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How can start my own business with smal money that is from on of my brother and am not know how to use it because I just get small experience in marketing to help me out?

How can start my own business with smal money that is from on of my brother and am not know how to use it because I just get small experience in marketing to help me out

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Jordan’s Answer

Hello there! Embarking on the journey of a small business, regardless of the size of your initial investment, is always an exciting first step! I've taken this journey myself as an author, and my product is my own book. The initial step is to identify what product or service you're passionate about selling. Tangible products like books, apparel, jewelry, and so on, may demand a heftier investment, but remember, it's perfectly fine to start small and gradually expand your business.

Here's a tip: In our increasingly digital world, don't overlook the potential of digital products! Crafting something that brings joy to people or aids them in their daily lives can be a fantastic strategy for selling and promoting your business.

Jordan recommends the following next steps:

Research! Research! Research! Even before you have a product or service, you must research, as you have already started doing. As a business, you must grow both in your product/service and in your knowledge on business. Always be learning. After figuring out what I wanted to sell, youtube videos on that specific business was so incredibly helpful.
Once you have your product/service, it's time to set it up: sites like Esty are a great way to get started in the business world if you are selling a product. You can move to creating your own website, once you've learned the ropes and built a customer base.
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Katherine’s Answer

You probably want to look at this workbook (https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng) and it can help you see what would be a good use of your money.
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Aly’s Answer

Hi Adam - Starting a business with limited funds and marketing experience is possible:

Use your marketing knowledge to identify a niche and employ low-cost marketing strategies.
Begin small, test the market, and reinvest profits to grow gradually.
Be resourceful; utilize free or low-cost resources and seek mentorship for guidance.
Prioritize customer value; listen to feedback and adapt to meet their needs.
Stay determined, resilient, and bold in pursuing your entrepreneurial dreams. With belief in yourself, success is achievable.

Best regards!
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Lauren’s Answer

Hi Adam! Starting a business can be daunting but very much possible! I completely agree with Jordan's recommendations.

Once you are able to identify the product/service you want to sell, I would also say start with crafting a business plan and identifying your business structure and what is required for each (examples: sole proprietorship, partnership, corporation, and S corporation). You can find free business plan templates online.

Working through a business plan will help you identify many critical areas that need to be identified before even starting your business such as what products and services you want to sell, reviewing market analysis to see if those products/services are in demand as well as who you will be competing against in the market to name a few areas. I would also recommend reaching out to small business owners in your area and getting a mentor that can help you review your business plan and give you good feedback.

They can also share their experiences and refer you to others that have helped them along their journey to small business ownership.

Lastly, there are also a lot of free online resources and courses on how to start a business that you can access.

Lauren recommends the following next steps:

First, figure out what your product or service will be (should be something you are passionate about but is not already oversaturated in the market). If it is oversaturated, figure out how you can make your product offering unique.
Research how to write a business plan. The US Small Business Association offers great resources: https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan
Start crafting your business plan and take your time! You will likely write it and then re-write it after you get in touch with other business owners that can give you more clarity.
Reach out to small business owners in your area and ask for mentorship/help with your business plan.
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