4 answers
Jim
Student
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Hi I'm 28 years old I want start small business. where do I start?
Hi I'm 28 years old I want to start a small business. Where do I start
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4 answers
Rebecca Tang
Banking
1881
Answers
Hong Kong
Updated
Rebecca’s Answer
Hi, 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 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 alternative or substitute, etc?
3. Attend industry related and management courses
4. Work in the industry some time to understand business 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 the industry you have interest or strength
2. Do some analysis on the industry, eg entry criteria, competition status, any alternative or substitute, etc?
3. Attend industry related and management courses
4. Work in the industry some time to understand business model and establish people network
5. Start the business online first if possible
Hope this helps! Good luck!
May Almighty God bless you!
David Sulli
Manufacturing Engineer and business owner
24
Answers
San Diego, California
Updated
David’s Answer
Many successful business owners started out by working at a company/business that contains elements of what their envisioned business would come to have. Others utilize knowledge they absorbed in college, then applied that knowledge to create something that had not yet fulfilled a need.
So, education, experience, or both can be solid foundations for a business. I went to college for a mechanical engineering degree. After utilizing design skills for products, fixtures, and tools over a span of years, I started a hobby business by designing, assembling, and testing products that did not exist. Each one fulfilled a need that I had, and most of those products did the same for customers. Other tasks I learned while working were purchasing, packaging, and Office 365 programs. At home, I made modifications to cars before eventually making and selling glass-like shifter knobs and oil/air separators.
I hope you can use one or more of these ideas. Good luck!
So, education, experience, or both can be solid foundations for a business. I went to college for a mechanical engineering degree. After utilizing design skills for products, fixtures, and tools over a span of years, I started a hobby business by designing, assembling, and testing products that did not exist. Each one fulfilled a need that I had, and most of those products did the same for customers. Other tasks I learned while working were purchasing, packaging, and Office 365 programs. At home, I made modifications to cars before eventually making and selling glass-like shifter knobs and oil/air separators.
I hope you can use one or more of these ideas. Good luck!
Malisa Gill
Sr. Director, Audit, Controls & Complaince
34
Answers
Fort Lauderdale, Florida
Updated
Malisa’s Answer
My first suggestion would be to pick what type of business you would like to be in. What will you sell? What services will you offer? That will drive a lot of your business decisions and strategies. I would suggest doing some leg work on-line. Take the time to search for “how to start a business” / “first time entrepreneur” / “how do I raise capital for a business” / “what costs are involved in a start up?”
These are just suggestions to spark ideas. The more knowledge you can gain will help set you up for the best success as you move forward. There are also a lot of books that you can read that will help guide you through the process – keep in mind your local laws for business and licenses that are required will also play a part.
Fundamental questions I think you need to decide up front:
• What kind of small business do you want? (food service / merchandise / human services / collectables / etc.)
• What is the goal you want to achieve with your business? (create a million dollars / offer the best XYZ service possible / independence and financial security)
• What channels do you want to focus on? (on-line vs. brick & mortar)
• Is this a start up you want to do and sell off in a few years? (specific business model is recommended)
Once you really define your “why & what” the rest is just the paper work and logistics.
Looking forward to your success. All the best.
These are just suggestions to spark ideas. The more knowledge you can gain will help set you up for the best success as you move forward. There are also a lot of books that you can read that will help guide you through the process – keep in mind your local laws for business and licenses that are required will also play a part.
Fundamental questions I think you need to decide up front:
• What kind of small business do you want? (food service / merchandise / human services / collectables / etc.)
• What is the goal you want to achieve with your business? (create a million dollars / offer the best XYZ service possible / independence and financial security)
• What channels do you want to focus on? (on-line vs. brick & mortar)
• Is this a start up you want to do and sell off in a few years? (specific business model is recommended)
Once you really define your “why & what” the rest is just the paper work and logistics.
Looking forward to your success. All the best.
Malisa, thank you!
Jim
Doc Frick
Career Coach and Mentor
1625
Answers
California, CA
Updated
Doc’s Answer
Jim you should prepare thoroughly before starting a business, but realize that things will almost certainly go awry. To run a successful business, you must adapt to changing situations. Learning how to start your own business involves conducting in-depth market research on your field and the demographics of your potential clientele is an important part of crafting a business plan. In addition to selling your product or service, you need to build up your brand and get a following of people who are interested in what your business offers.
WHAT'S YOUR PLAN
Once you have your idea in place, you need to ask yourself a few important questions: What is the purpose of your business? Who are you selling to? What are your end goals? How will you finance your startup costs? These questions can be answered in a well-written business plan. Fledgling business owners can make a lot of mistakes by rushing into things without pondering these aspects of the business. You need to find your target customer base. Who is going to buy your product or service? What would be the point if you can’t find evidence of a demand for your idea?
SHOW ME THE MONEY
Starting any business has a price, so you need to determine how you will cover those costs. Do you have the means to fund your startup, or will you need to borrow money? If you’re planning to leave your current job to focus on your business, do you have savings to support yourself until you make a profit? Find out how much your startup costs will be. Many startups fail because they run out of money before turning a profit. It’s never a bad idea to overestimate the amount of startup capital you need, as it can take time before the business begins to bring in sustainable revenue. One way you can determine how much money you need is to perform a break-even analysis. This essential element of financial planning helps business owners determine when their company, product or service will be profitable.
WHAT'S YOUR PLAN
Once you have your idea in place, you need to ask yourself a few important questions: What is the purpose of your business? Who are you selling to? What are your end goals? How will you finance your startup costs? These questions can be answered in a well-written business plan. Fledgling business owners can make a lot of mistakes by rushing into things without pondering these aspects of the business. You need to find your target customer base. Who is going to buy your product or service? What would be the point if you can’t find evidence of a demand for your idea?
SHOW ME THE MONEY
Starting any business has a price, so you need to determine how you will cover those costs. Do you have the means to fund your startup, or will you need to borrow money? If you’re planning to leave your current job to focus on your business, do you have savings to support yourself until you make a profit? Find out how much your startup costs will be. Many startups fail because they run out of money before turning a profit. It’s never a bad idea to overestimate the amount of startup capital you need, as it can take time before the business begins to bring in sustainable revenue. One way you can determine how much money you need is to perform a break-even analysis. This essential element of financial planning helps business owners determine when their company, product or service will be profitable.