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Thread: Steps to start a new business

  1. #1 Steps to start a new business 
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    Hi,

    can anyone help me out for the steps to follow to start a new business ?

    Thanks.


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  3. #2  
    Forum Ph.D. Nevyn's Avatar
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    Depends on what type of business


    Come see some of my art work at http://nevyn-pendragon.deviantart.com/
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  4. #3  
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    as said before, the easiest way to get into business is to buy one already on going. this generally eliminates start up cost and gives cash flow from day one.

    personally i have done from scratch and bought another's. grocery, motels, bars, trailer parks and a few apartments.

    retail, manufacturing, service oriented or web based all have different things to check out. laws, permits, zoning, taxes, employment requirements differ in each state, to say nothing of federal regulations on some forms of business.
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  5. #4  
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    Say to start a business of freelancing.
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  6. #5  
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    Quote Originally Posted by weknowtheword
    Say to start a business of freelancing.
    thats a tough one. whatever your interest is, check with a couple that could use your type service. reporters, writers, photographers and advisor's are a dime a dozen. my last couple years have been along the line as a financial adviser, but with little success. over the years, i have had articles published, done some interviews which were aired and given ideas on various subjects to real authors. in all honesty i could have never made a living at any of it.

    a few editorial writers have come from the general public, but from a background which gave their name some recognition. other have given samples of their work to some particular party and have been picked up from their clients. even *letters to the editor*, have worked as anything will help with your profile. as for the WEB, you will have 10k competitors from day one, but then you will have billions for potentials clients.
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  7. #6 Choose a business structure 
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    Choose a business structure. Select a business entity type for a brief overview of the principal types of legal business structures. A legal representative and accountant should be consulted before making a determination as to the type of business entity to form.
    -------------
    Stellathomas

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  8. #7 10-step guide to set up your own business and make it succes 
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    Do what you love. You're going to devote a lot of time and energy to starting a business and building it into a successful enterprise, so it's really important that you truly deeply enjoy what you do, whether it is running fishing charters, creating pottery or providing financial advice.

    Start your business while you're still employed. How long can most people live without money? Not long. And it may be a long time before your new business actually makes any profits. Being employed while you're starting your business means money in your pocket while you're going through the business start up process.

    Don't do it alone. You need a support system while you're starting a business (and afterwards). A family member or friend that you can bounce ideas off and who will listen sympathetically to the latest business start up crisis is invaluable.

    Get clients or customers first. Don't wait until you've officially started your business to line these up, because your business can't survive without them. Do the networking. Make the contacts. Sell or even give away your products or services. You can't start marketing too soon.

    Write a business plan. The main reason for doing a business plan first is that it can help you avoid sinking your time and money into starting a business that will not succeed.
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  9. #8 Re: Steps to start a new business 
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    Quote Originally Posted by weknowtheword
    Hi,

    can anyone help me out for the steps to follow to start a new business ?

    Thanks.

    Hi weknowtheword!

    If you're asking me what are the steps to follow to start a new business? Well, it depends on what type of business are you going through.

    Why not try making money easy online? Visit my blog at: http://makemoneyeasy-online.blogspot.com/
    makemoneyeasyonline
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  10. #9  
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    Quote Originally Posted by jackson33
    as said before, the easiest way to get into business is to buy one already on going. this generally eliminates start up cost and gives cash flow from day one.
    I would agree that buying an established business is the easiest way to get into any business but that would mean paying a premium (actual value of the business + intangible value such as brand etc). You can recover the cost in a few years, depending on how well the business is doing.

    There is also the franchise business. Business franchises offers lower risks and brand recognition. Also lower start up cost and efficient management practices.

    I've started my own retail hardware business and frankly I would not advise anyone to venture into starting up their own business unless:

    1. You're really passionate about owning and running your own business.
    2. Have solid business plan which should be meticulously written, everything from marketing to financial to management every little detail must be listed, ironed out, planned, etc.
    3. Have funds to start up business and keep it running for the first year (this depends on the type of business, some may need more funds some less). Always have more than enough funds in case extra expenditure arises. Never work on a tight budget, and always try to get the best value out of anything u buy for your business start-up, always compare prices don't just go to one vendor.
    4. Do not be over confident. Check and recheck as many times as possible. 1st idea may seem workable, after running through it a few more times changes might need to be made.
    5. Know your required break-even profit. Have prepared proforma cash flow (using accurate costs, expenses).
    6. Try to reduce cost where ever and whenever you can.
    7. Be prepared to do put in more effort than what you expect. The rule of thumb is the more you prepare for the startup, the easier the process will be.
    8. Support from family and friends are important.
    ~ One’s ultimate perfection depends on the development of all the members of society ~ Kabbalah
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