How do I set up a small business?

Question

What is absolutely nessesary for a business venture

Answer 1

I have set up a couple of small businesses successfully and unsuccessfully, and I work with government organisations to promote enterprise. So it's great to see you're keen to start a business.

In terms of what you need, I'll address this in two ways.

Mentally:

Mentally you need a lot of tenacity to be able to have the courage and dedication to succeed. Self-belief is paramount to your success


Physically:

By this I mean what you actually need in your hand to start the business. Firstly, you need a good idea and I'm guessing you have one :o)

Secondly, you need to speak to a business manager at your local bank. They're not entrepreneurs but they are objective critics of business ideas, and will give you sound advice on your next steps (and don't think they'll just encourage you to get a loan from them, they won't). They will advise you on accounts, where to find investment in your idea etc. They will also give you some freebies (I know Barclays give you a 30 minute free consultation with a solicitor, accountant AND marketing consultant in your area).


Hope that helps.

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I'm a Make Your Mark Connector. Visit http://www.starttalkingideas.org/next_steps/networks/make_your_mark_connectors for more...

Answer 2

I started my business with little or no money. I started with easy stuff and that was cleaning my pc. I organized my desk and set up an office.
I went to yahoo home page and sign up for a free web page. Paid $1.99 for my web name. I made my self a sole proprietor and incorporated so that my business tax Id number would be used instead of my personal credit . I work from home so I organized and clean everything around me including closets Within a few days people from other companies sent email to link up. Which brought me business. What I would of spent in over head I spent in advertising. Which was the best thing I ever did.
The first year I work a night time job in order to keep this business going. Now its my 3rd year and I'm doing so much better than I ever thought I would be doing.
So I would say starting with nothing, making do with nothing is absolutely necessary for a business venture. Ive since read about the bigger corporations that started from home based bussiness have better staying power because of starting with nothing.

Answer 3

First MONEY! Unfortunatley it takes money to make money, so if you don't have the capital you will need to look at getting a loan or finding investors. Put together a business plan, this will include start up cost, projected sales over the next five years, operating cost, etc.... You also need to look at the cost of leasing or buying the property assuming that you will have a business that requires space, also there may be additional fees that you need to find out about such as licenses or permits. It took 4 months for me to put my business plan together, another three months for build out, inspections and other fees before I got the doors open for business. Do your research thouroughly before you venture off into something, its a big step but can pay off very well in the long run.

Answer 4

If you told me you was going to Fly a Plane I would advise you to take a Flight training Course First. Same thing with a Home Based Business, There are Home Based Business Courses That can Teach you step-by-step how to start a home based business.

When you find a Home Based Business course that You are interested in the small amount that you would invest in it, Would be well worth it to you in the long run, Once you have a highly successful Business to make money online for yourself.

Answer 5

Easiest and virtually free way to do it is to work from home - I recommend Forever Living Products - you can do as many or as few hours as you like and typically on 1-2 hours a day you will earn £1200 per month after 5 months and £30-£40k per year after 2-3 years - if you do more hours you should get more.

They are a $2 billion company growing at 25% per year and need a lot more people - no investment required also, regulated by Dti and Office of Fair trading and have investors in people award also.

link is: www.efi-international.com

Answer 6

Go to Small Business Administration site. It will give you plenty of necessary information about opening a business.

Answer 7

if you have a local princes trust they will give you money to start up your own business and help you with everything from business plans to finding property have a look on the net to see if you qualify you just have to be between 18-30 years old i think ?
I'm just about to open a shop selling baby products they are really helpful
hope this helps !!!!www.princes-trust.org.uk

Answer 8

city hall get small business liscense, if i work at home u dont need to pay extra rent for the building. you'll need money to invest into the business. also i suggest you learn everything you can about the product(s)/service you'll be providing. the web is perfect source for that.

do the research, do the math, count the costs before you go into it blind. then see if you can get people to help you.

Answer 9

you ought to envision out Yahoo Small organization- ecommerce, it substances the flexibility to have an internet save. this type you are able to have the alteration organization without starting up a actual save and attain a extensive target market because your organization could be on-line.

Answer 10

I really don't have any personal experience in owning a small business, but I ran across some articles which might help you. I just thought it would be a nice gesture to offer it to the Yahoo! Answers community:

http://wehow.ehow.com/how_2029299_structure-business-legally.html
http://wehow.ehow.com/how_2029025_own-business-righting-financial-ship.html
http://wehow.ehow.com/how_2029039_start-own-business-avoid-stress.html
http://wehow.ehow.com/how_2029138_deciding-exactly-what-want-do.html
http://wehow.ehow.com/how_2029144_home-office-tax-considerations.html
http://wehow.ehow.com/how_2028767_be-own-boss-looking-inward.html
http://wehow.ehow.com/how_2028782_be-own-boss-looking-outward.html
http://wehow.ehow.com/how_2029021_business-what-have-no-credit.html
http://wehow.ehow.com/how_2029022_business-improving-credit-simple-strategies.html
http://wehow.ehow.com/how_2029023_business-more-steps-improving-credit.html
http://wehow.ehow.com/how_2029024_more-steps-improving-credit-score.html
http://wehow.ehow.com/how_2029038_body-healthy-starting-own-business.html
http://wehow.ehow.com/how_2029041_assemble-core-team-starting-business.html