I want to start a business but am having a tough time focusing where to begin. I know what I want to do, but don't know what I should do first--read a book, take a class (and if a class, which kind? Accounting? Management? Law? All I want to know is "how to start a business."). I think what I need to do first is do market research to focus my idea more and make sure there's a need for what I'm offering...but after that, then what? How can I do everything right without breaking any laws I don't know about?
2006-12-01 13:53:59 · 10 answers · asked by sarcastro1976 5 in Business & Finance ➔ Small Business
Better yet, it would help if you told me what you did first. Thanks.
2006-12-01 13:54:50 · update #1
Knowing what it is that you want to do would help in answering your question.......but I'll try...
First, find a business that is like the one you want to start....then ask alot of brutal questions.
What kind of hours are involved
How many people do I need to do this
How much do I have to sell to make it
Write out a perceived budget, what are the costs, how much is the profit,
Why is my business going to be better then whats out there.
How can I stand out.
I have great ideas on marketing a new company if I had a hint on what kind of business that your going to start
good luck
2006-12-01 14:01:00 · answer #1 · answered by Patrick 3 · 0⤊ 0⤋
Well If I Were you
i will get first some Books about Business and see the Mistakes people do and the way they handled
that will cut a lot of time for you
second
**Study alot about Your plane
**Focus On What you are doing
**Have a Faith in what you do,
Remember if you Have no Faith Your Business won't work
Third:
Try and Talk to a lawyer about Your business what what you should do towards the law so you will be Straight
and that is some Advices
But The Most Important is to Have Faith and Believe in what you are about to do and God will help you Make it work
Peace hope my words makes sense to you
See-ya
2006-12-01 14:11:24 · answer #2 · answered by Smooth 1 · 0⤊ 0⤋
You must first find out in your state and city if you need any licenses for what it is you want to start.
Then figure out how much money it will take. Write up a proposal for the business... Show the banker a projection of the future you anticipate.
Do you need an area for this business?
Do you need insurance, liability and bonding?
Will you hire employees?
Find and interview accountants. Get one that is truly smarter than you for you have nothing to gain otherwise. Have people smarter than you working WITH you. Avoid taxes, do NOT evade them.
Will you need to advertise? Is this amount figured in on your proposal for the bank if you need to borrow?
Inventory ? When? Where? How?
Who will do any billing for the customers?
All these things need to be answered and hit head on before you start. Depending upon WHAT THE BUSINESS IS will depend upon how much homework you have to do ahead of time.
2006-12-01 18:31:55 · answer #3 · answered by Kitty 6 · 0⤊ 0⤋
Look for a chapter of SCORE(service corps of retired executives) They volunteer their time to help people just like you, I wen to them. I can say I basically found that I was on the right track.... but my business was very small and not complicated at all. See your county tax collector, they will help keep you out of trouble, call and talk to your state tax office and comptroller also, they have loads of info for you. Also, talk to other small business people in your area. Starting a business is not something that happens over night.... it takes time, much you will learn as you go. Become familiar with the schedule C and you should be well on your way.
2006-12-01 14:09:11 · answer #4 · answered by tmarschall 3 · 0⤊ 0⤋
Mine is a practical one. I started six months ago with a projected financial plan. I played with figures using my assumptions.
I listed all possible and necessary business expenses for a month. I estimated how much money will come to me during 1 month period. Income minus expenses equals net profit/loss. I asked myself, Is this the amount I would like to receive every month from my business? If not enough, were there strategies to raise cash receipts and lessen expenses? Were these strategies doable?
If yes, what are you waiting for? And so here I am, happy with my small business and hope to expand it big next year..
2006-12-01 18:40:50 · answer #5 · answered by junior 6 · 0⤊ 0⤋
Business opportunities from home on the Internet today represent a ground floor opportunity for people of all ages worldwide. The Internet has the power to transform a website into a global entity instantaneously.
2006-12-03 18:05:21 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Pretty vague(sp?) question, but whatever you do, keep close records of your taxes i.e. sales tax. Depending on where you live, remember to charge the 6.25-6.75% sales tax. I've seen so many businesses go because of IRS tax violations, and keep accurate records, this isn't hard. Get yourself a Ledger, and keep track of sales. Also keep track of expenses, because there are alot of tax exemptions out there. If you run your biz. out of your home, then a % of heating, phone, water, electric bills are tax-deductable, and in some cases dineing bills, gas for auto (so much per mile) if your manufactureing, than initial purchases to start your business can be claimed as tax-writeoffs
2006-12-01 14:15:19 · answer #7 · answered by Stephen L 2 · 0⤊ 0⤋
Join my small business group for free!
2006-12-01 15:35:16 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Yahoo Small Businesses, has some great tips and assistance!
http://smallbusiness.yahoo.com/
2006-12-01 14:02:27 · answer #9 · answered by Golden Ivy 7 · 0⤊ 0⤋
read tips on small businesses, loans, investing, and much more to help you on this site
2006-12-01 14:01:53 · answer #10 · answered by Anonymous · 0⤊ 0⤋