I want to start my own business and I need some advice!?

Question

I want to start my own business. I have wonderful ideas about what kind of business I would like to start and I think my business would really go far. But I have a couple problems. I don't have any money, only a high school diploma, I am currently in college but not majoring in business, I am anxious to get the business going, and I have no credit. LOL I know it's terrible. How in the world will I ever get a business going? I need the best advice available. Should I look into getting a partner to go into business with me? And if so, how would I go about getting a partner? I really don't know a lot of people, that's why I'm asking these questions on Yahoo Answer.com lol. If someone could help me I would appreciate it. Thanks! Don't be too harsh!

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

First of all, business is tough. For example, here are a few things to consider:

Sales
Margins
Expenses
Net Income
Taxes
Marketing
Balance
Sheet
Statement of Operations
Statement of cash flows
Employees
HR Issues
Law
Corporation vs. sole proprietor
LLC
Finance
Economics

As you can see, there is a lot to running a business. HOWEVER, millions of small businesses start up every day. The most important thing is do you have something that the market needs and that you can sell and make a profit??

Go for your dream but learn all you can about running a business...and if that is your dream why not consider majoring in business?

Steve P
MBA

Answer 3

Harsh? Don't be silly, this is a good legitimate question. Miles and miles above "when will I get my refund" or "how can I get a loan with bad credit and no income".

The first thing you need to do is write a business plan. There are companies that specialize in helping you write one, or fairly inexpensive software to help you along. Your business plan will include information like what your product is, how you will market it, how much you expect to earn, and many other aspects of your business and your personal history.

Once you have your business plan, you can go looking for credit. Because of your plan, you and your lender will know how much you need and how much you expect to make to pay it back. Your best bet may be a bank that works with the Small Business Administration (SBA) for financing.

When you find financing, you would need to register your business name and get the appropriate business licenses from your city and state. Find a location to start your business, and start raking in the money!

This is kind of a condensed version, but to answer your question completely would require way too much space. Check in your city or nearby cities to see if there are any offices of SCORE. They offer free mentoring for people who want to start their own business. Best of luck to you!

Answer 4

1. Make sure you come up with a business plan.

See http://www.teneric.co.uk/sample-business-plan.html for some great examples on multiple topics.
Do some market research, get copies of publically accessable company accounts to see what they've made and when, you can match this up to product launches they've had.

2. You're best off going to a bank who offer business loans. Give them your proposal, make sure you're smartly dressed, look PERFECT and you come across as really enthusiastic about it.

3. If you get to the above stage, don't be afraid to say "I don't know" to any questions. Of course, you need to get clued up on your subject however you won't know everything. If you don't know something, tell them you don't know but explain it's something you will be going over with an advisor granted you got said loan.

4. If you don't succeed, ask for feedback and try again. Believe it or not, lot's of people get turned down the first time.
However, this is the time to ask why. They may not tell you, but if they're nice they will. If you do get feedback, don't take it negatively - look at what they're saying, try and make improvements based on their comments.

Best of luck

Answer 5

First you will have to have a business plan put together. Probably the best place to go next then would be family and friends to see if they want to invest in your business or know anyone who could help you out. If they believe that you can succeed, they should help steer you in the right direction.

Answer 6

It is a very competitive world. You should get into a ground floor type of business that you can grow in. That business is Health and Wellness. And it is rapidly growing for the people that are in it.
We are in it as you can see in my profile. Contact me if you wish. I don't think you want the world to know your personal business and won't mind communicating with one or two people. That is why I ask to contact me.

Answer 7

HI,

What Kind of Idea's you have to Set Up a Business.
Money can make Through good Ideas Pls let me know your Idears.

Regards
Reddy

Answer 8

if you are looking for information about work at home jobs then visit the best work at home forum out there
http://www.work-at-home-forum.org there is alot of useful information there about work at home jobs and work at home opportunities there is a lot of ideas out there of what you can do from home that is legitimate
i hope this is useful
good luck

There is a section over there that explains prosper.com
its an online site that you can borrow money online

Answer 9

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