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] How do I start my own business?

I want to own a bowling alley when I grow up after the military.

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Bob’s Answer

First, and most important, is to define the problem you are attempting to solve. You will require a keen definition of the need you are attempting to address. Then, you are free to be creative in terms of your solution, the one you believe will fully address this problem. You will then begin to prototype your solution and test how best it works in terms of meeting the needs to solve the problem you have defined.
Importantly and simultaneously, you must research who your customer will be and begin to characterize this grouping of customers, in terms of number, demographics, characteristics, et al. You are now laying out your Funding Plan, which includes what it is you know about the problem, the customer base, the competition, pricing, market entry, business model, intellectual property, business structure, funding needs, distribution, service, licensing, etcetera. Undoubtedly, you will need the mentorship of an experienced entrepreneur to assist you in this journey.

Bob recommends the following next steps:

Seek out and attend industry shows, applicable to your product/service, in your area
Speak with entrepreneurs you may know.
Seek a network of experienced, successful small business leaders and funders
Follow the advice offered by Andrew. He offers some really good steps to take.
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Andrew’s Answer

Well there are a few things to think about, but first I would suggest learning the basics of entrepreneurship. This will teach you the different types of business that exist (like sole proprietorship vs a corporation) and many other important factors like people management and basic finance rules. From there you can begin to look into the requirements in your state and city for owning the type of business you want. Honestly searching “how to start ‘xyz’ business” on google or youtube will surprisingly lead you down a rabbit hole of many peoples experiences that can help you get started. Plus once youve learned your business foundations understanding these peoples experiences and terminology will be 10x easier.
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Adriana’s Answer

I would suggest to start saving now for this goal in your life, when the time comes, it is much healthy have your own money to decide the style, place and your business goal. If you prefer to wait until your retirement time, getting founding from a Bank Credit could limit your creativity as a project will need to be submitted before getting a credit approval. Keep savings for the first three years and ensure your business start returning some of the investment before the end of second year.
Another task you can do while the time comes, search for ideas, what is practical what you enjoy, put all in a box, once it is the right moment take those ideas you have gathered through the years and decide how your style will be.
Take in consideration to have simple and economical ideas that are innovative.... Remember you can always remodel and renew after every "X" years, but what is important, create a business that reflects your values, your personality and most important that gives to the community something that other bowling places are not giving.
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Tori’s Answer

I would say that it starts with researching the type of products or services that you would like to sell or offer in your business. Start small. See the steps below to help guide you.

Tori recommends the following next steps:

Determine the services or products that you would like to sell in your business. Start with a problem that needs a solution.
Research your industry (successful businesses that sell or offer your services or products.) Find out which products sell the most, which do not, and why.
Research and find a business plan template online. www.bplans.com is a great start!
Finalize your business plan with a business or finance teacher at your school. Pay special attention to the projected financials.
Research business types (LLC, Sole Proprietorship, etc) and which business type best fits your business. Apply with your state.
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