7 answers
faizan
Student
Skokie, Illinois
1
Question
Asked
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How should I start my own business?
How should I start my own business?
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7 answers
Rebecca Tang
Banking
1816
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. I am glad to hear that you would like to be an entrepreneur. Have you thought about what industry you like to start your business?
Below are my suggestions:
1. Think about the industry you have interest or you have strength
2. Do some analysis on the industry, eg entry criteria, competition status, any alternative or substitute, etc
3. Attend industry related courses and management courses
4. Work in the industry some time to understand the operating model and establish people network
5. Start the business online first if possible
Hope this helps! Good Luck!
Below are my suggestions:
1. Think about the industry you have interest or you have strength
2. Do some analysis on the industry, eg entry criteria, competition status, any alternative or substitute, etc
3. Attend industry related courses and management courses
4. Work in the industry some time to understand the operating model and establish people network
5. Start the business online first if possible
Hope this helps! Good Luck!
Sheri Conger
Loaned Professional
4
Answers
Ocean Shores, Washington
Updated
Sheri’s Answer
I recommend attending a class or training on everything required to start a new small business before spending any money on the business. The reason I say this is because I wanted to start my own business and then I found out about the requirements for taxes, employment law, and legal costs so I decided to hold off for now.
Next, have a reality check with yourself on your budget. Have at least one year's expenses in savings, because it may take months or longer before you have any revenue after expenses. Think about how you will work to support yourself elsewhere until you have a business making more than it costs. Research and compare insurance costs, what is the cost of an employee or two and how many people will you need to hire, look at spaces to lease and/or website pages to buy and build and if you don't want to do that, who you will hire, etc. Is there someone you know who would be willing to invest and be a partial owner so you have some capital?
Once you have done this and decide to go forward, determine a niche market. Decide on what you want to sell: Products, services, information, etc. Decide on who your customer will be and what market: Online only, social media only, brick and mortar, etc.
You may want to also interview people you know who own, or have owned, their own business. If you don't know anyone, approach other small businesses and ask to have a meeting with an owner. It's best to speak to a few people who are in the type of business you want to have. Prepare ahead of time and bring all of your questions and concerns. Find out what worked best for them, what they wish they had known before they had their first day of operations, and so on.
I also recommend seeing if a small business owner would allow you to shadow them for a day. This would be going everywhere they go that day and seeing how they manage pressure, decisions, employee issues, angry customers, supply chain issues and more.
There is a lot of hard work that goes into just planning and decision making before starting a business, but know that once you have laid a foundation, you will be successful.
Next, have a reality check with yourself on your budget. Have at least one year's expenses in savings, because it may take months or longer before you have any revenue after expenses. Think about how you will work to support yourself elsewhere until you have a business making more than it costs. Research and compare insurance costs, what is the cost of an employee or two and how many people will you need to hire, look at spaces to lease and/or website pages to buy and build and if you don't want to do that, who you will hire, etc. Is there someone you know who would be willing to invest and be a partial owner so you have some capital?
Once you have done this and decide to go forward, determine a niche market. Decide on what you want to sell: Products, services, information, etc. Decide on who your customer will be and what market: Online only, social media only, brick and mortar, etc.
You may want to also interview people you know who own, or have owned, their own business. If you don't know anyone, approach other small businesses and ask to have a meeting with an owner. It's best to speak to a few people who are in the type of business you want to have. Prepare ahead of time and bring all of your questions and concerns. Find out what worked best for them, what they wish they had known before they had their first day of operations, and so on.
I also recommend seeing if a small business owner would allow you to shadow them for a day. This would be going everywhere they go that day and seeing how they manage pressure, decisions, employee issues, angry customers, supply chain issues and more.
There is a lot of hard work that goes into just planning and decision making before starting a business, but know that once you have laid a foundation, you will be successful.
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity => Self-Actualization.
6181
Answers
Gold Coast, Queensland, Australia
Updated
James Constantine’s Answer
Dear Faizan,
Embark on your entrepreneurial journey from scratch, absorbing all the knowledge you can about management and marketing. Build your financial foundation through hard work and savings. Choose your business venture by identifying what those with disposable income desire. Remember, the wealthiest individual in the world operates a fashion clothing business in Paris.
Seek advice from seasoned professionals familiar with your chosen industry. Utilizing AI search engines for online research can be beneficial. Obtain a business plan template, complete it, and begin crafting an action plan to reach specific objectives by a set deadline. Evaluate your progress by determining if you've met these objectives within the given timeframe.
Find a mentor who has already achieved what you aspire to. Observe their operations closely. Do they adhere to the rules? Do your abilities and skills align with theirs? Successful individuals within your community can serve as reliable mentors, whether it's a bank manager or a McDonald's store manager.
Launch your business by maintaining a detailed journal of what advertising strategies have proven successful. Cater to the needs and wants of various customer groups. Aim to offer a product or service that keeps customers returning.
May God Bless You,
Jim.
Embark on your entrepreneurial journey from scratch, absorbing all the knowledge you can about management and marketing. Build your financial foundation through hard work and savings. Choose your business venture by identifying what those with disposable income desire. Remember, the wealthiest individual in the world operates a fashion clothing business in Paris.
Seek advice from seasoned professionals familiar with your chosen industry. Utilizing AI search engines for online research can be beneficial. Obtain a business plan template, complete it, and begin crafting an action plan to reach specific objectives by a set deadline. Evaluate your progress by determining if you've met these objectives within the given timeframe.
Find a mentor who has already achieved what you aspire to. Observe their operations closely. Do they adhere to the rules? Do your abilities and skills align with theirs? Successful individuals within your community can serve as reliable mentors, whether it's a bank manager or a McDonald's store manager.
Launch your business by maintaining a detailed journal of what advertising strategies have proven successful. Cater to the needs and wants of various customer groups. Aim to offer a product or service that keeps customers returning.
May God Bless You,
Jim.
Eric Kys
Account Executive
4
Answers
Toronto, Ontario, Canada
Updated
Eric’s Answer
Hey Faizan!
I used to run a small business so here are some suggestions to getting started:
1. Find something you're genuinely interested in or something you're passionate about solving. This can literally be anything
2. Think about how you can monetize it
3. Build a website. I've used Shopify before as its pretty easy to use. Here's a link to begin using it for $1/month
4. Add your products and launch the site for people to find you!
5. You're going to want to ensure people can find your website and here are some suggestions for that. 1.) create a page on social media, drive interactions to it while calling people back to your webpage. 2.) use search engine optimization. I know this may be tricky for someone just starting but there are some great videos out there to help you!
6. Land your first few clients
Hope this helps and don't give up! It's likely going to take a few tries before you have a successful business
I used to run a small business so here are some suggestions to getting started:
1. Find something you're genuinely interested in or something you're passionate about solving. This can literally be anything
2. Think about how you can monetize it
3. Build a website. I've used Shopify before as its pretty easy to use. Here's a link to begin using it for $1/month
4. Add your products and launch the site for people to find you!
5. You're going to want to ensure people can find your website and here are some suggestions for that. 1.) create a page on social media, drive interactions to it while calling people back to your webpage. 2.) use search engine optimization. I know this may be tricky for someone just starting but there are some great videos out there to help you!
6. Land your first few clients
Hope this helps and don't give up! It's likely going to take a few tries before you have a successful business
Mike Rudner
Account Executive
10
Answers
Los Angeles, California
Updated
Mike’s Answer
Dear Faizan,
The initial step in your journey is to identify a unique, marketable idea. What sets your concept apart from the rest? What value does it offer to potential customers or businesses that would make them want to engage with it? What distinct advantages do you possess over your competitors? These are the critical questions that you should address first.
Once you've solidified your idea, it's time to establish your online presence. Start by setting up your Instagram and Facebook pages. These platforms will serve as your primary channels for reaching out to your audience and showcasing what you have to offer.
Next, consider building a simple yet effective website using any of the user-friendly site builders available. This will provide a more professional platform for your potential customers to learn more about your product or service.
Now, it's time to let the world know about your unique idea. Start by sharing it with your friends and family. Their support can be instrumental in getting the word out and building momentum.
Remember, success doesn't happen overnight. It requires dedication, hard work, and a lot of running around. But with the right idea and the right strategy, you're already on the path to success.
Best of luck,
Mike
The initial step in your journey is to identify a unique, marketable idea. What sets your concept apart from the rest? What value does it offer to potential customers or businesses that would make them want to engage with it? What distinct advantages do you possess over your competitors? These are the critical questions that you should address first.
Once you've solidified your idea, it's time to establish your online presence. Start by setting up your Instagram and Facebook pages. These platforms will serve as your primary channels for reaching out to your audience and showcasing what you have to offer.
Next, consider building a simple yet effective website using any of the user-friendly site builders available. This will provide a more professional platform for your potential customers to learn more about your product or service.
Now, it's time to let the world know about your unique idea. Start by sharing it with your friends and family. Their support can be instrumental in getting the word out and building momentum.
Remember, success doesn't happen overnight. It requires dedication, hard work, and a lot of running around. But with the right idea and the right strategy, you're already on the path to success.
Best of luck,
Mike
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
Hey Faizan,
The two best resources I know for learning how to start and run a small business are this workbook (https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng) and the book EntreLeadership by Dave Ramsey.
The two best resources I know for learning how to start and run a small business are this workbook (https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng) and the book EntreLeadership by Dave Ramsey.
Anthony Kofi Hene-Amoah
Translation, Editing, Project Management, Research and Evangelism
174
Answers
Jema, Brong Ahafo Region
Updated
Anthony’s Answer
Hello,
Please, note the following, concerning how to start your own
business :-
1. Identity the type of business.
2. Your interest and knowledge in the business.
3. Location of the business.
4. Required Capital.
5. Favourable marketing conditions.
6. Diligence and hardworking.
Best regards.
Please, note the following, concerning how to start your own
business :-
1. Identity the type of business.
2. Your interest and knowledge in the business.
3. Location of the business.
4. Required Capital.
5. Favourable marketing conditions.
6. Diligence and hardworking.
Best regards.