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Showing posts from November, 2018

The Complete, 12-Step Guide to Starting a Business

1. Evaluate yourself. Why do you want to start a business? Use this question to guide what kind of business you want to start. If you want extra money, maybe you should start a  side hustle . If you want more freedom, maybe it's time to leave your 9-to-5 job and start something new. Once you have the reason, start asking yourself even more questions to help you figure out the type of business you should start, and if you have what it takes. What skills do you have? Where does your passion lie? Where is your area of expertise? How much can you afford to spend, knowing that most businesses fail? How much capital do you need? What sort of lifestyle do you want to live? Are you even  ready to be an entrepreneur ? Be brutally honest with your answers. 2. Think of a business idea. Do you already have a killer  business idea?  If so, congratulations, you can proceed to the next section. If not, there are a ton of ways to start brainstorming for a good idea. An article

7 Essential Startup Steps

Do your market research:  Just because you build it or sell it doesn't necessarily mean anyone will buy it. The first essential step is to research your potential market. Who needs what you are offering? Is there space for your product or service in the market or is the market saturated? Is the market national? Is it a niche? Can you define your ideal customers? These are all questions that need to be answered before you even consider starting a business. Too many entrepreneurs have found out the hard way that there was not enough market share for them to capture. Others have realized that their target market audience was far too limited to make their business work. Show yourself the money:  You can't start a business without capital. Determine what you have, what you will need and how you will go about getting it. If you plan to seek investor funding or financing, start writing a business plan and practice your pitch. Research the costs associated with your business. Know h

31 Entrepreneurs Explain The First Thing You Need When Starting a Business

#1 – Not Be Afraid of Failure Image Credit: Ryan Matzner One of the first things you need to learn is not be afraid of failure. You must focus on the idea of what you believe to be true, even when no one else does. It’s important to focus on executing your vision unless you decide you need to pivot. When starting a business, it’s tempting to try to offer every type of service, but specialization is key. Be known for doing something specific instead of trying to accomplish everything at once. Thanks to Ryan Matzner, #2 – Clarity Image Credit: Somya Munjal To be clear on what you want to accomplish and never give up! I entered the workforce when I was 14 years old and it didn’t take me long to start working two jobs once I realized the power of earning and saving and the related freedom that provides. I started Youthful Savings in Washington, DC when I got frustrated with the growing inequality in this country that is often based on race and the related socio-econ