What is the first thing you need to start your own business?

Question

and is it a good thing to do.
are you going to make more money.
or waste more .

Answer 1

You need capital, time, and money.
And a business plan.

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

Isreal,

This will depend on what type of business you are talking about starting. If you are talking about a home based business, you don't need a business degree or a lot of money to get started.

If you are talking about a "brick and morter" type business, then it will require some serious business knowledge as well as start-up capitol, business plan, yearly projection sheet and cash flow statement for the lenders.

In either case, it will take time to build your business so don't expect that you will be rolling in dough from the beginning. However, depending on the type of business you are starting, location of the business and your management skills, you can be very successful.

I have over 20 years experience in home businesses and we are also researching the possibility of opening a retail shop as well. If there is any way I can help please let me know. You can email me if you have questions. If I can't answer them then I will direct you to someone who can.

I wish you all the best in whatever you choose!
Bonnie Ramsey

Answer 4

Capital and a business plan to present to a bank. In the first year most companies go to the wall so you have to be prepared for a rough ride while you establish yourself.

Answer 5

You need a good business plan ! money comes after that coz if ur plan is good it can attract capital from a bank or some investor..other things that count a lot in business are decision taking power..self confidence and determination..

Answer 6

first you need a good idea. Think of something that bothers you and make a business to fix it. second you need a lot of money. you need to hire people bulk buy office supplies and get somewhere to work.lastly you need some good connections then hope that lady luck is with you.

Answer 7

the first thing you need is a good idea or product to sell. starting a business can be a great thing or a disaster. it all depends on you, what your business is, and how good of a plan you have to market you product.

Answer 8

An idea or product is always #1. Everything else works off of that.

Answer 9

Memorandum of Association

Answer 10

you need some money and a good idea to start a buisness