what is the first thing I should do to start planning my own business?

Question

what is the first thing I should do to start planning my own business?Do I need to get a business license first,or do I need to pick a name,get a space to lease get the products ordered. I dont even know where to begin, can some one give me an idea where to start?

Answer 1

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 2

Here are my suggestions on how to start planning for your business:

1. Define your business first. What do you want to do? Make a list of possible businesses you can develop and write the pros and cons of each. Clarify your business model.

2. Check the feasibility of the business idea.

3. Once you've determined exactly what business to start, research about the business -- how much will it take you to start the business, what do you need, who are doing it, who is your target market, how are you going to reach your market. This is your business plan. It is best to put it in writing, especially if you will be seeking loans or investors as they will require a business plan

4. Find out how much the business will cost and where you can get the money. If your resources are not enough, where will you get money? Can you get money elsewhere? If you really cannot raise the funds you need, are you willing to downscale the idea?

5. Decide if this is a business that can be done alone by you, or whether you will need a partner or you will hire employees. Aside from you, who else will be involved in the business?

6. Once you find out that you can really raise the capital you need and the personnel requirements, setup your business. Decide if you want to be a sole proprietor, partnership, LLC, S or C corporation.

7. Go to your local county to find out the steps for business registration, assumed name or DBA, and whether the business will require a license or not. Or check the Web for information on starting a business in your state, specifically from your state or local government websites. Then complete all legal and regulatory requirements.

8. Start the process of setting up the business. If this is a website, then start thinking of its contents, who will design the site, who will manage the site. If this is a restaurant, start looking for location. If this is a recipe book, start contacting agents and publishers or look into the option of self publishing.

9. Set up your office, whether at home or if you will lease an office space. Purchase the equipment you need.

10. Start developing your marketing materials such as business cards, brochures, flyers.

Good luck!

Answer 3

A good idea is to start making money for it...
...then have an idea of what the business will be about...
...then look for similar businesses and figure out how it works...
...plan out how YOURS will work, and make clear how SIMILAR and DIFFERENT it will be to existing businesses, and give it a name and identity...
...get the place and put your business together...
...right AFTER you finish putting it together and workable, hire publicity...
...keep a while analyzing results and reinvesting income...
and then...
...make a party and have me as the honour invitee :D


good luck!