Starting a business?

Discussion in 'Starting a Business' started by DamienGreen, Dec 4, 2010.

  1. DamienGreen

    DamienGreen
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    Hey,

    I'm 19 years old, and wish to start my own business in sales (Not sure what area yet)

    But I do not have the money needed, so finance/loans need to be considered.

    Can someone please list, or walk be through all the things I need to consider, to have something started up that would actually be heading towards success.

    Thanks for your help in advance!
     
  2. Fergal

    Fergal
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    DamienGreen most people who wish to set up a new business go thorough what you are experiencing. My advice would be to first decide on a business idea that you feel could work for you. Think about your hobbies and interests, is there anything there you could develop into a professional business? Do you know of any businesses that you feel you could run better? Are you aware of any business somewhere else in the world, that could work in your local area?

    I think you'd find reading through the pages linked from the "Business Ideas" section of our Useful Business Resources / Links thread very helpful.

    Please do post back with your thoughts.
     
  3. habeebraja

    habeebraja
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    Hello Damien,
    Its really great that you are going to start the new business,But the more important thing is that proper plan.So you plan properly your business.should decide the goal,then only go for any business.
     
  4. William King

    William King
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    Well I really do not want go against with the post of Fergal but I think you are too little for starting a business rather than finance you also need the hell of the experience to start a new business and I am sure about it you don't have it so do some job of sales or work with the people who are doing the business of sales so that you can understand the ups and downs of the business.
     
  5. Fergal

    Fergal
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    William if you disagree with something I write or you have a different opinion to me, please don't hesitate to post it. Life would be boring if everyone agreed with everyone else and we would miss out on lots of opportunities to learn from each other.
     
  6. DamienGreen

    DamienGreen
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    Hi,

    Since some of you already know I am already running a business from home, so experience is my biggest downfall. I'm just exploring my other options and how I want to expand.
     
  7. galewinters11

    galewinters11
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    You should think about what interests you and what you excel in and roll with that. A lot of people nowadays are interested in online businesses like SEO. Would that be something you are interested in?
     
  8. Fergal

    Fergal
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    Don't let that hold you back, use it to your advantage. The fact that you are young and just starting out means that you can work harder, take more risks and do things that more established owners would not do. Start exploring, trying out new things and gaining experience.
     
  9. firstchoicecar

    firstchoicecar
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    First thing and fore most, business composed of 3 factors these are"Capital, Concept, and Intellectual Property" a business man "must" have these factors.

    1. Capital is important when running a business. Everybody has idea and concept in any business that they wanted to put up, but few of them has the capital. If you have no capital even a small amount for starter then all your concept wont make any sense. Established a strong capital or sponsorship to help you on the business. You can actually get a business partner though.

    2. For the "Concept" you must have to think and finalized what type of business you want. You can never go like this then after a week or month change into this. Your customers will going to confused which business you are trying to build up. Good concept must be line in your field of interest.

    3. And lastly "Intellectual Property", if you have this factor even though you don't have capital you can put up a business. In what way?? Just for example you wanted to put up a coffee shop business using your intellectual property on that field you can find a business partner. And If you already has a business partner you can have a deal with him/her. Ask him to sustain all the expenses and you will run the entire business. using your intellectual property you can easily run and maintain the business without the help of your partner. Well the onlyhelp that you can ask for your partner is just the capital then for the concept, intellectual property, running the business indoor or outdoor will be yours. In other words your partner will provide capital and you will provide the service.

    Hope this will help you. Good luck. ;)
     
  10. youngkia1

    youngkia1
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    I am agree with firstchoicecar, in addition to that. Concept can be taken away from you, capital can be taken away from you, but intellectual property will never be taken away from you. It is all yours so you have to make the best out of it. Use for the goodness of your business, use for the success and use for helping others as well. As gradually growth of your business don't forget to include the Philanthropic Act. It is just a form of gratitude for having a good standing of your business. Believe me, if you share your blessings it will bounce back to you 10x ;)

    Good luck. :)
     
  11. dtracy4

    dtracy4
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    I would say you can easily pick a business idea that relieves your startup cost concerns. Especially with the websites and mobile apps (growing very quickly now!), you can start up your company with <$500 and break even in a matter of months.

    Here's an example. Earlier this yr, I launched an iphone app. The start costs were <$450. The app itself was very straightfwd, and so, we were able to find a developer to create it for $300. Apple charged $99 to open a developer's account. Then, we had some extraneous costs (e.g. website domain, hosting). With such a low initial investment and a general understanding of product launch marketing for an iphone app, we were able to break even within the first 3 days of release and have been profitable since.
     
  12. neha.lemon

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    I think you are very younger to start a business. But it is really appreciable that you are interested to start a new business. If you have decided, which type of business you are going to start, collect all related information regarding that business. Business analysis is very important step before starting any business.
     
  13. Denis Frank

    Denis Frank
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    Hi Damien – it’s great that you want to start a business. There are several funding companies who can help fund entrepreneurs like you to start a business. I’m sure you’ll be able to find one. You should have clear goals, objectives and a business plan that is well defined. You should also think lean in terms of capital being invested. My friend and I have recently invested a small amount of capital in starting a supplement company of our own. We are retailing online and so far it has been working well for us. The nutritional supplement industry is booming and fairly easy to enter. You could hire a private label manufacturer to help you get started quickly (make sure they are GMP-certified). Many of them offer full customer service options such as label and logo design, packaging, etc. All you need to do is to market your supplements! Using a private label supplement manufacturer that sells superior-quality products supported by research are an added advantage to marketing. I have recently starting using the services of Vitacap Labs and found them very efficient.
     
  14. Emmaq

    Emmaq
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    What matters most is that you should do sth you like and you are good at: )
     
  15. Alexishost

    Alexishost
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    Perhaps you want to consider retail business DamienGreem?
     

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