how to start your own business

how to start your own business questions and answers

Learn about how to start your own business at the number one young investor website Teen Analyst.

Q: what college degree would be best if you want to start your own business?
i am actually planning of becoming a fire fighter, and having my own business. so i want to have 2 majors in college fire science and ______, i mean opening your own store, or my dad is in mail business and right now its growing pretty good, so in a couple years i might get that.

A: business administration, business management, political science. if its your fathers business the best schooling you can get is watching him work and learning from him as well.

Q: what do you need to get a merchant account business started?? how do you start your own small business/company
i want to possibly look into starting my own merchant account business and i was wondering what steps do i have to take in order for me to get started.. do i have to get some kind of license if anyone could help me out with a few pointers i would be more than greatfull thanks.

A: Banks are the most frequent vendor sources of merchant accounts. Banks usually categorically deny vendor status to home-based businesses. Bankers are closemouthed about the reasons for this policy, but I'm unable to determine whether the source of this policy is the banks themselves, the federal examiners who regulate banks, or the Visa and MasterCard organizations. Whatever the cause, it's a fairly blatant form of discrimination. However, individual banks can and do make exceptions. Visa Merchants Card Management Guide: http://www.usa.visa.com/download/business/accepting_visa/ops_risk_management/card_ accept.pdf?it=r4|/business/accepting_visa/new_acceptance/merchant_responsibility.html |Card%20Acceptance%20&%20Chargeback%20Guide Mastercard International Rules Manual: http://www.mastercardmerchant.com/docs/accept_mastercard/merchant_rules.pdf Payment Card Industry Data Security Standard: http://usa.visa.com/download/business/accepting_visa/ops_risk_management/cisp_PCI_ Data_Security_Standard.pdf

Q: Have you ever... started or wanted to start your own business?
I would like to start my own business someday. What are business ideas that you have found successful or if you don't have your own business what are some of the different kinds of businesses you have thought of starting? I currently am an Account Executive for a national mortgage lender. I love the sales aspect of it but hate the corporate feel.

A: My husband started his own business 4 years ago and became a general contractor, so we started doing commercial construction projects. I quit my "real job" and started working for him 2 years ago and it was the best decision of my life...own hours, own boss!!! But I don't really think anyone can recommend a business for you, you need to decide what is a passion for you, do you like being a waitress and could run a restaurant, do you like scrapbooking and could own a store, do you like animals, and could open a pet washing/day care business....basically I think the most important thing is knowing what you like to do and what your good at. That's the best way to ensure you'll succeed!! My cousin went into financial management and is now making lots of money bcuz he's good at it and loves doing it. Find your passion and don't let anything limit you. I love taking pictures and have always considered opening my own studio?? One day maybe!! Good luck!!! PS...the main downfall to owning would be when times are great you can make lots of money, but set some $$ aside, bcuz there will always be slow times...and also consider medical insurance, 401k and employees (workers comp is very expensive)

Q: How do you start your own Business out of your home?
My boyfriend and I are interested in starting a t-shirt business out of our home. We want to just do it online for now, and then possibly branch out from there depending on the success of the online sales. We need to know the basics and what way would be cheapest to start?

A: Very innovative thought but first of all consult someone who is in the same business, good luck

Q: Is it hard to start your own small business from scratch?
Is it hard to start your own small business from scratch for a college student. Let's say he's got an idea. What are all the steps [areas] involved along the way until you can finally launch your own small business? Is my question the same as entrepreneurship? Thankyou for your answers! side question: Is it better to just start your own business or to work for a company for the rest of your life? is it risky to start your own business but more rewarding at the end?

A: First, you need to develop a business plan: what is your idea/product? How will you make your product? How will you distribute your product? How will you find your customers? How will you finance your business? and so on....... The two hardest things for a new business are finding the financing and getting the word out to potential customers. A bank won't give you a loan just because you have an idea. However, if you show them a solid business plan that includes research on why people need your product, the current competition, and the expected sales AND they see profit potential in the business, you may be able to get a small business loan for start up. Or you can try to find an investor who will give you start up cash in exchange for a portion of the ownership of the business. There are a LOT of steps along the way but it really depends on where you want to go. As a sole proprietorship (just you own the company), there aren't as many legal hassles but the company's income goes on your personal income taxes. I'd recommend taking a couple of business classes in college. And accounting. Every business owner needs to know the basics of accounting.

Q: How do you start your own business while working 50 or so hours a week, plus kids, husband and a house?
I work full-time while trying to start a custom photot album business that has great potential. I just don't seem to have enough hours in the day. My husband is a police officer who does not make enough to support the family on one income so I can't just quit. I need time to work my business but still have to have an income.

A: I am in the same situation with you, though the reasons are different. I work full time at a job because I love the work so much, while at the same time working with my husband on our business while raising 2 very young kids. As you know, it is NOT EASY. Coupled with the fact that I am one big procrastinator, which did not help any. Here is what I do: 1. The night before, I plan out a list of what I need to do both at work and for the business. If I don't I'm hopelessly lost and often fail to do what I need to accomplish that day. 2. I have mastered the art of not sleeping (or sleeping very little). I work for the business when the kids are asleep - so that starts at around 9 pm. I'm often up until 1 or 2 am. 3. I work around the kids' naptime. In 1-2 hours in the afternoons, I need to cram as many work as I could do because when they wake up, it will be very difficult to get the work done. 4. Hire babysitters. They are the lifesavers and they keep me sane. And allows me the luxury of work. 5. Take care of yourself. This is extremely important. Sometimes if you push yourself too hard, it is counterproductive. Take a rest sometimes, take a breater. One thing I realized is that work never ends - even if you do not sleep now, there will still be work waiting for you tomorrow.

Q: How much does it typically cost to start your own restaurant business?
I am looking to start my own restaurant business in Louisiana. Can anyone tell me the average amount of money that I will need to get started? It will also have a full bar. I know that no one can tell me the actual amount and I'm not asking for that. I just need an average or a website I can go to to see an average. Anything would help. Thanks for your help.

A: Go to http://www.score.org/template_gallery.html and download the Excel template for estimating start up costs for your restaurant.

Q: What do you need to start your own business?
I want to start a car-detailing business. What would i need, besides a buttload of money? And does anybody know what that kind of stuff would cost? Like, the sprayguns and a huge building to even do it in?

A: I currently own my own business and the first thing I always tell everyone is to write up your business plan. This is the most important thing to get started. Especially if you will need a loan, the banks will require one. You have to show them you are serious. My plan was 36 pages long, so yes it needs to be very detailed. I went to my County's website and there they will have sample business plans so that you will have a template to follow. As far as the car detail business, I dont have a lot of answers. Start with a business plan, during it, you will be doing all kinds of research. Just do one step at a time. It does not happen quickly. When you get to a part in your plan that you are unfamiliar with, google it. i.e., what is your total annual projected income. google it. You will find many answers throughout the web. Good luck to you!

Q: what your attitudes to Students start their own business ?
i will graduate from university next year, but i hate work for other, i want to have own business, i know it is very difficulty for me, but i will try my best to it. could anyone give me some advise, thanks!

A: I will give some advices that i have learned on the hard way, Always believe in your business idea and in your business, maybe everyone that tells you it wont work don`t see the real benefits of it Be very carefull if you want to start a business with a partner. If he is a good friend you could end up fighting, and if he is a person that you don`t know very well he could run off and leave you with debts. If you borrow money from a bank be very carefull on the intrest, you could find out that your intrest has doubled in one year Good luck

Q: How much money does it take to start your own business?
Also, if your business is considered a small business, does that mean that you won't make as much money as a corporation?

A: depend wat u mean by a small bossiness if it is from home nothing at all so Long as u have an ebay account if you mean like that but i think you mean like a shop or such like so erm dunno use yr brain you can rent a shop for about 700 per week or month cant remember but then u need to think about wat yr going to sell so if it is food then u just add up the ruff amount go to your nearest corner shop most indians will help cus they are brought up like that Always help

Q: If you wanted to start your own web business, how much money would you need to get started?
If you wanted to start your own web business, like if you wanted to sell personal t-shirts and caps or something very small to start up from home, I was just wondering how much money would you need to get started. Would you have to get some sort of license? I have a great idea I think could make money on the web but I don't want to invest to much in the beginning. Thank you for all the great info guys. I wish i could give you all 10 points but only one can get the points, you understand. This info you've given me is worth more than me giving you just ten points so maybe i'll let the voters pick the one thats best... thanks again, this is very useful info! When i get my business started, i'll send you my product free of charge!

A: The cost of a business on the Internet is reasonable as businesses go. Of course you must still do your research to find the best products to run your business. I will always consider myself fortunate to have found the best set of tools the first time out. I've made a video about that at http://www.youtube.com/watch?v=-uMdLyQZC9s I'll put a link in the resource box for the company I use. As for a business license, that depends on your jurisdiction. Call your town hall, explain what you have in mind (in general terms) and they will tell you what that will cost. Usually the license is not much if you work from your home and will not generate traffic around your house. Best wishes.

Q: What is the best way to start your own business for the first time?
I dream of having my own business...Is it hard to get funds/loans?

A: The best routes to take are to research the process of starting a business as well as the industry you're interested in. I recommend checking out the SBA, Entrepreneur, The Start Up Journal & Nolo. All 4 are great informational resources for the new/small business owner. I posted links for you in the source box. Research, research, research – this cannot be stressed enough. Read as much as you can. Here are some book titles that are relevant: * How to Really Start Your Own Business, Fourth Edition by David E. Gumpert * How to Really Create a Successful Business Plan: Step-by-Step Guide by David E. Gumpert * What No One Ever Tells You about Starting Your Own Business: Real-Life Start-Up Advice from 101 Successful Entrepreneurs (What No One Ever Tells You About Starting Your Own Business) by Jan Norman * Business Start-Up Kit by Steven D. Strauss * Start Your Own Business (Entrepreneur Magazine's Start Up) by Rieva Lesonsky There are plenty of free informational resources out there. Check the source box for links to articles. Hope that helps! I wish you much success & happiness in all your ventures!

Q: What all does it take to start your own business?
Well... like any college student I'm debating what I wanna do for the rest of my life. What I DO know is that I LOVE animals and I'd LOVE to open up my very own Veterinary office. Do you or SHOULD you have a degree in Business Administration??? Am I going in the right direction? HELP!

A: This is the site for Washington state employment office. They have links to search career information, schooling requirements, and job outlook. I believe you will find the information that you requested.

Q: If you could start your own business, what would you do?
I want to own a nightclub. What business opportunity would you pursue?

A: It certainly would not be a night club, the licensing and insurance is killer. Most of them fail because the managers know nothing about the hospitality business and the fraud levels are high. I would look for economy proof businesses, something that people will need/buy, no matter what. Anything health care related.

Q: Please share your success stories, who switch career or start own business, in your late 30s & early 40s?
For those who start somethng from scratch and successfully build it. Share your experiences and what's the most important trait that you need to have especially when you already in late 30s or early 40s or even 50s! At the same time, with family to feed and budget are tight.

A: i am only 27 years old now but my story is real. I stopped studying at the age of 15 years old due to some financial problem in the family. I worked as a babysitter by then, life was not easy. I should go for highest secondary school & this is compulsory for all the student at the age of 17 but i cant. I carry on my babysitting job and gave some of my income to my mom, mom & dad no longer together, my dad married to somebody else while mom was working from home doing handicraft (income that she made not enough to buy food and to pay the school fee). My younger brother was still studying that moment, he was working in the petrol station in the evening up to 10pm and had to go to school at 7am to 1pm. I urged him to be strong. His ambition is to be a teacher. When I was 21 years old I really wanted to have something like what other youngster have, at least a piece of high school certificate! I bought some of the high school book and started to study at home by myself. The mathematic lesson is not that easy but I asked my employer to teach whenever chances were available. I passed the high school exam after studying by myself for few months, mom's tears was falling down.. I used my certificate to get a better job, this time I work in the Boutique House as a Sales Assistant. My brother was still in high school and it was amazing as he passed the high school examination with flying colors. My mom cried again, she was happy for us. I was still not happy with my work, I looked for better job again, this time I want to be the officer in 5 star resort. I passed the interview but due to lack of experience and very low education I have to be the Trainee for at least a year and only can be confirm as a permanent staff. I took the challenge and after a year, I became the Guest Service Officer. I sent my brother to go to Teaching College to fullfil his ambition. Mom is no longer doing her handicraft job anymore, I support the whole family. Last year, my brother graduated from the Teaching College and started teaching in one of the school. We both have improved the family life, due to the past experience we are now very hardworking and money is something very valuable for us. I am no longer working in the 5 star resort, i turned to be entrepreneur & i feel more satisfied. This is life, be good to others and good thing will come to you. http://www.website.ws/powercontrol