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How do I start my first business?

Where and how would I start my own business?

business entrepreneur business-development
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Tina Q.’s Answer

Start by deciding what it is you enjoy doing and how you can turn that into a business. What’s your talent, skills etc.

Then fill out your proper documentation for your state to start either an LLC, or other business format. You could also take some classes in entrepreneurship. Those don’t typically require a full college program to complete. Look into certificates or mentorships in your area. Perhaps a book on how to become an entrepreneur.
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Katherine’s Answer

Hey, so two good resources I know of that would give you some really great general ideas of the scope and direction for running a business are the book Entreleadership by Dave Ramsey, and Starting and Growing My Business (which you can read here:
https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng).
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Rebecca’s Answer

Thank you for your question. I am glad to hear that you would like to an entrepreneur. Have you thought about what industry you would like to start your business?
Below is my suggestions :
1. Think about your interest, your hobbies, etc. that may the industry you would like to start your business
2. Take the relevant subjects in the college and have management/business as your minor
3. Explore any intern opportunities to work in the industry while you are in the college
4. Suggest you can work some time in the industry after your college graduation to understand the business model and establish the network
5. If possible, start the business online first
Hope this helps! Good Luck!
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Leah’s Answer

You can start an LLC, create a website, create a social media presence and invest in some SEO/SEM/social advertising. I successfully ran my own LLC for 8 years with 6 figures revenue annually. Feel free to ask me more questions.
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PRASANJIT’s Answer

1)Conduct market research. Market research will tell you if there's an opportunity to turn your idea into a successful business.
2)Write your business plan
3)Fund your business
4)Pick your business location
5)Choose a business structure
6)Choose your business name
7)Register your business.
8)Get federal and state tax IDs.
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Nada’s Answer

Hi Peyton,

It's awesome that you're diving into the world of entrepreneurship right out of school! Starting a business requires a mix of passion, grit, and the right tools.

Here's a breakdown of the essentials to get you started:
1. The Idea Toolkit:
* Problem-solving lens: The best businesses solve problems. Look around – what frustrates people? What needs improvement? Your idea should offer a solution or fill a gap.
* Idea validation: Don't just assume your idea is great. Talk to potential customers. Get feedback. Would they actually pay for what you're offering?
* Niche focus: It's tempting to try to be everything to everyone, but starting with a specific niche helps you target your marketing and stand out.

2. Planning :
* Lean Business Plan: No need for a 100-page document, but outline your goals, target market, how you'll make money, and your marketing strategy.
* Market Research: Who are your competitors? What are their prices? How can you differentiate yourself? Knowledge is power!
* Legal and Financial Foundation: Choose a business structure (sole proprietorship, LLC, etc.), get necessary licenses, and understand basic accounting.

3. The Digital Toolbox:
* Website or Online Platform: This is your virtual storefront. Make it user-friendly, whether it's your own website or an Etsy shop.
* Social Media Presence: Where does your target audience hang out online? Focus your efforts on those platforms.
* Content Creation Tools: You'll need ways to create engaging content – Canva for visuals, video editing software, or even just a good phone camera.

4. Customer Connection:
* Email Marketing: Build an email list and use it to connect with potential and current customers (Mailchimp, ConvertKit are popular options).
* Customer Relationship Management (CRM): A system to keep track of customer interactions and build relationships (HubSpot, Zoho are examples).
* Excellent Communication: Respond to inquiries promptly, be helpful, and build trust with your audience.

5. The Growth Accelerator:
* Analytics and Tracking: Use tools like Google Analytics to understand how people find your business and what they do on your website.
* Networking and Collaboration: Connect with other entrepreneurs, potential mentors, and industry professionals.
* Continuous Learning: The business world is always evolving. Stay updated on trends, learn new skills, and adapt.

Resources for Young Entrepreneurs:
* Small business development centers (SBDCs): Free or low-cost counseling and training.
* SCORE: Free mentoring and resources from experienced business professionals.
* Online business courses: Platforms like Coursera, Udemy, and Skillshare offer a wealth of knowledge.

Starting a business is a marathon, not a sprint. Be patient, persistent, and passionate about what you're doing. Good luck!
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