If you’re an entrepreneur at heart, you’ve probably always wanted to start your own business, or maybe get several gigs going at once. So what’s the best way to build a business?
People have started and run businesses for thousands of years, so if you think of it that way, it’s a totally human thing to do. If you’re a beginner, the key is to find something that you love and that comes naturally to you.
It’s also helpful to find a business that’s suitable for someone new to being a business owner. Here’s how you can tell if a certain business will work as you get started on your entrepreneurial journey.
Selecting a Good Part-time Beginner Business
Leaving your job to start a business is super risky and rarely ever works. Only a few very lucky individuals have ever been able to quit their job and manage to pull this off.
So if you’re wondering how to build a business while you’re still working at your day job, you may want to consider a few part-time business ideas. Many great income-generating businesses can start out as side gigs while you work at your day job.
Yes, you may be busy working two jobs at once. This is why it’s important to pick a side gig that you love and feel passionate about. But once you get things to the point where you’re making as much or more than your regular work, you can finally quit your day job and focus on what you love.
Some examples of part-time gigs include freelance writing, cake baking, party planning, cleaning, power washing, or house and pet sitting. These are all service businesses that tend to work best if you live in a large city or the suburbs.
If you’re thinking about starting a product-based business, go with art or music, blogging, photography, or some other talent you’re good at. Other ideas include pottery, mobile and computer apps, or books that you self-publish.
Good Full-time Business Ideas
If you really do want to quit your job and already have the capital to get started, it might be good to jump right in, full-time. So what are a few types of businesses you can start on a full-time basis?
Pick something that allows you to use what you already have. Got a few acres and lots of energy? If so, you could start a micro-farm.
Other ideas include a food truck, mobile library, online teaching, or pet grooming business. Another helpful strategy is to pick something you’re familiar with or can learn to do quickly.
Don’t Forget About the Hidden Work Involved
Something else to consider is all the hidden work involved in starting and running a business, especially in the beginning. Having your own business means more freedom and not having to answer to a boss or deal with unpleasant coworkers.
But the flip side is that you have to do EVERYTHING, or at least stay in charge of outsourcing it. And that can take a lot of extra time that you can’t see or imagine upfront, especially if you’re a sole proprietor at first. You’ll have to manage your own payroll, bookkeeping, sales calls, customer service, and much more!
Failing to market and advertise or do the bookkeeping properly will mean the probable failure of your business. If there’s one reason why most small businesses don’t get off the ground successfully, it’s that the owners had no idea how much time and effort they would really have to put into them, and they got burned out.
Many people succeed at running their own small business, so it is totally doable, even with all the extra hidden work. But you need to allow for this and be realistic about the amount of work you’ll need to do.
How to Build a Business Plan
No matter what type of business you ultimately decide on, you’ll need to create a business plan. Building a business plan is just as important as choosing the type of business you will run.
At the very least, you will need to include your intended business structure and a strategy for finding and marketing to your customers. Without a good marketing and advertising plan, your business won’t succeed, no matter what industry you’re in.
Whether you’re a sole proprietor, LLC, or corporation, you should talk with a business lawyer to be sure your business plan is solid. This is especially important if you plan to raise more funding from investors.
Why You Should Consider Building a Business Online
Since most people search for goods and services online, all businesses should have an online presence. Sometimes it’s enough to be on social media, but having your own website is really the best way to go.
If you’re wondering how to build a business website, you have several options. You could pay a developer to create a custom site for you. Or, you could use a template site that allows you to add content to a framework that’s already there.
And if you plan to set up an online store, you’re in luck. You can choose from many pre-designed store sites that allow you to quickly upload product photos and set your prices.
Once you have your site ready to go, all you need to do is fill it with specialized content pertaining to your business and its products and services.
Website designs vary, but most business websites include the main page or home page, product and services info, an about page, and a contact section.
Having your own website allows you to link back to it on social media, in marketing emails, and other forms of online advertising, like blog articles.
What Business Is Good for Beginners? ( quick video )
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If you are ready to build a business, go for it! Whether you’re planning to launch something full-time or part-time, don’t let fear of failing hold you back. There are so many options for starting a business, even if you’ve never done so before. With the right planning and support, you’ll be well on your way to success.