How do i start a small business? How much money do I need? Where is the best place to find investors? Or is it better to get a small business loan? Is my business idea good?
2007-01-18 12:12:40 · 6 answers · asked by Business_man 1 in Business & Finance ➔ Small Business
If your not self wealthy then you will need a loan, investors, or great marketing skills.
In any instance of where your money will come from you need to have a good business plan FIRST. People don't want to hear you talk and saying I'd like to and I was thinking about. You need it on paper and-well planed out, you are selling your Idea. Its not to say that the people your selling it to might want things changed to conform with what they need to fund you.
A good business plan should have: cost of the property, insurance, equipment, utilities, pay roll, and advertisement/marketing.
The property needs to be investigated. How much traffic travels by this location. will the layout of the building allow function for your business. Is there a target group of people that would go to this location. Are there other business like this one in the area?
Insurance: find an insurance company that covers other similar types of businesses. Find out their requirements and what coverages they cover.
Equipment: Locate supplier(s) of the equipment you are looking to have in your establishment. Can you lease the equipment, do they have good used equipment, do they offer warranty's.
Utility cost: Power and water and gas standard public utility stuff. Then you have internet, phone, and cable/satalite. could be from seperate companies or one grouped package.
Pay roll: How many emploies will you need? What roll will they have and what wages are.
Advertisement/Marketing: Costly but worth every penny. You can hire someone skilled in such an area or try it yourself. But most times you will spend more trying to do it yourself for a longer time than if you hired someone to do it for you. REMBER the best advertisement is word of mouth! You make the people that come to your business happy they will tell their friends. If you don't keep happy people comming back and bringing others no amount of advertising can keep people comming to a bad business.
And Profits: How much is your profit margin? Expected profits monthly. And Yearly profits.
Rember befor all of this you need to find out from the local govenment what license will need to be obtained to operate such a business, a business license will need to be obtained for sure, taxes collected and having food will meen Inspection.
There is a lot of information to obtain before you can even get started to opening the doors. A well thought out business will encounter unforseen cost and down falls but are better equiped to overcome them. Where a lesser planed out business would have to close shop and lost dreams.
Good luck
BTW: you can never have enough money to start up. Keep family members away from being main investors due to any conflicts that may arise. and Yes it is a good Idea if you are willing to put 200% of yourself towards it. 3 years is what it will take you to know if its going to work for you.
2007-01-19 15:45:57 · answer #1 · answered by tc_an_american 7 · 0⤊ 0⤋
Pool Hall Business
2016-12-14 18:45:48 · answer #2 · answered by rothman 4 · 0⤊ 0⤋
Talk to an American Express Small Business Loan officer. You need a business plan. Do some research about the business. See what other people have done. Find out what the start up costs will be.
2016-03-18 00:13:08 · answer #3 · answered by ? 4 · 0⤊ 0⤋
There are pleanty of resources online and offline to help you start your own business and write a business plan.
Online:
SBA Articles About Business Planning
http://www.sba.gov/smallbusinessplanner/plan/writeabusinessplan/index.html
Free Online Business Plan Program and Start-Up Articles
http://www.diybizplan.com
They also have an overview of the process of starting a busienss and articles on the registration process with links to additional resources here:
Starting a Business Overview
http://www.diybizplan.com/default.php?act=11&catid=74&id=83
Business Registration Overview
http://www.diybizplan.com/default.php?act=11&catid=74&id=68
Business Legal Structure - Single Owner
http://www.diybizplan.com/default.php?act=11&catid=74&id=69
Financing Your Buisness
http://www.diybizplan.com/default.php?act=3&catid=75
More articles on Starting a Business
http://www.startupbiz.com
Offine:
Check with your local
SCORE Office - voluneteers who mentor entrepreneurs
http://www.score.org
SBDC Office - Help with Business Planning, Financial Projections and Identifying Loan / Financing Resources
http://www.sba.gov/sbdc/sbdcnear.html
I hope this helps
dwadholm
2007-01-22 04:29:41 · answer #4 · answered by MrBizPlan 2 · 0⤊ 0⤋
If your idea is to make a small fortune, then you need to start out with a big one.
2007-01-18 12:18:45 · answer #5 · answered by ? 3 · 0⤊ 1⤋
http://www.smallbusiness.com
2007-01-18 12:16:00 · answer #6 · answered by sunflare63 7 · 0⤊ 0⤋