How to Start Your Own Small Business in 2020: Best Online & Easy Ideas
Steps to Start a Small Business
- Step 1. Find a Great Business Idea
- Step 2. Write a business plan.
- Step 3. Register Your Business
- Step 4. Obtaining Funding
- Step 5. Assembling Your Creative or Sales Teams
- Step 6. Learn How to Manage Your Finances
If you’ve ever wanted to start a small business, you can do it! You need a plan to carry out your dreams of success. Being creative, finding your market, and finding a way to create your niche are all critical. But organizing your plan of action is just as crucial if you really want it to work.
Devising a plan for your small business takes your idea from idea to marketable product and “hobby” into a serious business. Below are some of the most important steps you should take to get going with your new business idea.
Step 1. Find a Great Business Idea
Coming up with a great idea is one thing. Figuring out an idea that will make you money so that you can create a profitable business. Steve Jobs once said, “There is a quantum leap between a good idea and a marketable business or product.” He meant that, before you launch your business idea, you need to make sure your idea will work in your market. The idea has to be fine-tuned so that you know who your target audience is and what they want. You need to know the cost of starting your new business as well as how it will work on a day-to-day basis.
In other words, it’s not enough to have a dream as an online entrepreneur. You also have to know how you’re going to carry out your business daily and keep your ROI high.
New business owners tend to be either ambitious people who have an idea and know exactly what they want to do or people who just have a motive for starting their own business but no idea what kind of business to start. The former is probably better than the latter, but if you want to bad enough, you can look around and find a need and fill it in a unique way to form a business that will work.
Do Your Homework
Lots of research needs to go into this and famous billionaire Mark Cuban often says that you have to find your market and know how you’re going to make a business work before you invest time or money into it. Doing the research and homework ahead of time will tell you whether or not it is a business that is viable or not. If you have an idea that you don’t think will honestly make you money, you may choose to view it as a hobby instead.
How big is your market?
It’s important also that you figure out how big your market is. Some products like you see on the “Shark Tank” show, for example, or others are mainstream products that a lot of people will buy. They may be fairly low priced or they may appeal to a very wide audience.
Some products, on the other hand, are more niche items such as hobby items or home decor items such as candles or ornamentation for one’s home. These will sell too but you have to find your niche which might be smaller than the mainstream market.
One advantage of choosing a more narrow niche is that you will have less competition. For example, if you specialize in lamps, you will have too much competition, and it will be hard to stand out. However, if you have created a light that is portable that you can take with you on camping trips, now you have developed a very narrow niche that few people would ever think of.
Your target audience will be small–people who are looking for lamps that are portable or campers who want an alternative to lighting a campfire. But you can market this in such a way as to cater to your smaller niche market and make a lot of income from that.
Remember that you will not sell to everyone. But just get a percentage of a great niche market can be all it takes to help you maintain and grow your business.
Step 2. Write a business plan.
There’s an old saying that goes, “Those who fail to plan are planning to fail.” There is much wisdom in the old cliches, so it would be wise for entrepreneurs who wish to start a business to think about it. That being said, simply writing down the basic ideas that you have for your business and setting goals with specific timelines is all you have to do to get started.
Put a lot of thought into this through diligent brainstorming and then weed out some ideas that won’t work and land on the things that you know will be successful. Think about any products you have to purchase to put it together and how it will work daily. Write in the costs and the potential profit that you think you will make on any items you sell and include these, allowing for waste or returned products.
Think about both the money-related logistics as well as the products and inventory you might have to keep in order to keep your business going. If you lay out the steps carefully and put timelines with each one you will see that little by little, you’ll reach your goals.
What about Creativity?
Creativity for entrepreneurs is easy. This is the part of us that inspires us to move forward with our great ideas and makes us look forward to getting up in the morning. Creativity is also a part of business planning of course, but it also takes organization and a carefully thought-out plan. You can be as creative as you want, but unless you know where you’re going, you will not know where to start or how to get there.
Creating a business plan is like a sailor with a compass that guides your way so that you won’t get lost in the fog, and you will know you’re making progress along the way.
Remember that a business plan is not just for you but for any investors or business partners that you might want to take on. They’ll be able to go through your business plan and see what your goals are and help you to reach them through a systematic process. It also tells them how their money will be spent, something that is important for investors and partners to know. You can still be creative but keep your business plan as the framework by which you guide your next moves.
Don’t start right off with investors unless you are sure your idea will be the “next big thing.” Most investors want to see a record of success and sales before they are willing to invest their money on your concept. Results, not dreams, are what investors want to see. So if you are presenting to investors, think “value” and “proof of success,” such as how you conduct your marketing plan and how many sales you have made through various channels.
Step 3. Register Your Business
Registering your business is one of the housekeeping or accounting type things that you must do to have a legal business entity. Do you have to register your business? This depends a lot on your city and state ordinances, but it is always best to register it even if it is not required because people take it more seriously if you have a registered business.
Choosing a Business Status
There are various statuses for your business that you can file for such as LLC, sole proprietor, or corporation. If you share your business with a partner, you can choose a partnership. Various tax laws apply to each one, so do your homework to decide which is best for you.
Choose your business structure based on various factors such as your number of employees and so forth. You may find there are more tax breaks for corporations than the sole proprietor status because the IRS sees you as the same as your business and you do not have the protections that you would have from legal aspects or lawsuits.
Do you need business insurance?
You can shelter yourself as a sole proprietor while carrying business insurance that can protect you up to $2 million or more. This type of insurance covers you if you are sued for negligence or anything that is related to your business.
Read the fine print of such policies to make sure you know what you are getting. But if a client or agency sues you, the business insurance can keep people from getting to your personal assets.
Get Your Business License
Getting a business license is as simple as going to your city clerk’s office to file the paperwork. If you operate strictly online or a home-based business, it might not be necessary always to get a license, but the IRS wants you to report when you make more than $600 in a given tax year.
So if your business is making you serious money each month, you will probably need to register it as a business. Otherwise, you might be seen as a freelancer and you would just report your income on your tax return.
Part of your registration process includes registering your business name. Make sure you register as a DBA (doing business as) so that people will know the name of your business and it will be a legal entity that no one else can steal. Additionally, you will be able to sign or write checks in the name of your business without using your real name. This is wise as it puts an extra layer of protection between you and your business in the case of legal problems or other unexpected expenses.
To have the protection of your business from your assets, you need to make sure you have a business account that you use for business only. That way, there will be no question as to the difference between your business account and your personal one. You may also want to get your name trademarked and to secure a domain name that is similar to your business name or that helps improve your brand image.
Step 4. Obtaining Funding
Obtaining the necessary funding and capital for your business is important because you must have money to make money. Money is needed for a variety of different things including:
- Maintenance and Daily Operations
- Advertising and Marketing
- Product (Raw Materials) or Supplies
- Services Costs
These are just a few of the normal expenses that you will have as a result of operating your business. This is not counting business licensing, franchise tax payments, and other fees you will need to pay to operate your business. Needless to say you will need enough capital to operate your daily business, increase your reach to your target audience through social media ads, paper ads, and other means, and to acquire new customers.
Additionally, you will need to have a plan to gradually expand your business operations so that you are increasing the number of products or services that you offer to your target audience. All of this takes funding. Explore the options for funding that you have by looking into business loans, investor programs, and other solutions.
Types of Funding
There is a variety of options when it comes to funding for your business. Some entrepreneurs chose to ask friends and family to help them while they stretch ahead, then sign a note promising to pay back the money within a certain time frame. Others pursue financing options with investors or banks. If your credit is excellent (around 750 or more), you may be able to obtain a bank or business loan from a local or regional bank. We’ll give you more pointers on what to look for when you apply for small business loan offers.
Below are some of the most common options for business funding that you may want to look into when you start your business. Look at each one and then decide which one might meet your needs without overextending or borrowing too much. Remember to make sure you will see a return on your investment, even when you are taking out a loan.
The SBA (Small Business Administration) is a federal office that is set up for the sole purpose of loans business owners money to start their businesses. While dealing with the paperwork and red tape may seem like a headache, you may be able to get a few thousand dollars in funding this way.
The only downside is that you will have to use the funds only for what you have promised you will, much like a federal small business grants. So if you are looking for more flexible funding, you may want to look elsewhere.
Term loans, as their name implies, is based on specific business loan rates that can be either variable or fixed and is based on a specific term. There is a set repayment date, a fixed number of payments, and specific regulations that apply.
If you are in a kind of business that is reliant on machines to a great degree, you may want to look into an equipment loan. These loans allow you to get financing for the needed equipment you need to run your business and the equipment also serves as collateral.
If you run into problems with people not paying their bills on time, you may want to look into invoice financing types of funding. Factoring companies allow you to be paid in advance for up to 80% of the invoices that customers owe you. You receive the other 20% once you have built up your cash flow. This is a nice idea for business owners whose collections are slow but who are doing good business. This kind of loan keeps you from going under while continuing to grow your business.
Business Line of Credit
If getting a loan is not something you want to do, you can apply for a business line of credit instead. Business owners have a number of different kinds of expenses that they must pay. Having a business line of credit allows you to purchase the things you need without going into debt with a regular business loan. One smart way to use this kind of funding is to pay off debts that you did not have the cash to pay for before.
Step 5. Assembling Your Creative or Sales Teams
If you have a home-based business or an online business, your team may only consist of work-at-home freelancers, independent developers, and graphic artists. You can hire W2 employees if you choose to, but you will have more paperwork to fill out and more to keep up with. So, make sure you have a payroll expert of accountant hired if you plan to hire employees.
It is also important to hire efficient, creative, and smart people. A small business is judged by the kind of products or services your team can put out, so choose wisely. Borrowing from Apple founder and tech guru, Steve Jobs again, he told his business partner, Steve Wozniak, “We have to be very careful who we let in.” Jobs knew how even one bad apple can spoil the entire team and can bring down an organization.
Like Jobs, as an independent business owner, you need to make sure that the people you are bringing into your organization believe in your vision and your mission as strongly as you do and that they share your goals for success.
Human Resources departments are largely dependent on AI today so you may only see your final contestants for a position if you have automated hiring technology in place. If you don’t have this in place, you will need to make sure you hire people for HR who can handle finding quality people and filtering out the ones who will not help your business.
As a new business owner, it is better if you can handle this process yourself so that you will have a better idea of who is applying and make a more informed decision.
Step 6. Learn How to Manage Your Finances
To keep your business going strong, it is important to learn how to manage your finances. Most business owners are not financing experts. Most do not have an MBA or Accounting degree. They are brilliant at knowing their business but they don’t know a lot about how to keep up with the coming and going of money within the business.
But, if you plan to run a successful company that continues to expand without taking large losses in profitability, it’s important that you learn to manage the money that you have in both your active accounts and your reserve.
You may know how much you will spend on a monthly or annual basis. But unexpected things do come up that cost money. Things need to be fixed sometimes that cannot wait.
At the very least, you should keep a ledger where you record your transactions including your expenditures, incomes, and reserve for each month. In addition, you may want to download some financial organization apps such as Mint.com or Stockpile.com to work on your spending and investment habits.
Money Management for Business Owners 101
There are some basic tools that business owners need to have that will help make their daily operations go smoothly. Below are some of the basic tools and concepts you need to get a grasp of in order to keep up with your cash flow including debits and revenue.
1. Balance Sheet
Think of a balance sheet as a large checkbook or a screenshot of your financial standing at any time. It shows your assets and liabilities that exist at the time you are looking at it and it can change based on your needs.
The goal for business owners is to keep your balance sheet “balanced” at all times. This means keeping up with every single expense as well as your incoming cash based on sales and transactions. Your balance sheet is the total of everything your business owns (liabilities plus equity) after expenses have been deducted.
There are balance sheet templates and tool available online such as Quickbooks to help you better manage your income and outgo.
2. Income Statement
Income statements illustrate your revenue and expenses over a year’s time. They allow you to calculate your profit and loss for the past 12 months which gives you an idea of the success of your business from a financial perspective.
You must know your “break even” point in order to remain solvent and keep moving forward. So know what your income statement says at all times and reconcile your balance sheet so that it will be accurate.
3. Cash Flow Statement
The cash flow statements show you how much income you have that you are free to use to build your business or pay bills that you owe through the daily maintenance of your business transactions. You need to know how much money you are taking in at all times so that you will know where to curb expenses if too much money is being used for expenditures which can inhibit your growth potential.
Business Software Options
In today’s high-tech environment, there are plenty of tech tools that business owners can use to help them maintain and keep track of their finances. Below are some of the options you may want to look into.
- Quickbooks- This is a popular application among business owners. It is a nice Accounting software application that allows you to aggregate all of your financial data in one place and reconcile your books easily using a number of sources both online and offline.
- Freshbooks- Freshbooks is another Accounting program that is made for beginning business owners. There are no special add-ons, just the basics, so that keeps it simple and easy to use.
- Wave- Wave combines the positive attributes of Quickbooks and Freshbooks in one. It has a cloud-based system that backs up your data and serves as a go-between between the other two programs.
All of these programs and applications have their benefits. But you just need to look them over and decide which ones are the best for you. There are plenty of other programs, also, so look into the others such as Hours Tracker which tracks the hours your employees are working or track your investment stocks at Stockpile.com.
Why Hire a Professional Bookkeeper
As we mentioned earlier, most business owners and managers are no magician when it comes to keeping accurate records. We are creative types who tend to want to fly “by the seat of our pants” and hope for the best. We are risk-takers because we are often willing to spend a lot of time and money on an idea that we have no guarantee of paying off for us.
But if we want to keep on doing whatever it is we do in our businesses, we have to make sure our bank account comes out in the positive as much as possible.
Debts should be kept in check and paid off as soon as possible so that your cash flow and positive income can increase.
Return on investment should be high. ROI is the measurement of how much return you are getting on your investment. It doesn’t matter if it’s $100 or $100,000. For every dollar we spend, we need to see it double or triple in profit.
There are going to be losses due to mistakes, customer issues, or failure to collect on time. But staying in the positive is critical in order to stay in business.
In fact, research shows that the most common reason that businesses shut down in the first year is because there is not enough positive cash flow and this sometimes keeps the business owner from being able to deliver what they said they would deliver form the beginning.
Hiring a professional bookkeeper or accountant is one way to make sure you correctly reconcile your spending records, expense accounts, and bank accounts so that you are spending your money in the most positive ways possible to grow your business while being frugal on waste.
Professional Tax Accountants and Bookkeepers are experts at this and they know how to keep up with the demand you have for cash flow while keeping track of all income and expenses.
Summary: Wrapping it Up
The goal of any new small business owner should be to reach your goals. It’s good to have both growth goals and financial goals that you want to reach over the next year. Then extend this out to 5 years and beyond. Keep good records of your incomes (including any funding you take on) and keep up with all payments to increase your creditworthiness.
Running a business is not easy and it involves a large number of tasks that you must remember to do each day. Use your Google calendar and reminders on your phone or computer to keep you on task, and plan each day with your productivity goals always in the center of your task list.
The more productive you become, the bigger your bottom line will be and the more you can expect to grow your business.
Getting started is the harder part. So, brainstorm your idea, research it thoroughly, and implement your plan step-by-step. Then direct your team to help you stay on task by rewarding them for being more productive through specific milestones.
The opportunities of new entrepreneurs are better than they have ever been. You can grow a business from scratch to a successful small, medium, or large business that has the potential to become an empire.
Remember, focus on your productivity today and you’ll have money in the bank tomorrow!
If you want to start a new business, check out some of the common questions we receive — we’ve listed them below.
How to start a cleaning business?
Starting a cleaning business is all about having reliable staff and gaining access to customers. You should advertise in your local area after you choose your business structure and get your EIN.
How to start a photography business?
First you need to establish what type of photography you’re planning on offering, and ensure that you have the required equipment. Next, it’s time to choose a business structure and apply for an EIN.
How to start a t-shirt business?
You can either choose to invest in t-shirt making equipment on your own, or outsource the production to various online sites that now offer affordable t-shirt production services.
How to start a consulting business?
If you want to start a consulting business, you’ll have to find a niche that you have expertise in. It’s important to establish yourself as an expert in the field that you want to consult.
How to start a catering business?
If you think you can provide food that people will enjoy, you just need to make sure that you have the facilities to produce the amount of food that will be ordered. You’ll also need to ensure you get all the relevant food licenses and permits from your local authority.
How to start a food truck business?
To start a food truck business, you’ll need to find an affordable food truck or trailer and decide on the type of food you want to serve. You should also make sure to seek all appropriate licenses and permissions before you start serving food.
How to start a home business?
With the surge of eCommerce and other online industries, it’s never been a better time to start a home business. Make sure to choose your niche and how you’ll operate — you’ll also need to make sure that choose the type of business structure you want and apply for an EIN if its applicable.
How to start a landscaping business?
You’ll need to rent or purchase the right tools and products, and then get your name out on the street. Using a mixture of traditional and online marketing may help you.
How to start a real estate business?
Before you start a real estate business, you’ll need to decide what type of real estate you want to work with. You can look at leases, sales, development and a range of other niches. For certain real estate businesses, you’ll need applicable licenses before you can get started.
How to start an Amazon business?
You’ll need to source products and decide what you want to sell. Next, you’ll need to set up an Amazon Seller account so you can begin listing and selling products on Amazon. You can even get Amazon to fulfill the orders for you.
How to start an ecommerce business?
eCommerce simply refers to any online based business. You can either decide to start your own website and sell products or services, or you can use a third-party site like Etsy to set up a business.
How to start a clothing business?
If you’d like to start a clothing business, you’ll need to start by building a brand or designs. You can either invest in manufacturing them yourself, or outsource the production to the countless clothing manufacturers online.
How to start a dog walking business?
If you’d like to start a dog walking business, it’s critical to get your name out in your local area. Using traditional advertising leaflets with modern ad techniques such as e-mailing or targeted ads may help.
How to start a Facebook business page?
If you’d like to start a Facebook business page, head to facebook.com/business and follow the instructions on the main page — they make it extremely easy to get started.
How to start an ETSY business?
To start an ETSY business, you can head to ETSY’s website and sign up for an account. The platform is designed to make selling products extremely easy.
How to start carpet cleaning business?
If you want to start a carpet cleaning business, it’s important to invest in the right materials and hardware. You’ll need to purchase heavy-duty carpet cleaning equipment that can deep clean carpet and remove tough stains. You’ll also need to begin advertising in your local area.
How to start a lawn care business?
Starting a lawn care business will require you to rent or own suitable lawn care equipment — it’s critical to make sure that you can offer services that home owners want to avoid. Handing out leaflets and sending emails can help you build your customer base.
How to start a trucking business?
Starting a trucking business on your own is tough but it’s not impossible. You should start by seeking the appropriate licenses, permits, and insurance. Next, you’ll need to invest in a truck or rent one and look for clients — always remember to form a business plan.
How to start an eBay business?
If you already have a supply source, you can start by setting up an ‘eBay Store’ on their website — it’s extremely easy to start uploading and selling products via the eBay platform.
How to start an event planning business?
Decide if you want to specialize in a certain type of event planning and search for relevant qualifications — you need to be able to convince people that you’re capable of planning their event.
How to start an Instagram business?
If you want to start an Instagram business, you should begin by downloading the app and connecting it to Facebook. You can use this method to then create a business page and begin selling or marketing products.
How to start a house cleaning business?
If you want to start a house cleaning business, you’ll need to choose a business structure, decide on a business size, and starting looking for clients. It may even be worth obtaining insurance just in case something is damaged during the process of cleaning.
How to start a painting business?
If you want to start a painting business, you’ll need to make sure that you have the correct qualifications to offer legitimate services. Next, you’ll need to source clients and decide on the best structure for your painting business. You should also get insurance.
How to start a vending machine business?
If you want to start a vending machine location, you’ll need to begin by finding vending machines and sourcing products. But you’ll also need to attain vending machine locations by trying to find property owners that are willing to host them.
How to start a food business?
There are so many different types of food businesses that you’ll need to decide on the niche that you want to approach. With most food businesses, you’ll need to make sure that you have the right health and safety licenses and certifications before you can begin operating.
How to start a jewelry business?
There are a variety of different ways to start a jewelry business. As eCommerce expands, many people now look to start jewelry businesses online. You can set up an online store on your own website, or use a platform like Etsy to sell your products. You’ll also need to decide if you want to make the jewelry yourself or outsource the process.
How to start a tutoring business?
Starting a tutoring business can be easy if you have an expertise in a special field or subject. You should begin by posting advertisements about your tutoring and the reasons you’d make a good tutor — consider posting your qualifications or test scores to help give your name some recognition.
How to start a website business?
To start a website business, you need to start a website. If you have experience with computers, you can purchase hosting and begin building your site. If you don’t, you can use a site like WordPress to help build an easy website for your new business.
How to start an internet business?
There are a variety of different ways to start an internet business. Many people start internet businesses by setting up online stores via a website, while others will use social media and other platforms to sell products or services.
How to start a bakery business from home?
To start a bakery business from home, you’ll need to make sure that you have the right equipment to satisfy demand — normal cooking gear might not do the trick. You’ll also need to make sure you have all relevant health and safety permits.
How to start a bookkeeping business?
If you want to start a bookkeeping business, you should always begin by becoming a certified bookkeeper. Next, it’s time to form a business plan and choose a business structure. You need everything in place before you can advertise to new clients.
How to start a car wash business?
You should decide if you want to offer mobile car wash services or open your own location — it may even be worth looking at franchises. Next you should form a business plan and choose a business structure before you make any solid financial commitments.
How to start a catering business from home?
If you want to start a catering business from home, you’ll need to have the kitchen appliances and equipment required to provide you with the capacity to produce the food you need for your clients. Make sure to get all health and safety permits, form a business plan, and choose a business structure.
How to start a hair business?
There are a variety of different hair niches that you may want to consider. Research and decide which hair niche is right for you before you form a business plan and choose an incorporation structure.
How to start a handyman business?
If you want to start a handyman business you’ll need to decide which services you want to provide, research if you need permits or licenses, and purchase insurance to cover costs if there are any mistakes. Next, you should make sure to form the correct business plan and find the right business structure.
How to start a pearl party business?
A pearl party business may require you to seek expert advice from the pearl party industry — this is an extremely niche business area.
How to start a pressure washing business?
If you want to start a pressure washing business you’ll need to rent or hire heavy-duty pressure washing equipment. This will help you provide services that others can’t do themselves. Next look at forming a business plan, incorporating your business, and considering if you want insurance.
How to start a retail business?
There are a variety of different ways to start a retail business. As modern commerce moves online, many people are using websites to sell retail products. You can do this by setting up a site or using a platform like eBay or Etsy — you’ll also need to source products if you don’t already have them. This is a common type of business to use a business loan or merchant cash advance for. Read more: What is a merchant cash advance?
How to start import export business?
If you want to start an import export business, you’ll need to decide what you want to import and export — and where! You should make sure to be aware of all laws, tariffs, and taxes associated with your business plan. You also need to make sure to set up your business structure correctly.
How to start a blog business?
Starting a blog business is easy and normally requires next to no effort. There are plenty of websites that you can use to build a blog. WordPress, blog.com, and a host of other sites can help you quickly set up a blog business — just make sure you’re an expert in the field you’ll be blogging about.
How to start a babysitting business?
If you want to start a babysitting business, you should advertise on local message boards and online groups. You should always include a CV of experiences — getting a background check is also a good idea if you want clients to trust you.
How to start a car rental business?
Starting a car rental business won’t be easy if you don’t have a lot of money to purchase cars. If you want to start one, you should also consider looking at franchises. Make sure to start a business plan and look at different business structures.
How to start a construction business?
Starting a construction business can be hard — you should always make sure to seek mentorship from those who have done it in the past. Make sure to get all the licenses that you need, and then form a strong business plan and incorporate your business.
How to start a courier business?
If you want to start a courier business, you’ll need to start by sourcing the right vehicle for your business. You’ll also need to form a business plan and research the best business structure for your needs.
How to start a marijuana business?
You need to make sure that it is legal in your state and that you’re able to apply for the correct permits to start the business — then make a business plan and set up your incorporated company. Someone in another article also asked us about bad credit startup business loans guaranteed approval for their marijuana business.
How to start a marketing business?
It’s easy to start a marketing company if you have experience with digital marketing. Simply set up an online presence and begin reaching out to clients that you believe you could help.
How to start a party planning business?
If you want to start a party planning business you should begin by seeking the right qualifications for event planning — it can help you place authority on your name. You should then develop your business plan and begin incorporating your business.
How to start a pet sitting business?
If you want to start a pet sitting business, you’ll need to make sure to build up your reputation in the local area. You should start by posting flyers or making posts on local online messaging boards — make sure to include your past experience and credentials (a background check may also be a good idea).
How to start a recycling business?
You should try and spot a recycling niche that isn’t covered in your area — it’s the best way to differentiate yourself from some of the larger players in the industry.
How to start a restaurant business?
There are a variety of different restaurant niches to choose from. You’ll have to choose what type of restaurant you want to run, apply for permits, choose a location, select a fit out, and more — it can be complicated. You also need to make sure to make a suitable business plan and choose the right business structure.
How to start an interior design business?
If you want to start an interior design business, you should make sure that you have relevant professional qualifications. You should also consider building a portfolio so potential clients can see what you have to offer. Next, make sure to have a business plan in place and research the right business structure.
How to start a craft business?
If you want to start a craft business, you may want to consider using an online craft platform like Etsy. This allows you to build an online store to sell crafts and market products — it’s extremely easy to set up, and it’s doesn’t take considerable investment. There are plenty of other options as well.
How to start a drone business?
As there are now many people competing for space in the drone industry, it’s critical to choose a niche that’s suitable for your business area. For example, you may want to start by offering real estate photos via drone. Next, make sure you have a business plan and that you incorporate your business.
How to start an eyelash extensions business?
If you want to start an eyelash extension business, you should make sure that you’re trained to provide the service and then begin advertising your skills and services in your area. You may want to open a location, or travel to your customers. Form a solid business plan and choose a business structure that works for you.
How to start a house flipping business?
If you want to start a house flipping business, you’ll need to have an understanding of renovation and property investment. It’s a dangerous industry, so it’s best to educate yourself as much as possible. You’ll also want to form a solid business plan before beginning.
How to start a makeup business?
Providing makeup services to clients can be a great way to generate some income. It’s a good idea to create a portfolio that helps you show your skills to prospective clients. You’ll also want to want to get the proper qualifications required to provide suitable makeup services.
How to start a rental property business?
If you want to start a rental property business, you’ll need to purchase properties to rent. It’s a high-risk industry if you don’t know what you’re doing — make sure to do your research before you form a business plan or set up your LLC.
How to start a screen printing business?
If you want to start a screen printing business, you’ll need to invest in the right industrial printing equipment. Then you should form an adequate business plan and incorporate your business in your chosen business structure.
How to start a shoe business?
If you want to start a shoe business, you should decide on the types of shoes you want to sell and determine if you want a physical location or an online business. Develop a strong business plan and incorporate your business before you make any investments.
How to start a towing business?
You’ll need to develop a business plan, incorporate, seek the right licenses, and buy or rent a truck. You should also try and seek contracts with other companies or advertise to customers.
How to start a wedding planning business?
If you want to start a wedding planning business, make sure to get the right even planning certifications and requirements. Then advertise your services, form a business plan, and incorporate your new business.
How to start a candle business?
If you want to start a candle business, you’ll need to decide if you want to produce your own candles or buy and resell other candles. You can setup an LLC and form a business plan to get started.
How to start a car detailing business?
If you want to start a car detailing business, you’ll need to advertise in your local area and buy the right equipment and detailing products — make sure you can offer a service that people can’t just do themselves. Next, form a detailed business plan and select a business structure.
How to start a clothing business with buying wholesale?
If you want to start a clothing business via buying wholesale, you’ll need to find a supplier and setup a distribution chain. Make sure that you research extensively to find the best buyers — it can be an expensive mistake to purchase clothing that doesn’t sell well.
How to start a cupcake business?
If you think you can make excellent cupcakes, it might be a time to change your skill into a business. Make sure that you have all the health and food qualifications that are needed to conduct this form of business in your area. Also, form a business plan and get started incorporating your business.
How to start a fashion business?
You need to choose what type of fashion niche you want to enter — do you want to be a designer, blogger, or seller? Determining this is a first starting point before you can form a business plan and incorporate your business.
How to start a gym business?
If you want to start a gym business, you’ll need to rent or hire a new space. You’ll then need begin the process of forming a business plan, creating membership levels, and ensuring that your business is properly incorporated.
How to start a home staging business?
You may want to start by getting an interior design qualification or building a portfolio that you can use to advertise to potential clients. Next, make sure that you have a solid business plan in place and begin incorporating your business.
How to start a laundry business?
It’s best to look at finding a location that doesn’t have way too much completion. Next, you’ll need to buy the right industrial equipment and ensure that you and your staff are trained — you’ll need a business plan and a business structure as well.
How to start a meal prep business?
If you want to build a meal prep business, you’ll need to research and develop the right meals, as well as seek the right permits and licenses. Make sure to form a business plan and take the process seriously.
How to start a personal training business?
If you want to start a personal training business, you’ll need to become a qualified personal trainer. Next, it’s time to find a venue that will host your sessions and begin advertising to prospective customers.
How to start a rental business?
If you want to start a rental business, you’ll need to find suitable properties to invest in and lease out. Make sure that you do considerable research, as this can be a risky investment.
How to start a web design business?
If you want to start a web design business it’s best to build a portfolio and begin reach out and advertising to prospective clients. You may also want to attain an official web development qualification.
How to start a weed business?
If you want to start a weed business, you’ll first need to determine if it’s legal in your state. Next, choose the niche you want to enter and for a proper business plan before you incorporate your new business.
How to start a welding business?
If you want to start a welding business, you’ll need to make sure that you or your employees are qualified welders. Next, make sure that you’re ready to provide services in your local area and form a business plan that is suitable and realistic. It’s also important to speak to an accountant about the right business structure.
How to start a window cleaning business?
If you want to start a window cleaning business, begin by forming a business plan, choosing a business structure, and advertising in your local area. You’ll also need to make sure to buy all the equipment and materials that you need.
How to start a woodworking business?
While there are no formal requirements to start a woodworking business, you will need to purchase all the right equipment and ensure that you have the ability to make solid wood products. Become familiar with business finance basics such as net operating working capital so you don’t ever go in the negative.
How to start an AirBNB business?
It’s extremely easy to start an AirBNB business — that’s why everyone is doing it! If you head to the company’s website you can begin to post a listing to rent a room or property on the platform.
If you want to start a cookie business, make sure that you have cookies that stand out from the crowd. Next, make sure you get the right permits and form a strong business plan.
How to start a floral business?
If you want to start a floral business, you’ll need to decide what type of services you want to provide. There are a range of different niches, such as flower delivery, floral arranging, and more. Next, choose a business plan and decide on a business structure.
How to start a franchise business?
If you want to start a franchise business, it’s best to look at databases that list franchises and their requirements. This can help you get an understanding of how much money you will need to purchase a particular franchise.
How to start a furniture business?
You’ll first need to decide if you want to produce your own furniture or sell furniture from other brands. Next, you’ll need to decide if you want a physical location or an online store. Lastly, incorporate your business and create a business plan!
How to start a graphic design business?
Make sure to train as a graphic designer and build a portfolio that you can advertise to prospective clients. You also need to choose a business structure and decide on a business plan before you reach out to new clients.
How to start a greeting card business?
If you want to start a greeting card business, you’ll need to design some excellent greeting cards and decide if you want to produce them yourself or outsource them to other people. Make sure that you set up an online site that can help you gain access to potential customers.
How to start a hair business with no money?
If you want to start a business with no money, you’ll either have to apply for financing or seek grants. There are actually plenty of grants for small business owners who need help finding a new business — you can find some through the government, and others through private companies.
How to start a HVAC business?
First decide if you want to provide HAVCs or provide HVAC services. Make sure that you have all the qualifications you need before you build a business plan and incorporate your new HVAC business.
How to start a janitorial business?
Start looking if there is demand in your area, form a business plan, create a solid business structure, invest in insurance, and hire the right staff. Then you can begin to advertise your services to local businesses and organizations.
How to start a laundromat business?
You’ll most likely need considerable investment because it can be expensive to purchase the equipment required to fit out a laundromat — in the hundreds of thousands of dollars. So, make sure to have a business plan and strong business structure before you get started.
How to start a life coaching business?
If you want to start a life coaching business, you’ll need to make sure that you have the skills required to help people with their lives. Build a CV of your skills and experience so you can advertise this to potential clients.
How to start a photobooth business?
You’ll need to purchase a photobooth and begin advertising your services. But first make sure to incorporate your business and speak to an accountant about a business plan. Also, make sure to advertise to parties and different events that may need a photobooth.
How to start a pizza business?
You’ll need to invest in the right cooking equipment and materials before you can begin selling and advertising your pizza. As always, speak to an accountant about your business structure and form a solid business plan.
Jason is a Senior Author for SBL. He has been working with small business owners like you for the past ten years. He graduated with an MBA and began a career as an independent financial consultant for small businesses in his state.