I have never started a business. I need some advise and direction. I have an idea but need more of a mentor and advise on next steps?
I have spoken to people to outsource the development stage. I have the idea and know what I want to accomplish but I am very unskilled at putting together a business plan and gaining capital or making connections with people. I am great with people but I am feeling frustrated about how to proceed. Thank you everyone for your help.
Contact a business coach . Free downloadables on www.actioncoach.com. You provide energy and product/service knowledge ,your coach brings a proven business building system and 20 years experience.
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Good luck :-)
Hi David. Great that you have your mind set out to be entrepreneur. It is road that I would advise to travel even at a college student stage (one eager to learn will always be a student).
I am willing to walk with you to be successful. If you are willing to invest the necessary time, I will assist you through the Skype video calls. Let me know.
There are many that may provide you options, but EVERY business and situation is different. If your energy and time are the resources that are more plentiful right now, find a someone that you can trust that has started a business before and listen to them. If you have financial resources to invest - find a business coach/consultant to help avoid the pitfalls and landmines that are ALWAYS part of the path. Your ROI in year 1 should be about 3:1 - or better
Hi Mr. Hudson,
This is a feeling a lot of us professionals such as yourself go through. Yes, a sound business plan with the least risk, least capital (or even preferred is no capital) and making connections with people could lead to a higher chance of a start-up success. Higher capital might enhance it as well if capital is available. I hope we can discuss this in detail. How do I get in touch with you?
The very first thing you need to do is to try your idea out on your friends and family. If it works and they like it, then there could be a market for it. The second thing you need to do is get your business structure in place. The third thing is to try this software www.growthink.com which has a free download to build a business plan you can write for yourself in about 8 hours. The fourth thing you do after that is start all over and try your idea out on more people. And just keep plugging away at it. Not always do you need funding to make a great idea work.
Not knowing what type of learning and coaching style you possess..... important components are:
testing and trials (just doing it)
A combination of all is important....
I would start with engaging a coach or consultant before you spend any time defining a business plan or seeking money...... business plans and money are not needed by every business... be smart and prioritize what you need to do and where to spend money....or you will be hitting yourself with money down the drain.
Work for a startup first. Get the skills and experience.
David, many good ideas have been offered to you below. All of my clients (I'm a business advisor) all started from scratch just like you and the key is to complete a SWOT analysis and understand your strengths, weaknesses both as a business person and as a sales person. No matter what your product or service you'll be selling somebody something. This process requires you to be brutally honest with yourself. Then brainstorm these 2 questions- What opportunities are there that I can take advantage of to advance my new business and what threats are there that could stop or impede your business?
Then decide how will you compete with your competitors...by price?, or value?, or both?
Creating a business plan will answer all those questions. Find an experienced business advisor in your area to meet with you.
Contact me directly if you need more ideas.
All My Best....
You should always start with a business plan, based on the assumption that you have a product or service you wish to sell. Completing a business plan will help you focus on the reality of starting a businesses, especially the financial aspects.
Be prudent when you do your business plan, do not overestimate sales revenue, and remember, even if you have the best product or service in the world, it will still take time for you to build a local, regional, national, international reputation.
Be careful what you invest in, we are in a dynamic world, what once applied today, may not apply tomorrow. Everything you put your efforts into must make a return on that investment, and you need to know what return you are looking for in the context of each investment.
I know plenty of people who for example invested £50K in equipment and the equipment was never used, because they had to modify it and did not have the time to do the modifications at the time. Three years later, the modifications had not been done, the machine never made any money, and was worth nearly 50% less then the purchase price.
None of its rocket science, just common sense at the end of the day.
I agree with the recommendation to contact your local SCORE office. Find your local office at www.score.org. You will receive seasoned advice in many different areas, and at no charge
develope your mission statement first. What are you really looking to do and why would anyone want you to do that for them
I assist people with bringing their products to market and from my experience you need to develop a budget to accomplish what you want to do.
You will need to hire people to:
Develop a product that can be produced.
Develop a business plan which can cost as much as $15K to be written by a professional.
Determine how much you are willing to spend on bringing the idea to fruition.
Hire good people to work with you who understand the market you are going into.
All the answers to date are great.
Also anything you develop wil take as much as 3-5 years to become an overnight success.
I think I can help you. I am a Business Coach and have done several start-up Regional offices in the Middle East, India and Asia. I am doing my certification for Business Coaching and need a lot of hours to get certified. Therefore, I am willing to offer FREE Business set-up coaching and you could be a great candidate for this considering the Coaching experience that I have and the many years of new business setups. If you are interested, please send me a message.
We can have a chat one of these days if you are interested.
So many things has to consider when starting up a business. I still need to do a lot of things when working on startup businesses even through I already ventured 7 startup businesses.
Too many good advises here already, I just like to share what the first thing I normally for a startup business - design than build a scalable, repeatable and viable business model.
Please let us know what business you would like to do. You need to understand 1) what is your strength, 2)what business you would like to do 3)Market and consumers 4)Investment etc. PLease feel free to share the details and then you can take the next steps.
Starting a business is a great idea if you have a great idea or can provide a product and service that other people or businesses will buy. You need to test that your product and idea has a market before you lose your life savings or the savings of friends, family or fools (they are usually the only investors available first time round :-)).
To do that you need to gather all the facts and evidence you need (Preparation), analyse all that information (Analysis) and set out your goals, primary and enabling objectives in a one page plan. But you are not finished yet! Review the plan and put together a plan on how you will execute that plan (Execution). The critical step here is to make sure you have in place and can afford to put in place the necessary resources to accomplish your plan. As you implement your plan you need to verify that what you planned to do is being done and if changes are required that the changes will still achieve your goal and are the best use of your resources (Verification). As you get towards the end of your first phase in your business make a conscious effort to review what you have planned and how the process has worked noting what you need to improve in the next phase of your business (Review). If you like this approach I have a lot more to say about it on my Blog here http://www.russellyardley.com/step-by-step-business-planning.html
You start with a business plan.
If you are in the US, then check out SBA.Gov.
Also look for your local SCORE chapter and if you are a veteran, look for the Veterans Business Outreach Center (VBOC) for your area. Their services are free of charge for veterans.
Hi there! What type of product or service are you selling?