ANSWERS: 4
  • Starting your own business can be an overwhelming process that requires lots of planning before the first sale. No matter what business you are planning to open, the steps for getting a business up and running are, mostly, the same.

    Questions for Consideration

    According to moneyinstructor.com a new business owner should be prepared to spend the first three years living without a good income. In fact, you may have to live on nearly nothing until your business turns a profit. You need to know if you have good enough credit to obtain funding for your business. Do you manage your time well? Do you enjoy managing others? Are you willing to work long hours? and not take vacations for awhile?

    Types Of Businesses

    Determine what type of business you want to run. You may have an interest in opening a restaurant, a retail shop or a small factory. Do you have the experience and skills necessary to own the type of business you're interested in starting? Success will be easier if you have experience in the industry or at least a solid knowledge about it.

    Find Your Niche

    Check around your community and determine how many other businesses there are like the one you want to start. Depending on your product and location, you should find a niche in your market that is unique. You will need to give customers a reason to come to your business as opposed to going to your competition.

    Write A Business Plan

    Write a business plan so that you can use it to apply for financing from banks and other lenders to start your business. According to the Small Business Association (SBA), your business plan should include a summary of your business, how you will market it, who the competition is, how it will operate, who will work there, details about insurance and payroll, complete financial data including realistic projections and equipment needs. Have supporting documents that include your tax returns for the past three years, any contracts like franchise obligations, copies of lease agreements, licenses, and any billing information from vendors and suppliers that you will be using for your business.

    Execute The Plan

    Use your business plan as a map to get your business set up. When the details of your plan are in place, hire your staff, train them, get your suppliers lined up and then open the doors.

    Source:

    Money Instructor: I Want To Start My Own Business... or Do I?

    Small Business Administration: Write A Business Plan

  • What can you do?
  • As a startup? Get a decent team and product to put forward into a business model. If you're just looking to go food truck or similar then get your costs and expenses in order.
  • they have grants around to start your own business

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