Are you looking to start a business for some extra income? Maybe you are looking to start a business for a primary income. Either full time or side hustle, you will need to do you due diligence. Starting a business is feasible, but not nearly as easy as it sounds. You must realize you can not simply jump into a business or business idea. Businesses need time to cultivate, gain traction, and grow. Customers are your number one priority and they are your means to an income. This article will provide steps, ideas, and tips on starting a business(both part time and full time).
Find the people. Who will be helping you? What will they be doing? What exactly will you be doing? Who are your customers? How will you gain such customers? Are your customers attainable? Research your target market extensively and determine these things.
Crunch the numbers. Find suppliers, materials, equipment, rent, customer acquisition costs, and all other needed assets and costs required to operate. Figure out what your liabilities, risks, and shortcomings could be. Figure out how much you will need to spend, and how much you will need to make to rationally operate. Will you need loans? Factor interest costs into you spreadsheet. Every penny matters.
Write a business plan. Analyze the market, is it oversaturated? Is it plausible? Write an outline of your business, what it will encompass, who will do what, and all other facets of your idea. Do you need investors? Really dive deep and analyze what the mission is and how you plan to accomplish it. Present your business plan to potential investors or loaners. Be sure to have a professional review you plan and offer insight. It always helps to outsource for help in areas you are rusty in, yet outsourcing comes at a price. Be frugal and research who you will recruit.
If everything adds up, give it a try. Just realize the business may tank or fail, and you have to realize that 90% of businesses fail, that is a hefty percentage. Don’t get discouraged, just be practical.
What are some ideas and some of the most successful businesses to start? Some of the best businesses to start are niche markets or service based businesses. Walmart, Target, Kroger, Lowes, we live in a day and age of chain stores and franchises. All these chain stores dominate markets. They control prices and suppliers and have massive budgets and power over “the little business”. So think of something that is not controlled by a mass retailer in your demographic. You probably don’t want to open a supply store when you have a TracorSupplyCo in your town. Just as you may not want to open a grocery store with a Kroger or Walmart down the street. Think hard. What are you good at, what do the people need?
Lawn care services, construction companies, plumbing companies, electrician companies, cleaning service companies, marketing companies, landscaping companies, waste removal companies, computer repair companies.
If you are going for a service based company add a service that other companies don’t. Doing computer repair? Offer in-house repairs. Cleaning service? Offer a subscription free as needed option. Think outside the box and highlight that in you advertising.
Retail is a hard business with chain stores. Niche markets are great for retail. Find something you think people would like. In my town a soap company opened. They make handmade soaps and their sales are booming. People love home made and organic products. Here are some ideas: Coffee shop, vape shop, pet grooming and supplies shop, bakery, food truck.
Whatever you are looking to do, do it right. Make sure planning is thorough, and make sure everything is attainable. You can’t half ass anything in life, but you can start slow. Don’t over-order on inventory, don’t spend outrageous amounts on advertising, and don’t make promises you can’t deliver on. Customer service is the golden goose in small businesses. Customer service is how you will be separated form large retailers. Treat your customers right, be fair, and you should do great. Good luck! List other ideas and advice in the comment section.