could someone explain to me the steps that should be taken when you want to start your own business? About how long it usually takes to get everything going? Finacial issues? Serious answers please! Thanks :)
2007-08-22 07:59:06 · 7 answers · asked by It's BRITNEI b!+ch 3 in Business & Finance ➔ Small Business
Since you've never been in business before, I would strongly recommend that you talk to a business counselor before you do anything especially spend money. You have to determine whether you'll start a web based business or one with a store front. I'd call the local office of SCORE (go to http://www.score.org and input your zip code to find the chapter nearest you), the advice is FREE.
The counselor at SCORE will most likely advise you to write a business plan which is very good advice because it will force you to dig out all of the start up details and the costs of starting a small business and force you to also understand all of the aspects of this business including the customers you'll concentrate on (your market ) and how you'll go after them.
You'll need to register the business with your state controller's office and make sure that you have any city and county licenses if any are needed where you live. All of this will come out in a business plan.
Try this link :
http://www.ychange.com/small-business-consulting-articles.html and read some of the articles especially the ones about a business plan and starting a business.
Good Luck
2007-08-22 14:58:56 · answer #1 · answered by Anonymous · 4⤊ 0⤋
Wow. This would be a long answer. I've always thought about trying to start my own business but I don't have good enough credit to get a loan and I'm really picky about what type of business I would open because it would have to be original and offer something to get people in the door and comeback. I think it would depend on what type of business you are trying to open and how serious you want it to be.
1. Would it be a store or online store? Both?
2. Consider your advertising options(Online, starting your own website, newspaper ads, Just Open Specials/promotions)
3. What type of services would you be offering?
I think it's all about planning and being overprepared rather than under. Estimate how much it would cost to start the business and then add on top of that for security. Consider how you will obtain funds to open the business and which bank offers the best loans with the lowest interest rates. I've heard of people taking out loans, borrowing money from friends, and maxing out credit cards to open a business.
Consider a tool to help keep track of finances and maybe even inventory or customer info. A good program for this is Quickbooks. It keeps track of bank accounts, customer info, check ordering, etc...........
I had an uncle that opened up a Restaurant/Mini Market located beneath a hotel close to the Lakefront in Chicago. It was a great location and we offered an exceptional product at an average price but the location (it was hidden under a hotel) and lack of advertising lead to it's downfall. The owner of the building didn't want us to put up a sign outside to let people know we were there and some building tenants didn't even know we were there because it would change so often.
Offer something that keeps the customers coming back. I've always heard that the majority of business is from returning customers. This probably depends on location too....
Hope this helps!
2007-08-22 08:12:52 · answer #2 · answered by guitarfool5931 2 · 1⤊ 0⤋
Forget contacting SCORE. Call the Small Business Development Center. Do a google search.
2007-08-22 13:25:34 · answer #3 · answered by jdkilp 7 · 0⤊ 0⤋
It depends on what kind of buisness you are going to start. If sales/retail buisness usually around 2 years. the 1st year is to recoupe initial start up cost and the next is to cover overhead.
If home or labor buisness such as cleaning or internet buisness then takes around a year to get established.
finicial issues.... make sure you pay bills on time in some cases you can get a 5 - 10% discount if pay early.
dont over extend yourself.... don't overpay yourself.
try to put as much money away in the company name as possible.
insurance is a real big deal. make sure you are covered in every aspect. by doing a buisness plan 1st helps determine what type and how much you will need.
hope some of this helps
2007-08-22 08:02:31 · answer #4 · answered by Anonymous · 2⤊ 0⤋
well my advise would be to do a course first, they usually only take a year at most and you can do them from home, depending on where you live!, search online for courses in your country!
good luck with the business!
2007-08-22 08:03:13 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Why don't you contact SCORE who give free/low cost advice and workshops for people interested in small business. Their website is www.score.org - they are people who have been in the business world for years and are now retired. Good luck to you!!
2007-08-22 08:07:41 · answer #6 · answered by punkinsmom 3 · 1⤊ 0⤋
depending on what kind of business you would like to start - that is obviously a main factor - There are plenty of online businesses you could start up check it out here http://www.waystomoneyonline.com -
2007-08-22 08:05:33 · answer #7 · answered by Anonymous · 1⤊ 0⤋