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Answers to Readers' Questions on Business:
Starting Business
The following 3 comments and questions have been sent in. They are listed according to date.
List of first 10 items
- How do I get partners to start a business?
- I want to start a new business
- I want to start my own firm
How do I get partners to start a business?
Question
July 4, 2010
I need to start a cleaning & maintenance company and i do not have the capital,equipment,chemicals etc. I have the knowledge of the business and all the requirements , so if i am to look for partners , how do i go about it ? If i find them how do you split the shares or fairly distributed ? As the brains behind it how many shares am i supposed to get as well as the partner(s)?
Victor - Zimbabwe
20013
Answer
If you want to start up a business, you first need to know that there are customers who want your service and a way to attract them. If you have been in the cleaning and maintenance business, working for someone else, you should know of people or companies needing your service.
To start a business and get funding or partners, you need to have a Business Plan where you show that there are potential customers that need your service. If you have a plan in writing of how you expect your business to succeed, you can convince others to invest in your idea. They have to see that the business would give them a profit.
For information on business plans, see: http://www.myownbusiness.org/s2/
There are people who will invest in a new business. However, it is better to get someone who would be a working partner, as opposed to someone who only invest money. The investors often want a quick profit and not to grow the business.
Checking with local business organizations or the Chamber of Commerce is a good way to find others in business and perhaps get leads on possible partners.
See: http://www.mbendi.com/indy/cham/af/zi/index.htm for information on Chamber of Commerce organizations in Zimbabwe.
Also see our section on Entrepreneurship at:
http://www.school-for-champions.com/entrepreneurship.htm
I hope these ideas help. Best wishes for success in starting your business.
I want to start a new business
Question
May 18, 2010
i want to start a new business (don't know whether i can mention the name of the business) so i need to know the procedure to start and what are all the things a person has to do for it (like whom he should contact, how he has to gather information regarding that, license, funds etc.)
- India
19734
Answer
If you plan to provide a product or service, you need to know who would be interested in such a thing. You also need to know how you will allow people to buy what you are trying to sell. Do you need a store? Do you want to sell online? Are you selling to people or to businesses? Also, see if any other businesses are offering something similar.
Write up all the details you can think of about your business idea.
One important thing in starting a business is to know how much money you need to get started. You not only need money to live on (unless you start doing this part-time), but you also need money to get or make your product or supplies.
If your idea is good enough, others may be willing to invest in the business. Otherwise you need your own money.
Look at our section on Entrepreneurship at:
http://www.school-for-champions.com/entrepreneurship.htm
This should give you a start on understanding about the subject. Also, check into the listed Resources on the subject.
Also check into local organizations and groups that deal will starting businesses. Most communities have such groups, and you can get valuable information and contacts from them.
I want to start my own firm
Question
March 9, 2010
Please I want to start my own firm, will like to be an agent for clearing and forwarding of goods, contract executions, and lands & properties,
Tamunotonye - Nigeria
19345
Answer
In starting a business, it is always good to have experience in the type of work your would do by working for a company that does that work. Besides getting the experience, you will find out what other companies are the competition.
You can also make personal contacts for future work. Getting the first contracts are often the most difficult. Sometimes, after working for a company, they can become your first customer.
Write out a plan of action of exactly what you will offer, why it is better than the competition, who will be your customers and how you will get your first contracts. You need to have an idea of how much money you need to get started and how long it will take to make a profit.
Starting up a firm is not easy, but it can be very lucrative if done correctly.
Also, see our section on Entrepreneurship at:
http://www.school-for-champions.com/entrepreneurship.htm
Summary
Hopefully, this reader feedback has helped provide information about Business issues.
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