What's the best way to start a business?

Question

My friend and I want to start a small part time clothing and accessory company....we have tons of ideas but know idea on how to start simple.

Answer 1

Use this basic checklist to make sure all the important steps are taken before you launch your new venture. This business checklist will make sure that you cross all your t's and dot all your i's before your business launch.

Steps to Starting a Business -
http://www.developer-resource.com/starting-a-business.htm

Other sites you might find helpful are:
SBA - http://www.sba.gov/
SCORE - http://www.score.org
Small Business Resource - http://www.small-business-software.net

Goodluck!

Answer 2

1) Think large for the long term, but think small in the beginning. Start your business by contacting people that you know ( friends, family, neighbors etc. ). Let these people know that you are in business, and explain to them what a convenient service you provide.

(2) Network your business as a fund-raiser. Contact local schools, churches, civic groups etc. who want to raise money for their organization and keep a percentage of sales as your profit.

(3) Take advantage of any gift giving occasion ( holidays, birthdays, engagements, graduations, etc.) Keep a log of all special occasions for your customers.

(4) Contact local business who having waiting areas (family doctor, pediatrician, dentist, beautician, mechanics etc.) This is an excellent opportunity for you to offer your service at little or no additional cost to the customer.


(5) Ask existing customers for referrals. Most businesses get their start this way. For example: Your beautician built his or her client base from referrals of existing customers. Word of mouth is the most powerful form of advertisement.

(6) Contact your local Chamber of Commerce to get a listing of businesses ( and their address / Phone Number) in your area. Write a letter of introduction, or use our suggested letter of introduction, to contact them. There may be a small fee to get this list.

(7) Contact large businesses in your area.

(8) Keep updates on new residents in your area. Write a letter to welcome them to the community and tell them about your service. Form a business relationship with a local company that deals with major purchases ( real estate brokers, car salesman ).

(9) Build relationships with your customers. Follow up with existing customers on a regular basis ( every 3 mos. ) . And there are NO problems. Hint: Customers follow up is crucial to your business. If you do not follow up, your credibility can be destroyed. If you only call your customers once a year (when it is time to renew ), they will be less likely to renew through you if there have been problems and you were not available to handle them throughout the year.

Answer 3

You might want to consider a business corporation or a limited liability company. It doesn't sound like your business is a dangerous one, so you could probably get away with a general partnership, but if your business fails, then you might be personally liable for unexpired leases and other contactual liabilities.

If I were in your shoes, then I would first consult a very good accountant. You should explain to him/her what your business consists of, what kind of initial capitalization it requires, the location you desire for your business and how much rents and utilities will cost roughly, salaries for you and your business partner, et cetera. A good accountant will review and sharpen your business plan, tell you what things you may have missed or misjudged, and then recommend the best entity for your proposed business.

Your choices are probably limited to partnership, corporation, or limited liability company. Your accountant will give you the pros and cons of each and then you can decide which is best for you. But heed his/her advice carefully. This is why he/or she is an accountant. He/she wants you to succeed just as much as you do.

Good luck to you and your new business venture. Happy New Year.