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

See if you are financially able to meet the start up costs, and have enough money to tide you over for about 6 months of operation,
because you are not going to be making a killing in the opening months.

Answer 2

1. First decide what kind of businesses you are interested in.
2 . Next where do you want your business locally, adjoining City, nearby City, another State ?
3. Next determine is there is a demand for your goods or services. Take a scientific survey or at least go to a meeting at the Chamber of Commerce for the area you intend to set shop, meeting and ask what they seek about the goods or services you intend to offer.
4. If there is no demand for that business, try another business
5. Once you decide people want what you are offering, do some financial analyses. How much will it take to start the business and keep it going for at least six months.

For example:
Rent six months $6,000
Inventory $24,000
(1000 wax candles)
(1000 greeting cards)
Cash Register $500.00
Living Expense $12,000.00
Phone $300.00
Advertising $6,000.00

6. Once you know how much money you need, make sure you have it. If you don't have it you will more likely than not go under.

7. If you have the money pick a location if you are renting, if youa re working from home then it is not a consideration, but you may want to get an executive suite or a po box or something, so people don't know you are working from home. When selecting a location look to convenience, visibility, and traffic. People should see your busines and be able to find it quickly and be able to find parking. If it is too hard to find or see, it is a crappy location.

8. Choose a business name

9. File a DBA

10. Get a business license

11. get your stuff for your business, equipment, inventory, etc.

12. Do a press release, do advertising

13. Open shop

You may want to talk to a CPA and an attorney before you open shop to be sure you are operating legally and prepared for things like taxes, and reporting of sales activities and anything pertaining to employees.

You may also want to set up an LLC or a S-Corporation to protect yourself incase you screw up.

Also read a lot on sales and advertising and marketing.

These are some very basics, but don't open a business until you have some reassurance there is money to be made. That is what business is all about.

Answer 3

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 4

First, decide what you want to do, and hopefully, it is something you have a passion for. Then make a business plan. Look in your phone book, or contact your local university, and find out if there is a mentor available to help you. There are many who will help young people, males, females, etc. so look around.
Don't go into it as if you were just going to order a hamburger (no insult meant). It is a major step, and done right, can make you a viable business person, and make a good deal of money. Success

Answer 5

Do your research and write a formal business plan. A proper business plan will run you through all the major points you need to cover in starting a business.

If you're not familiar with the process, I would recommend taking a class or doing some on-line research on business plans at the very least. Check with your city or county clerks office regarding business licenses.

Best of Luck!

Answer 6

The first thing you need to do is create a business plan that describes you business, objectives, finances, potential merchandise. Once this is comprised (dont rush it) it needs to be given to a bank to be approved for loan. Such things as your forcasted profits(or losses, generally losses for the first few years). You also need to include who your target market is. What age or financial background of people are you trying to reach, how, and why. This is sooooooooooooooo important because the bank needs to be sure they can put there money in your business without losing it. good luck. dont get discouraged if you are not successful in the begginning

Answer 7

First you need to create a business plan. You can approach your SBA which has free courses on business planning, or else google "Create a business plan" and you will get step by step instructions.

Before you can begin to register your business, you need to:
1) Decide whether you're going to be a sole proprietorship, partnership, or corporation.
2) Decide on a business name.
3) Register for a business license from the town you will be operating from.

Some good resources are:
www.myownbusiness.org
smallbusiness.aol.com
www.sba.org
www.entrepreneur.com

Answer 8

Hello
Some people would say the first thing on planning your own business is to know the business you are starting.
In other words if your product is selling clothes make sure the clothes you are selling are of good qaulity and a good price so people buying your product are gettting a quality item at a good price.
Of course the next thing is to buy at one price and sell at another price in other words making a profit.

Good luck

Answer 9

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Answer 10

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