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how can i start my own company?
how can i start my own company
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5 answers
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Rebecca’s Answer
Thank you for your question. I am glad to hear that you would like to be an entrepreneur. Have you thought about what industry you want to start your business?
Below are my suggestions:
1. Think about the industry you have interest or strength
2. Do some analysis on the industry, eg entry criteria, competition status, any alternatives or substitute?
3. Take some industry relevant courses and management courses
4. Work in the industry some time to understand the operating model and establish people network.
5. Start the business online first if possible
Hope this helps! Good Luck!
Below are my suggestions:
1. Think about the industry you have interest or strength
2. Do some analysis on the industry, eg entry criteria, competition status, any alternatives or substitute?
3. Take some industry relevant courses and management courses
4. Work in the industry some time to understand the operating model and establish people network.
5. Start the business online first if possible
Hope this helps! Good Luck!
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity.
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James Constantine’s Answer
Hi Mark!
To start your own company, follow these steps:
Identify your business idea: Thoroughly research and analyze the market to find a unique and profitable business idea that aligns with your interests and skills.
Conduct market research: Gather information about your target audience, competitors, and industry trends to validate your business idea and refine your strategy.
Create a business plan: Develop a comprehensive document outlining your company’s objectives, strategies, target market, competition, marketing plans, financial projections, and organizational structure.
Secure funding: Determine the financial requirements for starting your business and explore various funding options, such as personal savings, loans, grants, or investors.
Choose a business structure: Decide on the legal structure of your company, such as a sole proprietorship, partnership, LLC, or corporation, and register your business with the appropriate government agency.
Select a business name and branding: Choose a unique and memorable name for your company, and create a brand identity that reflects your business’s values and mission.
Register your business name and obtain necessary permits: Obtain the required licenses, permits, and tax registrations from local, state, and federal authorities.
Set up a business bank account and accounting system: Establish a separate bank account for your business and implement an efficient accounting system to manage your finances.
Develop a product or service: Create or source your product or service, ensuring it meets the needs and expectations of your target market.
Create a marketing strategy: Develop a comprehensive marketing plan to promote your business, attract customers, and establish a strong online presence.
Hire employees (if needed): If you require additional help, recruit and train employees who share your vision and can contribute to the growth of your company.
Launch your business: Officially introduce your company to the market, and begin operations.
Monitor and adapt: Regularly assess your business’s performance, and make necessary adjustments to your strategies and operations to ensure long-term success.
Remember, starting a business requires dedication, hard work, and perseverance. Be prepared to face challenges and learn from your experiences along the way.
You are the throttle the accelerator the power make it happen
To start your own company, follow these steps:
Identify your business idea: Thoroughly research and analyze the market to find a unique and profitable business idea that aligns with your interests and skills.
Conduct market research: Gather information about your target audience, competitors, and industry trends to validate your business idea and refine your strategy.
Create a business plan: Develop a comprehensive document outlining your company’s objectives, strategies, target market, competition, marketing plans, financial projections, and organizational structure.
Secure funding: Determine the financial requirements for starting your business and explore various funding options, such as personal savings, loans, grants, or investors.
Choose a business structure: Decide on the legal structure of your company, such as a sole proprietorship, partnership, LLC, or corporation, and register your business with the appropriate government agency.
Select a business name and branding: Choose a unique and memorable name for your company, and create a brand identity that reflects your business’s values and mission.
Register your business name and obtain necessary permits: Obtain the required licenses, permits, and tax registrations from local, state, and federal authorities.
Set up a business bank account and accounting system: Establish a separate bank account for your business and implement an efficient accounting system to manage your finances.
Develop a product or service: Create or source your product or service, ensuring it meets the needs and expectations of your target market.
Create a marketing strategy: Develop a comprehensive marketing plan to promote your business, attract customers, and establish a strong online presence.
Hire employees (if needed): If you require additional help, recruit and train employees who share your vision and can contribute to the growth of your company.
Launch your business: Officially introduce your company to the market, and begin operations.
Monitor and adapt: Regularly assess your business’s performance, and make necessary adjustments to your strategies and operations to ensure long-term success.
Remember, starting a business requires dedication, hard work, and perseverance. Be prepared to face challenges and learn from your experiences along the way.
You are the throttle the accelerator the power make it happen
Updated
Michelle’s Answer
Hello, Mark !
I would be happy to give you some advice about starting your own company and it will be some general advice because opening a business depends on the specific type of company you want to start and you didn't mention what type of company you want. Hopefully a general overview will help you in your specific endeavors.
There are a couple of ways in which you can work for yourself. You can rent or buy an office or work space and conduct business at that location or you can work out of your home with a home office. Renting or buying an office space is expensive. You should find out how much your budget is to figure out if you could buy or rent commercial space. If you can handle it financially, go online to your local classifieds and look at commercial property and arrange to have a look at them with the real estate person. If you think your budget would handle working from a home space, by all means start to plan for what you will need. It will greatly depend on what type of business or service you are planning to do.
No matter what type of business it is, you'll want to let people know that you exist. This is where advertising will be necessary. You can also make a website that people/customers/clients can read for full information about your business and what services or products you offer. You can consider investing in ads that you purchase so you can get exposure to the public. Think about video and TV advertising, a channel on You Tube, Radio and podcast advertising, Newspapers, print and digital advertising and billboards and social media accounts.
Once you have advertised and people are starting to come to your business, decide if it is something you can do yourself or if you have a budget to hire an assistant to work for you. Become familiar with your local and federal labor laws and make sure you understand what you as an employer must do for your employee as well as a safe workplace.
I would also advise that if you want to open your own business, which is an ambitious venture, that you ask more questions about the specifics that you need advice on. I have left links to some articles below that I hope will be helpful to you.
https://www.investopedia.com/starting-a-business-with-no-money-7972903
https://www.failory.com/blog/how-to-start-a-business-with-no-money
https://www.zenbusiness.com/blog/low-cost-ways-to-adverstise/
https://www.americanexpress.com/en-us/business/trends-and-insights/articles/7-ways-to-promote-your-business-online-for-free/
I would be happy to give you some advice about starting your own company and it will be some general advice because opening a business depends on the specific type of company you want to start and you didn't mention what type of company you want. Hopefully a general overview will help you in your specific endeavors.
There are a couple of ways in which you can work for yourself. You can rent or buy an office or work space and conduct business at that location or you can work out of your home with a home office. Renting or buying an office space is expensive. You should find out how much your budget is to figure out if you could buy or rent commercial space. If you can handle it financially, go online to your local classifieds and look at commercial property and arrange to have a look at them with the real estate person. If you think your budget would handle working from a home space, by all means start to plan for what you will need. It will greatly depend on what type of business or service you are planning to do.
No matter what type of business it is, you'll want to let people know that you exist. This is where advertising will be necessary. You can also make a website that people/customers/clients can read for full information about your business and what services or products you offer. You can consider investing in ads that you purchase so you can get exposure to the public. Think about video and TV advertising, a channel on You Tube, Radio and podcast advertising, Newspapers, print and digital advertising and billboards and social media accounts.
Once you have advertised and people are starting to come to your business, decide if it is something you can do yourself or if you have a budget to hire an assistant to work for you. Become familiar with your local and federal labor laws and make sure you understand what you as an employer must do for your employee as well as a safe workplace.
I would also advise that if you want to open your own business, which is an ambitious venture, that you ask more questions about the specifics that you need advice on. I have left links to some articles below that I hope will be helpful to you.
Michelle recommends the following next steps:
Updated
Jerome’s Answer
Depending on the type of company you are looking to start, you can get going for a pretty low cost!
I was able to get my catering company started for about $150 which included my business license and a website.
If there is a derive you want to offer, post about it on social, contact potential customer and see if you gain any traction.
You can also connect with small business owners who are doing the work you are considering and ask about their journey.
I was able to get my catering company started for about $150 which included my business license and a website.
If there is a derive you want to offer, post about it on social, contact potential customer and see if you gain any traction.
You can also connect with small business owners who are doing the work you are considering and ask about their journey.
Updated
JANLE’s Answer
You would narrow down your options first and see what is more appealing to you personally and financially to do. Do what you love to do and find a way to monetize that. Reason being, spending 20 years in an industry that you absolutely hate is not the way to go. Find what you love to do and then celebrate while monetizing ethically and morally.