What is the first step in starting your own business?

Question

What is the process to follow? Something less than $50,000

Answer 1

You have the capital. Okey, feasibility study, location of business, demands, environment, and profitability. Then legal documents, such as permits and licenses. Installing equipments and instruments for the business and hiring of staff, including security personnel. You should have a consultant, accountant and legal counsel. Then, marketing (introduction of product/services being offered). Then, it goes on and on. Good luck.

Answer 2

The best routes to take are to research the process of starting a business as well as the industry you're interested in.

I recommend checking out the SBA, Entrepreneur, The Start Up Journal & Nolo. All 4 are great informational resources for the new/small business owner. I posted links for you in the source box.

Research, research, research – this cannot be stressed enough. Read as much as you can. Here are some book titles that are relevant:

Starting a Business:
* How to Really Start Your Own Business, Fourth Edition by David E. Gumpert
* How to Really Create a Successful Business Plan: Step-by-Step Guide by David E. Gumpert
* What No One Ever Tells You about Starting Your Own Business: Real-Life Start-Up Advice from 101 Successful Entrepreneurs (What No One Ever Tells You About Starting Your Own Business) by Jan Norman
* Business Start-Up Kit by Steven D. Strauss
* Start Your Own Business (Entrepreneur Magazine's Start Up) by Rieva Lesonsky

What to Start:
* 101 Internet Businesses You Can Start from Home by Susan Sweeney
* The Best Home Businesses for the 21st Century by Paul Edwards
* Selling Online: How to Become a Successful E-Commerce Merchant by Jim Carroll
* I Could Do Anything If I Only Knew What It Was: How to Discover What You Really Want and How to Get It by Barbara Sher
* I Don't Know What I Want, But I Know It's Not This: A Step-by-Step Guide to Finding Gratifying Work by Julie Jansen
* The Best Internet Businesses You Can Start by Marian Betancourt
* The Shoestring Entrepreneur's Guide to Internet Start-Ups by Robert Spiegel
* Making a Living Without a Job : Winning Ways For Creating Work That You Love by Barbara Winter

There are plenty of free informational resources out there. Check the source box for links to articles.

Hope that helps! I wish you much success & happiness in all your ventures!

Answer 3

The real first step is to know what you want to do. Many businesses are started for less than $50k, and most will fail because they really didn't know what they wanted to do. They didn't have a plan. I've seen people rent over a thousand square feet to sell items you'd find at a yard sale... they went out of business quickly because the overhead (rent, utilities, phone, insurance, etc.) ate them alive. Best advice: Go slowly. Don't' spend any money at all to start! Work on sales! If you can't sell, you'll be out of business quickly. Whatever your product or service, offer it to potential customers without the overhead of a rented building... do it from home. Once you're established and have a track record, and you can figure your cash flow, then get the rented space. Build your business slowly. I've seen too many entrepreneurs doing well to start... then they expanded... and six months later they were out of business. Watch every penny you do spend... that will take care of the dollars. Focus on sales... without customers it's not a business.

Answer 4

There are some reality interior the countless comments, like figuring out different ideas (perhaps based on your journey, or basically stuffs you like) and make slightly examine. Now, i do no longer believe the remark approximately 10K no longer being adequate , relatively relies upon in what corporation you're desirous to pay interest.If its sales appropriate , maximum component of the time, You dont might desire to lots capital, i individually helped some human beings initiate agencies with decrease than 10K and that they are in good track. all of them sales appropriate however. If its some retails, production, then you definately will in all likelihood desire extra funds, yet you are able to continually initiate the corporation after which request a SOHO own loan or SBA . good success

Answer 5

Process:
1) Idea
2) Purchase Supplies (Can't have a supermarket without food.)
3) Need a company name and website
4) Advertise
5) Hire employees as company grows.
6) Develop good financial skills
7) Have good costumer support.
8) Have Fun!

Answer 6

The first step really is determining if you have the personality, skills, and time commitment necessary to being an entrepreneur. If you don't, then you've saved yourself tons of time and money by not starting a business. Being an entrepreneur is a tough, time consuming endeavor. Good luck.

Answer 7

The detemining of which business you would like to pursue should be number one. If for say the computer business is hot but you distain computers, that may not be the business for you. Find something you enjoy and then go for it.

Answer 8

You first need to develop a business plan, outlining you idea, market, and overall profitability

Answer 9

find out what you want to do, or what you are good at. Then research the business, startup costs, projected income/profits, needed materials.

Answer 10

Deciding what type of business you would be interested in and why.