2 answers
Eli
Student
Elk River, Minnesota
1
Question
Asked
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Fiance Company ?
How hard is it to open up your own company. How hard is the schooling for finance. How long does it take to start your own company. How much money does it cost to start your own company.
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2 answers
Martha Kramer
Corporate Training, Communications
297
Answers
Stamford, Connecticut
Updated
Martha’s Answer
Hi, Eli - these are excellent questions, but not so simple to answer:
1) Hard to start? Victor has given you good steps to start, but some of them can take a lot of work. For example, your business plan should include details about all aspects, such as strategy, competition, marketing plan, sales projections, financing, staffing, and materials (maybe not so important for finance company). Many start a business by having another full-time job and doing this work part-time until they have some momentum.
2) Difficulty of school? That depends upon you. If you are good with numbers and enjoy working with them, probably not too hard. It would be torture for me. It also depends upon the college and how quickly you want to earn your degree. I would suggest getting finance internships while in college to build up your experience.
3) How long does it take? You can do this part-time very quickly by using your network, as Victor mentioned, and using online resources such as Craig's List, Facebook Marketplace, and Nextdoor. The bigger you want your company to be, the longer it will take to achieve that.
4) How much money to start? Depending upon what you want to do, it can take only a little, as Victor says. Maybe you can start with your personal computer, spreadsheet software, and free ads. But as you get larger, you will need money for state licenses and maybe extra help, professional certification, specialized software, selected paid advertising, etc. Eventually, you may need office space and expanded staff to run the business. The expense and timing will largely be up to you.
Good luck!
1) Hard to start? Victor has given you good steps to start, but some of them can take a lot of work. For example, your business plan should include details about all aspects, such as strategy, competition, marketing plan, sales projections, financing, staffing, and materials (maybe not so important for finance company). Many start a business by having another full-time job and doing this work part-time until they have some momentum.
2) Difficulty of school? That depends upon you. If you are good with numbers and enjoy working with them, probably not too hard. It would be torture for me. It also depends upon the college and how quickly you want to earn your degree. I would suggest getting finance internships while in college to build up your experience.
3) How long does it take? You can do this part-time very quickly by using your network, as Victor mentioned, and using online resources such as Craig's List, Facebook Marketplace, and Nextdoor. The bigger you want your company to be, the longer it will take to achieve that.
4) How much money to start? Depending upon what you want to do, it can take only a little, as Victor says. Maybe you can start with your personal computer, spreadsheet software, and free ads. But as you get larger, you will need money for state licenses and maybe extra help, professional certification, specialized software, selected paid advertising, etc. Eventually, you may need office space and expanded staff to run the business. The expense and timing will largely be up to you.
Good luck!
VICTOR MONTES
Welding Inspector
1
Answer
Caguas, Puerto Rico
Updated
VICTOR’s Answer
Hi there, in my experience the costs is not the only thing you have to focus on, whit all the given grands and small business administration community, you can start as a solpropriere and work as DBA whit very little money , just have to call small business administration (SBA) and get started in your journey as soon as possible.
Just take your knowledge and go do whatever is you love to do.
Bests Regards.
Go online get your EIN number and Duns & Bradley
Star putting a business plan.
Whit EIN number open a DBA account in a bank near you
Look for free mentorship programs
Network whit everyone you know and business mentor
Just take your knowledge and go do whatever is you love to do.
Bests Regards.
VICTOR recommends the following next steps: