Reference no: EM133021093
Current Business Topic Discussion:
The number of new businesses opening up each year is said to be over 627,000. This statistic was taken from the U.S. Small Business Administration (Louise Balle). In other words, we have businesses popping up left and right, which makes us wonder, how do people even start small businesses?
To answer that question, we look at a company called Kabbage Inc. They are known for lending automated funds to small businesses. They also offer a multitude of articles on how a person can start their own business.
How to Start a Small Business
This article suggests that starting a small business first comes down to having an idea. Once you have that idea, you then proceed by making a plan. Planning can be done by asking yourself some very important questions such as "who your customers will be, your competition..." as well as figuring out how you might "incorporate media and technology" (Kabbage). Then comes the part where you will have to establish a budget plan. Once you have that down, you must think of a name for your business, make sure your business entity is legal, think about the type of business you want, whether it be a sole proprietorship, partnership, LLC, or a corporation, and then proceed by opening up a business checking account.
At this point, you might be thinking, to heck with it! There are seven more steps? ... Yes.
From there, you must determine employee staffing, establish your business location, purchase your business license, set up an online presence, create business cards, experiment, and lastly get help. Get help to start it (Kabbage).
Questions
- Someone once said, jobs will pay your bills, businesses will make you rich, but investments makes and keeps you wealthy. What do you think about this statement?
- Are you learning anything new in life that is useful in terms of what will be required of you in the field or career you want to get?
- If you could start your own business, what would your business be about? Why?