How to start your own business from scratch? Practical recommendations

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Most of us know from childhood that we need to study well, find a job, go there five times a week and get paid there. Maybe it sounds a little naive, but many people live like this - from paycheck to paycheck, considering how much money needs to be spent on food, housing, and other expenses. Perhaps there will be something left to rest.

But sooner or later we think - why not start your own business? How to open your business from scratch?

The first thing that comes to mind is various development options, possible income. However, before you open your business from scratch, you need to answer the question - who in specific conditions and why needs a product or service that you want to produce. Surely there is already an analogue on this market, therefore, it is possible to conduct a detailed analysis: who sells it, where and at what price. Determine the cost of the product and decide whether it makes financial sense to sell a product or provide a service in this competitive environment.

The next step on the way to solving the question of how to open your business from scratch -search for cash injections, or, more simply, sources of financing.

These could be:

1. Attracting co-investors. This option, at first glance, is the most interesting, because you can get the amount missing to open a business without any kind of overpayments and other pitfalls. The reverse side of the coin is the possibility of disagreements with partners, as a result, most often - collapse.
2. Bank loan. In order to get a loan from a financial institution, you must provide a detailed business plan and convince lenders that working on the project will allow you to pay current expenses and repay debt obligations to the bank.
3. State programs to support the development of private business. As in the case of a bank, here you will have to answer questions and prove the potential success of the business. You won’t be able to get money quickly (state programs, after all), but, compared to the same bank, the conditions here will be much more loyal.

Best business ideas from scratch 2013

A few words about which start-ups were the most profitable in 2013.

1. Private mini-bakery. No matter what troubles occur in the economy and political life of the country, you always want to eat, as the saying goes. Bread is the head of everything, and today it is still the No. 1 product on the table. And, of course, you want to eat delicious bread, not the one that gathers dust on the shelves of grocery stores, but fresh, straight from the ovenprivate bakery.
2. Repair shop. Another good example of how to start a business from scratch. We return to the same unstable economic situation. Not everyone can now buy new clothes and shoes for the whole family several times a year. The situation in the country did not fail to affect the level of income of citizens. Instead of buying a new thing, we are increasingly turning to a workshop to repair clothes or shoes, a bag or a school bag, respectively, this type of activity will be doomed to success.
3. Shops that rent out baby items. Clothes, toys, bicycles, strollers - all this is bought for a child for a short period of time and is not used later. Now there is an opportunity to rent all the necessary things, which domestic citizens rushed to take advantage of. Therefore, there is every reason to believe that this is another good example of how to start your own business from scratch.