I am going to open a business! Can anyone tell me the whole process of starting a business from scratch?
My future plot is to open a business, no matter what it takes!
Business man and business owners, can you tell me what it takes to open a business from scratch?
Everything that is required in opening a successful business: from money, to hiring people, construction, time, and everything else in the process.
Thank You so much for those who answer, you made me a fantastic favor and I respect you greatly, and if you are really going to help me, seriously, I will reward you, if my business does works out.
Thank you again!
lol
Reckon about what sort of business you want to go into and why (you can't say you want to be a business man and then poof, you become one). Reckon about what sort of company you want to be (sole dealer, partnership, limited company, limited partnership, etc. ideally people will pick a limited company but it will depend on the lifestyle they want to take. Becoming a limited company purely for the sake of it can end up being costly if you don't know what you are doing)
Make sure you know how to sell in a variety of situations. If you have problems doing this, I recommend to do a few sales jobs over the next two years to bring your skills up to speed. You may also want to look into how advertisement comapnies work.
You need a business plot. In it should containt your:
business SMART objective, your vision, what your company is about, your ethos
marketing plot: SMART objective, maketing strategy and advertising budget, marketing research of your customers and their demand for your product, assessing your competitiors and current market scenarios
financial system: cashflow forecast, budgets for your business, profit projections
sales plot: how you are going to sell your product? do you have an after sales service?
product design: what is it? what services are there? Find someone to design the product if it is beyound your expertise. Make sure the person is trustworthy and has experience in the meadow. If you are designing a product that is pretty innovative, is of very huge interest to competitors (you wil know by the marketing research) and may be easily copied, get it original once you get the money.
production plot: how you are going to make it? expenses, time, risk etc. why do you need that the boards of production? Is it necessary?
growth plans: how do you intend the company to grow. write down projections
HRM: who are you going to hire? what sort of people do you need? why do you need these skills?
After the business plot you will need to check up on legal stuff: licenses, laws, etc. (question solicitors for about 1 hour free legal information on this stuff)
You will need to see prospective accountants. Pick the ones who would go the extra mile and help your company succeed. Hold themselves accountable and is very up and personal. Check for referrals for your type of business.
Form a team of people who have expertise that you don't have or outsource some of your tasks. e.g. IT person in the team or have an IT shop you know is dependable, cheap and of quality service.
Then gather the capital needed. this can be bank loans or private savings or borrowing from friends. Sell your thoughts to them using your business plot. (if this doesn't appeal to you, try going on Dragon's Den.)
Once you have enough capital, buy the stuff you need and start operations, marketing, sales etc. Make sure you stick to your objectives and you meet projections.
For further details check out the following:
the 4 hour work week by Tim Ferris
how to get hire not fired by Sir Alan Sugar
How to get rich by Donald Trump
Rich Dad Poor Dad by Robert Kiyosaki (as well as books from his advisors)
Before you quit your job by Robert Kiyosaki and Sharon Lectuer
Lessons from Life by Richard Branson
From Pitch to Profit by people from Dragon's Den
Influence by Robert Cialdini
www.businesslink.org (I can't remember if it's .org or .co.uk, google it)
www.directgov.co.uk
Emotional Intelligence by Daniel Goleman
There are other books, I just have to suss them out from a very long list where some may be just selling to you instead of offering helpful and descent information. It pays to look into those that have proven success or a strong undeniable legacy or media attention.
It also pays to read a lot of self development books and sharpen your skills. I also recommend reading autobiographies of well-known and successful entrepreneurs. e.g. Alan Sugar, Donald Trump, Richard branson, Michael Dell, Bill Gates.
If this seems a lot, I could recommend you to get some experience with MLM companies. Those I recommend are Diamond FM and Kleeneze. (some can be genuine scams, it pays to always check them out thoroughly.)
Building a business requires you to be a larger man and is a journey to becoming the best you can. This requires a lot of self development and becoming a lot more masculine. You got to have drive, decisiveness, determination, faith, street-smarts, intelligence, passion, like for the business, attention to each detail, goals, commitment and positive attitude. It will take a lot out of you.
If you are not passionate about your business, then it's not for you or you're in the incorrect business.
Hope this helps
It wont work out if you don't start with a 5 year plot, financial forcasts, market research.I would need to converse in to you for some considerable time to go through the whole process, because it appears you have a lot to learn
References :
Business Consultant
Excellent luck to you! The people certainly needs people like you!
Start by getting "free" information from Business Link etc. Your bank will also be keen to help and although they will talk a load of rubbish their business starter packs are very excellent at asking all the right "incorrect" questions!
The most vital thing but is finding the profitable niche! Don't just go for being cheaper than unfilled businesses – as you grow your expenses will rise also! Go for something obscure but with high margin potential.
I made my million out of bubble gum machines and supplies- you can't get more naff than that! Watch cash-flow and debtors. One of the reasons I was so successful was all payments from my customers were by confidence card so no overdraft and no terrible amount outstanding – so vital at present!
References :
lol
Reckon about what sort of business you want to go into and why (you can't say you want to be a business man and then poof, you become one). Reckon about what sort of company you want to be (sole dealer, partnership, limited company, limited partnership, etc. ideally people will pick a limited company but it will depend on the lifestyle they want to take. Becoming a limited company purely for the sake of it can end up being costly if you don't know what you are doing)
Make sure you know how to sell in a variety of situations. If you have problems doing this, I recommend to do a few sales jobs over the next two years to bring your skills up to speed. You may also want to look into how advertisement comapnies work.
You need a business plot. In it should containt your:
business SMART objective, your vision, what your company is about, your ethos
marketing plot: SMART objective, maketing strategy and advertising budget, marketing research of your customers and their demand for your product, assessing your competitiors and current market scenarios
financial system: cashflow forecast, budgets for your business, profit projections
sales plot: how you are going to sell your product? do you have an after sales service?
product design: what is it? what services are there? Find someone to design the product if it is beyound your expertise. Make sure the person is trustworthy and has experience in the meadow. If you are designing a product that is pretty innovative, is of very huge interest to competitors (you wil know by the marketing research) and may be easily copied, get it original once you get the money.
production plot: how you are going to make it? expenses, time, risk etc. why do you need that the boards of production? Is it necessary?
growth plans: how do you intend the company to grow. write down projections
HRM: who are you going to hire? what sort of people do you need? why do you need these skills?
After the business plot you will need to check up on legal stuff: licenses, laws, etc. (question solicitors for about 1 hour free legal information on this stuff)
You will need to see prospective accountants. Pick the ones who would go the extra mile and help your company succeed. Hold themselves accountable and is very up and personal. Check for referrals for your type of business.
Form a team of people who have expertise that you don't have or outsource some of your tasks. e.g. IT person in the team or have an IT shop you know is dependable, cheap and of quality service.
Then gather the capital needed. this can be bank loans or private savings or borrowing from friends. Sell your thoughts to them using your business plot. (if this doesn't appeal to you, try going on Dragon's Den.)
Once you have enough capital, buy the stuff you need and start operations, marketing, sales etc. Make sure you stick to your objectives and you meet projections.
For further details check out the following:
the 4 hour work week by Tim Ferris
how to get hire not fired by Sir Alan Sugar
How to get rich by Donald Trump
Rich Dad Poor Dad by Robert Kiyosaki (as well as books from his advisors)
Before you quit your job by Robert Kiyosaki and Sharon Lectuer
Lessons from Life by Richard Branson
From Pitch to Profit by people from Dragon's Den
Influence by Robert Cialdini
http://www.businesslink.org (I can't remember if it's .org or .co.uk, google it)
http://www.directgov.co.uk
Emotional Intelligence by Daniel Goleman
There are other books, I just have to suss them out from a very long list where some may be just selling to you instead of offering helpful and descent information. It pays to look into those that have proven success or a strong undeniable legacy or media attention.
It also pays to read a lot of self development books and sharpen your skills. I also recommend reading autobiographies of well-known and successful entrepreneurs. e.g. Alan Sugar, Donald Trump, Richard branson, Michael Dell, Bill Gates.
If this seems a lot, I could recommend you to get some experience with MLM companies. Those I recommend are Diamond FM and Kleeneze. (some can be genuine scams, it pays to always check them out thoroughly.)
Building a business requires you to be a larger man and is a journey to becoming the best you can. This requires a lot of self development and becoming a lot more masculine. You got to have drive, decisiveness, determination, faith, street-smarts, intelligence, passion, like for the business, attention to each detail, goals, commitment and positive attitude. It will take a lot out of you.
If you are not passionate about your business, then it's not for you or you're in the incorrect business.
Hope this helps
References :
Go through it myself. In fact have a bit of entrpreneurial experience.