How to Start a Business?

By arnold01984
Published 27th December 2010 | Last comment 11th December 2012

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KateB
9th March 2011 5:28 AM

“Firstly, good luck with your new business venture. Not everyone who starts their own company has a 'business background'.

What is your business? What do you plan selling / what services will you be providing.

I have recently started my own company and am learning things the hard way.

1) Market Research - research then research some more - Who are your competitors?, How big are your competitors?, How do you plan to compete with them? (example: there are over 100 recruitment agencies in Milton Keynes - so if anyone was planning on opening another one, they will need a big headstart. The ones in MK have money, experience, a huge client base and are well-known).

2) BUSINESS PLAN - sit down and get a business plan written up. You can find blank templates on the internet to help. Whilst you are doing this it will get you thinking more 'business like'. If you are doing this correct you would end up predicting your profit etc, setting yourself short term / long term goals to achieve etc.

Kindest

Steve
SS Business Services Ltd”

I completely agree with Steve's suggestions....for a proper research in the field you can also consult a business mentor....direct communication will help you understand things better........

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Marketest : Business Start Up
22nd October 2012 8:19 PM

Quite a while but I think this is still a topic to help other future entrepreneurs.

I agree with Steve, do lots of Research!
Even with research there are still some things you would not expect. You will do some mistakes, would need to re-think your business ideas, etc. but you need to do it before going live, market research would help you to realise things before going live.

Ask your target market, survey your potential clients, talk to them.
Test your market first!

Eric

Marketest

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alicemenezes : Growing Business
23rd October 2012 9:15 AM

There is a LOT to do before starting a business. In fact you should only be lanning your business for about a year or so. This should include your market entry strategy, study your customer base, do a proper financial analytics and have measures in place to overcome risks.

alicemenezes

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michele85 : Business Start Up
25th October 2012 8:24 AM

I think there are plenty of options to start the business by having web. But I think a proper writing with all documentation can bring good result. We all know without implementation a plan is like a body without soul.

michele85

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YCO : Business Start Up
25th October 2012 3:53 PM

One of the most important things is to write a business plan. If anything else it gets you thinking in realistic terms about your goals, how you want to achieve them, your USP, and as KateB said.. this will make you thinking more 'business' like.

YCO

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CareersPartnershipUK : Forum Member
25th October 2012 10:09 PM

... and keep your ears flapping for good advice (especially when it's not what you want to hear).

As an example - I'd spent ages constructing my first business promotion leaflet and was so proud of it. Just before I got it printed, I showed it to a journalist / PR contact - who tore it apart and kindly explained why it was so bad. The next draft was based on market research!

Linda
CareersPartnershipUK

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alicemenezes : Growing Business
31st October 2012 1:06 PM

Most importantly an analysis of the market you are going to step into is of utmost importance. There a various factors that may come in your way, hence a risk analytics. Also, a market entry strategy, customer analytics and a lot more.

alicemenezes

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MarkSmithBvs : Business Start Up
22nd November 2012 10:27 AM

You need sufficient amount of capital before starting any kind of good business. And you should know at least some basis about the business that you would want to start

MarkSmithBvs

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Sophiabell : Business Start Up
6th December 2012 5:23 AM

Originally Posted by arnold01984

“I am not from a business background. But i am going to start my own business. I have need of information regarding the business like what are the factors which are important before planning a business thanks in advance. Thanks in advance..”

I think before starting a business plan you must have all the information about your business
e.g purpose of this business, benefits of this business, have you sufficient money to start it, promote it, latest requirements of the market, market prices etc.Then you make a good planning for your business and then you can start it.

Sophiabell

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Sophiabell : Business Start Up
11th December 2012 7:48 AM

Originally Posted by arnold01984

Hi, I'm Sophiabell. I am an accountant. Starting a business is not an easy step. It includes a lot things. e.g. goog planing, money. But all the steps to start a business are required to do in a convent way that means step by step. Some Important steps to start a business are:
1) Write a Business Plan
2)Get Business Assistance and Training
3)Choose a Business Location
4)Finance Your Business
5)Determine the Legal Structure of Your Business
6)Register a Business Name ("Doing Business As")
7)Get a Tax Identification Number
8)Register for State and Local Taxes
9)Obtain Business Licenses and Permits
10)Understand Employer Responsibilities.

Sophiabell

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