2 answers
Amaris
Student
Panacea, Florida
1
Question
Asked
814 views
How do you start a small business?
I would like to start a small business so that I can have a source of income when I move out but I'm not exactly sure how I should go about setting it up or what needs to be done before I launch the business.
Login to comment
2 answers
Christina Bernard
Data Scientist
17
Answers
Richardson, Texas
Updated
Christina’s Answer
Hi Amaris,
In order to start a business, you need to define your skills. The best video I've found about this from the youtube channel: thefutur https://www.youtube.com/live/BAzs3amtEFA?feature=share
Once you have identified the area you wat to work in, you need to test your idea. I like to look at the SEO search volume in Google Ads Keyword Planner or SEMrush (not free so start with Google Ads). This will tell you if people are searching for similar words to what you want to start a business in. You can also do this by hand by calling local businesses or taking to customers who aren't your friends an family. Friends and family often want to support you so they won't tell you the truth about your idea.
Next once you get feedback you need to create an offer. If you can, get a hold of '$100M Offers' by Alex Hormozi, 'Building a Story Brand' by Donald Miller or 'The Ask Method' by Ryan Levesque. They all have YouTube channels.
Get your offer out via a web page, social media page, flyer or talking to local businesses. Start making sells. Improve on your customer service and delivery process. Ask for referrals and testimonials. Add those to your web page, social media page or flyer.
Work on getting the right 'product/market' fit until you have brought in $5000. If it looks like you will continue having consistent business. It's time to make your LLC. This is for tax purpose. If your business involves going on other people's property or people consuming ideas, you will want to do this before you start selling to protect yourself just in case an accident occurs. You may even need business insurance. If you work with kids, in some states, you will need a background check and business insurance.
In order to start a business, you need to define your skills. The best video I've found about this from the youtube channel: thefutur https://www.youtube.com/live/BAzs3amtEFA?feature=share
Once you have identified the area you wat to work in, you need to test your idea. I like to look at the SEO search volume in Google Ads Keyword Planner or SEMrush (not free so start with Google Ads). This will tell you if people are searching for similar words to what you want to start a business in. You can also do this by hand by calling local businesses or taking to customers who aren't your friends an family. Friends and family often want to support you so they won't tell you the truth about your idea.
Next once you get feedback you need to create an offer. If you can, get a hold of '$100M Offers' by Alex Hormozi, 'Building a Story Brand' by Donald Miller or 'The Ask Method' by Ryan Levesque. They all have YouTube channels.
Get your offer out via a web page, social media page, flyer or talking to local businesses. Start making sells. Improve on your customer service and delivery process. Ask for referrals and testimonials. Add those to your web page, social media page or flyer.
Work on getting the right 'product/market' fit until you have brought in $5000. If it looks like you will continue having consistent business. It's time to make your LLC. This is for tax purpose. If your business involves going on other people's property or people consuming ideas, you will want to do this before you start selling to protect yourself just in case an accident occurs. You may even need business insurance. If you work with kids, in some states, you will need a background check and business insurance.
Sara Fernandez
project manager
9
Answers
Costa Rica, Valle del Cauca
Updated
Sara’s Answer
Now is an excellent time to embark on your small business journey if you're interested. Don't worry if you're uncertain about transitioning your idea into a thriving enterprise. Every successful business begins with a concept, and the initial step in transforming your idea into a functional business is thorough research and planning. This entails ensuring that your idea is distinctive, addressing a market demand, and conducting market analysis to identify how your business can resolve a current market issue. After completing sufficient market research, it's crucial to document everything. A business plan will assist you in defining your objectives, obtaining business loans (if necessary), and organizing your strategy. Your plan should encompass your business concept, strategy, product and service offerings, target market definition and demographics, market research and pain points, steps to address market demands, team member outline, and financial requirements. Crafting a business plan is the ideal method to stay organized before making any financial commitments.
Once you've solidified your business details in writing, you can proceed to register your domain name and purchase hosting. Then, it's time to establish your website. If you're handling it yourself, the final step in launching your business is ensuring its legality. This involves registering your business name, registering your business in your state, obtaining a business license, verifying compliance with SBA online business requirements, and implementing a plan to pay federal and state taxes.
If you possess an exceptional business idea, seize the opportunity to get started. Your success relies on taking incremental steps forward, including planning and researching, developing a business plan, acquiring hosting and reserving a domain, creating your website, and registering your business with the appropriate authorities. Best of luck on your exciting journey!
Once you've solidified your business details in writing, you can proceed to register your domain name and purchase hosting. Then, it's time to establish your website. If you're handling it yourself, the final step in launching your business is ensuring its legality. This involves registering your business name, registering your business in your state, obtaining a business license, verifying compliance with SBA online business requirements, and implementing a plan to pay federal and state taxes.
If you possess an exceptional business idea, seize the opportunity to get started. Your success relies on taking incremental steps forward, including planning and researching, developing a business plan, acquiring hosting and reserving a domain, creating your website, and registering your business with the appropriate authorities. Best of luck on your exciting journey!