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How do you start a business???Hi, i'm really interested in starting a business and i...

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noobcakes4603 | Student, Grade 9 | (Level 1) Salutatorian

Posted April 23, 2012 at 4:41 AM via web

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How do you start a business???

Hi, i'm really interested in starting a business and i thought i knew the fundements, but i got all the facts wrong. So, can anyone tell me how to start a business properly????

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pohnpei397 | College Teacher | (Level 3) Distinguished Educator

Posted April 23, 2012 at 4:49 AM (Answer #2)

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The best thing to do is to have a business plan.  This plan will help you figure out exactly how your business will work.  It lays out things like what your market is going to be and why you think you will be able to exploit that market.  This is the most important thing because it forces you to think very clearly about how it is that you are going to make any money.

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catd1115 | Middle School Teacher | (Level 3) Assistant Educator

Posted April 23, 2012 at 1:16 PM (Answer #3)

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Do you have a particular type of business in mind? If so great! As mentioned above the success or failure of a business begins in the planning. If you have an idea now you need to figure out what type of market there is out there for your good/service. If the market doesn't already exist (aka people already want or need your product or service) you will be fighting an uphill battle that you will likely end up giving up. Some questions to ask yourself in creating your business plan:

-Is there a market? Who is it? How do I get to them?

-Can I create this product/service? How and where will I create it? When and how much time will it take? How much will it cost to create?

- Are there any legal issues I need to consider? Do I need copyrights or patents OR does my product/service infringe upon or require permission from holders of existing products/services?

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stolperia | (Level 1) Educator Emeritus

Posted April 23, 2012 at 2:34 PM (Answer #4)

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The first thing you need to know is what it is you are committed to doing or selling. The process of developing and starting your own business is enormously time- and effort-consuming; you need to be ready to devote all your energy to that project for a long period, which means you need to deeply believe in the value of whatever you are offering as a new product or service.

It's not a matter of deciding, "I want to start a new business" and doing so. There are many steps that need to be taken and decisions that need to be made.

 

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e-martin | High School Teacher | (Level 1) Educator Emeritus

Posted April 23, 2012 at 3:27 PM (Answer #5)

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Writing up a business plan is the first step to starting a business, as pointed out above. This plan will help you specify and define your business concept - the what, where, and how of your business. 

Many of the questions you will answer in a business plan are mentioned above: 

  • What will you provide - a service or a product? 
  • Will you rent or buy a commercial space to conduct your business, work from home, or conduct business online? 
  • What is your market and who are your potential customers? 
  • How many other businesses like yours are out there, in your city, in your neighborhood, or in your state? How will your business compete and compare to those existing businesses? 
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Kristen Lentz | Middle School Teacher | (Level 1) Educator Emeritus

Posted April 23, 2012 at 5:53 PM (Answer #6)

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I have started up several different businesses and the first question you need to ask yourself is "Can I do this by myself."  You need to understand if you have all the necessary skills to run this business, and if the answer is no you need to find people you can trust to help you fill in the gaps.  I agree with almost everything that was listed above, but I felt this needed to be added.

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wannam | High School Teacher | (Level 3) Educator

Posted April 23, 2012 at 9:04 PM (Answer #7)

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I agree that a business plan is a must.  Part of your business plan should show how you plan to reach your target audience.  If you are performing a service (such as lawn mowing), you might consider flyers or other forms of inexpensive advertising.  If you are selling a product, you will need a place to sell these items.  You might sell them at a craft fair or some type of market booth.  You might sell these items in an online store.  You might find a local store that will sell the items on consignment or allow you a display area in their store.  Consider both where you will sell and how you will reach your target audience.  Don't forget to include some type of budget for your business expenses.

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Karen P.L. Hardison | College Teacher | eNotes Employee

Posted April 26, 2012 at 7:34 AM (Answer #9)

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The first steps in starting a business is to develop a business plan that includes budget and financing and market availability. If you don't already know, you'll want to learn accounting and business management while you work out your plan and develop any capital raising proposals you seek to take advantage of.

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dwall20120 | Student, Undergraduate | eNotes Newbie

Posted June 16, 2012 at 9:35 PM (Answer #10)

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wheres thes best place to find examples of business plans for Ontario, Canada

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