4 answers
Robin
Student
1
Question
Asked
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How do I start a small buisness?
What would be the top decision for starting a small buisness? It has always been my big sister's dream to start one and I would like to help her start with it.
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4 answers
Fred Rosenberger
Data Analyst
462
Answers
St. Louis, MO
Updated
Fred’s Answer
The number one decision is "What is your business?" Will you sell jewelry? Mow lawns? Clean houses? Fix computers?
Then, you probably want a business plan. This is a formal document you write up, explaining what your business is, why it's going to succeed, and how you will grow (there's more to it, but that's a start). You can find many examples and tutorials online.
Do you have all the capital you need to start, or will you need to find investors?
These are some of the questions you should start with.
Then, you probably want a business plan. This is a formal document you write up, explaining what your business is, why it's going to succeed, and how you will grow (there's more to it, but that's a start). You can find many examples and tutorials online.
Do you have all the capital you need to start, or will you need to find investors?
These are some of the questions you should start with.
Jacob Taylor
Production Manager
521
Answers
Stafford, Virginia
Updated
Jacob’s Answer
Starting a small business can be an exciting and rewarding endeavor. Here are some key steps to help your big sister get started on her dream:
1. **Business Idea and Plan**: Begin by brainstorming business ideas and identifying a niche or market need that the business can address. Develop a solid business plan that outlines the company's mission, goals, target audience, products or services, and a strategy for growth.
2. **Market Research**: Research the industry and market to understand competition, customer preferences, and trends. This information will help in refining the business concept and making informed decisions.
3. **Legal Structure**: Choose the appropriate legal structure for the business, such as sole proprietorship, partnership, LLC, or corporation. Each has its own implications for taxes, liability, and management.
4. **Business Name and Registration**: Select a unique and memorable business name and ensure it's available for registration. Register the business with the appropriate local, state, and federal authorities. This step also includes obtaining any necessary licenses and permits.
5. **Business Finances**: Determine the initial startup costs and create a detailed budget. Explore funding options, such as personal savings, loans, grants, or investors. Open a separate business bank account to manage finances.
6. **Business Location**: Decide whether the business will operate from a physical location, online, or both. Consider the costs and benefits of each option.
7. **Business Plan and Marketing Strategy**: Develop a comprehensive business plan that includes marketing and sales strategies. Identify the target market, pricing strategy, and methods for reaching potential customers.
8. **Branding and Website**: Create a strong brand identity, including a logo and brand messaging. Build a professional website and establish a strong online presence, which is essential in today's business landscape.
9. **Product/Service Development**: If applicable, work on developing the products or services to be offered. Ensure they meet quality standards and fulfill customer needs.
10. **Legal and Financial Compliance**: Consult with legal and financial professionals to ensure compliance with tax regulations, contracts, and any other legal requirements.
11. **Insurance**: Consider appropriate insurance coverage to protect the business against unforeseen events, such as liability, property damage, or loss.
12. **Hiring and Staffing**: Determine if you need employees or if the business can initially be managed by your sister alone. If hiring, create job descriptions and an employment plan.
13. **Marketing and Promotion**: Launch marketing campaigns to create awareness and attract customers. Utilize social media, email marketing, and other advertising methods to reach the target audience.
14. **Customer Service**: Prioritize exceptional customer service to build a loyal customer base. Happy customers are more likely to refer others and become repeat buyers.
15. **Financial Management**: Implement a robust system for tracking income and expenses. Regularly review financial statements to assess the health of the business.
16. **Adaptability**: Be prepared to adapt to changing circumstances and learn from both successes and failures. Continuously seek feedback and make improvements.
Remember, starting a small business can be challenging, but with careful planning, dedication, and a willingness to learn, your big sister can work toward turning her dream into a successful reality. Your support and involvement can be valuable assets on this journey.
1. **Business Idea and Plan**: Begin by brainstorming business ideas and identifying a niche or market need that the business can address. Develop a solid business plan that outlines the company's mission, goals, target audience, products or services, and a strategy for growth.
2. **Market Research**: Research the industry and market to understand competition, customer preferences, and trends. This information will help in refining the business concept and making informed decisions.
3. **Legal Structure**: Choose the appropriate legal structure for the business, such as sole proprietorship, partnership, LLC, or corporation. Each has its own implications for taxes, liability, and management.
4. **Business Name and Registration**: Select a unique and memorable business name and ensure it's available for registration. Register the business with the appropriate local, state, and federal authorities. This step also includes obtaining any necessary licenses and permits.
5. **Business Finances**: Determine the initial startup costs and create a detailed budget. Explore funding options, such as personal savings, loans, grants, or investors. Open a separate business bank account to manage finances.
6. **Business Location**: Decide whether the business will operate from a physical location, online, or both. Consider the costs and benefits of each option.
7. **Business Plan and Marketing Strategy**: Develop a comprehensive business plan that includes marketing and sales strategies. Identify the target market, pricing strategy, and methods for reaching potential customers.
8. **Branding and Website**: Create a strong brand identity, including a logo and brand messaging. Build a professional website and establish a strong online presence, which is essential in today's business landscape.
9. **Product/Service Development**: If applicable, work on developing the products or services to be offered. Ensure they meet quality standards and fulfill customer needs.
10. **Legal and Financial Compliance**: Consult with legal and financial professionals to ensure compliance with tax regulations, contracts, and any other legal requirements.
11. **Insurance**: Consider appropriate insurance coverage to protect the business against unforeseen events, such as liability, property damage, or loss.
12. **Hiring and Staffing**: Determine if you need employees or if the business can initially be managed by your sister alone. If hiring, create job descriptions and an employment plan.
13. **Marketing and Promotion**: Launch marketing campaigns to create awareness and attract customers. Utilize social media, email marketing, and other advertising methods to reach the target audience.
14. **Customer Service**: Prioritize exceptional customer service to build a loyal customer base. Happy customers are more likely to refer others and become repeat buyers.
15. **Financial Management**: Implement a robust system for tracking income and expenses. Regularly review financial statements to assess the health of the business.
16. **Adaptability**: Be prepared to adapt to changing circumstances and learn from both successes and failures. Continuously seek feedback and make improvements.
Remember, starting a small business can be challenging, but with careful planning, dedication, and a willingness to learn, your big sister can work toward turning her dream into a successful reality. Your support and involvement can be valuable assets on this journey.
Talia Roepel
Author / Article Writer/ Professor
32
Answers
Chicago, Illinois
Updated
Talia’s Answer
Owning your own business can be a source of great joy and fulfillment! While this isn't the part people like to think about, financing for the business should be one of the first things strategized.
Do a lot of research on the costs of running a business. Paying for the LLC, paying for the website, the cost of running ads, the cost of creating products, etc. Determine how you expect to make money from this business to offset these costs, and eventually make a profit. Do you hope to make money from ads? Are you selling something? Do you want paid subscribers?
Keep in mind it usually takes a few years for a business to actually start making you money. That doesn't mean it isn't worth it, but it will not happen overnight. Consistent, daily effort is what makes small businesses successful.
Do a lot of research on the costs of running a business. Paying for the LLC, paying for the website, the cost of running ads, the cost of creating products, etc. Determine how you expect to make money from this business to offset these costs, and eventually make a profit. Do you hope to make money from ads? Are you selling something? Do you want paid subscribers?
Keep in mind it usually takes a few years for a business to actually start making you money. That doesn't mean it isn't worth it, but it will not happen overnight. Consistent, daily effort is what makes small businesses successful.
Rebecca Tang
Banking
1816
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. I am glad to hear that you and your sister would like to become an entrepreneur. Have you thought about what industry you would like to start the business?
Below are my suggestions :
1. Identify the industry you would like to start you business, e.g. something you have interest or you have strength on
2. Do some analysis on the industry, e.g. entry criteria, initial investment, competition status, any substitute or alternative, etc.
3. Take some industry related courses and management courses
4. Work in the industry some time to understand the operation model and establish people network
5. Start the business online first if possible
Hope this helps! Good Luck!
Below are my suggestions :
1. Identify the industry you would like to start you business, e.g. something you have interest or you have strength on
2. Do some analysis on the industry, e.g. entry criteria, initial investment, competition status, any substitute or alternative, etc.
3. Take some industry related courses and management courses
4. Work in the industry some time to understand the operation model and establish people network
5. Start the business online first if possible
Hope this helps! Good Luck!