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when starting your own business what is the major thing you need to know
I starting my own business in nail and want to become a nail tech
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3 answers
Updated
Samuel’s Answer
The purpose of business is to bring in customers and take care of them. Delight them.
Then you'll create and maintain a long-lasting business.
Then you'll create and maintain a long-lasting business.
Thank you so much for the advice.
takiya
Updated
Susan’s Answer
The first thing about starting a business is to know the laws outlined in your state and county. Taxes, state limitations, insurances, which are all pretty expensive in NY so look around and compare so there are no huge surprises. Also, work with a good lawyer to set up your business into an entity that works for you, ex. LLC, Corp, DBA, sole proprietor.
Thank you for the advice.
takiya
Updated
Junnie’s Answer
Dear Takiya,
Let’s look at things in stages:
1. The start up, understanding your state regulations in business start up. As Susan mentioned, an attorney might help, or some accountant can help with the registration as well. Need to understand which kind of entity suit you best, LLC, or if you have partnerships, maybe limited partnership and etc.
2. You need to have a deep understand the field of business that you are getting into. The competition in the market.
3. Start up fund estimation. How much investment do you need to keep your business afloat for the next 3 -6 months until you build a steady clientele.
4. Basic book keeping and accounting. Even if you don’t want to do it yourself, still you should know the cash flow, assets, liability and etc.
5. Marketing, how are you going to sell the service/ product?
Hope this will help you to plan for your venture in starting your own business.
All the best.
Junnie
Let’s look at things in stages:
1. The start up, understanding your state regulations in business start up. As Susan mentioned, an attorney might help, or some accountant can help with the registration as well. Need to understand which kind of entity suit you best, LLC, or if you have partnerships, maybe limited partnership and etc.
2. You need to have a deep understand the field of business that you are getting into. The competition in the market.
3. Start up fund estimation. How much investment do you need to keep your business afloat for the next 3 -6 months until you build a steady clientele.
4. Basic book keeping and accounting. Even if you don’t want to do it yourself, still you should know the cash flow, assets, liability and etc.
5. Marketing, how are you going to sell the service/ product?
Hope this will help you to plan for your venture in starting your own business.
All the best.
Junnie
This was super helpful, thank you!
takiya