dollars in revenue and a large client base.

This requires research, using social media is a great start. I also always ask myself what is your point of differentiation , why do I want to buy your product. I use the pizza analogy there are a million pizza businesses what makes each one different and what makes some more successful than others.

I love prototyping experiments, make rough demo products and see how people respond to the product and ask how much value they would assign. You can not make any money with a market and customers.

Hope this helps,

Best of Luck

David recommends the following next steps:

Start prototype research to get your product in front of people and utilize feedback and data to understand potential and next steps.
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Pablo’s Answer

Hello Bradley,

Money is the consequence of a well-done job.
That was the best advice that my father told me, and after many years working as a freelancer, it is an absolute truth.

Second thing that I want to say (and that's my advice) is that you cannot do a well-done job to others if you don't have passion for what you do and don't share that passion to your customers and stakeholders. Do not be afraid of failing.

If you do a business just for the money, you will be frustrated and will fail sooner rather than later. If you have passion for what you do, you will persist even in taught times. Believe me, difficult times will come.

In addition, try to be prepared in business management. Not every person is prepared to manage a business, even if they are business owners as they confuse easily 'what is mine versus what it belongs to the business / company'; that is a guarantee of disaster. If you can, try to find mentors (right mentors) that can help you to manage business properly, clearly separating yourself (as personal individual) for the business activity.

Be honest and simple, be innovative and differenciate your services / products from competition. Don't be 'another one' doing this or that. Also, set up good partnerships with other companies, suppliers or customers.

If you are lucky, and after some time, you may start looking at some private equity funds, venture capitalist or other type of investor that will help you to grow and expand your business. But keep in mind that your business concept has to be proved and ready to launch.