New Business Idea
Starting a business is a big step that requires planning and thoughtful consideration before you take the plunge. You should be prepared to cover your personal expenses for a period of time while the business gets up and running. While you might have a great idea, you should seek professional business counseling before going forward to make sure you are ready for the plunge. Once you’ve made the commitment, there are plenty of useful ideas that have already been developed to help you choose your path.
Start with what you know, what you’re good at and what you have experience doing. It’s much easier to start a business when you already know the ins and outs of the industry. A consulting business that’s based on your own past experience requires little start up funding and is a good place for beginners to start. You can even begin consulting on the side while you keep your day job. Plunge full time into the work once you’ve tried it out and have established a solid customer base. Popular independent consulting businesses include technology, recruiting and staffing, human resource development, fund raising and accounting.
Service businesses also require little start up funding and are an ideal way for beginners to get started as entrepreneurs. You can rely on your own sweat equity to get the business off the ground. With a few initial customers, your excellent service can lead to a slew of referrals and repeat business. If you’re licensed in service businesses such as electrical or plumbing, it may just be a matter of landing a few choice clients before you’re independence pays off. Other service businesses that are ideal for beginners include day care, lawn and garden services, housecleaning, interior design and running personal errands for clients.
A growing number of entrepreneurs make their living selling and reselling items over the Internet. With the growth of technology, you can reach a wide audience and take advantage of online auctions and free message sites to sell your wares. Sales through other venues, such as door-to-door, at flea markets and fairs or through parties also work for some entrepreneurs. The trick for a beginner is to find a consistent source of goods that you can sell for a profit. Being enthusiastic and persistent, outgoing and friendly go a long way toward improving your chances of success. Successful sales people might start a business selling their own creations, such as artists, sewers and potters. Entry into party sales of lingerie, cosmetics or house wares requires very little investment. If you enjoy collecting, you might do well spending part of your week finding great deals and the other part of your week reselling them online.
Consider buying a franchise that’s already gone through all the growing pains, has developed a place in the market and provides you with training and guidance in your venture. As a franchisee, you are a small business owner. You pay royalty rights for use of the company name, logo and practices. You have access to a home office that often provides marketing and back office support. Representatives from the home office can help you find the right location and in some cases, help you find financing. Service businesses such as maids or plumbers, restaurants, tanning salons and gyms are popular franchise businesses a newcomer can quickly establish.