by jayjay on May 3rd, 2008

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What the best way to start your own business?

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Answers. 4 helpful answers below.

by Mendtos on May 4th, 2008
I would say first order of business is finding a niche thats not exploited in the community or area that you're thinking of starting up in.

Next go for location. If its important to get traffic, think parking, street access, visibility, etc.

ADVERTISING -- look clean and professional and for the love of god, do not have your kids in the commercial. You might think its cute, but it will brand them dorks at school and make people hate your business.

Funding, look into a federal new business grant (not sure thats the right name), but the gov will loan you a chunk of change to get started with and its usually more reasonable than trying to start up using a 2nd mortgage.
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by Tallyman on May 4th, 2008
Depends on your skills, money available, and what type of business you like.

I wish that I would've worked in a restaurant as a kid and planned to start one and learned everything about it while saving almost all my money.

This would be my advice to a young person who wanted to have a business someday. It would probably help learn enough about business in general to start a different kind od business.
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by justinlin15 on June 30th, 2008
You need three things to start up a business:

1. An Idea - In regards to an idea you should perform an personal inventory of your current competitive advantages. Is it your language ability, understanding of certain markets, someone in your network? From there many ideas will come to you.

2. Good People - Do you have a complimentary partner? Having started 5 companies myself I realize that there is no way I could do it on my own. Not only from a technical perspective but from an emotional perspective as well. Finding the right partners is half the battle.

3. Capital - there are two ways to fund a company: (1) debt or (2)equity. Both have their pros and cons but the bottom line is you need to have money to make money.

I hope this helps, let me know what else I can do to help.
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by kelana on June 30th, 2008
Enough knowledge of intended business and enough capital with some back up spares.The most important is to have that will power to start the business and the ability to take risk.
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