How much money is needed?

[WannaHelpMe]

How much money is needed to start your business? Where would you get the figures from? How much time should i anticipate that i will not make a profit? Where should i get the money from? What should my business plan include? Thank you for your help.

[iPowerCoach]

Hi WannaHelpMe.

The answers depend on what type of business you are starting up.

Is it online or brick-and-mortar?
Do you plan to provide products or services? Your own or other people's?
Do you have a general or a definite idea?

These questions need to be answered first. A business startup could run anywhere from a couple hundred dollars to infinity.

Provide some more info, and I'll be glad to help out. If you have no idea about some or all of these - that's fine. Simply confirm that that is the case, and I'll point you in the right direction.

Phil
www.iPowerCoaching.com

[WannaHelpMe]

An online business is cheaper correct? How much would it take to maintain a retail store online such as soap.com. Where would i find information as to how much to pay an employee, as well as where would i do market research?
Thank you

[rball]

depends on what you're trying to start?

[iPowerCoach]

Online is definitely cheaper. Just keep in mind that something like soap.com probably involved quite a bit of money to get rolling, although I can't say for sure.

As for employees, in the online world you can hire anywhere on the globe. Shmooze around at elance.com to see what kind of projects have been done and for how much - that will give you a general idea.

Hiring locally - that's a different game. Might be expensive.

In order to do market research, again, you need at least a more or less specific idea of what you want to sell.

What skills do you have? You may be living on a goldmine without knowing it.

Hey, if you want, I have a freebie on my site with lots of good info here:

ipowercoaching.com/free-stuff

Yes, you have to opt-in, so it's up to you. I prepared it for people who are just starting out.