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how can i start my own business ?

what do i need to do to get my business started

business
Thank you comment icon Seek out a person who's already thriving in the field you're passionate about. Plan a casual coffee meet-up with them to delve into their personal journey and experiences. This will not only inspire you but also give you valuable insights into your chosen industry. Souad Maecha
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Vanessa E.’s Answer

Starting your own business is both exhilarating and a bit daunting. However, if you structure your plan well, it makes the process more efficient. Here's how you can dive in with innovative strategies and the right tools:

Streamline Your Idea: Focus on what you are passionate about, good at, or identify a unique problem you can solve. Keeping your idea simple yet impactful from the start makes every next step more manageable and effective.

Craft a Dynamic Business Plan: Think of your business plan as your adventure map. It outlines your destination (goals) and the paths to get there (strategies). Make it flexible to adapt to new discoveries and challenges along the way.

Dive into Research: Understand your audience and the market. Look into trends and how you can do things differently. This insight is your compass, guiding you to make informed decisions.

Leverage Technology: Technology is your toolkit for success. Use social media platforms like LinkedIn, Instagram and Facebook for marketing, apps like Slack for team communication, and tools like Asana and Monday.com for project management. Each app helps streamline operations, reach your audience, and keep everything running smoothly.

Use Helpful Apps:

For Financial Management: Apps like QuickBooks and Mint can help you track your expenses and manage your budget efficiently.
Market Research: Google Trends and SurveyMonkey are great for understanding market demands and gathering customer feedback.
Building a Website: Platforms like Wix or Shopify make it easy to create an online presence without needing to code.
Customer Relationship Management (CRM): Tools like HubSpot or Salesforce can help you keep track of customer interactions and improve sales.
Leverage Online Marketplaces: Don't underestimate the power of selling on platforms like Etsy, eBay, or Amazon. They can be a quick way to reach a wide audience without needing a physical storefront.

Focus on Customer Experience: A happy customer is your best advocate. Use technology to personalize their experience, respond to feedback quickly, and keep them engaged with your brand.

Be Agile: The business landscape changes rapidly. Stay open to pivoting your strategy based on what you learn from your research and customer feedback.

Remember, the most successful businesses solve a problem or fill a need in a way no one else does. Use technology not just to facilitate operations, but to innovate and stand out in the crowded market space. Your journey in entrepreneurship will be filled with learning and growth. Embrace it, and let your passion drive you forward.
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Marcos’s Answer

Market Research and Idea Validation:
Conduct thorough market research to identify potential opportunities and gaps in the market.
Validate your business idea by assessing its feasibility, demand, and potential customer base.
Analyze competitors to understand their strengths and weaknesses, and identify ways to differentiate your business.

Detailed Business Plan:
Develop a comprehensive business plan outlining your business goals, target audience, value proposition, revenue model, and marketing strategy.
Include a detailed financial plan, including startup costs, projected income, and cash flow forecasts.
Clearly define your business structure, legal considerations, and any necessary licenses or permits.

Build a Strong Online Presence:
Create a professional and user-friendly website to showcase your products or services.
Utilize social media platforms to connect with potential customers and build a community around your brand.
Implement digital marketing strategies such as SEO, content marketing, and email campaigns to increase visibility and attract customers.
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Giovonni’s Answer

I'd recommend first getting an apprenticeship or job in a field you're interested in. Next work there for 3-5 years, insist on doing every job and learning every aspect of the industry possible. Once you've gained experience, you'll have the knowledge to find something that can greatly be improved that you can start a business based on. Put together a team of people you've worked closely with, raise the capital preferably without using debt, and begin selling to customers in your local area.
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Kem’s Answer

Starting your own business can be an exciting and rewarding endeavor. Here are some steps to help you get started:

1. Identify your business idea: Think about your interests, skills, and expertise. Identify a product or service that you are passionate about and that has a market demand.

2. Conduct market research: Determine if there is a need for your product or service. Study your target market, competitors, and industry trends. This will help you understand your potential customers and how to position your business.

3. Develop a business plan: A business plan outlines your goals, strategies, target market, financial projections, and more. It serves as a roadmap for your business and can also be useful when seeking funding.

4. Determine your legal structure: Decide on the legal structure of your business, such as a sole proprietorship, partnership, limited liability company (LLC), or corporation. Consult with a lawyer or accountant to understand the legal and tax implications of each option.

5. Register your business: Choose a name for your business and register it with the appropriate government agencies. Obtain any necessary licenses or permits required for your industry.

6. Set up your finances: Open a business bank account to separate your personal and business finances. Consider working with an accountant to set up bookkeeping systems and understand your financial obligations.

7. Secure funding: Determine how you will finance your business. This can be through personal savings, loans, grants, or investors. Create a financial plan that includes startup costs, ongoing expenses, and revenue projections.

8. Establish your online presence: Create a professional website and set up social media accounts to promote your business. Develop a marketing strategy to reach your target audience and attract customers.

9. Build a team: Determine if you need to hire employees or if you can start as a one-person operation. If you need help, hire employees or freelancers with the skills and experience necessary to support your business.

10. Launch and iterate: Once you have completed the necessary preparations, launch your business. Be prepared to learn from your experiences, adapt your strategies, and make improvements along the way.

Remember, starting a business requires hard work, dedication, and perseverance. Be prepared to face challenges and stay committed to your vision.
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Katherine’s Answer

The two best resources I know of for learning how to start a business are Dave Ramsey's book EntreLeadership, and this workbook (https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng).
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Rebecca’s Answer

Thank you for your question. I am glad to hear that you would like to become an entrepreneur. Have you thought about what industry you would like 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, e.g. entry criteria, competition status, any substitute or alternative, etc.
3. Attend industry related 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!
May Almighty God bless you!
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Jason’s Answer

Absolutely, Albert's viewpoint is spot-on; there isn't just one right answer. However, the key to kick-starting a business is pinpointing a widespread issue. Crafting a robust resolution to this issue will lay the groundwork for your business. When it comes to marketing your product or solution, begin by offering it for free. Use these early adopters as a source of feedback and continually refine your product or solution based on their initial responses.
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Albert’s Answer

I would say there is no right answer. Entrepreneurship is not so much a one-size-fits-all or a how-to guide, but rather a state of mind. Before starting your own business, either focus on gaining experience through a traditional job, or learn transferable skills that when you do come up with your million-dollar-idea you feel prepared to see it through.

When looking at the beginning of your career and first jobs after education, prioritize learning, experience, and potential to grow over salary. For an entrepreneur, a good idea will always find cash flow and cash resources, but most investors want to put their money in strong leaders. Try to focus on the skills you either want to develop the most or you feel are your strengths and become a master in that industry.

Once you have the idea, you must be ready to take it all the way!
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