What advice do you have for starting a business?
I want to start a business but I'm not sure where to begin. I have taken courses on Coursera and read many business books such as Michael T. Porter's "Competitive Strategy" and Robert T. Kiyosaki's "Rich Dad Poor Dad" but I still can't figure out where to begin with creating my business model/blueprint. I'm hoping the experts here on business.com can help provide me with suggestions. Thank you!
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I think the best advice I can give for starting a business is to start it as a side hustle. This way, you can minimize the risk. If you start it on the side and start earning some extra money with it, the transition from employee to employer will be much easier. Side note, there will never be a perfect time to start or make the leap to a full-time entrepreneur, so don't let that stop you.
Before starting a business, there are certain traits and a certain mindset you must possess. You need to register your business with your state. You need to research on legal business requirements first, so that you may not face penalties. There are also some regulations regarding tax deductions and expenses. You should also be familiar with business-specific tax liabilities. And as you hire employees, you need to understand and follow employment laws. You must see yourself as valuable enough to invest your time and money into it. Entrepreneurs have to know their own self-worth and believe that they have more to offer themselves and the world than any other company.
You need to have a desire for ownership. For this, you must understand the power and value of ownership instead of working hard to build someone else’s vision.
You have to know how to deal with setbacks, obstacles, and disappointments. This journey will be harder for some than others. Your race, gender, and social status can all be factors in determining just how easy or difficult your entrepreneurial journey will be. But no matter what your background is, one thing is for sure: things won’t always go your way. You need to have the courage to keep moving forward, no matter what.
Depending on what kind of business you start, it is likely that you can opt for outsourcing back-office services, data management, bookkeeping & tax preparation, insurance, legal, etc. at a very low price. Or at least cheaper than your time should be worth to you. If you can manage to invest a grand or an amount close to that, you will be surprised how much work you can get done in a month while just spending a few hours in the evenings.
Oh what a year you've chosen to start a business. It's the year of turning tables and the industries that were at the top have tumbled while the ones down have risen exponentially. It's the time of on-demand services and total digitization, so if you are planning to start a business, I would suggest go digital or go home.
Look around and you will realize that the on-demand services is the future of businesses. Whether you need an on-demand taxi (Uber), On-demand grocery (Instacart), On-demand handymen (TaskRabbit), On-demand food (Zomato), etc. You need to do thorough research about all the possible business ideas and choose the best one that fits according to your experience, business goals, and your interests.
There are some really amazing on-demand startup ideas that are perfect for 2020. All you need is the perfect roadmap to execute those ideas into a successful business.
Bonus Tip: Doing it alone is difficult and there are many ways that you could get into trouble. So, it is advised to have a trustworthy and experienced app development firm as your technology partner to build your business' digital side and guide you with their years of experience with several startups.
With the rise of online video, video delivery over the internet has skyrocketed in recent years. As the trend of OTT TV is doesn’t in the way of changing its path, the “Over the top” has brought substantial change by creating an impact in the world of television. Business like Netflix, Hulu has become a part of our lives today, it allows us to view lots of shows and movies without going in the hole financially. The global video streaming market stood at $42.60 billion in 2019. It is projected to rise at a CAGR of 20.4% from 2020 to 2027. Netflix has recently added around 16 million more subscribers to its platform, with the total reaching to 193 million.
The process of how to start a video streaming service like Netflix includes discovering the reasons for launching the service. It is essential to aim properly before shooting the target.
Moreover, there are many video streaming services that started in the last few years. Some of the best examples are Sling TV, Disney+, ESPN+, AppleTV+, HBO Max, and many more.
Today's World Moves toward digital so lot of business planning to change the trends. As of my suggestion try build online streaming platform in this pandemic for 2x revenue in growth. Do you have no ideas about how to start an online video streaming? nothing to worry i'll share you the completed guide and business ideas to build your own online streaming platform customized to your business needs.
I would recommend you read my article on the same topic here: https://abounaja.com/blogs/5-steps-to-start-your-business
You might get some insights through the blog. Starting a business is a big step in one's life, I would suggest doing proper due diligence before taking any major decisions as it would pave the way for your future.
Reading books on "starting a business" is great for knowledge. However, when it comes to actually start and running a business, YOU ARE THE BOSS!. Ups and downs are associated with all business, learn from the "Downs" and move on your way "Up"
Good luck on your venture Tuong and do update on your progress.
A good business plan is a comprehensive answer to what your business will look like and how it should work.
In addition to the advice that you have already been given, I would recommend that you think about automating many processes that can take a long time if you do everything manually. From documents, custom forms, reports, and contracts, almost everything can be automated and configured to work effectively. Think about tools like Slate document, which can be customized to suit your business type, and this bot will help you automate the assignment of the user role, depending on the type of document
You need to be brutal with yourself when coming up with starting a business. There are a lot of businesses out there already. How is yours different? What do you offer? Why will people opt for your start-up over another?
Some of the biggest ideas are relatively simple in concept, but they may be complex to carry out. Look at one of the big growth businesses in the space recently, Peloton. It isn’t hugely complicated, but it needs a big infrastructure to carry out.
One good way to try and create more success for yourself is to niche down. Your start-up could be aimed at a certain demographic. Think about how you can help them first and foremost.
When you settle on your idea, don’t just run it past your mother! She’s bound to tell you it is great! Go for the harshest critics you can find and evaluate their response. Andy Stenzler, Co-Founder and CEO of Rumble
First, make sure the products or service you are going to provide.
Second, make sure your aim clients.
Third, research the way to get more clients
The 4th, Enough funds for your business, I think, you need to prepare 3 months of budget for your business.
The 5th, anyway business has no 100% success, but, you won't get any result or experience if you did not start, just solve it when problems happens.
The 6th, keep thinking, learning, changing!
First fixed up you Goal and Starting your own business is a serious matter and there are many important legal steps you must cover before you get going. Feel free to contact us.
Exploration and investigation are your best friends.
Here is a good article: Recommendations to CEO https://ivypanda.com/essays/recommendations-to-ceo/
you could find useful tips and ideas. Plus I would recommend reading business strategy analysis of successful companies.
You need to do a business plan. The research you do will help you to work out if the business is viable. There is absolutely no use starting a business that will not make you money! You have to research the local market or demand, then you have to research your competition, then come up with some strategies about how are you going to enter the market - what can you do or offer to get a share of the market? Then you have to figure out the numbers and your money. Are you going to be able to back it or will you need finance? A business plan done the right way we help you when you apply for credit.
My business advisor has a great business plan template: https://aureliusadvisory.com.au/business-tools/business-plan-template/
Need to make a plan. Then the legal aspects. But the main thing is to decide what kind of business you want.
One of the main concerns to take care of is the legal aspects. Starting your own business is a serious matter and there are many important legal steps you must cover before you get going. Feel free to contact us.
Starting a business isn't rocket science. First, figure out what you are good at? Oh, sorry, I think you aren't able to find out your best area of expertise. Right? Well, It happens. Don't worry. If you made your mind to start a new business, then first do your complete research on it. Employing comprehensive analysis, do A-Z study of the market, competitors, their strategies and also the worst-case scenarios as well.
Business is all about passion. It may generate decent revenue at starting or nothing too. It depends how passionate you are. Forget rest, forget about labor. It would be best if you managed all the things on your own. You can't do your business in full automation at the starting phase.
A few years back I started a digital marketing agency in India. At that time it wasn't an easy job to manage clients, and I ended up losing lots of work just because I didn't have much knowledge about management. I know how to develop things, how to market products but the thing I lacked was Management skills. So I decided to learn people are managing, communication skills so that in the future whenever I start a new business, I have such powers to convince people easily. So I started a tech blog that taught me most of the things.
So basically don't worry about failures. But avoid making mistakes. Use your capital wisely. Take proper suggestions from the big players in the same category and learn, apply and share the things you know. Keep hustling and keep grinding.
Overnight success in any business is a myth.
I hope my short answer can give you enough ideas to start your business. Thanks. All the very best.
Most of the below answered your question with loads of good information. However, I feel like I can add the following.
- It is preferable you start with a business in a field you are experienced with.
- However, if you decide to start a business which you aren't familiar with and then I strongly suggest you do lots and lots of research in that industry. Preferably seeking businessmen, employees, and people who are in the field.
You will need to sit with them and pick their brains on information such as:
a) Understanding Competition
b) Revenue Streams
c) Challenges faced by them in the industry (this will be very important to understand)
d) Seasons if applicable
e) And generally as much information as you can gather before jumping ship into a new industry
Do something you are good at and what you enjoy doing. Don't do something because you believe there's money in it. If you enjoy doing it, you will have more energy for it than 99 percent who try to enter the same industry. Well, obviously, there's much more to running a business than that, but that's a good start for narrowing down what to do.
Be nice to people on your way up. Remember birthdays and send gifts. It goes a long way.
Lastly, make yourself available and be clear on expectations up front. Don't wait to set rules for each business relationship and how it could work.
People appreciate these things.
Starting a business is a major venture, and there are several decisions to consider along the way. A colleague of mine wrote a step-by-step guide on how to start a business that you may find helpful: https://www.businessnewsdaily.com/4686-how-to-start-a-business.html
To summarize his advice, these are the 10 steps you can take to turn your idea into a reality:
1. Refine your idea.
2. Write a business plan.
3. Assess your finances.
4. Determine your legal business structure.
5. Register with the government and IRS.
6. Purchase an insurance policy.
7. Build your team.
8. Choose your vendors.
9. Brand yourself and advertise.
10. Grow your business.
Best of luck to you on this exciting venture!
1. Before investing any time or resources, evaluate yourself and see if you have some of the typical traits of an entrepreneur. Are you motivated, able to adapt and confident? Are you resilient?
2. Develop a business concept that you're passionate about related to something that you have experience with. From there, come up with a product or service that you believe can enhance people's lives.
3. Once you start to develop your business idea, add up how much it will cost.
4. Look at your current sources of income. What do you earn from your current job? How long would your savings last if you quit? What unexpected things could mess up your plan (e.g., you wreck your car or your furnace breaks)? Prepare yourself for all the situations that could happen if the business idea doesn’t work out.
5. If you want to start a small business, don't quit your day job—yet. Launching a successful startup is a process. Build your business in stages and gradually transition from employee to entrepreneur.
6. It might slip your mind as something you'll "get around to" eventually, but purchasing the right insurance for your business is an important step that should happen before you officially launch. Dealing with such incidents as property damage, theft or even a customer lawsuit can be costly, and you need to be sure that you're properly protected.
If you are planning to start your own business, then having that passion for entrepreneurship is not enough. You need to have a great business idea that is not only in demand but unique too.
Nowadays the world moving towards the on-demand economy. According to the research, more than 80% of startups are started their entrepreneurial journey in the on-demand business platform and got a huge level of success.
The on-demand mobile apps are also the be a vital role in their success. There is plenty of on-demand business opportunities is available, only things you needed the perfect on-demand mobile app solution to instantly launch an on-demand business, So I would recommend you to utilize these golden opportunities with your own on-demand mobile app solution.