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How can I start a small bussiness?
I'm good at bussiness
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Theophilus’s Answer
Hello Sam!
I started my skincare and haircare at the age of 16 so let ne share my experiences with you. Here’s a practical guide based on what’s worked for me so far.
1. Start with a Purpose and Vision
First of all, Identify a problem and think about how you will solve it. That's business. Every successful business begins with a clear purpose. Think about what you want to achieve and how your business will make a difference. When I started, my vision was more than just selling products; it was about helping people feel confident in themselves. Your purpose should be something that keeps you motivated and connected to your customers.
2. Research the Market
Understanding your target audience is essential. Who are they, what do they need, and what can you offer that others don’t? I researched competitors and trends, observing what customers valued and where the gaps were. Use this knowledge to shape your offerings and find a unique angle for your business.
3. Build a Strong Brand
Your brand is more than just a name; it’s your business’s identity. Choose a name and create an image that communicates your values and appeals to your audience. Build a brand that people will remember and feel connected to.
4. Establish Partnerships and Reliable Operations
Relationships are key. Finding the right suppliers and partners can make or break your operations. I partnered with suppliers who shared my quality standards and delivery partners who could ensure a seamless experience for customers worldwide. Take time to build these connections because they’re essential to delivering on your promises.
5. Engage with Customers Consistently
Growing a customer base isn’t just about advertising; it’s about real engagement. I used platforms to connect directly with my audience, answer questions, and create trust. Whether it’s social media, emails, or other channels, engage with your customers in a way that makes them feel valued and keeps them coming back.
6. Stay Adaptable and Track Progress
Every business needs flexibility. I tracked my customer engagement and adjusted based on what worked and what didn’t. For example, offering a flexible payment plan helped me make my products more accessible. Track your metrics, learn from them, and be ready to pivot based on what your customers need.
Finally, Persevere Through Challenges
Starting a business isn’t always easy, and there will be challenges along the way. When I faced obstacles, staying focused on my vision kept me moving forward. If you believe in your purpose and stay committed to learning and growing, you’ll build a business that not only meets market needs but also reflects who you are.
Now this is how I funded my business
When I first started my business, I didn’t have a lot of money to work with. Instead, I found creative ways to use what I had and build from there.
1. Start with Product Photos and Test Interest
I began by taking quality pictures of products and posting them on social media platforms. I used these photos to attract customers before even buying the products. This allowed me to gauge interest and confirm demand without investing money upfront. By showcasing the products, I was able to create buzz and connect with customers before I even stocked inventory.
2. Use Customer Payments to Fund Wholesale Purchases
Once I had interested customers, I used their payments to buy the products at wholesale prices from trusted partners. This approach allowed me to finance each sale without needing upfront capital. It also meant I could access wholesale rates, which kept my costs low and increased my profit margins.
3. Reinvest Profits to Build Inventory
With each sale, I reinvested the profits back into the business. Once I had enough cash flow, I could start purchasing products in advance and stocking them myself. This allowed me to offer faster delivery to my customers and also buy larger quantities, further lowering my costs per item.
4. Build Customer Trust and Grow Steadily
By communicating openly with customers about my process and staying transparent about delivery times, I built a loyal customer base. I focused on customer satisfaction and reinvested profits consistently, which helped me grow steadily over time.
Starting small, being resourceful, and reinvesting profits allowed me to scale up without taking on debt. This approach might take longer, but it builds a strong foundation and keeps you financially stable as you grow.
Consistency is key!
I started my skincare and haircare at the age of 16 so let ne share my experiences with you. Here’s a practical guide based on what’s worked for me so far.
1. Start with a Purpose and Vision
First of all, Identify a problem and think about how you will solve it. That's business. Every successful business begins with a clear purpose. Think about what you want to achieve and how your business will make a difference. When I started, my vision was more than just selling products; it was about helping people feel confident in themselves. Your purpose should be something that keeps you motivated and connected to your customers.
2. Research the Market
Understanding your target audience is essential. Who are they, what do they need, and what can you offer that others don’t? I researched competitors and trends, observing what customers valued and where the gaps were. Use this knowledge to shape your offerings and find a unique angle for your business.
3. Build a Strong Brand
Your brand is more than just a name; it’s your business’s identity. Choose a name and create an image that communicates your values and appeals to your audience. Build a brand that people will remember and feel connected to.
4. Establish Partnerships and Reliable Operations
Relationships are key. Finding the right suppliers and partners can make or break your operations. I partnered with suppliers who shared my quality standards and delivery partners who could ensure a seamless experience for customers worldwide. Take time to build these connections because they’re essential to delivering on your promises.
5. Engage with Customers Consistently
Growing a customer base isn’t just about advertising; it’s about real engagement. I used platforms to connect directly with my audience, answer questions, and create trust. Whether it’s social media, emails, or other channels, engage with your customers in a way that makes them feel valued and keeps them coming back.
6. Stay Adaptable and Track Progress
Every business needs flexibility. I tracked my customer engagement and adjusted based on what worked and what didn’t. For example, offering a flexible payment plan helped me make my products more accessible. Track your metrics, learn from them, and be ready to pivot based on what your customers need.
Finally, Persevere Through Challenges
Starting a business isn’t always easy, and there will be challenges along the way. When I faced obstacles, staying focused on my vision kept me moving forward. If you believe in your purpose and stay committed to learning and growing, you’ll build a business that not only meets market needs but also reflects who you are.
Now this is how I funded my business
When I first started my business, I didn’t have a lot of money to work with. Instead, I found creative ways to use what I had and build from there.
1. Start with Product Photos and Test Interest
I began by taking quality pictures of products and posting them on social media platforms. I used these photos to attract customers before even buying the products. This allowed me to gauge interest and confirm demand without investing money upfront. By showcasing the products, I was able to create buzz and connect with customers before I even stocked inventory.
2. Use Customer Payments to Fund Wholesale Purchases
Once I had interested customers, I used their payments to buy the products at wholesale prices from trusted partners. This approach allowed me to finance each sale without needing upfront capital. It also meant I could access wholesale rates, which kept my costs low and increased my profit margins.
3. Reinvest Profits to Build Inventory
With each sale, I reinvested the profits back into the business. Once I had enough cash flow, I could start purchasing products in advance and stocking them myself. This allowed me to offer faster delivery to my customers and also buy larger quantities, further lowering my costs per item.
4. Build Customer Trust and Grow Steadily
By communicating openly with customers about my process and staying transparent about delivery times, I built a loyal customer base. I focused on customer satisfaction and reinvested profits consistently, which helped me grow steadily over time.
Starting small, being resourceful, and reinvesting profits allowed me to scale up without taking on debt. This approach might take longer, but it builds a strong foundation and keeps you financially stable as you grow.
Consistency is key!
Justin Shapiro
Accounting | Finance | Financial Systems | Non-Profit Volunteer
76
Answers
Updated
Justin’s Answer
Hi Sam,
Starting a small business involves several key steps. Here’s a guide to help you get started:
Identify Your Business Idea:
Consider your skills, interests, and market demand. What products or services do you want to offer? Think about what you are passionate about and what gaps exist in the market.
Conduct Market Research:
Research your target market, potential competitors, and industry trends. Understanding your audience and competition will help you refine your business idea.
Create a Business Plan:
Outline your business goals, target market, marketing strategy, financial projections, and operational plans. A solid business plan will serve as your roadmap and can be useful for securing funding.
Choose a Business Structure:
Decide on the legal structure of your business (e.g., sole proprietorship, partnership, LLC, corporation). This will affect your taxes, liability, and operational requirements.
Register Your Business:
Choose a business name and register it with the appropriate government authorities. Obtain any necessary licenses or permits required for your industry and location.
Set Up Your Finances:
Open a business bank account to keep your personal and business finances separate. Consider accounting software or hiring an accountant to manage your financial records.
Secure Funding:
Determine how much capital you need and explore funding options, such as personal savings, bank loans, investors, or crowdfunding.
Develop Your Brand:
Create a brand identity that reflects your business values and appeals to your target market. This includes designing a logo, building a website, and establishing a social media presence.
Market Your Business:
Implement a marketing strategy to attract customers. Utilize online and offline marketing tactics, including social media, email marketing, networking, and local advertising.
Launch Your Business:
Once everything is in place, launch your business! Start small, gather feedback, and be prepared to make adjustments as needed.
Monitor and Adapt:
Continuously evaluate your business performance and seek ways to improve. Stay responsive to customer feedback and market changes.
Starting a business requires dedication and hard work, but with your skills in business, you can create a successful venture. Good luck!
Starting a small business involves several key steps. Here’s a guide to help you get started:
Identify Your Business Idea:
Consider your skills, interests, and market demand. What products or services do you want to offer? Think about what you are passionate about and what gaps exist in the market.
Conduct Market Research:
Research your target market, potential competitors, and industry trends. Understanding your audience and competition will help you refine your business idea.
Create a Business Plan:
Outline your business goals, target market, marketing strategy, financial projections, and operational plans. A solid business plan will serve as your roadmap and can be useful for securing funding.
Choose a Business Structure:
Decide on the legal structure of your business (e.g., sole proprietorship, partnership, LLC, corporation). This will affect your taxes, liability, and operational requirements.
Register Your Business:
Choose a business name and register it with the appropriate government authorities. Obtain any necessary licenses or permits required for your industry and location.
Set Up Your Finances:
Open a business bank account to keep your personal and business finances separate. Consider accounting software or hiring an accountant to manage your financial records.
Secure Funding:
Determine how much capital you need and explore funding options, such as personal savings, bank loans, investors, or crowdfunding.
Develop Your Brand:
Create a brand identity that reflects your business values and appeals to your target market. This includes designing a logo, building a website, and establishing a social media presence.
Market Your Business:
Implement a marketing strategy to attract customers. Utilize online and offline marketing tactics, including social media, email marketing, networking, and local advertising.
Launch Your Business:
Once everything is in place, launch your business! Start small, gather feedback, and be prepared to make adjustments as needed.
Monitor and Adapt:
Continuously evaluate your business performance and seek ways to improve. Stay responsive to customer feedback and market changes.
Starting a business requires dedication and hard work, but with your skills in business, you can create a successful venture. Good luck!
Anthony Kofi Hene-Amoah
Translation, Editing, Project Management, Research and Evangelism
176
Answers
Updated
Anthony’s Answer
Hello!
Please, note the following, concerning how you can start a small business :-
1. Have the type of business in your mind.
2. Consider the interest and knowledge you have in the business.
3. Consider your ABILITY to do the business.
4. The required capital for the business.
5. Location of the business.
6. Determination and Diligence.
Best regards.
Please, note the following, concerning how you can start a small business :-
1. Have the type of business in your mind.
2. Consider the interest and knowledge you have in the business.
3. Consider your ABILITY to do the business.
4. The required capital for the business.
5. Location of the business.
6. Determination and Diligence.
Best regards.
Updated
Rebecca’s Answer
Thank you for your question. I am glad to hear you would like to become entrepreneur. Have your thought about what industry you like to start your business.
Below are my suggestion:
1. Think about the industry you have interest or you have strength
2. Do some analysis on the industry, e.g. 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 business model and establish people network
5. Start the business online first if possible
Hope this helps! Good Luck!
May Almighty God bless you!
Below are my suggestion:
1. Think about the industry you have interest or you have strength
2. Do some analysis on the industry, e.g. 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 business model and establish people network
5. Start the business online first if possible
Hope this helps! Good Luck!
May Almighty God bless you!
Katherine Avery
Run a music studio and teach private music lessons; teach college-level religion classes
350
Answers
Updated
Katherine’s Answer
Hey Sam,
To start and do well at a business, I recommend these:
Dave Ramsey's book EntreLeadership
This workbook (https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng)
And Ken Coleman's book From Paycheck to Purpose
Hopefully they are super helpful!
To start and do well at a business, I recommend these:
Dave Ramsey's book EntreLeadership
This workbook (https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng)
And Ken Coleman's book From Paycheck to Purpose
Hopefully they are super helpful!