I've often asked by friends on how to go about starting a business. Just today, i was asked by my friend abroad on how to start. They are the ones who are currently employed and wish to stay out of it forever.
Below are my basic manual on how to start and on my simplest terms:
1. Find your passion.
2. Compose a business plan.
3. Find investors and financing options like loans.
4. Execute now.
Details:
1. Find your passion - almost all types of business are profitable. It's just a matter of finding what you love to do because you might get bored and restless establishing a venture that you don't have that kind of interest. Easy money businesses are tempting. You may opt to choose it temporarily for funding purposes but i suggest to still pursue on what you love to do.
2. Compose a business plan - a business plan should be composed of your mission, vision, core values, with pro-format income statement/forecast and operations manual.
3. Find investors and financing options like loans - you should share your risks and use other people's money so you don't have to put all your eggs in one basket. In case of failure, you still have a backup plan and pursue other business that you like. Remember that startups are 95% failures in 5 years. And 95% of the 5% who succeeded, fails in 10 years.
4. Execute now - avoid delays, execute now, see if it works and if not then i suggest you still pursue but try a different approach. You don't have to wait years before realizing it's not working.
Hope this helps.