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How would one go about starting up a business? For a beginner (alien.top)

submitted 1 year ago by Kahli_Elliott@alien.top to c/entrepreneur@indiehackers.space

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Hello All! I am currently in a phase in my life to where I am tired of working FOR someone and want to pursue my dream of opening up my own little eatery. I live in a decent sized town that is really good about supporting local businesses. We have tons of social media groups that I'm in for my town to talk about new places to eat.

My thing is... Where do I begin? Like, I've tried to do some research about how to start a business but it's pretty vague. I'm all for people trying to better themselves and persue their dreams by starting whatever business that is. I have no idea how to even branch into "entrepreneurship"

Like I am truly a newb and a beginner. I'm 26, I work a full time job and I know this won't be easy and I'm not going to magically have a successful business in a few days. I know it'll take a lot of hard work, sweat and blood to make it happen. How and where do I get started?

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[–] Bob-Roman@alien.top 1 points 1 year ago

Ideation

Does my solution solve a unique problem and does solution have great value?

For example, paper clip allows pieces of paper to be attached together without punching holes in them. Great idea but not much value because you have to sell millions of paper clips to make any real money.

Best fit

There should be a good fit or match between your personal traits and the characteristics of the business.

For example, if you are introvert, self-centered, and place a premium on alone time, then owning and operating a sports bar would probably not be a good fit.

“….opening up my own little eatery.”

Are you a good cook? Are you a people person? Are you capable of serving with the heart of servant? Are you willing to work retail hours?

Due Diligence

Is there enough unmet demand in area to support a new eatery? This requires evaluation of demography and competitive density and making sales projections.

Next, does physical site have necessary space, utilities, and ingress/egress, and parking spaces to capture the potential sales projections.

Budgeting

How much is store going to cost and operate? How much operating capital will be needed until business is cash flow positive.

Finance

Your choices are private lending, SBA, or commercial lending and leasing.

Hope this helps.