Easy-to-Start Business Ideas: A Guide for Novice Entrepreneurs
Photo Credit: Pexels.com
Becoming a business owner is a great way to take control of your career. You don’t have to report to a boss, can set your own hours, and—most importantly—pursue your passion. That said, entrepreneurship is a tough road, with many hurdles to clear. First-time business owners can increase their odds of success by prioritizing low-risk business models and planning strategically. This guide provides the information you need to get started.
Do your research to identify a low-risk business model
Some businesses require more financial investment than others, making them inherently riskier because you stand to lose more. When deciding what type of business to pursue, focus on lower-risk options. For example, anything that you can do from home is less expensive, since you won’t have to pay for commercial rent. Business News Daily provides a roundup of low-cost startup ideas from content creation to online tutoring.
Figure out if you need additional educational credentials
Depending on the business you pursue, you may benefit from additional training or educational certifications. An online MBA program can help you sharpen your business acumen, teaching valuable hard skills like bookkeeping and management as well as soft skills like communication and public speaking. An online program allows you to set the pace, so you can study alongside an existing job as you prepare to transition to entrepreneurship.
Draft a detailed business plan
A business plan is essentially a guidebook to how your business will be run. Drafting this document before you start operations will help you prepare your business strategy. A comprehensive plan should include a description of your products and services, marketing plan, financial projections, operating structure, and more. You can also use your business plan to get funding for your business.
Determine how much startup money you’ll need and secure the required funds
Even if you opt for a low-risk, low-cost startup model, you should anticipate some overhead expenses. Common startup costs could include hardware and software, staffing, website design, and marketing. If you don’t have the money to cover these expenses yourself, you’ll have to get it elsewhere. There are many ways you can get the money you need, including traditional bank loans, crowdfunding, grants, equity, and angel investors.
Register your business as an official legal entity with your state
Registering your business as a formal legal entity with your state has a lot of benefits. Some business models, like a limited liability company (LLC), will protect your personal liability in case your business gets into legal trouble. Setting up a business entity can also simplify administrative paperwork like bookkeeping and tax filing. The Global Alliance of SMEs provides a guide to the types of business entities available, from LLCs to corporations.
Get the tech tools you need to make everyday work life easier
Some entrepreneurs are hesitant to invest in technology, assuming that it’s better to skip the expense and keep overhead costs low. However, if you want your business to thrive, you need to ensure streamlined operations. The right tech tools are essential towards this end. Cutting-edge tech can help with everything from calendar management to document storage, communications, and project organization.
Define your brand and promote it with low-cost digital marketing
If you want your business to succeed, it needs to stand out from the crowd. Branding is the answer. Define a unique brand according to your product and service offering as well as your company’s values. You can then go on to market that brand to your defined target audience. To keep costs low, prioritize budget-friendly marketing techniques, such as social media, blogging, and content creation.
Entrepreneurship is an exciting journey. However, it can also be challenging. Follow the tips above to help guide you through a low-risk path to business ownership, ensuring success.
For more content to help you thrive as an entrepreneur, check out the Zinga Hart resource hub.