Building a Business – Which Kind Should You Start?
Building a business doesn’t have to be hard – in fact, some types of businesses are so easy to get up and running that entrepreneurs just like you should give them a shot! If you don’t have a business idea you’re chomping at the bit to realize, some of the below business types could be right up your alley. They strike a good balance between potential profitability and affordability.
Business Types to Start Today
If you’re looking to start a successful business quickly and relatively easily, consider the following business types:
● Affiliate marketing businesses
● Blogging businesses
● Copywriting businesses
● Video editing businesses (if you have the requisite skills!)
● Dog walking businesses
● House cleaning businesses
● Social media management and engagement services
● Home tutoring businesses
● Educational businesses, in which you teach a class with skills you know from experience
Simply choose the business that seems the most appealing to you from this list and read on!
Steps to Take to Begin Your Business
When the time comes to start your business, you’ll want to stick to a basic plan that includes at least these steps.
Write a Business Plan
Any business, no matter its simplicity, requires a business plan that includes:
● Profit projections
● Required startup capital
● Projected time until you make a profit
● Business model (i.e. how you make money)
● Projected employee and supply needs
If you’re not fully sure how to do this, it might be wise to sharpen your business skills by enrolling in an online MBA program. Online MBA programs will teach you everything you need to know about running and succeeding at business, including self-assessment, leadership, and, yes, business plan writing. Online degrees are particularly nice since they are flexible and allow you to study at your own pace.
Regardless, be sure to write a detailed business plan. It will help you acquire funding (if applicable).
Conduct Lots of Research
Next, do a lot of market research and make sure that:
● There’s an audience for your business so you can make a profit
● You know who to target with your advertising
Market research is the first step to ensure you build a company that not only survives but thrives in its chosen niche.
Explore News Letter Journal for more insights!
Acquire Funding
If you require extra capital to get your business off the ground, consider pursuing funding from banks or credit unions in the form of business loans. The US SBA also offers business loans for small businesses just like yours.
Alternatively, you can speak to friends or family members and promise them a cut of the profits when you start making money.
File for Your Business
Be sure to file your business’s name and purpose with your local county clerk’s office and the state government. This will usually require a small fee and you’ll have to choose a business name that is unique (not taken by any other business in the state).
Purchase Supplies and Space
If needed, you can now purchase any supplies or retail space you may need to run your business. It may help to draw up a list of all the supplies you'll need ahead of time so you can knock out all your purchasing in one or two trips.
Hire Employees (Optional)
If applicable, hire employees only at this step of the process. To hire employees, you'll also need an EIN or employer identification number, which registers your business as an employing enterprise with the IRS.
Market Your Business
Last but not least, get to marketing your business! Depending on your business model, you may need to practice in-person marketing, digital marketing, or both. Digital marketing may heavily rely on social media ads, Google ads, and banner ads.
Don’t forget local media like newspaper and radio, especially those that have a vibrant digital presence — i.e. strong website, active social media, newsletters, etc.
You can also make physical posters for hanging up at local hotspots in your city or town.
Become the Business Owner You’ve Always Dreamed Of
At the end of the day, starting a business is the American dream and it’s more than reachable if you start today. Best of all, you don’t need millions of dollars to start a business and succeed – just follow the steps above and you’ll begin a booming business in no time!
Amy Collett is the creator of Bizwell.org, a website that helps professionals and entrepreneurs build and strengthen their personal brand. She is also the author of the upcoming book, You, Exemplified: The Role of Personal Branding in Your Professional Life. When she’s not busy with helping her clients she enjoys coaching her daughter’s soccer team and is training to become a yoga instructor.