Want to start my own business. what would be the best thing for me to do on beginning my career.?

Question

Want to start my own business. what would be the best thing for me to do on beginning my career.?

Answer 1

Work in the industry you want to start your business in, and while there, learn everything you can and save a boatload of money. You'll want $30,000 cash at least, and you'll need loans later as well, so maintain your personal credit and have equity in your home that you can use as collateral when it's time to go to the bank.

That way when you do eventually launch in a few years, you'll have made your biggest mistakes on someone else's time, will be familiar with the ins and outs of the business, wholesalers and distributors (who by then will know you), the contact information of skilled professionals and salespeople in the industry you can call on, etc. I can't go on enough about how important it is to spend, at minimum, three years in the industry you want to break into.

Meanwhile, take a few small business courses at night, mostly accounting principles, bookkeeping, and the common legal issues an owner needs to navigate.

Good luck!

Answer 2

First thing: Make an explicit list of all your needed expenses to get started. When you come up with that figure, add at least 40% of the total needed, on top of that estimate. Your always going to need more money then you expected. Then do a long term sheet of all overhead expenses and compare that to your goal of what you need to make long term to carry all. The biggest thing that bombs a small business is lack of cash flow and the first three years are the toughest.

So make money knowledge your first priority and don't forget the legality expenses part, like paying your accountant, business license fees and etc. Where ever you live, find free business counselors to help you get started from your local  University’s  and Tech Colleges. I had two of them, when I first started my business six years ago, they are of great help with many things and should give you paper work to fill out your Business plan.

Get ready for a lot of foot work and I Wish you Lots of Good Luck and stay Determined.  

Answer 3

depends on what kind of business you are going in to. Tell us more!

Answer 4

All the best Sandra.

The answer depends on your education background, skills & competencies and experience that you carry. Best would be to take up a job in the area of business that you wish to roll out and gain real time experience, if you don't have it right now. It will also give you some saving for your start-up capital and self confidence. But if you have the required experience and also the start-up capital, then you are ready to rock.

As per Paul Zane Pilzer, the Next Trillion Dollor industry taking shape is the wellness industry, so investing in a self running frenchise business in that area may be a good choice. In any case, choose a busines which can be e-business ready or convertible.

All the best!