How do you start a small business if you have a good idea,any advice?

Answer 1

This has to be the most popular question on Answers. Have you checked the archives for past suggestions??? I usually suggest to people that they go for free counseling with the local SBA or Cose (Council of Small Enterprises). Check your local phone book for the numbers. SBA is Small Business Administration. One of the best starts is with a library to get a few books on writing a business plan. It's amazing how a business plan will help with getting financing but even if you don't need financing, a business plan can help you determine your costs and needs and help you target the best customers, address your competition, find your break even point, and just keep yourself on track. Your good idea may be a GREAT idea once you refine it. My motto is, "don't wait for your ship to come in ... swim out to meet it." Make that phone call to COSE or SBA before the idea cools down. I wish you the very best of luck in your endeavor!!!

Answer 2

First off your going to need a purpose for your business. What are you going to do or sell?

A good starting point is would be picking something that you enjoy doing. If your into computers. Maybe doing repairs or web design. Maybe you have some sort of hobby that can lead to something. Woodworking, Auto Repair, Sewing, etc.

I have a friend and shortly after he got out of high school he started a construction business. He does home remodeling, roofing and what not. He is making a nice chunk of change doing this. Also another buddy loved hunting & fishing. He thought it would be a great idea buying a sport shop. This one backfired on him. All the time he use to be doing his favorite activites he was now stuck behind the counter waiting on the sportsmen going out. So keep that in mind too. Running your own business can take up a lot of your time.

As mentioned using a hobby skill can take you far. Look at the Yankee Candle Company. It started out with a 16 year old kid making candle for his gift for his Mom. Now 30 years later, he's making over 80 million candles a year.

But keep in mind there is a lot more than just running a small business. there is insurance, licenses, taxes, etc.

Answer 3

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:

* 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

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 4

I would recommend that you write a business plan and have it looked over by a business mentor. It will help you see whether your business idea is feasible or not and sort out whether you are serious or not.

This is what I did when I started my business. It took at least 6 weeks of research but it made me realize that not doing it is one of the primary reasons why 90% of small businesses go to the wall within 2 years.

Answer 5

It really depends on how small you want to start and what it is that you are selling. You might want to go here to get an idea as to how you can start out small (to give you time to build up your funds before you go out and start incurring major expenses)

I have actually had some pretty nice results with this:

http://www.mittenstate.ws

Go there, enter in your information so you can see the video, and it explains it all from there. I can walk you through the process step by step if needed just to make sure you are successful. (Please keep in mind; this is NOT a get rich quick scheme.) In my opinion, the best thing about this is that it doesn’t require a high startup investment. (Considering you can start for free). I definitely recommend test driving it. If you have any questions, please feel free to contact me. Hope This Helps and Good Luck!

Answer 6

A good way to get things out there is the internet. If you make an appealing website that displays your products or services well, it can be very profitable. Make sure that you advertise your stuff so as to appeal to your customers- think about what they need or want and show them that your products will be useful to them. Also, just talking with other business owners can be very helpful.

Answer 7

It helps to have lots of money, but the best place to start is the Small Business Administration, or SBA. They do require a sound multi year business plan before they caugh up any money.

Answer 8

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Answer 9

Starting a Profitable Home Based Internet Business
By: Alan Ocab

This article can answer some of your question. You may use this web site for further research.

Good Luck.

Answer 10

Find a name for your biz. Prepare a nice plan and put it on the paper. Register your business. Some agencies or attorneys, cpa's help you for a cost.
Then advertise and offer your biz services.

The best, I recommend to you is to go to Score.org if in US, and find the chapter nearby you and talk to them. They are a group of retired entrepreneurs now ready to help the budding.

All the best.