I want to open a business within the next 3-5 years. What would be the first step that I would take?

Question

I don't know where to start.

Answer 1

He just gave you some great advice, follow everyone of his points. And to add to it, study business starting now. I am not saying a business school ( I have been to b school and the school of hard knocks) Business school trains you to work for others. I mean study what business you love and the market and marking. Just watch other successful businesses in your area. Also study business strategy read books on small business from people who have actually done it, not read about it and decided to reword it. Go to  www.about-small-business.com    it has some good info on small business  and will come in handy, it may introduce you to subjects that will be useful later.

Good Luck

Answer 2

I'd say 3 things:

1.  Save as much $ as you can to help get the business of the ground.

2.  Keep your credit rating great in case you need to take out a business loan.

3.  Probably more important than the above.  Try to find a job in a closely-related industry so you can get first-hand knowledge on how it works in real life.

Answer 3

In my opinion the first step you should take is to decide on the nature of the business  you want to pursue.

Until you make that determination it really isn't possible to figure out what kind of location, if any, is suitable, how much money you will need, how many employees you will require and a slew of other factors.  Once you decide on a specific business many of these and other factors will fall into place.

Hope this helps

Jerry-the-bookkeeper