Questions

How do I start a company?

3answers

How to start a company:
1) Come up with an idea (one that can make money)
2) Build a prototype (hardware, software, whatever)
3) Get evidence that people want it
4) Further refine the prototype and start selling it
5) When you've sold your first thing you now have, "a company"

At some point in that path you'll probably want to
A) Register your company (usually before step 4)
B) Get a cofounder (usually some time before step 4)
C) Get investment (usually not until after step 3) to be able to grow faster


Answered 3 years ago

Don't forget the business plan. Even if you aren't looking for funding or investors, taking the time to write this up will help you get a realistic picture of what to expect as far as revenue, costs, profitability, goals, etc. And if you are looking for any type of capital, having this is a requirement.


Answered 3 years ago

Hi, this is Ann, a business coach for startups and entrepreneurs.

Starting up equals giving birth. It involves a lot of passion, time, energy, consideration and so on. Since your question is a little vague, I would love to suggest some deep inner work that you might want to work on:

1. How much do you love that company? How long do you expect to stay with it? A year? 5 years? 10 years? Or entire life?
2. How long after running your company do you expect to get back your initial investment?
3. If it could not get any financial support from investors, what would you do? Just give it up or think of plan B, C, D....?

After that, you may want to skim through the various types of company to choose one that fits your intention (sole proprietor, LLC, corporation) and read some effective strategies for the chosen one.

And the last thing is from my personal experience. You should have some co-founder or at least someone as passionate as you are since the start up path is never and will never be easy.

Hope that I have answered all of your questions. Should you need any help, feel free to contact me. Ann is always all ears!


Answered 3 years ago

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