Starting a Family Business: How Much Money and Knowledge Do We Really Need?

Hello there, I would like to know how my family and I could start a business. How much money should we have to start with? What kind of basic knowledge do we need? If you have any extra info, please post it.

Hi Chris Spencer, glad to know that you are thinking of starting your own venture! Though it is a very tough job and there will be a lot of naysayers, it is important to be focused if you want to make it on your own. After all, you will be facing a lot of challenges on the way before you even have the first taste of success.

Deciding on Your Investment

Before you even begin, it is important to first zero in on what you want to invest in. It has to be something you have knowledge of or interest in. Starting a business is a huge commitment, and you have to do it for the right reasons, or it will be easy to falter. Persistence is the key word.

The amount you would need to invest would be subjective depending on the business you decide to go into. Finally, it is important to provide an edge to your business, which can be done only if you understand your market. After all, you need to have a product/service that the customer wants.

You are definitely on the right track because some of the impossible feats have been started off by asking a relatively naive and stupid question. All the best to you!

Regards,
G

Starting a Business: Key Considerations

There may not be a lot of information here on CiteHR about starting a business, but there is a wealth of knowledge and information available on the internet via Google, Bing, or whichever search engine you favor.

Financial Planning for Your Business

As for money, one of the most critical things is that you first work out how much money you need to survive for at least 6 to 12 months while you establish your business. Add up all your current expenses like food, rent, car, electricity, travel, etc. The more money you have to cover your day-to-day expenses, the less stress you will have, as your business will not generate income from day one. You need to know that you have all your living expenses covered for, say, a year. Then you can work on your business without the stress of worrying about no money coming in to support yourself.