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How do I open up and maintain a small business?

I'm looking to open up a handcrafted firearms company focused around traditional arms such as SxS shotguns, bolt action rifles, and revolvers but nobody can give me a straight answer as to the expenses or a good starting point. I have gunsmith experience and several hundred designs along with a company logo prepared but am lacking in management experience and marketing. #manufacturing #business #marketing #entrepreneur

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Thank you comment icon Please visit your local SCORE Chapter by applying for mentoring on www.SCORE.org. SCORE will train you how to identify likely customers, alert you to risks and how to protect yourself, plus how to raise money for rent, inventory and working capital. Edward Overtree
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Subject: Career question for you
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Jeffrey’s Answer

Hi Benjamin,


The Small Business Administration, a US government agency, has a lot of information to help people start their own business. You will learn how to raise money, develop a marketing plan, gain legal status for your business and much more. I suggest you take a look. You might also seek advice from small business owners. They are all around you in your town or city. There might even be free online courses on Coursera, EDX or one of the many other online education platforms. I am sure there are plenty of books on the topics as well such as the Idiot's Guide series that gently teaches you what you need to know on any number of subjects. Millions of people each year start businesses, so plenty is written about it. But starting a new business is hard. One in five close after the first year and something like 70% fail before their 10th year. So it is very hard work, but can also be very rewarding.

Good Luck
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Sivaramakrishna’s Answer

Hi Benjamin H, You need to wait until you meet the eligibility requirements for it.
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Douglas’s Answer

I can tell you have a passion for firearms. I would recommend you look into all the insurance and legal requirements first. Once you have all that, you will need capital and leverage. I would recommend designing a business plan and look for investors or small business loans. Even if you decide on a SMB loan, they will want to see your business plan and your guidance. Also, have an effective marketing plan. How would you get people to come to your business. Have something more than traditional advertising.
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