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5 Replies Last post: Feb 6, 2008 6:45 PM by Uncle Leon

Business - What should I know?

Feb 6, 2008 3:18 PM

Click to view sereneangelle's profile Professional sereneangelle 6 posts since
Dec 28, 2007
I have always wanted to have my own business. I am interested in starting my own cosmetics store. Makeup and skin care is something I am passionate about and would like own my own store.

What are the things I should know about starting my own business? What steps must I take?

Thanks
Tags: first, business_start_up, funding, new, business, business, plan, start, up Report as inappropriate
Click to view LUCKIEST's profile SCORE LUCKIEST 5,737 posts since
Aug 6, 2007
1. Re: Business - What should I know? Feb 6, 2008 3:25 PM
Business - What should I know. If I was to be starting my own business I would do two things.
One, Develop a Business and Marketing Plan.
Two, Contact SCORE. SCORE is FREE and they will help you succeed.
Good Luck, LUCKIEST
P S. Go to the Members page and add a few words about you.
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Click to view Uncle Leon's profile Mogul Uncle Leon 50 posts since
Dec 28, 2007
2. Re: Business - What should I know? Feb 6, 2008 3:51 PM
Marketing: Who will be your target customers? Why should they buy from you as opposed to other scources? What is the most efficient (dollars out versus dollars in) ways to reach them with your marketing message? What type of "Special Promotions" can you run to initially get your business off to a fast start?

You should also know basic book keeping. I recommend Quickbooks as a simplified method. You're accountant can help you set up your accounting fields. (You DO have an accountant, don't you?)

You will need (at least) liability insurance. And I recommend that your form of business be either an LLC or an "S" corp. (LLC will probably suffice, but it's wise to check with an attorney. You can probably set it up yourself, on line.)

Visit WWW.SCORE.ORG. You can locate a local chapter to get individual help (free), or you can select an online counselor, or both.
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Click to view LUCKIEST's profile SCORE LUCKIEST 5,737 posts since
Aug 6, 2007
3. Re: Business - What should I know? Feb 6, 2008 4:11 PM
in response to: Uncle Leon
Uncle?? Who are you?? Where are you?? Retired from WHAT??

A few words about you Retired


LUCKIEST

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Click to view sereneangelle's profile Professional sereneangelle 6 posts since
Dec 28, 2007
4. Re: Business - What should I know? Feb 6, 2008 6:14 PM
in response to: Uncle Leon
Uncle Leon

I am actually in the process of doing research before I start anything. Im researching products, etc. I do have booking skills(payroll, receivables, payables, etc).

Im just trying to figure out how to get started.
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Click to view Uncle Leon's profile Mogul Uncle Leon 50 posts since
Dec 28, 2007
5. Re: Business - What should I know? Feb 6, 2008 6:45 PM
in response to: sereneangelle
<<I do have booking skills(payroll, receivables, payables, etc).>>

An excellent beginning. I assume, from your last post that you have not yet selected a product to sell. Have you considered to whom you would like to market?

Perhaps, as you narrow down to a "product", you may want to consider a series of similar or complementary products that appeal to the same market. That way you can sell multiple products to the same target market with the same marketing effort.

In addition, once a customer has purchased from you, they are much more likely to make additional purchases than those who have not yet purchased anything from you.
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