7 answers
Iranhy
Student
San Luis, Arizona
1
Question
Updated
744 views
how can i start my own business?
i want to start a business but i dont know how to. what can i do to start my own business?
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7 answers
david kirk
Retired Computing Manager
478
Answers
Syracuse, New York
Updated
david’s Answer
Hello, Iranhy,
Another student asked about starting a toy shop. Since your question is very similar, let me share with you what I wrote to her. Starting a business can be exciting, but there are many little steps.
Starting a business, though, is always a bit tough. It doesn't seem to matter whether it's a toy shop or a large enterprise, some steps are similar, but different in scope. Some possible items to consider:
- you would need a business license
- you would need a bank account for "Iranhy's store" - that's different than a personal account.
- you might need a tax id from the Federal government
- you need business liability insurance and business property insurance
- you need a business phone number
- you need to rent space and probably have a minimum one-year lease.
- you probably need a tax accountant
- you will need written agreements with manufacturers and distributors to process your orders for inventory.
- you will need a line of credit from the bank, so you can purchase items prior to selling them.
- you will need to hire at least one employee to ensure the store is always open.
- you will need an appropriate software accounting system to track payments, inventory and refunds.
- you will need to buy appropriate shelving and other furniture for the store
- you will need professional assistance in creating ads for the store.
- you will need to advertise in multiple media to announce your store and ongoing sales.
- you will need sufficient cash for initial obligations, and enough in savings to handle all costs for the first few months until the store begins to stabilize with inventory rollover and customers.
However, with all that, if it feels right and the neighborhood seems right, it can be a source of endless smiles. All the best to you in your pursuits.
Another student asked about starting a toy shop. Since your question is very similar, let me share with you what I wrote to her. Starting a business can be exciting, but there are many little steps.
Starting a business, though, is always a bit tough. It doesn't seem to matter whether it's a toy shop or a large enterprise, some steps are similar, but different in scope. Some possible items to consider:
- you would need a business license
- you would need a bank account for "Iranhy's store" - that's different than a personal account.
- you might need a tax id from the Federal government
- you need business liability insurance and business property insurance
- you need a business phone number
- you need to rent space and probably have a minimum one-year lease.
- you probably need a tax accountant
- you will need written agreements with manufacturers and distributors to process your orders for inventory.
- you will need a line of credit from the bank, so you can purchase items prior to selling them.
- you will need to hire at least one employee to ensure the store is always open.
- you will need an appropriate software accounting system to track payments, inventory and refunds.
- you will need to buy appropriate shelving and other furniture for the store
- you will need professional assistance in creating ads for the store.
- you will need to advertise in multiple media to announce your store and ongoing sales.
- you will need sufficient cash for initial obligations, and enough in savings to handle all costs for the first few months until the store begins to stabilize with inventory rollover and customers.
However, with all that, if it feels right and the neighborhood seems right, it can be a source of endless smiles. All the best to you in your pursuits.
Ryan Curry
Techreative | Vetrepreneur | Culturategist
84
Answers
Los Angeles, California
Updated
Ryan’s Answer
Hi Iranhy,
As an entrepreneur and coach I want to share a few things with you. If you're unsure what type of business you want to start, start here:
Starting a business can be overwhelming, but there are steps you can take to get started:
1. Identify your skills and interests: Start by identifying your skills and interests. This can help you find a business idea that you are passionate about and that aligns with your strengths.
2. Research the market: Conduct market research to understand your target market, competitors, and industry trends. This will help you determine if there is a viable market for your business.
3. Develop a business plan: A business plan is a roadmap for your business. It should include your goals, strategies, financial projections, and marketing plan.
4. Secure funding: Depending on the type of business you want to start, you may need funding to get started. Explore funding options such as loans, grants, or investors.
5. Choose a legal structure: Decide on a legal structure for your business, such as a sole proprietorship, partnership, or limited liability company (LLC).
6. Register your business: Register your business with your state and obtain any necessary licenses and permits.
7. Set up your business operations: Set up your business operations, including your physical location, website, and any necessary equipment or inventory.
8. Launch and market your business: Launch your business and develop a marketing strategy to attract customers and build your brand.
I recommend starting with finding your talents. Finding your talents to start a business requires some self-reflection and exploration. Here are some steps to help you identify your talents:
Make a list of your skills: Write down all the skills you have, including hard skills like technical or professional skills, and soft skills like communication or leadership.
Identify your passions: Think about the activities you enjoy doing the most and what motivates you. Your passion can be a good starting point for identifying a business idea.
Get feedback from others: Ask friends, family, or colleagues to share their observations about your strengths and skills. They may see qualities in you that you are not aware of.
Take a skills assessment: There are online skills assessment tools available that can help you identify your strengths and skills.
As an entrepreneur and coach I want to share a few things with you. If you're unsure what type of business you want to start, start here:
Starting a business can be overwhelming, but there are steps you can take to get started:
1. Identify your skills and interests: Start by identifying your skills and interests. This can help you find a business idea that you are passionate about and that aligns with your strengths.
2. Research the market: Conduct market research to understand your target market, competitors, and industry trends. This will help you determine if there is a viable market for your business.
3. Develop a business plan: A business plan is a roadmap for your business. It should include your goals, strategies, financial projections, and marketing plan.
4. Secure funding: Depending on the type of business you want to start, you may need funding to get started. Explore funding options such as loans, grants, or investors.
5. Choose a legal structure: Decide on a legal structure for your business, such as a sole proprietorship, partnership, or limited liability company (LLC).
6. Register your business: Register your business with your state and obtain any necessary licenses and permits.
7. Set up your business operations: Set up your business operations, including your physical location, website, and any necessary equipment or inventory.
8. Launch and market your business: Launch your business and develop a marketing strategy to attract customers and build your brand.
Ryan recommends the following next steps:
Daniel Maynes
Credit Manager
187
Answers
Dallas, Texas
Updated
Daniel’s Answer
This is a great question Iranhy!
David has some really great points and I am not going to repeat what he already said. I would read his post if you have not.
I would think about the two steps below and really put some thought into your business.
Come up with a business plan. This would include items such as operations, location, capital/funding, vision/mission statement etc. You can easily get lost in the weeds on this part. Don't get caught up in details that you can figure out later. Think big picture and ask yourself what is your business really trying to accomplish? That is always a good starting point on a business plan!
Lastly, come up with different business goals and set dates when you want to accomplish them. Setting a timeline will help you stay on track and know where you are in the process. It is very difficult but don't let yourself get caught up in the whirlwind of the "day to day." Meaning, set yourself and the business up with clear goals and do your best to not let the "daily fires" use up all your time. Inadvertently, you will have to attend to some of these daily fires but make sure you block off time to keep the vison of the company alive.
Out of the many business books I have read, if I could only suggest two books to you, it would be the books below. Hope these thoughts help and good luck on the journey!
Read Dream Big by Bob Goff
Read the The 4 Disciplines of Execution: Achieving Your Wildly Important Goals by Chris McChesney, Sean Covey, and Jim Huling
David has some really great points and I am not going to repeat what he already said. I would read his post if you have not.
I would think about the two steps below and really put some thought into your business.
Come up with a business plan. This would include items such as operations, location, capital/funding, vision/mission statement etc. You can easily get lost in the weeds on this part. Don't get caught up in details that you can figure out later. Think big picture and ask yourself what is your business really trying to accomplish? That is always a good starting point on a business plan!
Lastly, come up with different business goals and set dates when you want to accomplish them. Setting a timeline will help you stay on track and know where you are in the process. It is very difficult but don't let yourself get caught up in the whirlwind of the "day to day." Meaning, set yourself and the business up with clear goals and do your best to not let the "daily fires" use up all your time. Inadvertently, you will have to attend to some of these daily fires but make sure you block off time to keep the vison of the company alive.
Out of the many business books I have read, if I could only suggest two books to you, it would be the books below. Hope these thoughts help and good luck on the journey!
Daniel recommends the following next steps:
PRASANJIT PASWAN
Service
112
Answers
Bengaluru, Karnataka, India
Updated
PRASANJIT’s Answer
Please follow the below steps to start small business:
Start with a Good Business Idea. If you're wondering how to start a business, it may be easier than you think.
Conduct Research and market survey about your Business Idea.
Write a Business Plan.
Make Your New Business Official.
Know Your Finances.
Protect Your Business.
Build Your Business.
Start with a Good Business Idea. If you're wondering how to start a business, it may be easier than you think.
Conduct Research and market survey about your Business Idea.
Write a Business Plan.
Make Your New Business Official.
Know Your Finances.
Protect Your Business.
Build Your Business.
Craig Stevens
Culinary Labor
12
Answers
Tiffin, Ohio
Updated
Craig’s Answer
I personally have not started a business or ran one. But I have learned a few things:
Do some informational interviews. Reach out to people to have ownership of their own business or are managers in a business. Ask them if they can spare 15 minutes of their time in order to answer a few questions (make sure you prepare those questions ahead of time, and offer to send them a list of questions). This can help you learn about a specific type of industry in which you might want to own your own business.
Get education on how businesses work. Either on-the-job, by working at different levels in a business, or by taking courses at a local community college (you might not need to get a full Associates degree, as come community colleges offer smaller certificates). It is useful to learn business principles through formal education. I highly recommend taking a few courses in accounting.
You can start a business from scratch or you can purchase ownership of existing businesses if the current owners are looking for a buyer. Either way, you will need substantial capital (money on hand), and credit (to cover expenses). Write a strong business plan. You have to have a prediction of the point in time you expect to start making a profit, and you will need capital and credit to cover your expenses until you get to the point of profitability. Ideas and aspiration are wonderful, and they all break upon the rocks of debt.
Interview at least three owners or managers of business in which you might be interested
Get some education, whether through schooling or intensive self-study
Try to become a manager, or other leader, at whatever job you are currently working.
Talk to your own manager about being in business
Learn as much as possible about the financial aspects of running a business.
Do some informational interviews. Reach out to people to have ownership of their own business or are managers in a business. Ask them if they can spare 15 minutes of their time in order to answer a few questions (make sure you prepare those questions ahead of time, and offer to send them a list of questions). This can help you learn about a specific type of industry in which you might want to own your own business.
Get education on how businesses work. Either on-the-job, by working at different levels in a business, or by taking courses at a local community college (you might not need to get a full Associates degree, as come community colleges offer smaller certificates). It is useful to learn business principles through formal education. I highly recommend taking a few courses in accounting.
You can start a business from scratch or you can purchase ownership of existing businesses if the current owners are looking for a buyer. Either way, you will need substantial capital (money on hand), and credit (to cover expenses). Write a strong business plan. You have to have a prediction of the point in time you expect to start making a profit, and you will need capital and credit to cover your expenses until you get to the point of profitability. Ideas and aspiration are wonderful, and they all break upon the rocks of debt.
Craig recommends the following next steps:
Doug Miller
Wear many hats
13
Answers
Brooklyn, Connecticut
Updated
Doug’s Answer
Get your hands dirty!
Others have offered some great details and to compliment them I would just start doing stuff.
Sell a few things on eBay. This demonstrates that everything sells at a certain price. (But not every sale is about price).
Then try selling services. Offer lawn mowing or dog walking on Craigslist.
Then think about how or if you could scale these principles.
Good luck
Others have offered some great details and to compliment them I would just start doing stuff.
Sell a few things on eBay. This demonstrates that everything sells at a certain price. (But not every sale is about price).
Then try selling services. Offer lawn mowing or dog walking on Craigslist.
Then think about how or if you could scale these principles.
Good luck
Katherine Avery
Run a music studio and teach private music lessons; teach college-level religion classes
350
Answers
Spanish Fork, Utah
Updated
Katherine’s Answer
Two sources that are helpful for taking your first steps and then you can always come back to figure out what comes next are the book Entreleadership by Dave Ramsey, and this workbook: https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf