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How do you start up a business?
Starting a business seems hard
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6 answers
Updated
Lora’s Answer
1. Build equity: save your money in your youngest working years. If you don't have the means for education work hard where you can find the best paying jobs for a fair days work. Putting money in an interest bearing account, budgeting what you absolutely need vs don't. You will save more this way in your younger years.
2. You don't need a Bachelors right away. Pay for what you can afford. Don't get into debt knowing you want to start a business. Less debt equals more likelihood you can acquire a loan with less liabilities on your personal books. It's ok if that 4 year degree takes 8 years. It's your life after all
3. Develop a business plan / learn how to make one. What kind of business do you want to start? What procedures and policies do you put in place, is there a safety program? Does it require equipment (loans) Does it require a building (lease or loan + depreciation / maintenance costs) evaluate where you want tk do business out of with the cost of property, taxes, insurance, wages for employees in each area, benefits. What is the economy doing? Is it a good time to entrt the market?
4. Know how to do business finance. You should know what assets, liabilities, owners equity, cash flow, payroll, debt ratio, balance sheets, profit loss, net income, all very important things. DONT settle on one financier for your business you have options for loans.
5. Know how to market your business, what is your profit margin, what nets you a loss, what are your costs to doing business. Who is your target market / who is a low value client vs high value client. ALWAYS BE SELLING!
6. Know your competition. Is it local / regional / nationwide both, will location affect success of your business.
7. You now work 24/7/365. Being a business owner is not for the faint hearted. You must strive, thrive, and ride it out when it gets tough.
8. Treat your employees very well. Even if you only have a few. Guys stay when the boss is reasonably to work with and pays well for hard work.
2. You don't need a Bachelors right away. Pay for what you can afford. Don't get into debt knowing you want to start a business. Less debt equals more likelihood you can acquire a loan with less liabilities on your personal books. It's ok if that 4 year degree takes 8 years. It's your life after all
3. Develop a business plan / learn how to make one. What kind of business do you want to start? What procedures and policies do you put in place, is there a safety program? Does it require equipment (loans) Does it require a building (lease or loan + depreciation / maintenance costs) evaluate where you want tk do business out of with the cost of property, taxes, insurance, wages for employees in each area, benefits. What is the economy doing? Is it a good time to entrt the market?
4. Know how to do business finance. You should know what assets, liabilities, owners equity, cash flow, payroll, debt ratio, balance sheets, profit loss, net income, all very important things. DONT settle on one financier for your business you have options for loans.
5. Know how to market your business, what is your profit margin, what nets you a loss, what are your costs to doing business. Who is your target market / who is a low value client vs high value client. ALWAYS BE SELLING!
6. Know your competition. Is it local / regional / nationwide both, will location affect success of your business.
7. You now work 24/7/365. Being a business owner is not for the faint hearted. You must strive, thrive, and ride it out when it gets tough.
8. Treat your employees very well. Even if you only have a few. Guys stay when the boss is reasonably to work with and pays well for hard work.
Updated
Rebecca’s Answer
Thank you for sharing. I am glad to hear that you would like to be an entrepreneur. Have you thought about what industries you would like to start your business?
Below are my suggestions :
1. Think about what industry you have strength or interest
2. Do some analysis on the business, e.g. entry criteria, competition status, any substitute or alternative?
3. Attend industry related courses and management courses
4. Work into 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!
Below are my suggestions :
1. Think about what industry you have strength or interest
2. Do some analysis on the business, e.g. entry criteria, competition status, any substitute or alternative?
3. Attend industry related courses and management courses
4. Work into 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!
Updated
Ankita’s Answer
It is amazing you have your eyes set on entrepreneurship! I get it, it can feel like a mountain to climb. Let's simplify the journey of launching a business into easy-to-follow steps:
1. Pinpoint a Profitable Idea: Find a business concept that aligns with your passions and fills a gap in the market. For instance, if you love fitness and see a scarcity of healthy food choices in your area, think about starting a meal prep business.
2. Draft a Robust Business Plan: An effective business plan is key to attracting investors and steering your business. Detail your business objectives, target audience (like health-conscious people), unique selling propositions (such as organic ingredients, tailored plans), and financial forecasts.
3. Legal and Financial Setup: Decide on a legal structure (perhaps an sole proprietorship or LLC), register your meal prep venture with local health authorities, and secure any needed permits. Establish a separate business bank account and gather initial funding via savings, loans, or investors.
4. Set Up Operations: Recruit team members or engage all necessary parties - Make sure to clearly assign roles and tasks within your team. Arrange your physical or digital workspace. Create streamlined operational procedures to deliver your goods or services.
5. Review, Adjust and Expand: Regularly evaluate and enhance your services, and operations flow. Use social media to market your business, introduce deals to draw in first-time customers, and stay open to change based on feedback.
I hope you find this useful! I suggest breaking down each major hurdle into manageable steps, it will allow you to view the issue in detail and tackle it bit by bit.
1. Pinpoint a Profitable Idea: Find a business concept that aligns with your passions and fills a gap in the market. For instance, if you love fitness and see a scarcity of healthy food choices in your area, think about starting a meal prep business.
2. Draft a Robust Business Plan: An effective business plan is key to attracting investors and steering your business. Detail your business objectives, target audience (like health-conscious people), unique selling propositions (such as organic ingredients, tailored plans), and financial forecasts.
3. Legal and Financial Setup: Decide on a legal structure (perhaps an sole proprietorship or LLC), register your meal prep venture with local health authorities, and secure any needed permits. Establish a separate business bank account and gather initial funding via savings, loans, or investors.
4. Set Up Operations: Recruit team members or engage all necessary parties - Make sure to clearly assign roles and tasks within your team. Arrange your physical or digital workspace. Create streamlined operational procedures to deliver your goods or services.
5. Review, Adjust and Expand: Regularly evaluate and enhance your services, and operations flow. Use social media to market your business, introduce deals to draw in first-time customers, and stay open to change based on feedback.
I hope you find this useful! I suggest breaking down each major hurdle into manageable steps, it will allow you to view the issue in detail and tackle it bit by bit.
Updated
Shandy’s Answer
First, congrats on the desire to do something great and even start a business. Vision is an important part of success! You first should determine the type if business you want to have. I'd suggest really thinking about if you want to sell a product or sell a service. Next, consider your customer base...who are you marketing to and who do you want to buy fron you? How will you get inventory, if any, and what price point do you need to be profitable? People have many awesome dreams and goals but they often don't take the time in the beginning to develop a strategy or plan. Start there, and then begin to market your business or service to the consumer you are going after. Good luck!
Updated
Bronwyn’s Answer
Starting a new venture can be exciting, but it's crucial to lay the correct groundwork. Begin with some investigation to identify if there are any competitors with the same or similar offerings and to gauge the market saturation. Next, it's advisable to draft a broad business plan that includes your potential target audience, and conduct some preliminary validation with this group. This step will assist you in confirming the demand for your business proposition or determining if you need to adjust your business concept. Once you've confirmed there's a market for your product or business, your next step is to assess its feasibility and viability. This will help mitigate risks associated with your business and pave the way for success.
Updated
Kaman’s Answer
Being an entrepreneur is a roller coaster ride. There will be great days (when you land a project/business or sold your products) but there are always going to have difficult days (managing finances, human resources, difficult customer situations). The initial stages of a business is always going to required a great deal of time and effort, and sacrifice to push forward. As an (ex) entrepreneur myself, the best advice I can give is to bring in the best people you can find (and trust) that are willing to go through the ups and downs of running a business, and don't get too happy and too upset when the roller coaster ride starts.