10 answers
Alex
Student
Portsmouth, Virginia
1
Question
Asked
559 views
How would i make it farther into my own business if im just starting?
If I'm just starting my business or thinking of starting one how would I do so
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10 answers
Jiaming Chen
Solutions Consultant
9
Answers
Atlanta, Georgia
Updated
Jiaming’s Answer
Embarking on the journey of starting a business can be a thrilling yet fulfilling adventure. Here are some friendly steps to guide you on your way:
1. Self-assessment: Before you plunge into the nitty-gritty of your prospective business, it's crucial to evaluate yourself and your circumstances. Is entrepreneurship really what you desire?
2. Polish your concept: Once you've confirmed your entrepreneurial aspirations, it's time to discover and cultivate your business idea.
3. Undertake market analysis: After settling on a business that aligns with your objectives and lifestyle, it's essential to assess your concept. Who will be the customers for your product or service?
4. Draft your business blueprint: If you're planning to seek external funding, a well-structured business plan is indispensable.
5. Legalize your business: In all practicality, registering your business is the initial step towards bringing it to life.
6. Secure your business funding: Depending on the scale and ambitions of your venture, you might need to obtain financing from an "angel" investor or a venture capital firm.
7. Choose your business location: With your business plan in place and funds secured, you're all set to choose your business location.
Remember, the process of starting a business is a journey that demands patience, persistence, and dedication. Best of luck on your exciting journey! 💪
1. Self-assessment: Before you plunge into the nitty-gritty of your prospective business, it's crucial to evaluate yourself and your circumstances. Is entrepreneurship really what you desire?
2. Polish your concept: Once you've confirmed your entrepreneurial aspirations, it's time to discover and cultivate your business idea.
3. Undertake market analysis: After settling on a business that aligns with your objectives and lifestyle, it's essential to assess your concept. Who will be the customers for your product or service?
4. Draft your business blueprint: If you're planning to seek external funding, a well-structured business plan is indispensable.
5. Legalize your business: In all practicality, registering your business is the initial step towards bringing it to life.
6. Secure your business funding: Depending on the scale and ambitions of your venture, you might need to obtain financing from an "angel" investor or a venture capital firm.
7. Choose your business location: With your business plan in place and funds secured, you're all set to choose your business location.
Remember, the process of starting a business is a journey that demands patience, persistence, and dedication. Best of luck on your exciting journey! 💪
Sarina V
Business Analyst
4
Answers
San Jose, California
Updated
Sarina’s Answer
Hi!
When starting a business, there are a lot of resources you can leverage- research is super important.
Learn the quantitative factors you need to consider- Profit/Loss, costs, and how to anticipate costs should your business grow.
Like others have mentioned, market research and positioning yourself and your business is crucial. Keep an eye on market trends while also thinking about the future. Don't be afraid to change or pivot. Once you've built up a solid library of knowledge (research, case studies of things that went well and things that didn't, you'll feel a little more confident to take a risk or make a change).
Network- with the internet we can connect to anyone in the world. Use that (safely) to learn and get in touch with reputable business owners. Whether it's to learn from them or potentially collaborate, sharing experiences makes us better.
Good luck and don't give up! Keep your goals in sight and work on them, step by step.
When starting a business, there are a lot of resources you can leverage- research is super important.
Learn the quantitative factors you need to consider- Profit/Loss, costs, and how to anticipate costs should your business grow.
Like others have mentioned, market research and positioning yourself and your business is crucial. Keep an eye on market trends while also thinking about the future. Don't be afraid to change or pivot. Once you've built up a solid library of knowledge (research, case studies of things that went well and things that didn't, you'll feel a little more confident to take a risk or make a change).
Network- with the internet we can connect to anyone in the world. Use that (safely) to learn and get in touch with reputable business owners. Whether it's to learn from them or potentially collaborate, sharing experiences makes us better.
Good luck and don't give up! Keep your goals in sight and work on them, step by step.
John Beede
Technical Account Manager
1
Answer
Saint Petersburg, Florida
Updated
John’s Answer
Starting your own business can be both challenging and rewarding. Here are some general steps to help you make progress and succeed in your entrepreneurial journey:
Develop a Clear Business Idea:
Identify a product or service that solves a problem or fulfills a need in the market.
Understand your target audience and their preferences.
Create a Solid Business Plan:
Outline your business goals, target market, competition, revenue streams, and marketing strategy.
Include financial projections and a budget.
Legal Structure and Registration:
Choose a legal structure for your business (sole proprietorship, LLC, corporation, etc.).
Register your business and obtain any necessary licenses or permits.
Build a Strong Online Presence:
Create a professional website that reflects your brand.
Utilize social media platforms to connect with your audience.
Network and Build Relationships:
Attend industry events, join local business groups, and network with other entrepreneurs.
Build relationships with suppliers, customers, and potential partners.
Focus on Marketing:
Develop a marketing strategy to promote your products or services.
Use digital marketing, social media, and traditional advertising to reach your target audience.
Provide Excellent Customer Service:
Prioritize customer satisfaction to build a positive reputation.
Encourage customer reviews and feedback.
Manage Finances Wisely:
Keep track of your business finances using accounting software.
Monitor cash flow and budget carefully.
Adapt and Learn:
Be open to feedback and adapt your business model based on customer needs.
Stay informed about industry trends and changes.
Invest in Yourself and Your Skills:
Continuously educate yourself about your industry and business management.
Consider taking courses or attending workshops to enhance your skills.
Hire the Right Team:
As your business grows, consider hiring employees who align with your values and contribute to your company's success.
Evaluate and Pivot:
Regularly assess your business performance and be willing to make necessary adjustments or pivots.
Stay Persistent and Resilient:
Entrepreneurship often involves facing challenges. Stay persistent, learn from failures, and stay resilient.
Remember, success in entrepreneurship is often a journey with ups and downs. Be patient, stay committed to your vision, and be adaptable to changes in the business landscape.
Develop a Clear Business Idea:
Identify a product or service that solves a problem or fulfills a need in the market.
Understand your target audience and their preferences.
Create a Solid Business Plan:
Outline your business goals, target market, competition, revenue streams, and marketing strategy.
Include financial projections and a budget.
Legal Structure and Registration:
Choose a legal structure for your business (sole proprietorship, LLC, corporation, etc.).
Register your business and obtain any necessary licenses or permits.
Build a Strong Online Presence:
Create a professional website that reflects your brand.
Utilize social media platforms to connect with your audience.
Network and Build Relationships:
Attend industry events, join local business groups, and network with other entrepreneurs.
Build relationships with suppliers, customers, and potential partners.
Focus on Marketing:
Develop a marketing strategy to promote your products or services.
Use digital marketing, social media, and traditional advertising to reach your target audience.
Provide Excellent Customer Service:
Prioritize customer satisfaction to build a positive reputation.
Encourage customer reviews and feedback.
Manage Finances Wisely:
Keep track of your business finances using accounting software.
Monitor cash flow and budget carefully.
Adapt and Learn:
Be open to feedback and adapt your business model based on customer needs.
Stay informed about industry trends and changes.
Invest in Yourself and Your Skills:
Continuously educate yourself about your industry and business management.
Consider taking courses or attending workshops to enhance your skills.
Hire the Right Team:
As your business grows, consider hiring employees who align with your values and contribute to your company's success.
Evaluate and Pivot:
Regularly assess your business performance and be willing to make necessary adjustments or pivots.
Stay Persistent and Resilient:
Entrepreneurship often involves facing challenges. Stay persistent, learn from failures, and stay resilient.
Remember, success in entrepreneurship is often a journey with ups and downs. Be patient, stay committed to your vision, and be adaptable to changes in the business landscape.
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity => Self-Actualization.
6084
Answers
Gold Coast, Queensland, Australia
Updated
James Constantine’s Answer
Dear Alex,
To successfully navigate the early stages of your business, you might want to consider these practical steps:
1. Pinpoint Your Unique Value Proposition (UVP): Comprehend what sets your business apart and makes it appealing to your customers. This will allow you to stand out from your competition and draw in customers.
2. Formulate a Business Plan: A comprehensive business plan details your business objectives, intended market, competitors, marketing approach, financial forecasts, and operational framework. It acts as a guide for your business and can assist you in obtaining funding if required.
3. Secure Funding: Calculate the amount of capital required to launch and expand your business. Look into various funding sources such as loans, grants, investors, or crowdfunding. Be ready to present a robust business plan and financial forecasts to potential investors or lenders.
4. Assemble a Robust Team: Surround yourself with skilled individuals who align with your vision and can contribute their expertise to your business's growth. Employ individuals or contractors based on their proficiency and experience in areas vital to your business's success.
5. Promote Your Business: Craft a marketing strategy that effectively engages your target audience through various channels such as social media, email marketing, content marketing, paid advertising, or public relations. Consistently convey the value proposition of your business to prospective customers and foster relationships with them through superior customer service and engagement.
6. Network: Establish connections with other entrepreneurs, industry experts, mentors, and professionals in your field through networking events, online communities, or professional organizations. Building relationships with these individuals can provide valuable insights, advice, and collaboration or partnership opportunities that can accelerate your business's growth.
7. Stay Informed: Stay current with industry trends, market shifts, regulatory requirements, and entrepreneurship best practices by reading pertinent publications (like Forbes Small Business), attending conferences or workshops, joining industry associations or online communities (such as SCORE), and interacting with thought leaders in the field via social media platforms like LinkedIn or Twitter.
8. Manage Your Finances Wisely: Keep precise financial records using accounting software like QuickBooks or Xero to effectively monitor income and expenses. This will enable you to make informed decisions about cash flow management and tax planning throughout the year while also providing valuable data for potential investors or lenders if needed in the future.
Authoritative References Used:
Small Business Administration (SBA) - https://www.
Entrepreneur Magazine - https://www..com/>
SCORE Association - https://www..org/>
May God bless you,
JC.
To successfully navigate the early stages of your business, you might want to consider these practical steps:
1. Pinpoint Your Unique Value Proposition (UVP): Comprehend what sets your business apart and makes it appealing to your customers. This will allow you to stand out from your competition and draw in customers.
2. Formulate a Business Plan: A comprehensive business plan details your business objectives, intended market, competitors, marketing approach, financial forecasts, and operational framework. It acts as a guide for your business and can assist you in obtaining funding if required.
3. Secure Funding: Calculate the amount of capital required to launch and expand your business. Look into various funding sources such as loans, grants, investors, or crowdfunding. Be ready to present a robust business plan and financial forecasts to potential investors or lenders.
4. Assemble a Robust Team: Surround yourself with skilled individuals who align with your vision and can contribute their expertise to your business's growth. Employ individuals or contractors based on their proficiency and experience in areas vital to your business's success.
5. Promote Your Business: Craft a marketing strategy that effectively engages your target audience through various channels such as social media, email marketing, content marketing, paid advertising, or public relations. Consistently convey the value proposition of your business to prospective customers and foster relationships with them through superior customer service and engagement.
6. Network: Establish connections with other entrepreneurs, industry experts, mentors, and professionals in your field through networking events, online communities, or professional organizations. Building relationships with these individuals can provide valuable insights, advice, and collaboration or partnership opportunities that can accelerate your business's growth.
7. Stay Informed: Stay current with industry trends, market shifts, regulatory requirements, and entrepreneurship best practices by reading pertinent publications (like Forbes Small Business), attending conferences or workshops, joining industry associations or online communities (such as SCORE), and interacting with thought leaders in the field via social media platforms like LinkedIn or Twitter.
8. Manage Your Finances Wisely: Keep precise financial records using accounting software like QuickBooks or Xero to effectively monitor income and expenses. This will enable you to make informed decisions about cash flow management and tax planning throughout the year while also providing valuable data for potential investors or lenders if needed in the future.
Authoritative References Used:
Small Business Administration (SBA) - https://www.
Entrepreneur Magazine - https://www..com/>
SCORE Association - https://www..org/>
May God bless you,
JC.
Moataz Elfar
general manger
17
Answers
Mansoura, Dakahlia Governorate, Egypt
Updated
Moataz’s Answer
Embarking on the journey of starting your own business is thrilling yet demanding. Here are some actionable steps to propel you forward in your business venture:
Idea Formulation and Market Study:
Begin by crystallizing your business concept. What is the product or service you plan to provide? Who are you aiming to serve?
Undertake comprehensive market research to gain insights into your industry, competitors, and prospective customers.
Blueprint for Success:
Craft an exhaustive business plan that encapsulates your objectives, target demographic, revenue sources, promotional strategy, and financial forecasts.
A meticulously devised business plan acts as a guiding light for your venture and is crucial for securing investors or lenders.
Legal Framework and Registration:
Decide on a legal structure for your business (sole proprietorship, LLC, corporation, and so on).
Register your enterprise with the relevant government bodies and secure any required licenses or permits.
Financial Planning:
Establish a business bank account to segregate your personal and business finances.
Formulate a budget and financial forecasts to comprehend your initial costs and recurring expenses.
Brand Building and Promotion:
Forge a robust brand identity, encompassing a catchy business name, logo, and communication.
Establish an online footprint through a polished website and social media accounts.
Formulate a marketing plan to publicize your business and draw in customers.
Networking Opportunities:
Participate in industry events, workshops, and networking groups to mingle with other entrepreneurs, potential clients, and mentors.
Cultivating a network can offer invaluable insights and backing for your business.
Digital Presence:
Utilize digital marketing tools to connect with a broader audience.
Invest in search engine optimization (SEO) to enhance your website's visibility.
Consider e-commerce solutions if they align with your business model.
Customer Feedback and Refinement:
Collect feedback from early customers and be receptive to making modifications based on their suggestions.
Continuous enhancement is vital in the initial stages of a business.
Financial Supervision:
Maintain a vigilant eye on your finances. Track cash flow and modify your budget as necessary.
Consider consulting a financial advisor to ensure prudent financial management.
Measured Expansion:
As your business flourishes, contemplate how you can amplify operations.
Assess opportunities for growth, whether it's penetrating new markets, launching new products, or boosting production capacity.
Adaptability:
Be ready to adjust to shifts in the market or industry.
Stay abreast of trends and be open to altering your business model if required.
Remember, entrepreneurship is a voyage, and success often stems from a blend of diligence, tenacity, and a readiness to learn and adapt. Don't hesitate to seek guidance from seasoned entrepreneurs, mentors, or business advisors throughout your journey.
I trust this guidance proves beneficial.
Idea Formulation and Market Study:
Begin by crystallizing your business concept. What is the product or service you plan to provide? Who are you aiming to serve?
Undertake comprehensive market research to gain insights into your industry, competitors, and prospective customers.
Blueprint for Success:
Craft an exhaustive business plan that encapsulates your objectives, target demographic, revenue sources, promotional strategy, and financial forecasts.
A meticulously devised business plan acts as a guiding light for your venture and is crucial for securing investors or lenders.
Legal Framework and Registration:
Decide on a legal structure for your business (sole proprietorship, LLC, corporation, and so on).
Register your enterprise with the relevant government bodies and secure any required licenses or permits.
Financial Planning:
Establish a business bank account to segregate your personal and business finances.
Formulate a budget and financial forecasts to comprehend your initial costs and recurring expenses.
Brand Building and Promotion:
Forge a robust brand identity, encompassing a catchy business name, logo, and communication.
Establish an online footprint through a polished website and social media accounts.
Formulate a marketing plan to publicize your business and draw in customers.
Networking Opportunities:
Participate in industry events, workshops, and networking groups to mingle with other entrepreneurs, potential clients, and mentors.
Cultivating a network can offer invaluable insights and backing for your business.
Digital Presence:
Utilize digital marketing tools to connect with a broader audience.
Invest in search engine optimization (SEO) to enhance your website's visibility.
Consider e-commerce solutions if they align with your business model.
Customer Feedback and Refinement:
Collect feedback from early customers and be receptive to making modifications based on their suggestions.
Continuous enhancement is vital in the initial stages of a business.
Financial Supervision:
Maintain a vigilant eye on your finances. Track cash flow and modify your budget as necessary.
Consider consulting a financial advisor to ensure prudent financial management.
Measured Expansion:
As your business flourishes, contemplate how you can amplify operations.
Assess opportunities for growth, whether it's penetrating new markets, launching new products, or boosting production capacity.
Adaptability:
Be ready to adjust to shifts in the market or industry.
Stay abreast of trends and be open to altering your business model if required.
Remember, entrepreneurship is a voyage, and success often stems from a blend of diligence, tenacity, and a readiness to learn and adapt. Don't hesitate to seek guidance from seasoned entrepreneurs, mentors, or business advisors throughout your journey.
I trust this guidance proves beneficial.
Shandy Reed
Key Account Manager
15
Answers
Houston, Texas
Updated
Shandy’s Answer
Entrepreneurship is great! I'd first tell you to remember that having a business is hard work and not a traditional 8am-5pm job. Be open to growing and evolving and don't let challenges get you down. Second, you need to know your product well, any competition and also understand your customer. Research! Third, you need a marketing plan and be willing to adjust it as needed. Remember, businesses thrive in areas where there is an unmet or unaddressed need. Enjoy the journey!
Cameron Brown
Senior Talent Intelligence Partner
3
Answers
Birmingham
Updated
Cameron’s Answer
Lots of things to consider here! I'll just name a few.
Market: Research, research, research! Is there anyone doing what you want to do in your area or field? If so how much are they charging? You want to have a niche in the market, if you charge more than someone else, why? If you charge less do you have the margins to cover it, or can you do the volume you need to be profitable
USP: Why should a customer come to you? What do you do that makes you stand out from your competitors? Make sure you have that front and centre, dont be afraid to shout about what you do well
Patience: Finally you might not see immediate success or even success after your first few years. Regularly evaluate your progress to make sure you are still meeting the needs of the market and see where you can improve things. Businesses take time to grow.
Hopefully this helps, and good luck!
Market: Research, research, research! Is there anyone doing what you want to do in your area or field? If so how much are they charging? You want to have a niche in the market, if you charge more than someone else, why? If you charge less do you have the margins to cover it, or can you do the volume you need to be profitable
USP: Why should a customer come to you? What do you do that makes you stand out from your competitors? Make sure you have that front and centre, dont be afraid to shout about what you do well
Patience: Finally you might not see immediate success or even success after your first few years. Regularly evaluate your progress to make sure you are still meeting the needs of the market and see where you can improve things. Businesses take time to grow.
Hopefully this helps, and good luck!
Bashayir S
Sr. Solutions Consultant - Software Engineer
12
Answers
San Jose, California
Updated
Bashayir’s Answer
Here's a simple yet empowering suggestion for you: put in the effort and stay determined. Don't hesitate to step beyond your usual boundaries and explore new territories.
Bronwyn Dorrofield
Academy Director
4
Answers
Durban, KwaZulu-Natal, South Africa
Updated
Bronwyn’s Answer
The first thing you need to do is figure out what kind of business you want to start. It's best if it's something you really care about or know a lot about. Once you've got that, it's time to check if your idea is a good one with the people who might be your customers. Listen carefully to what they have to say and use their feedback to make your idea even better. It's an exciting journey, and every step brings you closer to your dream!
Martina Dove
Senior UX researcher
16
Answers
Bellevue, Washington
Updated
Martina’s Answer
Starting your business can be daunting so my advice is to seek professionals in the industry/field and ask them for advice. Asking things like:
How did they start the business?
What did they need at different stages (accounts, plans, budgets, funding etc.)
What obstacles did they encounter?
How did they pivot their plans when they encountered the obstacles?
What were the biggest challenges and what are the highs?
Knowing all you can know about it can help you understand how to be successful. People often skip a research phase but it is crucial for being prepared.
All the best
How did they start the business?
What did they need at different stages (accounts, plans, budgets, funding etc.)
What obstacles did they encounter?
How did they pivot their plans when they encountered the obstacles?
What were the biggest challenges and what are the highs?
Knowing all you can know about it can help you understand how to be successful. People often skip a research phase but it is crucial for being prepared.
All the best