Ideal Industries for First-Time Entrepreneurs
Updated: Mar 29, 2022
By: Nicola Reid
Maybe you feel now's the ideal time to start a business. Rather than a lack of potential business ideas, you may feel you have too many options. Make your life easier and your company better by brushing up on easy-to-start business ideas and tips for getting your company off the ground.
Image via Pexels
To save on overhead costs, you may set up a business in your home rather than lease a brick-and-mortar storefront. For instance, you may know about a unique product not offered in the U.S. You could order the item in bulk and sell it individually.
Another idea for a home-based business is to sell homemade products. Perhaps you make head wraps, hand lotion, bath bombs, or coffee mugs. Whatever you create, you could turn it into an income stream.
A print-on-demand company could turn a hobby into a paycheck. You could print books, backpacks, t-shirts, mugs, shoes, and more. One of the great things about print-on-demand businesses is you need not worry about shipping or inventory. Instead, a third party handles all that for you.
If you're a creative professional, you could offer your services online. SEO consultants, writers, photographers, virtual assistants, and designers are examples of service-based companies you could explore. This idea works best if you're a pro at networking and have plenty of referrals to help find new clients.
Tips for Starting Your Business
Now that you have a few business ideas, it's time to learn more about getting your company up and running. You likely need funding to support your idea. Experts recommend tapping into your professional network to see if you have connections who could help fund your business dream. Aside from funding, another benefit of having a sizeable professional network is you could have more opportunities to grow your company.
While looking into funding your business entity, you need a solid strategy for supporting your entity. A traditional business plan, which investors and lenders request most often, offers a comprehensive strategy for your company. The lean startup business plan only mentions essential elements and does not take long to write compared to a traditional plan. No matter which type you use, it must mention how you want to start and manage your business, your business structure and how you plan to grow your entity.
You must also decide how to structure your business, such as a sole proprietorship, corporation, partnership, or limited liability company. Choose your structure carefully, as it determines how much you pay in taxes, your personal liability, documents you must file, and ways you may raise money.
If you don't have many business skills, consider enrolling in an MBA program or an Emzingo educational program that brings out your business best. Expect to learn about business strategies and management, leadership, and self-awareness. To save time and money, enroll in an online degree program. That way, you need not worry about driving to campus, you could save on tuition and you're free to learn at your own pace. Business programs like an MBA degree could help you grow your business network and introduce you to professionals who can help you become a better entrepreneur.
You deserve useful resources and tools to open your own business. Use these tips to identify the ideal company type for your passions and capabilities and start your venture successfully.
Nicola Reid is an entrepreneur and small business owner. She created Business4Today to provide access to the resources members of marginalized groups need to turn their entrepreneurial dreams into reality. Through her site, she hopes to support the growing number of people of color, women, and members of the LGBTQ+ community who are taking the leap into small business ownership.