Question

Assume you are starting a new business such as a restaurant, barber shop, or spa, for example, and discuss the types of information you would access and research to get the business started. For instance, would you look at the local Small Business Administration's website for guidance on how to fund and setup a new firm? What financial tools would be useful, and how would they assist you in the startup process? Explain.

Answer 1

1. Do your market research : What type of Industry you have experience or you want to enter.

2. Secure intellectual property : if you require any patent/copyright for your product/service

3. Decide on branding : How to introduce it to market

4. Incorporate : Register your business

5. Choose a co-founder: If you think you cant work alone or the type of entity you have to build, has a legal requirement of having more than one person.

6. Write a business plan: how to execute your plan.

7. Pick a workplace: Where you want to carry your business

8. Find a mentor: A person to handle your business

9. Apply for an accelerator program:  An accelerator is a program for startup businesses that helps speed the growth of the company by providing a mentor network and sometimes a small investment. These programs can also give their companies the opportunity to formally pitch the media and other members of the startup community during a demonstration day at the end of the program.

10. Raise capital: if you think you can take money from other investors also. then raise capital.