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How can I start a small business?

Discussion in 'General Business' started by ChrisBrownEzineArt, May 14, 2018.

  1. #1
    How does company work?

    What makes a successful business?

    How does a buiness operate?
    SEMrush
    How is equity paid out?
     
    ChrisBrownEzineArt, May 14, 2018 IP
    SEMrush
  2. seoauthority

    seoauthority Member

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    #2
    What the hell.... what kinds of questions are these?

    1. By selling things
    2. Making money
    3. With money and employees
    4. To people's bank accounts based on how much they own.

    Seriously, are you stupid?
     
    seoauthority, May 15, 2018 IP
    Spoiltdiva and macstux like this.
  3. Jenefer_h

    Jenefer_h Peon

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    #3
    Every Industry's working function is Different. But each company works for customer satisfaction and customers relationship and based on that they operate and make the successful business.
     
    Jenefer_h, May 17, 2018 IP
  4. sarahk

    sarahk iTamer Staff

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    #4
    Before you run your own business get some experience working for someone else - see how they manage the accounts, the timesheets, the tax owed, the hr considerations, etc

    If you're seriously at this level you must still be at school. Do you have a parent, or one of their friends who is an accountant or is self employed? If you do, go and talk to them.
     
    sarahk, May 17, 2018 IP
  5. Pamela Turns

    Pamela Turns Active Member

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    #5
    First things first, you should have a feasibility study.
     
    Pamela Turns, May 28, 2018 IP
  6. Petrea Dishman

    Petrea Dishman Peon

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    #6
    Is there something that you are experienced in, enjoy doing, and are good at? This is usually the first thing to consider when contemplating starting a business. Figuring out good ways to help others can help your business prosper.
     
    Petrea Dishman, May 31, 2018 IP
  7. SusanaP

    SusanaP Peon

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    #7
    I think, each company works for customer satisfaction and customers relationship
     
    SusanaP, Jun 14, 2018 IP
  8. Patrick V.Fisher

    Patrick V.Fisher Banned

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    #8
    the best tips is to go and get some experience working for someone else who has the same type of company you want to creat !
     
    Patrick V.Fisher, Jun 25, 2018 IP
  9. Larry Thibodeaux

    Larry Thibodeaux Greenhorn

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    #9
    Customer service is number one! Most people over look this part, however, if a customer has a bad experience, they will not return. And not only that, but they'll give bad reviews and will tell others about their bad experience with your company.
     
    Larry Thibodeaux, Jun 30, 2018 IP
  10. hardip2057

    hardip2057 Notable Member Premium Member

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    #10
    Hi @ChrisBrownEzineArt

    You haven't mentioned things clearly that what kind of business you want to do. Is It related to services or selling products?

    I would suggest if you have experience with any specific industry then start with that business otherwise first do job and get experience for 2-3 years and learn how business runs. I did the same.

    I never recommend to start business if you don't have any experience with particular industry. You can Pm me for further details. I would love to help you.
     
    hardip2057, Jul 3, 2018 IP
  11. Enola

    Enola Greenhorn

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    #11
    It really depends on which certain type of it you want to start, every sphere has its specific features and demands for achieving sucees in your work. But there are some general basic things too which can be used effectively for every type of business :)
    They are for example:
    - having a good motivation and clear goals, also an interesting and competitive idea for it
    - having knowledge about your certain sphere and business processes in general
    - building a good business plan
    - finding/preparing your start capital (sometimes you can start without it but usually it's still a necessary thing for many companies)
    - creating a 'right' business name
    - creating a professional work team
    - having an effective and well-developed management system (it'l be a basis for a profitable functioning of your whole company!)
    - getting your business license and permits
    - developing a network for your customers/clients and partners
    - using different tech innovations for improving the general quality of your work and its speed https://idapgroup.com/blog/ways-to-overcome-employees-resistance-to-digital-transformation/
    - making really good advertising (ignoring it rather often causes many startups to fail fast)
     
    Last edited: Jul 5, 2018
    Enola, Jul 5, 2018 IP
  12. MakeCentsDude

    MakeCentsDude Greenhorn

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    #12
    Starting a small business is a reality for anyone. Most people have the misconception that they can jump right into it and it autopilots. You will never be successful, make a real goal and place a timeline on it. I started my own business a few years back and it took off the first year. IT was about doing something I loved that made it successful. I was offering a few product to help the community, I provided an excellent product that helped the customer profit for their organization, It helped other save money, and I was made over 60K my first year. Everyone was benefiting from my business and it added great value. There are tons of different things you could do it just depends on your motives and what you envision yourself achieving. You can visit my blog to see some ideas on different side hustles. I believe it all comes down to motivation and focus. Good Luck.
     

    Attached Files:

    Last edited by a moderator: Aug 27, 2018
    MakeCentsDude, Aug 27, 2018 IP
  13. iHostingX.com

    iHostingX.com Greenhorn

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    #13
    Up until roughly one-hundred-and-twenty years ago, the majority of people the world over were self-employed and self-sufficient. They were farmers, blacksmiths, writers, doctors, and more - but this "company" construct was still a unique idea for many people. Today, of course, the landscape is completely different.

    All developed economies are dominated by large businesses that employ many people. While small businesses are still the ultimate economic growth drivers in developed and developing nations today, large businesses can often have the opposite effect, as we saw in 2008. This has to do with concepts that are probably too detailed for this post. But just know that large businesses have an out-size influence on the entire world economy.

    Today, with a world economy that is largely healthy, more people are looking towards self-employment or at least the beginnings of their own new empires. In developing nations, this is even truer as the Internet continues to permeate every corner of the earth, bringing more equality to a larger number of people.

    I would argue, however, that businesses started today simply won't be as successful as those started during the next global recession. Why, you might ask? It has to do with "the power of broke." I am reading a book written by Daymond John (founder of Fubu) with that title. He makes a compelling argument that those who need success are most often the ones who achieve it, when they use the right tools and stay focused on their goals. This contrasts with those who see their business as a hobby or just something to do for fun....folks who fall into this category rarely have the intrinsic motivation necessary to do whatever it takes to make their businesses successful.

    Business fundamentals always remain the same. A company allows the entrepreneur to transfer personal risk to a corporate entity to embark on a (hopefully profitable) new endeavor. The success of a business can be measured any number of ways, but my favorite metrics are net profit and ROE (return on equity). A business operates any way the owner wishes, within the legal confines of its jurisdiction. And equity can be paid out in cash or via additional stock. But the answers to these questions don't point one in the direction of success.

    So why am I sharing all of this? Simply because the future of business is changing. Your questions are good, that is for sure. But your overall mission is to start your own business. How will you serve others? And is success a need or a want? I stated earlier that the fundamentals always remain the same. I think the most successful businesses in the future will be in that state for the same reason as today's and yesterday's most successful businesses: the entrepreneurs were hungry!
     
    iHostingX.com, Aug 28, 2018 IP
  14. Spoiltdiva

    Spoiltdiva Prominent Member

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    #14
    Let's give him the benefit of the doubt and assume that he's not stupid. But to come on a marketing site and ask questions such as these...IS indeed stupid.
     
    Spoiltdiva, Aug 28, 2018 IP
  15. sarahk

    sarahk iTamer Staff

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    #15
    Having checked out his twitter feed I'm assuming very naive and very young.
     
    sarahk, Aug 28, 2018 IP
  16. p307ig

    p307ig Well-Known Member

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    #16
    There are always "old" people in the business who have already experienced everything and like to help younger entrepreneurs who know how to start and can therefore provide you with good advice.
    What you see a lot with entrepreneurs is that they have an idea and endlessly linger in making business plans and analyzes, and when they get that far, they try to fine-tune their product or service until it's completely perfect.

    But when they launch it, it sometimes turns out that there are no customers for it. Therefore I advise you to go into the market as quickly as possible with your product or service, as soon as possible, to see if your customers need it at all.
    Summing up it may be said:
    1st) Perform a market analysis
    2nd) Perform a production site analysis
     
    p307ig, Aug 30, 2018 IP
  17. shrikant softwin

    shrikant softwin Member

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    #17
    find out your skills and interest.. do some home work on the market conditions & demands. Decide the business accordingly. Also do search if any help is available for business startup from the local government or financial institutions, that will help you to setup your things.
     
    shrikant softwin, Aug 30, 2018 IP
  18. UnsinkingTheTitanic

    UnsinkingTheTitanic Peon

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    #18
    It depends on your skills ... What are you good at? Do you have an idea what product or service you could offer to your customers? (Just answering the question in the title here).
     
    UnsinkingTheTitanic, Aug 31, 2018 IP
  19. MatBerrows

    MatBerrows Greenhorn

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    #19
    Is it digital related business or not?
     
    MatBerrows, Aug 31, 2018 IP