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What do I have to do to own my own business ?

#business #business-management #finance #small-business #entrepreneur

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Jonathan’s Answer

Hey KeOndra there are a lot of steps to starting a business but every business starts with a problem or need. A business is just a fancy solution to a problem. Businesses are successful when they do a really good job of solving a problem or fulfilling a need! If you are thinking of starting a business, a great way to begin is to think of some problems you observe in your life or the lives of people you know and come up with specific solutions to those problems.

Jonathan recommends the following next steps:

Come up with a list of problems
Talk to family and friends and see if they share those same problems.
Think of unique ways to solve those problems.
Thank you comment icon Thank you ! KeOndra
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Sandesh’s Answer

1. Strategy
a. Identify your niche: What is it that you have to offer different than what's being already offered by your competitors
b. Assess your competition. Assess your target market. Create a business plan.
c. Register your company as LLC to start with. Find your board of advisors (just people whom you trust and who can advise you to make right decisions. Have 2 to 3 and agree on meeting fee. It can even be free lunch per meeting)


2. Finance
a. Pitch the plan and attract investors. If capital requirements are small, self sponsor but remember to keep your losses minimal.
b. Close the deal, make the capital draws

3. Capability
a. Develop your product/Service
b. Identify the target customer. Promote your product/service via website, social media like facebook, Instagram etc. (Some times your need to give out your product/service for free limited trial)
c. Execute on production, marketing, accounting, human resource, business management
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Josiah’s Answer

Owning your own business is an exciting thing as it combines something you enjoy with a need or want that other people have. Ideally, you want to find something that you really enjoy doing and then find a group of people or an area which would receive your services/products well. As a business owner, you are often providing more than a product, you are often providing an experience. Put yourself in your customer's shoes: what would make them really love your product and what would make your offering stand out from all the other competitors.

1. Find something you love
2. Find a need or want that people have that connects with your passion
3. Develop your product or service that meets your need
4. Begin investing in your brand - market your product and highlight its benefits, unique qualities and why it fits the customers need
5. Use platforms such as social media, referrals from other customers, and your good business reputation to grow your number of customers.
6. Invest in hard working trustworthy people to help you as you grow.

And very important as well, take time to invest your money where it is most needed. It's impossible to market a product if you spent all the money on the product development. It takes a balance to make it happen but when it does, it is awesome!
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Jonathan’s Answer

You are welcome! Let me know if you have any other questions!
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