5 answers
Gaige
Student
Woden, TX
1
Question
Asked
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What is something that will be missed when making your own business?
Everyone asks for the important details that you can get from anywhere, but what are the ones that will fly past your head and put you in a rut.
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5 answers
Janel Caminos
4
Answers
Updated
Janel’s Answer
To officially establish your business, I recommend setting up an LLC. This provides legal protection and tax benefits, including the ability to write off business expenses.
One of the most important steps in starting a business is creating a business plan. This document will serve as your roadmap, helping you stay focused and prepared for future opportunities like grants, funding, and pitch competitions. Here are the key components your business plan should include:
1. Executive Summary - A brief overview of your business, including your mission statement, products/services, and goals.
2. Business Description- What problem does your business solve? Who is your target audience? What makes your business unique?
3. Market Research & Competitive Analysis- Who are your competitors, and how will you stand out? What trends and opportunities exist in your industry? Who is your ideal customer, and how will you reach them?
4. Business Structure & Operations- Will you operate as an LLC, sole proprietorship, or corporation? What are the key roles and responsibilities in your business?
5. Products or Services
What are you offering, and how does it benefit your audience? Pricing strategy and unique selling points.
6. Marketing & Sales Strategy-How will you promote your business? (Social media, website, ads, partnerships)What is your plan for attracting and retaining customers?
7. Financial Projections & Budget- Start-up costs (licenses, inventory, marketing, etc.), Revenue goals and pricing structure, Expected expenses and potential profits
8. Funding Plan- Will you seek grants, business loans, or pitch competitions?Are you considering investors or self-funding?
By having a well-thought-out business plan, you’ll be better prepared to launch and grow successfully. Also, I highly recommend pitch competitions, they can help you gain funding and mentorship while refining your business idea.
One of the most important steps in starting a business is creating a business plan. This document will serve as your roadmap, helping you stay focused and prepared for future opportunities like grants, funding, and pitch competitions. Here are the key components your business plan should include:
1. Executive Summary - A brief overview of your business, including your mission statement, products/services, and goals.
2. Business Description- What problem does your business solve? Who is your target audience? What makes your business unique?
3. Market Research & Competitive Analysis- Who are your competitors, and how will you stand out? What trends and opportunities exist in your industry? Who is your ideal customer, and how will you reach them?
4. Business Structure & Operations- Will you operate as an LLC, sole proprietorship, or corporation? What are the key roles and responsibilities in your business?
5. Products or Services
What are you offering, and how does it benefit your audience? Pricing strategy and unique selling points.
6. Marketing & Sales Strategy-How will you promote your business? (Social media, website, ads, partnerships)What is your plan for attracting and retaining customers?
7. Financial Projections & Budget- Start-up costs (licenses, inventory, marketing, etc.), Revenue goals and pricing structure, Expected expenses and potential profits
8. Funding Plan- Will you seek grants, business loans, or pitch competitions?Are you considering investors or self-funding?
By having a well-thought-out business plan, you’ll be better prepared to launch and grow successfully. Also, I highly recommend pitch competitions, they can help you gain funding and mentorship while refining your business idea.
Lei Zhang
Operation and management
1
Answer
Beijing, China
Updated
Lei’s Answer
Hello, I hope everything is going well for you.
Starting a business is indeed a significant decision that requires in-depth thinking and preparation.
First of all, we need to learn and master a wide range of business knowledge. This includes marketing strategies, financial management skills, and how to effectively manage human resources. These knowledge will provide a solid foundation for your business venture.
Secondly, legal knowledge should not be overlooked. You need to understand the procedures for company registration and compliance, master the key points of contract management, and ensure that intellectual property rights are effectively protected. This legal knowledge can help you avoid potential legal risks during the entrepreneurial process.
In addition, industry knowledge is also indispensable. You need to understand the development trends, market size and competitive landscape of your industry. This information will help you better position your products or services. Management knowledge is equally important. Starting a business is not just an individual's endeavor; it requires the joint efforts of a team. Therefore, knowledge of leadership and team management will help you lead your team to success.
Of course, various challenges and problems will be encountered during the entrepreneurial process. It is very important to maintain an open mind, keep learning and adjusting strategies. At the same time, seeking external advice and help is also an effective way. Participating in entrepreneurship training, joining an entrepreneurship community or consulting experts can all provide you with valuable guidance and support.
I hope this information is helpful to you. Wish you success in your business venture and a thriving career!
Starting a business is indeed a significant decision that requires in-depth thinking and preparation.
First of all, we need to learn and master a wide range of business knowledge. This includes marketing strategies, financial management skills, and how to effectively manage human resources. These knowledge will provide a solid foundation for your business venture.
Secondly, legal knowledge should not be overlooked. You need to understand the procedures for company registration and compliance, master the key points of contract management, and ensure that intellectual property rights are effectively protected. This legal knowledge can help you avoid potential legal risks during the entrepreneurial process.
In addition, industry knowledge is also indispensable. You need to understand the development trends, market size and competitive landscape of your industry. This information will help you better position your products or services. Management knowledge is equally important. Starting a business is not just an individual's endeavor; it requires the joint efforts of a team. Therefore, knowledge of leadership and team management will help you lead your team to success.
Of course, various challenges and problems will be encountered during the entrepreneurial process. It is very important to maintain an open mind, keep learning and adjusting strategies. At the same time, seeking external advice and help is also an effective way. Participating in entrepreneurship training, joining an entrepreneurship community or consulting experts can all provide you with valuable guidance and support.
I hope this information is helpful to you. Wish you success in your business venture and a thriving career!
David Loring
Attorney and project management
12
Answers
Seattle, Washington
Updated
David’s Answer
Wow, good question because it's difficult to answer. You're never going to anticipate and cover every base, so be prepared to end up finding something that may be obvious or obscure. Build into your plans a bit of flexibility, or be prepared on a personal level to "allow" yourself to have some mental flexibility. Don't lock yourself into such a rigid mindset or plan that when you encounter something outside the box, it throws you into a tailspin.
You're going to run into something that you didn't anticipate. It's inevitable. So, accept that change happens and understand that those unexpected surprises don't have to end badly. In fact, your ability to roll with the change is what may allow you to create a better business model in light of your discovery, oversight, whatever you want to call it.
So, yes, do a business plan, think ahead as best you can, get advice from those who have gone before you, because you can be more prepared or less prepared. But know that you can never be so well prepared that there are no surprises. And, don't let those surprises knock you down. Use them to create a better model. And, whatever you plan, build a little cushion, a little fluff, that little bit of extra time, because things generally take longer than you anticipated........good luck.
You're going to run into something that you didn't anticipate. It's inevitable. So, accept that change happens and understand that those unexpected surprises don't have to end badly. In fact, your ability to roll with the change is what may allow you to create a better business model in light of your discovery, oversight, whatever you want to call it.
So, yes, do a business plan, think ahead as best you can, get advice from those who have gone before you, because you can be more prepared or less prepared. But know that you can never be so well prepared that there are no surprises. And, don't let those surprises knock you down. Use them to create a better model. And, whatever you plan, build a little cushion, a little fluff, that little bit of extra time, because things generally take longer than you anticipated........good luck.
Marty Meyer
General Manager
7
Answers
Los Angeles, California
Updated
Marty’s Answer
Most importantly, write a business plan and follow the plan-
What You'll Need
Executive Summary:
A concise overview of the entire business plan, highlighting the company's mission, products/services, target market, and key strategies.
Company Description:
Details about the business, including its legal structure, ownership, mission, vision, and values.
Market Analysis:
Research on the industry, target market, competition, and potential opportunities.
Products and Services:
A description of the goods or services offered, their unique selling points, and how they meet customer needs.
Marketing Plan:
Strategies for reaching and engaging with target customers, including advertising, promotion, and sales tactics.
Operations Plan:
Details on how the business will be run, including production, logistics, and customer service.
Financial Plan:
Projections for revenue, expenses, cash flow, and profitability, including funding needs and investment strategies.
What You'll Need
Executive Summary:
A concise overview of the entire business plan, highlighting the company's mission, products/services, target market, and key strategies.
Company Description:
Details about the business, including its legal structure, ownership, mission, vision, and values.
Market Analysis:
Research on the industry, target market, competition, and potential opportunities.
Products and Services:
A description of the goods or services offered, their unique selling points, and how they meet customer needs.
Marketing Plan:
Strategies for reaching and engaging with target customers, including advertising, promotion, and sales tactics.
Operations Plan:
Details on how the business will be run, including production, logistics, and customer service.
Financial Plan:
Projections for revenue, expenses, cash flow, and profitability, including funding needs and investment strategies.
Charlie Jennings
Director of sales
15
Answers
Lexington, Kentucky
Updated
Charlie’s Answer
Lei,
The specific answer depends upon the business. Let's pretend your business is a new start up restaurant.
Typically a new restaurant is often owned and managed by a Chef or someone skilled at preparing food.
They will focus on the location, the theme of the restaurant, the menu, marketing, the fixtures and hiring and training a staff. When all that is in place they will set a target date for the grand opening without doing a "soft" opening to work out the "bugs". On opening day, the restaurant is packed with customers, however the staff is over whelmed because they have not had a trial run to become familiar with the internal processes. The result is dissatisfied customers due to poor service and long wait times for their food, which results in a lot of bad customer reviews.
The lesson is to train your staff, have a "soft" opening before you schedule a Grand Opening. Even if you are only starting a one person, online business ask a trust friend to practice placing an order to ensure a smooth transaction and a pleasant customer experience. You only get one chance to make a good first impression.
The specific answer depends upon the business. Let's pretend your business is a new start up restaurant.
Typically a new restaurant is often owned and managed by a Chef or someone skilled at preparing food.
They will focus on the location, the theme of the restaurant, the menu, marketing, the fixtures and hiring and training a staff. When all that is in place they will set a target date for the grand opening without doing a "soft" opening to work out the "bugs". On opening day, the restaurant is packed with customers, however the staff is over whelmed because they have not had a trial run to become familiar with the internal processes. The result is dissatisfied customers due to poor service and long wait times for their food, which results in a lot of bad customer reviews.
The lesson is to train your staff, have a "soft" opening before you schedule a Grand Opening. Even if you are only starting a one person, online business ask a trust friend to practice placing an order to ensure a smooth transaction and a pleasant customer experience. You only get one chance to make a good first impression.