11 answers
Mercy
Student
Wellington, Florida
1
Question
Asked
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How can I start my own business with saving?
I want to start my own business with the savings that I have since middle school, so I wish to know how little can I start which will help me grow and open a better business in the future
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11 answers
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! You might want to look at this workbook for ideas on running a business (https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng).
You can also read Ken Coleman's book From Paycheck to Purpose and see what it helps you envision on how to move forward big picture.
You can also read Ken Coleman's book From Paycheck to Purpose and see what it helps you envision on how to move forward big picture.
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity => Self-Actualization.
6193
Answers
Gold Coast, Queensland, Australia
Updated
James Constantine’s Answer
Hello Mercy!
Launching Your Own Venture Using Savings
Embarking on a business venture using your personal savings is a laudable objective and can be an excellent stepping stone into the world of entrepreneurship. Here are some practical steps to help you transform your savings from middle school into a thriving business:
1. Crystallize Your Business Idea:
Pinpoint a business concept that dovetails with your passions, abilities, and market needs. Think about the unique products or services you wish to provide and how they will distinguish themselves in the marketplace.
2. Craft a Business Plan:
Formulate a comprehensive business plan that encapsulates your business idea, target customers, competitive landscape, marketing tactics, operational blueprint, and financial forecasts. This plan will act as your business's compass and aid in securing additional funding if necessary.
3. Establish Your Budget:
Evaluate your total savings and decide how much you're prepared to invest in your venture. Tally up the initial start-up expenses, encompassing equipment, stock, promotional costs, and other overheads.
4. Begin on a Small Scale:
It's wise to commence on a small scale using the resources at your disposal. Think about launching a streamlined version of your business to gauge market interest and fine-tune your offerings before broadening your scope.
5. Prioritize Cost-Efficiency:
Seek methods to cut costs without sacrificing quality. Consider starting from your home, leveraging online platforms for sales and promotion, and bargaining with suppliers for more favorable pricing.
6. Cultivate Your Brand:
Forge a robust brand identity that resonates with your target demographic. Allocate resources to branding components like logo creation, website building, and social media engagement to project a polished image for your business.
7. Reinvest Profits Judiciously:
Once your business begins to generate income, contemplate plowing the profits back into the business to fuel growth. This could involve broadening product offerings, penetrating new markets, or enhancing operational productivity.
8. Pursue Mentorship and Advice:
Don't shy away from seeking counsel from seasoned entrepreneurs or mentors who can offer invaluable insights and guidance on launching and nurturing a prosperous business.
By adhering to these steps and strategically deploying your savings, you can lay a robust foundation for a business that is poised for future growth and success.
Top 3 Credible Sources Consulted for this Response:
Entrepreneur: A premier publication specializing in entrepreneurship, small business stewardship, and start-up guidance.
Small Business Administration (SBA): A governmental body offering tools, assistance, and advice for small businesses across the United States.
Forbes: A trusted source for business news, financial data, and entrepreneurial wisdom from industry authorities.
These sources were referenced to deliver precise and trustworthy guidance on efficiently starting a business with savings.
Stay Blessed,
JC.
Launching Your Own Venture Using Savings
Embarking on a business venture using your personal savings is a laudable objective and can be an excellent stepping stone into the world of entrepreneurship. Here are some practical steps to help you transform your savings from middle school into a thriving business:
1. Crystallize Your Business Idea:
Pinpoint a business concept that dovetails with your passions, abilities, and market needs. Think about the unique products or services you wish to provide and how they will distinguish themselves in the marketplace.
2. Craft a Business Plan:
Formulate a comprehensive business plan that encapsulates your business idea, target customers, competitive landscape, marketing tactics, operational blueprint, and financial forecasts. This plan will act as your business's compass and aid in securing additional funding if necessary.
3. Establish Your Budget:
Evaluate your total savings and decide how much you're prepared to invest in your venture. Tally up the initial start-up expenses, encompassing equipment, stock, promotional costs, and other overheads.
4. Begin on a Small Scale:
It's wise to commence on a small scale using the resources at your disposal. Think about launching a streamlined version of your business to gauge market interest and fine-tune your offerings before broadening your scope.
5. Prioritize Cost-Efficiency:
Seek methods to cut costs without sacrificing quality. Consider starting from your home, leveraging online platforms for sales and promotion, and bargaining with suppliers for more favorable pricing.
6. Cultivate Your Brand:
Forge a robust brand identity that resonates with your target demographic. Allocate resources to branding components like logo creation, website building, and social media engagement to project a polished image for your business.
7. Reinvest Profits Judiciously:
Once your business begins to generate income, contemplate plowing the profits back into the business to fuel growth. This could involve broadening product offerings, penetrating new markets, or enhancing operational productivity.
8. Pursue Mentorship and Advice:
Don't shy away from seeking counsel from seasoned entrepreneurs or mentors who can offer invaluable insights and guidance on launching and nurturing a prosperous business.
By adhering to these steps and strategically deploying your savings, you can lay a robust foundation for a business that is poised for future growth and success.
Top 3 Credible Sources Consulted for this Response:
Entrepreneur: A premier publication specializing in entrepreneurship, small business stewardship, and start-up guidance.
Small Business Administration (SBA): A governmental body offering tools, assistance, and advice for small businesses across the United States.
Forbes: A trusted source for business news, financial data, and entrepreneurial wisdom from industry authorities.
These sources were referenced to deliver precise and trustworthy guidance on efficiently starting a business with savings.
Stay Blessed,
JC.
Robert Schoenbach
owner (= all jobs), project management
2
Answers
Warren, New Jersey
Updated
Robert’s Answer
Mercy, it's fantastic that you're aspiring to be an entrepreneur and launch your own venture. My primary advice is to pursue a business that aligns with your passion, making your work enjoyable rather than burdensome. It's also beneficial to gain knowledge and experience from established companies. Consider dedicating a year or two to work for a firm, where you can learn the ropes without financial risk. Once you've determined your business domain, the insights you've acquired from your previous employment can help reduce potential errors. I wholeheartedly wish you success on your entrepreneurial journey.
Isabel Dominguez
Student
101
Answers
Corning, California
Updated
Isabel’s Answer
Hello Mercy!
Venturing into the business world using your savings is a brilliant idea. Kick off this exciting journey by pinpointing a budget-friendly business concept that resonates with your passions and abilities. Think about options such as offering freelance services, establishing an online retail store, or providing small-scale consulting.
Craft a comprehensive business strategy, with a keen focus on a specialized market to keep costs at a minimum. You can further reduce expenditures by setting up your office at home and making use of free or affordable online resources.
Boost your expertise by acquiring fundamental skills in finance and marketing. Continually innovate and plow back your earnings into the business, allowing for steady growth. Starting on a modest scale and handling your finances prudently will pave the way for the expansion of your business over time. Remember, every big business started small, and with your dedication and smart planning, you'll see your venture grow too.
Venturing into the business world using your savings is a brilliant idea. Kick off this exciting journey by pinpointing a budget-friendly business concept that resonates with your passions and abilities. Think about options such as offering freelance services, establishing an online retail store, or providing small-scale consulting.
Craft a comprehensive business strategy, with a keen focus on a specialized market to keep costs at a minimum. You can further reduce expenditures by setting up your office at home and making use of free or affordable online resources.
Boost your expertise by acquiring fundamental skills in finance and marketing. Continually innovate and plow back your earnings into the business, allowing for steady growth. Starting on a modest scale and handling your finances prudently will pave the way for the expansion of your business over time. Remember, every big business started small, and with your dedication and smart planning, you'll see your venture grow too.
D Lucas
Management
1
Answer
Apopka, Florida
Updated
D’s Answer
Congratulations on your decision to start your own business. How much money it takes to start your business will vary. The most important decision is what type of business. There are many factors that will impact the start-up cost.
Step 1: Create a business plan. This is the most crucial step and don't rush into it. You'll need to study your market and evaluate all the expenses needed.
Step 1: Create a business plan. This is the most crucial step and don't rush into it. You'll need to study your market and evaluate all the expenses needed.
Collins Lucky
Data Entryspecialist, Cost analysis, Repairing of all kinds of smartphones, Apple, & Samsung mobile.
48
Answers
Bonny, RV
Updated
Collins’s Answer
Guide to Starting a Business with Savings:
Evaluate Your Resources: Assess how much savings you have and what resources you can allocate to your business venture.
Choose a Viable Business Idea: Select a business idea that aligns with your skills, interests, and market demand.
Create a Business Plan: Develop a detailed business plan outlining your goals, target market, competitive analysis, and financial projections.Minimize Costs:
Start small to reduce initial expenses. Consider options like home-based or online businesses to save on overhead.Build a Strong Online Presence:
Utilize digital marketing strategies and social media platforms to reach potential customers efficiently.
For more detailed information and resources on starting a business with savings, you can visit the Small Business Administration (SBA) guide: SBA: Starting a Business
Evaluate Your Resources: Assess how much savings you have and what resources you can allocate to your business venture.
Choose a Viable Business Idea: Select a business idea that aligns with your skills, interests, and market demand.
Create a Business Plan: Develop a detailed business plan outlining your goals, target market, competitive analysis, and financial projections.Minimize Costs:
Start small to reduce initial expenses. Consider options like home-based or online businesses to save on overhead.Build a Strong Online Presence:
Utilize digital marketing strategies and social media platforms to reach potential customers efficiently.
For more detailed information and resources on starting a business with savings, you can visit the Small Business Administration (SBA) guide: SBA: Starting a Business
Alberto Rivera Rivera, CRC
National Project Manager
19
Answers
Orlando, Florida
Updated
Alberto’s Answer
Hi Mercy! Great job on saving up since middle school to start your own business! Starting small is key. First, pick something you're passionate about and research simple ways to get it going—like selling online or to friends and family. Use free online tools to help with things like marketing and managing money. This approach helps you test your idea without spending much. Remember, every big business began as a small one. Learn as you grow, and you’ll build a business you're proud of. Keep going, you’re doing awesome!
Collins Lucky
Data Entryspecialist, Cost analysis, Repairing of all kinds of smartphones, Apple, & Samsung mobile.
48
Answers
Bonny, RV
Updated
Collins’s Answer
Hello, Mercy,
Launching a business using your savings from middle school is a bold and praiseworthy endeavor! Here are some straightforward, actionable steps to kickstart your journey effectively:
1. **Start Small**: Initiate with a business concept that doesn't demand a hefty initial investment. Explore areas where your skills or hobbies can be capitalized.
2. **Validate Your Idea**: Before pouring in substantial resources, trial your business concept on a minor scale. Gather feedback from prospective customers to confirm there's a market for your product or service.
3. **Focus on Essentials**: Distribute your savings judiciously on vital elements like starting inventory, basic apparatus, or establishing a website. Give precedence to expenditure on components that directly aid in revenue generation.
4. **Embrace Lean Operations**: Maintain low overhead costs by running your business from home, employing freelancers or part-time assistance, and curtailing unnecessary expenditures.
5. **Learn Continuously**: Arm yourself with knowledge via online platforms, workshops, or mentorship schemes to grasp business basics and industry shifts.
6. **Build a Brand**: Dedicate resources to construct a robust brand identity from the get-go through potent marketing tactics and customer interaction.
7. **Plan for Growth**: Once your business begins to generate income, plow back profits into broadening your product range or enhancing your operations.
By initiating on a small scale, concentrating on essentials, and perpetually learning and adapting, you can establish a robust base for your business while safeguarding and augmenting your savings for future prospects.
Launching a business using your savings from middle school is a bold and praiseworthy endeavor! Here are some straightforward, actionable steps to kickstart your journey effectively:
1. **Start Small**: Initiate with a business concept that doesn't demand a hefty initial investment. Explore areas where your skills or hobbies can be capitalized.
2. **Validate Your Idea**: Before pouring in substantial resources, trial your business concept on a minor scale. Gather feedback from prospective customers to confirm there's a market for your product or service.
3. **Focus on Essentials**: Distribute your savings judiciously on vital elements like starting inventory, basic apparatus, or establishing a website. Give precedence to expenditure on components that directly aid in revenue generation.
4. **Embrace Lean Operations**: Maintain low overhead costs by running your business from home, employing freelancers or part-time assistance, and curtailing unnecessary expenditures.
5. **Learn Continuously**: Arm yourself with knowledge via online platforms, workshops, or mentorship schemes to grasp business basics and industry shifts.
6. **Build a Brand**: Dedicate resources to construct a robust brand identity from the get-go through potent marketing tactics and customer interaction.
7. **Plan for Growth**: Once your business begins to generate income, plow back profits into broadening your product range or enhancing your operations.
By initiating on a small scale, concentrating on essentials, and perpetually learning and adapting, you can establish a robust base for your business while safeguarding and augmenting your savings for future prospects.
Rebecca Tang
Banking
1819
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 want to start your business?
Below are my suggestions:
1. Think about what industry you would like to start your business, eg your hobbies, strength, etc.
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. You can also warm the funding to start the business
5. Start the business online if possible
Hope this helps! Good Luck!
May Almighty God bless you!
Below are my suggestions:
1. Think about what industry you would like to start your business, eg your hobbies, strength, etc.
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. You can also warm the funding to start the business
5. Start the business online if possible
Hope this helps! Good Luck!
May Almighty God bless you!
Alexander Haga
Auditor
2
Answers
Orlando, Florida
Updated
Alexander’s Answer
As many users have previously suggested, starting a business really begins with a robust business plan. At a high level, a business plan will outline the business's goals, the strategies you'll need to implement in order to achieve those goals, and financial projections or forecasts that help you determine capital (i.e., money) needs. Putting together a business plan is also a useful exercise that will force you to take a step back and critically think about how you'll operate the business.
There are a lot of useful resources you can leverage to inform how you should create a business plan, including standard templates on Google and how-to videos on YouTube.
Best of luck!
There are a lot of useful resources you can leverage to inform how you should create a business plan, including standard templates on Google and how-to videos on YouTube.
Best of luck!
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 you can start your own business :-
1. Consider the type of business.
2. Show great INTEREST in the type of business.
3. Have knowledge in the business.
4. Consider the requisite capital to start the business.
5. The need for diligence and hardworking in general.
Best regards.
Please, note the following, concerning how you can start your own business :-
1. Consider the type of business.
2. Show great INTEREST in the type of business.
3. Have knowledge in the business.
4. Consider the requisite capital to start the business.
5. The need for diligence and hardworking in general.
Best regards.