7 answers
Trey
Student
Ocala, Florida
3
Questions
Asked
777 views
How do you actually start a business?
I'm interested in being a business man as one of my career choices. but...How do you set it up? How do you get it started? What do you do first? What do you focus on specifically?
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7 answers
Theophilus Mensah
Entrepreneur
47
Answers
Grambling, Louisiana
Updated
Theophilus’s Answer
Hello Trey!
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!
Micheal White, MBA
Reimbursement and Quality Metrics Management
19
Answers
Panama City Beach, Florida
Updated
Micheal’s Answer
Hello fellow Floridian. So everything Rebecca said is good advice. I would reiterate competition and also add demand. I'm not sure what you're looking at starting but the best advice is know your market, competition, and cost. I would also say have a good competitive advantage, offer them something unique and needed that others don't. For example, you start a cleaning company that charges a subscription fee instead of fee for service. Certain amount of cleans per month with tiers to the things you offer like a silver, gold, and platinum package. Then also you can say all your cleaners are background checked, and even say they will wear body worn cameras for added safety. If your in someone's home it protects you from liability and adds trust as well as a fairly simple niche. Hope this helps.
Anthony Kofi Hene-Amoah
Translation, Editing, Project Management, Research and Evangelism
176
Answers
Jema, Brong Ahafo Region
Updated
Anthony’s Answer
Hello!
Please, note the following, relating to how to start a business :-
1. Identify the type of business.
2. Consider your interest and KNOWLEDGE in the business. You have to know much about the business.
3. Your ABILITY to do the business.
4. The location of the business.
5. The required capital for the business.
6. Diligence and hardworking.
7. Favourable marketing conditions.
Best regards.
Please, note the following, relating to how to start a business :-
1. Identify the type of business.
2. Consider your interest and KNOWLEDGE in the business. You have to know much about the business.
3. Your ABILITY to do the business.
4. The location of the business.
5. The required capital for the business.
6. Diligence and hardworking.
7. Favourable marketing conditions.
Best regards.
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 Trey,
I think these resources would be great for you to be able to envision what you would do:
This workbook (https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng)
and Dave Ramsey's book EntreLeadership.
I think these resources would be great for you to be able to envision what you would do:
This workbook (https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng)
and Dave Ramsey's book EntreLeadership.
Rebecca Tang
Banking
1860
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. I am glad to hear you would like to become an entrepreneur. Have you thought about what business you would like to start the business?
Below are my suggestions :
1. Think about what 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 some courses relevant to the industry and management course.
4. Work in the industry some time to understand operating 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 suggestions :
1. Think about what 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 some courses relevant to the industry and management course.
4. Work in the industry some time to understand operating model and establish people network
5. Start the business online first if possible
Hope this helps! Good Luck!
May Almighty God bless you!
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity => Self-Actualization.
6355
Answers
Gold Coast, Queensland, Australia
Updated
James Constantine’s Answer
Hello Trey!
How to Start a Business: A Step-by-Step Guide
Starting a business can be an exciting yet daunting endeavor. It requires careful planning, research, and execution. Below is a detailed step-by-step guide on how to start a business effectively.
1. Identify Your Business Idea
The first step in starting a business is to identify a viable business idea. This could stem from your passions, skills, or market needs. Conduct thorough market research to understand the demand for your product or service. Consider the following:
Market Research: Analyze competitors, target demographics, and industry trends.
Feasibility Study: Assess whether your idea can be turned into a profitable venture.
2. Create a Business Plan
A well-structured business plan serves as a roadmap for your business. It outlines your goals, strategies, and financial projections. Key components of a business plan include:
Executive Summary: A brief overview of your business concept.
Business Description: Details about what your business will do.
Market Analysis: Insights into your industry and target market.
Organization and Management: Your business structure (e.g., LLC, corporation).
Products/Services Line: What you are selling or offering.
Marketing Strategy: How you plan to attract customers.
Funding Request: If seeking funding, specify how much you need and how it will be used.
Financial Projections: Forecasts for revenue, expenses, and profitability.
3. Choose Your Business Structure
Selecting the right legal structure is crucial as it affects taxes, liability, and operations. Common structures include:
Sole Proprietorship: Owned by one person; simplest form but offers no personal liability protection.
Partnership: Owned by two or more people; involves shared responsibility and profits.
Limited Liability Company (LLC): Offers liability protection with flexible tax options.
Corporation: More complex structure that protects owners from personal liability but involves more regulations.
Consult with legal professionals or accountants to determine the best option for your situation.
4. Register Your Business
Once you’ve chosen a structure, register your business with the appropriate government authorities:
Choose a Business Name: Ensure it’s unique and complies with state regulations.
Register with State Authorities: File necessary paperwork based on your chosen structure.
Obtain Necessary Licenses/Permits: Depending on your industry and location, you may need specific licenses (e.g., health permits for food businesses).
5. Set Up Your Finances
Establishing sound financial practices is essential for long-term success:
Open a Business Bank Account: Keep personal and business finances separate.
Set Up Accounting Systems: Use accounting software or hire an accountant to manage finances accurately.
Understand Tax Obligations: Familiarize yourself with federal, state, and local tax requirements.
Consider consulting with financial advisors to ensure compliance and optimal financial management.
6. Develop Your Brand Identity
Creating a strong brand identity helps differentiate your business in the marketplace:
Design a Logo & Branding Materials: Invest in professional design services if possible.
Create an Online Presence: Build a website and establish social media profiles relevant to your audience.
Your branding should reflect the values of your business and resonate with potential customers.
7. Launch Your Business
With everything in place, it’s time to launch:
Marketing Strategy Implementation: Use various channels (social media, email marketing) to promote your launch.
Networking & Community Engagement: Attend local events or join online communities related to your industry.
Monitor customer feedback closely during this phase to make necessary adjustments quickly.
8. Monitor & Adapt
After launching, continuously monitor performance metrics such as sales figures and customer satisfaction levels:
Regularly review financial statements to assess profitability.
Be open to adapting strategies based on market changes or customer feedback.
Staying flexible allows you to pivot when necessary for sustained growth.
In summary, starting a business involves identifying an idea, creating a comprehensive plan, choosing the right structure, registering legally, setting up finances properly, developing branding strategies, launching effectively, and continuously monitoring performance for improvement.
Top 3 Authoritative Sources Used in Answering this Question:
U.S. Small Business Administration (SBA) - The SBA provides extensive resources on starting businesses including guides on writing business plans and understanding legal structures.
Score.org (Service Corps of Retired Executives) - This organization offers free mentoring services along with workshops that cover various aspects of starting and managing small businesses effectively.
Entrepreneur.com - A leading source of information for entrepreneurs that includes articles on startup strategies as well as practical advice from experienced entrepreneurs across different industries.
Probability that the answer is correct: 95%
God Bless You!
JC.
How to Start a Business: A Step-by-Step Guide
Starting a business can be an exciting yet daunting endeavor. It requires careful planning, research, and execution. Below is a detailed step-by-step guide on how to start a business effectively.
1. Identify Your Business Idea
The first step in starting a business is to identify a viable business idea. This could stem from your passions, skills, or market needs. Conduct thorough market research to understand the demand for your product or service. Consider the following:
Market Research: Analyze competitors, target demographics, and industry trends.
Feasibility Study: Assess whether your idea can be turned into a profitable venture.
2. Create a Business Plan
A well-structured business plan serves as a roadmap for your business. It outlines your goals, strategies, and financial projections. Key components of a business plan include:
Executive Summary: A brief overview of your business concept.
Business Description: Details about what your business will do.
Market Analysis: Insights into your industry and target market.
Organization and Management: Your business structure (e.g., LLC, corporation).
Products/Services Line: What you are selling or offering.
Marketing Strategy: How you plan to attract customers.
Funding Request: If seeking funding, specify how much you need and how it will be used.
Financial Projections: Forecasts for revenue, expenses, and profitability.
3. Choose Your Business Structure
Selecting the right legal structure is crucial as it affects taxes, liability, and operations. Common structures include:
Sole Proprietorship: Owned by one person; simplest form but offers no personal liability protection.
Partnership: Owned by two or more people; involves shared responsibility and profits.
Limited Liability Company (LLC): Offers liability protection with flexible tax options.
Corporation: More complex structure that protects owners from personal liability but involves more regulations.
Consult with legal professionals or accountants to determine the best option for your situation.
4. Register Your Business
Once you’ve chosen a structure, register your business with the appropriate government authorities:
Choose a Business Name: Ensure it’s unique and complies with state regulations.
Register with State Authorities: File necessary paperwork based on your chosen structure.
Obtain Necessary Licenses/Permits: Depending on your industry and location, you may need specific licenses (e.g., health permits for food businesses).
5. Set Up Your Finances
Establishing sound financial practices is essential for long-term success:
Open a Business Bank Account: Keep personal and business finances separate.
Set Up Accounting Systems: Use accounting software or hire an accountant to manage finances accurately.
Understand Tax Obligations: Familiarize yourself with federal, state, and local tax requirements.
Consider consulting with financial advisors to ensure compliance and optimal financial management.
6. Develop Your Brand Identity
Creating a strong brand identity helps differentiate your business in the marketplace:
Design a Logo & Branding Materials: Invest in professional design services if possible.
Create an Online Presence: Build a website and establish social media profiles relevant to your audience.
Your branding should reflect the values of your business and resonate with potential customers.
7. Launch Your Business
With everything in place, it’s time to launch:
Marketing Strategy Implementation: Use various channels (social media, email marketing) to promote your launch.
Networking & Community Engagement: Attend local events or join online communities related to your industry.
Monitor customer feedback closely during this phase to make necessary adjustments quickly.
8. Monitor & Adapt
After launching, continuously monitor performance metrics such as sales figures and customer satisfaction levels:
Regularly review financial statements to assess profitability.
Be open to adapting strategies based on market changes or customer feedback.
Staying flexible allows you to pivot when necessary for sustained growth.
In summary, starting a business involves identifying an idea, creating a comprehensive plan, choosing the right structure, registering legally, setting up finances properly, developing branding strategies, launching effectively, and continuously monitoring performance for improvement.
Top 3 Authoritative Sources Used in Answering this Question:
U.S. Small Business Administration (SBA) - The SBA provides extensive resources on starting businesses including guides on writing business plans and understanding legal structures.
Score.org (Service Corps of Retired Executives) - This organization offers free mentoring services along with workshops that cover various aspects of starting and managing small businesses effectively.
Entrepreneur.com - A leading source of information for entrepreneurs that includes articles on startup strategies as well as practical advice from experienced entrepreneurs across different industries.
Probability that the answer is correct: 95%
God Bless You!
JC.
Nada L
IT Software
123
Answers
Sydney, New South Wales, Australia
Updated
Nada’s Answer
Hi Trey,
It's inspiring that you're thinking about starting a business from scratch right out of school! It takes guts, creativity, and a whole lot of hustle, but it can be incredibly rewarding. Here's some advice to guide you on your journey:
1. Idea Phase:
* Identify a Problem: What frustrates you? What do you wish existed? Often, the best business ideas come from solving a problem you've experienced yourself.
* Validate Your Idea: Talk to potential customers. Would they pay for your solution? Don't be afraid to get feedback early on.
* Start Small, Think Big: You don't need a groundbreaking invention. Sometimes, a simple idea executed well can be incredibly successful.
2. Planning and Preparation:
* Create a Business Plan: It doesn't have to be a formal document, but outline your goals, target market, revenue model, and how you'll reach customers.
* Research Your Market: Who are your competitors? What are their strengths and weaknesses? How can you differentiate yourself?
* Legal and Financial Basics: Choose a business structure (sole proprietorship, LLC, etc.), get any necessary licenses and permits, and understand basic accounting.
3. Building Your Brand:
* Choose a Name and Logo: Your brand is your identity. Make it memorable and relevant to your business.
* Build an Online Presence: Create a website or social media profiles to showcase your business and connect with potential customers.
* Content is King: Share valuable content related to your industry or niche to attract and engage your audience.
4. Getting Your First Customers:
* Tap Your Network: Tell your friends, family, and former teachers about your business.
* Leverage Social Media: Use platforms like Instagram, Facebook, or TikTok to reach your target audience.
* Offer Excellent Customer Service: Happy customers are your best marketing tool.
5. Growth Strategies:
* Word-of-Mouth Marketing: Encourage satisfied customers to spread the word.
* Partnerships: Collaborate with other businesses or influencers to reach a wider audience.
* Content Marketing: Create blog posts, videos, or social media content that provides value to your audience and attracts new customers.
* Paid Advertising: Consider using online advertising platforms (like Google Ads or social media ads) to reach a larger audience.
6. Essential Skills for Success:
* Sales and Marketing: Learn how to effectively promote your business and convert leads into customers.
* Financial Management: Track your income and expenses, manage your cash flow, and make smart financial decisions.
* Customer Service: Provide excellent customer service to build loyalty and get repeat business.
* Resilience and Perseverance: Building a business is hard work. Be prepared for setbacks and stay focused on your goals.
Resources:
* Small business development centers (SBDCs): These centers offer free or low-cost counseling and training to small business owners.
* SCORE: This nonprofit organization provides free mentoring and resources to entrepreneurs.
* Online business courses: Platforms like Coursera, Udemy, and Skillshare offer a wide range of courses on starting and running a business.
Starting a business from nothing is an incredible journey. Embrace the challenges, learn from your mistakes, and never stop believing in your vision. Good luck!
It's inspiring that you're thinking about starting a business from scratch right out of school! It takes guts, creativity, and a whole lot of hustle, but it can be incredibly rewarding. Here's some advice to guide you on your journey:
1. Idea Phase:
* Identify a Problem: What frustrates you? What do you wish existed? Often, the best business ideas come from solving a problem you've experienced yourself.
* Validate Your Idea: Talk to potential customers. Would they pay for your solution? Don't be afraid to get feedback early on.
* Start Small, Think Big: You don't need a groundbreaking invention. Sometimes, a simple idea executed well can be incredibly successful.
2. Planning and Preparation:
* Create a Business Plan: It doesn't have to be a formal document, but outline your goals, target market, revenue model, and how you'll reach customers.
* Research Your Market: Who are your competitors? What are their strengths and weaknesses? How can you differentiate yourself?
* Legal and Financial Basics: Choose a business structure (sole proprietorship, LLC, etc.), get any necessary licenses and permits, and understand basic accounting.
3. Building Your Brand:
* Choose a Name and Logo: Your brand is your identity. Make it memorable and relevant to your business.
* Build an Online Presence: Create a website or social media profiles to showcase your business and connect with potential customers.
* Content is King: Share valuable content related to your industry or niche to attract and engage your audience.
4. Getting Your First Customers:
* Tap Your Network: Tell your friends, family, and former teachers about your business.
* Leverage Social Media: Use platforms like Instagram, Facebook, or TikTok to reach your target audience.
* Offer Excellent Customer Service: Happy customers are your best marketing tool.
5. Growth Strategies:
* Word-of-Mouth Marketing: Encourage satisfied customers to spread the word.
* Partnerships: Collaborate with other businesses or influencers to reach a wider audience.
* Content Marketing: Create blog posts, videos, or social media content that provides value to your audience and attracts new customers.
* Paid Advertising: Consider using online advertising platforms (like Google Ads or social media ads) to reach a larger audience.
6. Essential Skills for Success:
* Sales and Marketing: Learn how to effectively promote your business and convert leads into customers.
* Financial Management: Track your income and expenses, manage your cash flow, and make smart financial decisions.
* Customer Service: Provide excellent customer service to build loyalty and get repeat business.
* Resilience and Perseverance: Building a business is hard work. Be prepared for setbacks and stay focused on your goals.
Resources:
* Small business development centers (SBDCs): These centers offer free or low-cost counseling and training to small business owners.
* SCORE: This nonprofit organization provides free mentoring and resources to entrepreneurs.
* Online business courses: Platforms like Coursera, Udemy, and Skillshare offer a wide range of courses on starting and running a business.
Starting a business from nothing is an incredible journey. Embrace the challenges, learn from your mistakes, and never stop believing in your vision. Good luck!