How would one go about starting up a business? For a beginner

(this post is a feed post from my comments on reddit)


well first, research –

what kind of food/ experience at what price range seems missing that people might like

what related products might you be uniquely able to provide? e.g. there are many coffee shops with lattes and flat whites, but theres not coffee ‘bar’ where everything is a ‘dirty’ and you are a bartender – not suggesting this is the idea, just illustrating a point

lets assume you find a concept that people will like and you’ve managed to verify this.

now you need to run the numbers – whats the CAPEX needed, whats your OPEX? will you need insurance? do you need to refurb? will the landlord take turnover rent?

once you have your cost estimates, you need to model out your revenue estimates – how many ppl, with an AOV of what, how frequently will they buy? – does this cover your costs?

dont spend anything over 1000 dollars (arbitrary number, you get the point) in one go without the answers to the above with a high degree of confidence

How would one go about starting up a business? For a beginner
byu/Kahli_Elliott inEntrepreneur

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