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Can someone help me open my business? |
I came up with a great idea for a small business, I want to open up a snack shop that sells sandwiches,chip, salads, and nick nacks, I found a great location, now I need to know what steps to take, I am 30 years old and buying my first home, I work a 9to5 and make very little money, I only have 3000.00 in savings. what do I have to do to get the business going? I live in Indiana hi I'm a year 12 student in Australia and i do business studies at school. i agree, look in books and do all the legal stuff. Then the thing you need to do is make a business plan. This should include financial plans for the business, employee numbers and salaries, location, draft stocklists etc. This will allow you to apply for debt finance at banks etc. i think the best way for you to finance this venture would be to bring in a partner. considering your lifestyle maybe a partner who has experience in managment and the time to give to the business would be a good idea. The best advice i can give you is to research this thoroughly before you rush into anything. the most important things i can think of off hand are : 1.do a bussiness plan. 2.market research, (are you sure the location you found is suitabe and will attract customers) 3. gearing (ratio of debt - equity finance, keep this low) 4. seriously consider bringing in a partner 5.keep your business innovative and competative, because even if there are no competitors in the area now, if your business takes off... there will be! Go to amazon.com and get a book on incorporating your business. You need a health department approved kitchen. That is a lot more money than you have. Well, first thing is buy or borrow some small business books, just to learn more about starting out. You need a business plan, something to show a bank or an investor. It is very very expensive to open and run a business, but possable and great. Look at what Walt Disney did! Just really take your time and learn first. I have a suggestion for you. I think that with only $3000 in savings and a full time job, you would run into cash flow problems right off the bat. What I recommend is starting a home business first. The one I am in costs just under $200, and you can be up and running. Use it as a vehicle to increase your net worth and build residual income so that when the time is right, you can easily start your snack shop. It would give you a great deal of business training which would really help you learn the ropes of running a small business, but it would eliminate the risks. I would be happy to show you the way and help you work towards that snack shop! I have the slightest ideas on how to open up your own business, but I ran across these articles that may give you some insight on this information. There are multiple articles on the subject, check them out here: |
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