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    23 Replies Latest reply on Mar 31, 2010 11:21 PM by BusinessToday

    What Do I need and How Can I do It?

    Danycount9 Wayfarer
      Hello Everyone,
      I am a new member, I am anxious to get informed about small business. I would like to know what do I need to start a small business. That would mean how much money do I need? Do I need any legal papers? Also, what kind of small businesses are there? I am only 23, I am currently pursuing my bachelor in Accounting, I imagine how promising this could be. I am entreating you guys to inform me please and I tremendously admire the fact that you take your time to not only read my message, but also to reply. Thank you!
        • Re: What Do I need and How Can I do It?
          LUCKIEST Guide
          It is always nice to hear from new members and YES hopefully you will get good input from the members.
          How soon do you plan on starting this new business?? NOW while you are in college??
          After graduation?? Will the business be in the Accounting field??
          The more you share with us thebetter our answers.
          Once you have narrowed the field down to what you want to do, DEVELOP A BUSINESS PLAN.
          Come up with a name for the business and register the business.
          Good luck, LUCKIEST
          • Re: What Do I need and How Can I do It?
            erinoir Newbie
            Are you thinking of starting an accounting business? Some of the more established members of the forum should be able to give you some ideas on legal issues. However, when you first start, you could work out of your home. Make sure you have a dedicated space for work that will not encroach on play areas, especially if you have kiddos, as a potential employer might want to see where you work. Have professional business cards and letterhead made up - those little touches go a long way. (Vista Print often has great deals, just be aware of the add-on sales during the checkout process.)

            When you are set up, advertise your services on your local Craigslist page (free) and your local newspaper. I suggest purchasing ads that run for several weeks from the newspaper.

            Good luck!
            • Re: What Do I need and How Can I do It?
              WEBillions Adventurer
              Sounds like you still have a lot to think about, but it is great that you've started to think about it. As someone who is currently in school and starting a business, I would warn against starting a business at least until you are within 6-8 months of graduating. My business has really taken a lot of focus away from my schoolwork. However, it's great to go ahead and do the brainstorming while in school. One of the great things about school is that there are some many people around that you can ask questions to who will give answers for free (like this site but in person).

              The amount of money you would need greatly depends on what kind of business you are thinking of going into. If you choose an internet business, those costs will be substantially smaller.

              You will need to fill out some legal papers, such as your ficticious busines name and stuff for your business license once you start.

              Coming up with business ideas is not too difficult. I have a post about this at You might consider some problem you've found in accounting that could be taught in a simpler way to the average person. Good luck.
              • Re: What Do I need and How Can I do It?
                rowzlandson Newbie
                It's difficult to answer your question without knowing exactly what your business will be doing...try searching on google or yahoo for some resources that can give you a really simple primer on legal basics and whatnot (although even this won't be comprehensive). I agree with the other posters, you should develop some kind of a business plan first -- what "question" will your business "answer"? There are so many issues here it's difficult to address just one of them...there are some good Nolo press books out there that might get you rollin', too.
                • Re: What Do I need and How Can I do It?
                  CEO Space Scout
                  To begin with you need a vision of what type of vision you have for your business, what will you do?

                  Then you will need a business plan and a team and the funds to execute the plan.

                  I know those are very broad and general answers due to the generality of the questions.

                  I would suggest you get the free resources from the SBA as a start. There is another forum online called They have covered a lot of information and are your age group.

                  I have written several articles at under Kathy Hadley that are helpful overviews.

                  After you've gone over some of that, come back and check in and let us know how you are doing.

                  Good Luck
                  • Re: What Do I need and How Can I do It?
                    RickFelten Adventurer
                    Hi Danycount9.

                    You seem to have a solid trait that is necessary to be successful in business: You want to DO IT!! I can't tell you how many people I've met (lawyers, plumbers, electricians, printers, executives, etc) that just don't want to DO IT. This trait will serve you well.

                    Another trait that you will need is a harnessed passion. What do you really love to do? What will make you get up a 4:00 AM and drive through the worst weather to get to the office? You've got to love it if you want to be successful.

                    When you find that passion, and harness it, you will be well on the way to starting a business.

                    The other things are important, so don't ignore them. I just think it is important to discover that you LOVE working on cars and being a mechanic (for example) before you are 6-months into the worlds best business plan to open a flower shop.

                    Hope this helps.
                    • Re: What Do I need and How Can I do It?
                      fccgold12 Wayfarer

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                      • Re: What Do I need and How Can I do It?
                        SageTrout Wayfarer
                        Check out Startup Nation - They have free and very comprehensive information about starting a business plus forums to ask questions.

                        • Re: What Do I need and How Can I do It?
                          LUCKIEST Guide
                          Maybe this will help, LUCKIEST

                          h3. 6 Steps to Small Business Success

                          1. Start Smart
                          2. Plan Ahead
                          3. Set up Systems
                          4. Seek out Sales
                          5. Aim for Growth
                          6. Leverage Opportunities



                          1. Start Smart.
                          Identify a niche. Don't compete to be the lowest cost provider. Look
                          for what makes your product or service unique and adds a special value
                          for the client and charge for that value. Every business has many
                          facets. Start with what you know and like; start a business that has
                          meaning to you. Keep in mind that we don't know what the future holds,
                          many of the jobs and businesses of tomorrow don't exist today. You can
                          create your own success.


                          Now is the time to dream. To start smart, you should like the idea of
                          the business. The way to earn a good income and build wealth is by
                          serving clients well, making their life better in some way-it's more
                          than filling a need in the marketplace. To succeed you want to test the
                          idea to make sure your potential clients like the idea too. Test your

                          2. Plan Ahead.
                          People often ask me why bother with a business plan? Look at the
                          lottery as an example. You may get lucky and get the winning ticket,
                          but the odds are against you when you rely on random chance. I'm a risk
                          taker...but not that much, minimize the risk of going into business and
                          maximize your potential for success. Take the time to write a plan of
                          how you get from point A to point B. A plan gives you a clear future
                          focus and increases your chances of success.


                          The first rule of a start-up is put some of your own money in the
                          business. As the owner you must be willing to capitalize the business.
                          The second rule is put as little of your own money as possible in the
                          business. Prepare your plan and look for funding for your business from
                          multiple sources, which can include a business loan or business line of


                          Don't go it alone. Plan ahead now to build your team. Your team may
                          include a CPA and an attorney that you work with as needed. Add a
                          mentor from your industry and get a SCORE mentor to help you plan for
                          success. No one has all the answers. You get more ideas and information
                          by building a success, support team that can help you plan ahead.

                          3. Set up Systems.
                          The most basic system every business should have is a good financial
                          system. Ask yourself how am I going to generate enough income to
                          support myself and my family. Begin here. Put together a personal
                          budget, so you know what it costs you to live. Now, you can move on to
                          the business budget and sales planning, so you can see how many sales
                          you need to break even and make a profit. The start-up expense plan,
                          operating budget and your accounting software are vital to your



                          4. Seek out Sales.
                          The daunting question is how do you go about seeking out your first
                          sale. Recognize that since you don't have a big ad budget to be seen by
                          everyone, you need to target a niche and get connected in your market
                          community, be it local, regional or national. You need other people
                          selling for you-not employees-goodwill referrals. Get out and talk to
                          as many people as you can. Join organizations that would have clients
                          for your product or service. Become a visible part of your market, and
                          then ask for the sale. You begin the sales process with people that you
                          know. Yes, it's okay to start with friends and family as your first
                          customers, and then broaden from there.



                          5. Aim for Growth.
                          The basic tenant of creating a company is that you own the company. You
                          are not just creating a job for yourself. It's less risk and less
                          investment to get a job. Building a business is creating a company that
                          is more than the job itself. Think about the future. How large do you
                          want the company to be in terms of sales, net profit and employees?
                          Your answer to each of these questions will influence how you grow.
                          There are varying costs and profits associated with growth. It's
                          important to make a deliberate choice early about how you want to grow
                          your company.


                          6. Leverage Opportunities.
                          Good luck. Good fortune. Good timing. All play a part in business. As a
                          business owner, be very clear about your core focus for the business
                          and how it serves clients. Your core business is what pays the bills.
                          Then, as an entrepreneur you are about opportunity. When you see a
                          potential opportunity or stroke of luck measure it against your core
                          business focus. Good fortune is great, when it matches your vision for
                          the business. Always consider if a good opportunity is the right fit
                          for your business. If something looks great, but it's not in sync with
                          your long-term plan and budget, think carefully before committing your
                          company's resources.
                          • Re: What Do I need and How Can I do It?
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                            • Re: What Do I need and How Can I do It?
                              MoneyGuy Adventurer
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                              • Re: What Do I need and How Can I do It?
                                jrundell Wayfarer
                                What you need Most is Support. Support is the Main ingredient to success ! As with any new venture
                                you can draw on the successes of others and therein avoid some of the pitfalls. Anyone who will help you
                                is an asset worth absorbing. I started from scratch a litlle over two years ago on the Internet and after some failures succeeded with the Mentoring and Coaching of successful entrepeneurs that now come back to me for advice on the latest techniques and Strategies for Internet marketing. Its all about sharing and learning constantly and the market changes and New Opportunities Evolve. Many are now available to begin wth the most successful of those I have an updated portfolio at : or all have which have proved profitable for many. My one partner started from scratch as well and she broke $500,000 the first 18mo. We currently have a team approach and Im available anytime Just call me.
                                • Re: What Do I need and How Can I do It?
                                  gregoryde Wayfarer

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                                  Make money selling your design talents and internet expertise using FastCommerce.
                                  • Re: What Do I need and How Can I do It?
                                    scribesays Wayfarer
                                    Hi Danycount9,


                                    It can be scary launching into business on your own--but believe it or not, now is the best time to do it. I'd say keep networking, let people know about your plans. Email. Send letters. Tell your friends, you classmates, your parents, your grandma--everyone..Because the best way to get business is by word of mouth.

                                    And you might want to develop a business plan. There are some simple free templates here:

                                    Accounting is a great business to be in right now as well. Here's something you might get a kick out of:


                                    Maybe you can relate?

                                    Anyway, good luck!
                                    • Re: What Do I need and How Can I do It?
                                      css1985 Wayfarer

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                                      • Re: What Do I need and How Can I do It?
                                        work4home Newbie
                                        What would probably benefit most is paying more attention to posts like LUCKIEST, who provides a lot of excellent insights and feedback. Another option you might consider is speaking with other small business owners and learning what they like and dislike about whatever accounting service or program that they use. More important, be honest with them and simply share what you did on this blog. Demonstrate genuine interest in them, listen to their concerns, and ask questions to be certain that you understand not only what they said but learn what they need. For example, my company began as a small real estate investment company (before the situation became as it is) but developed more into an education and information-type company since I found much more satisfaction in sharing tidbits of information, strategies, and techniques that I learned through the banking and mortgage industries that might also be beneficial to them. What I found is that I enjoyed helping others find real estate investment-type "steals and deals" far much more than using what I knew to out-negotiate someone else. It was also more fun.

                                        Apart from that, LUCKIEST probably provided you with the best, reliable, solid, and accurate feedback and insights. A new business is like a baby; it involves a lot of labor, a lot of sleepless nights, a lot of feeding, a lot of screaming "I cannot take it (or any more of "_") any more!", a lot of patience, and a whole lot of that stinking, constant changing. But the rewards far outweigh the challenges and frustrations.
                                        • Re: What Do I need and How Can I do It?
                                          harishmanek Adventurer
                                          I have an excellent opportunity but for a consideration if interested get back to
                                          • Re: What Do I need and How Can I do It?
                                            lowerbill Wayfarer
                                            It depend what kind of business you would like to start.

                                            Here's what I do and it works for me. Feel free to visit my websites and contact me if you have any further questions.







                                            • Re: What Do I need and How Can I do It?
                                              YouCanTravel2 Wayfarer

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                                                • Re: What Do I need and How Can I do It?
                                                  creativeiads Wayfarer
                                                  Luckiest has good points.
                                                  Make sure you like the business what you plan on doing. Dont get into only because you want to make wealth.
                                                  Plan ahead with a business plan. Do market research to know about your products and competetion. Have extra financing in place as you are bound to need more than what you initially plan. You need to have reserves for atleast couple of years to not get paid while you develop your business.

                                                  Mike Varavooru,
                                                • Re: What Do I need and How Can I do It?
                                                  harishmanek Adventurer
                                                  I have got some buisnss ideas which you can benefit but for a consideration if interested then get back to