Updated: Dec 17, 2021
In the U.S., there are about 30 million small businesses. 80% of new businesses survive for the first year, which can be an encouraging statistic for aspiring entrepreneurs. To start on the right track, new entrepreneurs should know what are the best small business options, how to plan, and how to get started.
Below, inDtv | inDspotlight Television® shares some insights.
Beginner Businesses for Entrepreneurs
In the world of small businesses, some company types are easier to start than others. When you have an idea, you can never know for sure how much you will make or the kind of work you have to put into it.
However, certain industries have a higher chance of profit and tend to be easier to start from scratch:
● Personal training
● Creative crafts
Landscaping businesses can range from simple lawn mowing and clean-up tasks to hedge trimming and planting new flowers. Marketing a landscaping business can be as simple as making up flyers and a nice
If you have a penchant for health and exercise, why not offer to coach others? You can lead personal training sessions from your home over the internet or one on one at other people's homes.
Craft businesses can include any goods you want to make. Jewelry, handmade baskets, blankets, and clothing are only a few ideas for craft businesses. With websites like Etsy and Amazon, it is easy to sell your products online.
Preliminary Work for Your Business
A business plan sets up your startup for success. Think of your business plan as the blueprint for your company. You should include the reason for your company, your strategy for opening the business, and your marketing ideas.
According to the experts, you should understand your consumer base from the beginning. Market research helps reduce your overall risk. Collect key information about your demographic, such as age, income, and interests.
Before your ideas leave paper, make sure you have the financial freedom to start a business. If you have debts, try to alleviate them as much as possible.
Image via Pexels
Ways to Bring a Business to Life
Most entrepreneurs require funding to get off the ground. Term loans are among the most traditional forms of financing. Banks tend to have the most desirable rates but are also the most difficult to receive financing from. Some people look to alternative lenders or seek SBA loans instead. An SBA loan comes from a bank, but the Small Business Administration backs it.
Along with your entity formation and formally naming your company, consider creating a DBA or "doing business as" name. A DBA can serve as an alias for your company for promoting new products that may not clearly fit with your initial image. DBAs are not required, but they allow you to have more flexibility with the different types of products you sell. You can also use a DBA if the domain for your business was already taken.
To streamline your business and ease your burden, look into software that can help in the future. Accounting software allows you to be more efficient in monitoring your cash flow, filing taxes, processing payroll, and keeping your books up to date. If you often send reports as PDFs, you can even use a free and easy PDF compressor to make these files easier to email.
Finally, other ways to streamline include using project management apps like Trello or Asana. You can also automate social media posts through tools like SocialPilot or Hootsuite. These days, you can even access design tools that allow you to make a stunning business logo.
If starting a small business is a dream of yours, you can make it happen with the right amount of planning and foresight. Knowing the basics of how to write a business plan and find funding can make a big difference in creating a successful company.