Any help how to set up a small business?

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I have always wanted to set up a small business for extra income generation but I do not know if I am not business oriented or what…I never get to start. Any help

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Hi @AdolfShilula

Welcome to Local Guides Connect!

I moved your post from Idea Exchange to How-tos because it is not an idea for a Google products but you are asking for a help. I also changed the title.

Difficult and complex question. In short, you need to find a business opportunity first. Preferably some loophole in the market. Something with higher demand than the supply. Then you have to do the market research if your idea is feasible. If you have this business idea and made market research then you need a business plan and capital (money) to make it happen practically. Most likely you will need some advertisement to let people know about your new business as well. Friends could help you with this. It is also beneficial when your business is about something where you already have knowledge and connections.

Example: I like to play football but renting a pitch for a small football in my city is very expensive (40 euro per hour). I do not think buying or building a football pitch is very expensive so I see a business opportunity here. Now I should make market research which means checking how many places to rent a football pitch are in my city. Are they fully booked? If all of them are mostly fully booked then my business is feasible. Now I need to do the business plan which would mean to calculate how much do I have to invest to build a football pitch for renting. Then I have to calculate how much money it would be earning me and how much would be the operating costs. I should try to calculate how much time will I need with my profit to pay for the investment. If the ROI (return on investment) ratio is good I can proceed to the next step.

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Hi @AdolfShilula setting up a small business is challenging. I ran one for many years and eventually went back into the normal workforce. Good luck with your business. You will get better business help on Google My Business. Google My Business Support.

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Hi @AdolfShilula !

Your interest in starting a business for yourself is applaud worthy! I’m a Chartered Accountant here in India and have been working with couple of clients across the world. What I could advise from my little experience are the following pointers :

  1. Look for what compliance and regulations you need to follow in your country to get a registered business entity incorporated. There can be a couple of registration formalities and a consultant can help you with it
  2. Figure out if you would like to do a “goods” business or a “services” consultancy. Goods shipping movement and storage involves a lot of time space money and effort to start with however services can be rendered from home also without worrying about space etc .
  3. Figure out what you are good at and what you enjoy doing : find out what you enjoy doing and would like to do. Would like to trade in baby products, jewelery or set up an ice cream shop or stationery mart? Or would you help become in their wedding arrangements , write content for magazines or any other service?

Introspection and little local help from a consultant will surly help you sail through! All the best do keep us posted what you decide to do and how is it coming up!

Cheers