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What do you expect in Good business how do you start and why would you create a business at this harsh situation and what type of business do you intend to start ?

What do you expect in Good business how do you start and why would you create a business at this harsh situation and what type of business do you intend to start

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Lora’s Answer

Running your own business is a commitment beyond regular employment. Whether you are Sole prop. Single member LLC, non-profit, or Corporation. You need to first do your research and put together a business plan before you pursue. A good business plan covers:

1: How will you make money? Are you a service based business or product based business. What do you sell, what are your costs of goods sold, what expenditures will you incur for overhead, assets, payroll, licensing, and marketing.

2: Marketing: who are you marketing to? What competition exists? How will you market the business? How does your competition market the business? Is there room with what you are looking to do, to enter into going into business within the city you'd like to set up? Location matters, how will customers find you, does location matter with the type of shop you will open? Can you work from home? If you're a contractor, can you just invest in a vehicle to function as a business? A great marketing manager or team player won't necessarily give you a marketing plan, you have to create one and implement it. But be ready to change as there will be effective and ineffective methods to acquire business. Most importantly, know what you are selling, don't sell what you have for less than what you know your service or product is worth. Make sure you maintain your profit margin.

3: Maintenance: buildings, equipment, insurance, licensing, fines, and cash flow and financing can affect a businesses ability to cover expected and unexpected maintenance or costs to business. You need to make sure your profit margin accounts for the unexpected costs that come with running a business. You are held liable.

4: Managing Human Resources - you create policy and procedure. Seminars are an inexpensive way of learning and updating your ability to manage human resources and adjust to changing expectations. Most importantly make sure you have a code of ethics and Standard operating procedures. You may want to look into certifications within your field of work that could help you improve your processes as you grow bigger. Determine what kind of benefits you want to offer employees, set up job descriptions for each position, and know how to do a proper appraisal of employees or determine when you should recruit. Hire, fire, write someone up.

5: Management: you need to be the expert about everything goingnonbin your business. You cant have an outside party handle all of your management. CEOs are the end all say all. A great management team leads by example and constant training. They provide detailed plans with both hands ok and written procedure. A poor manager has ideas but never makes plans, or works with the team. Watch out for managers that "say" but never "do".

6.Accounting: you need to invest in some kind of accounting system to manage your finances and get a good accounting course under your belt. I see so many people start a Sole prop business but forget to manage their books. You can always hire an accountant but you should be reviewing your general ledgers, financial reports, and know the accounting side inside and out so money doesn't go missing or misappropriated. You should know what a Balance sheet, cash flow, Income statement, profit / loss statement. General ledger, Accounts Payable, Accounts Receivables, Debits, credits, Payroll Tax deductions for Federal, state, Medicare, social security, retirement, or Healthcare look like. Picking up a few accounting text books will help you understand GAAP Generally accepted accounting principles and then a Business Finance Book too will help you understand how to manage finances.

7. Securing loans / LOC line of credit / Credit : You should secure credit as a business. Do not start a business with the hopes your life savings will be sufficient. Most businesses fail within the first year because there was a will to start a business, but not a business plan or understanding of the risk associated to be in business. If we have another pandemic or major global trade problem look into government loans immediately - don't wait to jump on assistance if let's say your early years something bad should happen. The last 2 pandemics we survived because we made plans for our worst case scenario and fast. Generally the government will announce plans for loans and you can expect hour business banker will get those plans before even the news is broke.

8. Make a 5 year plan not a 1 year plans. A single year is 52 weeks and after 35 years of business I can tell you Some weeks seem like days they go by so fast. Just make sure your business growth has occurred to be able to sustain full time work for the team you are looking to hire. Don't rely on wishful thinking to make / break your business. You should have good metrics which you can collect from the better business Bureau labor statistics or by doing your research in city demographics and businesses in your area. There is a reason it makes sense to open a Starbucks in Target retail stores. But why restaurants fail so quickly when there are too many options in an area.

9. Leasing propety: takr your time choosing a good company to lease from, if you go this route. Remember you can always clean up a property if the location has all the makings of a good location to operate out of. But don't lease from someone that has a criminal record or cant provide you with their own certificate of insurance. If a contract agreement seems weird hire a lawyer to review and even then find a lawyer that is reasonable to handle business law.

10. Business law / licensing / insurance / certification/ audits: depending on the type of business you are looking at getting in to there are always rules, laws, regulations, certifications and auditors to deal with. Make sure to do your homework and plan for these expenses. If you can work in the industry for a time before you start your business. See what you like don't like and make notes.

Entrepreneurs are decision makers and need to be an expert at what they do. You hold all the knowledge to know how to train and build your business. Don't get lazy or expect an employee will have the same drive that you will. It is very rare someone is going to be as invested as you will be, this includes family.

Lastly, expect the journey to be a long one. There is no such thing as half in half out. It's all in or nothing. But don't jump into starting a business without making a thorough business plan.
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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 like to start your business?
Below are my suggestions:
1. Think about the industries you have interest or you have strength
2. Do some analysis on the industry, eg competition status, entry criteria, any alternative or substitute, 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 at the time you feel comfortable and online first if possible. Sometimes the harsh economy time is a good time to start a new business. It's depends on the industry nature and your readiness.
Hope this helps! Good Luck!
May Almighty God bless you!
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David’s Answer

Hi Dee. Since you asked a general question about business rather than a question about a specific business, I will try to provide a general answer.
In some respects, all businesses are the same. When you ask about what to "expect" in a "Good" business, no matter what the business is, ask yourself what you would want from that business. If you're in a restaurant, you want good food, at a fair price with good service. If you're standing in line at the bank, you want the line to move along so that you can do your business at the bank and then leave. If you're traveling, you want the train or plane or bus to leave on time, arrive at the destination on time without trouble and you want the people who work with you at the bus terminal or the airport to be helpful.
So, in pretty much every business, you want the same kinds of things. Business should deliver a service or a product in a helpful and as convenient a way as possible for the customer. Think about the business you are interested in and ask yourself what it will take to provide your service or your product in a fair and helpful way, at a fair price, in a pleasant way so that the customer is happy.
You would start by looking at the business that you are interested in and look at other businesses that are similar. What do they seem to be doing right and what could they do better? Then, as you plan you're business, you plan it in mind with how you might provide what you think is right and avoid what you think is not right. Do your homework and maybe see if you can visit a business similar to yours. Search on the internet for businesses like yours, read stories about them and how they work or why they're not working well, etc.
And, finally, yes we live in what can be a harsh environment. Some businesses work better and some worse in any given environment. When you think about your business, is it the kind of business that people need all the time, whether times are good or not? Or, is your business only good a certain times and is this one of those times??
Every business will have its' challenges. That is the nature of business and, indeed, the nature of life. There will always be roadblocks to overcome and there will always be people who figure out how to get past those roadblocks and those who will always get stopped by the roadblocks. But, if you have studied and done your homework, your chances of succeeding are much, much better. You have to be willing to put in the hard work to really succeed. Think more about what you will need to do to succeed and, while it is necessary to look at the roadblocks so that you know the difficulties that may lie ahead, think about what you will need to do to get past those roadblocks when they arise. Good luck.
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Patrick’s Answer

Dee, know that the journey to a successful business is a mix of many key elements. These include a solid value proposition, effective market positioning, strategic planning, smart financial management, and a focus on the customer. A successful business often features innovation, high-quality products or services, top-notch customer service, ethical conduct, and sustainable growth. All these factors help in building a trusted brand, winning customer loyalty, and ultimately driving profits and long-term success.

Starting a business needs thoughtful planning and attention to various factors, especially in tough economic times. Although starting a business in a difficult economy may seem intimidating, it can also offer unique chances for innovation and adaptation. In uncertain times, consumer needs and behaviors might change, leading to a demand for new solutions or alternatives. Moreover, economic downturns can alter market dynamics, competitive scenarios, and industry trends, creating opportunities for nimble entrepreneurs to find niche markets or untapped opportunities.

The choice to start a business in a tough situation can be driven by many factors. These could be a wish for financial independence, a passion for a specific industry or idea, dissatisfaction with current job opportunities, or chasing a lifelong dream. Despite the hurdles, starting a business lets individuals take charge of their future, follow their entrepreneurial vision, and potentially add value to themselves and society.

When thinking about the kind of business to start in such conditions, it's crucial to assess market demand, industry viability, personal strengths, and available resources. One strategy is to spot problems or unfulfilled needs in the market and create solutions to these issues. This could mean starting a business in sectors that are growing despite economic difficulties, like healthcare, technology, e-commerce, or essential services.

Also, Dee, using your skills, expertise, and passion can boost your chances of success and satisfaction as an entrepreneur. Whether it's starting a consulting firm, a tech startup, an online retail business, or a service-based venture, aligning the business idea with personal interests and abilities boosts motivation and resilience when facing challenges. Additionally, seeking opportunities for collaboration, partnerships, or franchising can reduce risks and speed up business growth, especially in uncertain economic climates.

In conclusion, Dee, remember that building a successful business in tough economic conditions needs a mix of strategic thinking, resilience, innovation, and adaptability. By spotting market opportunities, aligning with personal strengths, and delivering value to customers, entrepreneurs can weather tough conditions and build successful businesses. While the path may be filled with hurdles, the benefits of entrepreneurship—like independence, fulfillment, and potential financial gains—can make the journey worth it for those willing to take the plunge.
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James Constantine’s Answer

Hello Dee,

Starting a Business in Challenging Times

Starting a business in challenging times can be daunting, but it can also present unique opportunities for innovation and growth. Here are some key considerations and steps to take when starting a business in a harsh economic environment:

1. Market Research and Analysis: Before starting any business, it is crucial to conduct thorough market research and analysis. This involves identifying the needs and demands of the market, understanding your target audience, analyzing competitors, and assessing the overall economic landscape. In challenging times, market dynamics may shift rapidly, so staying informed and adaptable is essential.

2. Business Plan Development: A well-thought-out business plan is essential for guiding your business through uncertain times. Your business plan should outline your goals, target market, competitive analysis, marketing strategy, financial projections, and contingency plans for dealing with unexpected challenges. A solid business plan will not only help you secure funding but also serve as a roadmap for your business’s success.

3. Financial Management: In challenging economic conditions, managing finances effectively is critical. You need to carefully budget your expenses, monitor cash flow closely, explore cost-saving measures, and seek out alternative sources of funding if needed. Being financially prudent from the outset can help your business weather tough times and emerge stronger in the long run.

4. Adaptability and Innovation: Flexibility and innovation are key traits of successful businesses in harsh situations. Be prepared to pivot your business model if necessary, explore new revenue streams, leverage technology to streamline operations, and constantly seek ways to add value to your customers. Adapting to changing circumstances quickly can give your business a competitive edge.

5. Resilience and Perseverance: Starting a business in challenging times requires resilience and perseverance. There will inevitably be setbacks and obstacles along the way, but staying focused on your goals, maintaining a positive attitude, seeking support from mentors or advisors, and learning from failures are all essential components of entrepreneurial success.

Type of Business to Start:

The type of business you choose to start in a harsh economic environment should ideally align with current market needs and trends while leveraging your skills and interests. Some businesses that tend to perform well during tough times include:

Online Retail: With the rise of e-commerce and shifting consumer behaviors towards online shopping, starting an online retail store selling essential goods or niche products can be a viable option.

Digital Services: Offering digital services such as web design, digital marketing, online tutoring, or virtual event planning can be lucrative as businesses increasingly rely on digital solutions.

Healthcare Services: Starting a healthcare-related business such as telemedicine services, home healthcare assistance, or wellness coaching can address growing health concerns amidst challenging times.

Ultimately, the key to starting a successful business in difficult circumstances lies in thorough preparation, strategic planning, adaptability, resilience, and seizing opportunities where others see obstacles.

Top 3 Authoritative Sources Used:

Harvard Business Review: The Harvard Business Review provides insightful articles and research on entrepreneurship strategies during challenging economic conditions.

Entrepreneur: Entrepreneur magazine offers practical advice and case studies on starting businesses in tough markets.

Small Business Administration (SBA): The SBA provides valuable resources for entrepreneurs looking to start or grow their businesses during difficult economic times.

GOD BLESS!
James Constantine Frangos.
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Joe’s Answer

Becoming an entrepreneur involves a combination of mindset, skills, knowledge, and action. Here are some steps to help you embark on your journey as an entrepreneur:

Identify Your Passion and Purpose: Start by identifying your interests, passions, and strengths. Consider what you love to do and what problems or needs you are passionate about solving. Your business idea should align with your values and personal mission.

Research and Validate Your Idea: Conduct market research to assess the demand for your product or service. Identify your target audience, understand their needs and preferences, and assess the competition. Validate your idea by gathering feedback from potential customers and testing your product or service in the market.

Develop a Business Plan: Create a detailed business plan outlining your business concept, target market, value proposition, marketing strategy, operational plan, and financial projections. A well-thought-out business plan will serve as a roadmap for your entrepreneurial journey and help you secure funding if needed.

Acquire Necessary Skills and Knowledge: Develop the skills and knowledge necessary to succeed as an entrepreneur. This may include skills such as leadership, communication, negotiation, marketing, financial management, and problem-solving. Consider taking courses, attending workshops, or seeking mentorship to enhance your skills and expertise.

Secure Funding: Determine how you will finance your business venture. Explore options such as self-funding, bootstrapping, crowdfunding, loans, or seeking investment from venture capitalists or angel investors. Develop a financial plan and budget to ensure you have the necessary funds to launch and grow your business.

Build Your Network: Networking is essential for success as an entrepreneur. Build relationships with other entrepreneurs, industry professionals, mentors, and potential customers. Attend networking events, join industry associations, and participate in online communities to expand your network and gain valuable insights and support.

Take Action: Finally, take action and launch your business. Start small, test your ideas, and iterate based on feedback and results. Embrace challenges and setbacks as opportunities for growth and learning. Stay persistent, adaptable, and resilient as you navigate the ups and downs of entrepreneurship.

By following these steps and staying committed to your vision, you can become a successful entrepreneur and turn your business idea into reality. Remember that entrepreneurship is a journey, and success often requires patience, perseverance, and continuous learning.
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