Is it hard to start your own small business from scratch?

Question

Is it hard to start your own small business from scratch for a college student. Let's say he's got an idea.

What are all the steps [areas] involved along the way until you can finally launch your own small business?

Is my question the same as entrepreneurship?

Thankyou for your answers!

Answer 1

Education, desire, determination, self-confidence, ability, and need for the item or service are among the things needed to start a business. IMO, however, the first step that you should make is reading the book "Think and Grow Rich", it was the very first motivational book, and it today the basis for all of the success programs which abound.

The cost is minimal, and the return is great. I know, having been there and done that, with the result of 23+ years of a successful life of self-employment.

Answer 2

Before you go any further, I STRONGLY recommend you contact your local Small Business Development Center (at your local community college) and talk to them; the counseling is free.  And sign up for the NxLevel Entrepreneurial program...  it's a 12 session course that walks you through the ins and outs of starting or growing your business, and as part of that you will write a business plan.  At the end of the class your plan will be reviewed by a lending professional, and will be critiqued, telling you the strong points of your plan AND the weak points.  Then you can work on the weak points and hopefully get it into shape to actually present to a lender and get the loan you need.  

Even if you hire a professional to write your plan, you should still take the NxLevel course.  It saved me from going into a business that would have failed within a year from lack of resources.  There is a cost ($375.00 last year at my SBDC) for the NxLevel program, but it’s a lot cheaper than losing your investment..

Answer 3

It really depends on what type of business you want to start.

I have a construction company which I started with no  money and no loan. I got my first client to give me a small deposit which I used to buy equipment, etc. and then used the profits to expand as I went along.

Be careful using to large a loan as this is often what sinks businesses.

Answer 4

First, you need to develop a business plan: what is your idea/product?  How will you make your product?  How will you distribute your product?  How will you find your customers? How will you finance your business? and so on.......

The two hardest things for a new business are finding the financing and getting the word out to potential customers.

A bank won't give you a loan just because you have an idea.  However, if you show them a solid business plan that includes research on why people need your product, the current competition, and the expected sales AND they see profit potential in the business, you may be able to get a small business loan for start up.  Or you can try to find an investor who will give you start up cash in exchange for a portion of the ownership of the business.

There are a LOT of steps along the way but it really depends on where you want to go.  As a sole proprietorship (just you own the company), there aren't as many legal hassles but the company's income goes on your personal income taxes.  

I'd recommend taking a couple of business classes in college.  And accounting.  Every business owner needs to know the basics of accounting.

Answer 5

Hello,

Yes , it is hard work to start your own business. So, you must have passion and interest in what your idea is. Entreprenuership is basically the same as wanting and starting your own business.

If you are very determined and set on starting your own business and can devote time to it, you can start one in college. Are you motivated?

There is a great program that I used to build my business. It is called SBI, if you want more information, you may click on the link in my profile.

Don't give up on your dreams! Good Luck!

Genesee from The-Chocolate-Spot