Easy-to-Implement Business Ideas for First-Time Entrepreneurs
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If you've always dreamed of starting your own business but haven't taken the plunge yet, you may be held back by fear. Maybe you thought you were too old to start something new, or you don’t have the right background and experience. Not true!
While there are some risks associated with entrepreneurship, there are also many ways to mitigate these risks. For example, certain business models have lower overhead costs, making them less of a financial liability. Read on to learn about easy-to-implement business ideas and for a general intro to successful entrepreneurship, courtesy of The Chalfont Bookkeeping Service Limited.
Select a low-risk business model
Ideally, your business model won't require a huge amount of investment. This will minimise your financial risk from the beginning. Businesses you can run out of your home are perfect since you'll be able to skip the high cost of commercial rent. Also, look for models that you can scale up easily as needed. Examples of low-investment business ideas include event planning, print-on-demand clothing, and dropshipping.
Do market research to assess your business idea
Before you get started with your business, do some research to ensure it's a viable idea. Scope out other companies that offer the same or similar goods and services to see what the competition is like. Also, assess the consumer demand. Is there room in the market for more than one provider?
Figure out how much startup funding you'll need
Even if you go for a low-risk, low-investment business model, you'll have some startup costs. Examples could include technology, business licences, and marketing expenses. Sit down and write out your anticipated costs, tallying up the grand total. You'll then know exactly what you'll need to get your business off the ground. Accurate overhead cost projections will get your company off to a fiscally responsible start.
Get external funding to minimise your personal financial risk
Once you know exactly how much cash you'll need to start your business, you can start looking for funding. Opt to get external support instead of spending all of your savings. Just in case, you want to have a nest egg to fall back on. There are many great sources of funding for startups including angel investors, bank loans, business lines of credit, crowdfunding, and more.
Write out a comprehensive business plan
When you are seeking funding, it can be helpful to have a business plan in hand. This document outlines exactly how your company will be run, providing details about the legal structure, management team, operations, and more. If you ask someone to invest in your company they will likely ask to see a business plan. Valuepenguin provides a guide to how to write a business plan.
Formally register your business entity
Even if you're starting small, it's important to register your business as a formal legal entity. This can help protect your personal liability in case your business gets into legal trouble. It can also be useful for bookkeeping and tax filing purposes, and make it easier to claim certain deductions. Machfast provides a guide to your options, like sole trader, traditional partnership, limited liability partnership, and limited liability company.
Invest in technology to ensure smooth business operations
Many small business owners shy away from investing in technology, thinking they can save money this way. In fact, cutting-edge tools can help you streamline operations and save time, hassle—and cash. Task management tools, collaboration technology, and social media automation software are a few great examples. Document collaboration software is another useful tech tool if you're dealing with a lot of contracts.
Define a strong brand to stand out from the crowd
A brand will help set you apart from competitors in your field. Define your brand according to your business' values and mission, and then create a visual representation for that brand through your website, social media, and other marketing materials. Your logo is the cornerstone of your brand and a great place to start.
Look to low-cost digital marketing to drive growth
Marketing is critical to your business' success, attracting new customers and driving growth. However, when you're starting out, you likely won't have loads of money to spend on big marketing campaigns. Priotizie cost-efficient digital marketing techniques as you find your footing. Great options include blogging, email marketing, search engine optimization, and social media marketing. They offer a high return on investment without breaking the bank.
Create a home office you actually like to use
This might sound obvious but especially if you’re working from home, you need to designate an area that’s strictly for work, in order to help keep your business and personal lives separate. Also, that office needs to be a place you genuinely like to inhabit. It’s also a great upgrade to make to a spare room to increase your home’s value. So make it comfortable (a good office chair goes a long way) as well as efficient. Ample lighting helps, too, and natural light is the best option.
Becoming a business owner can be very rewarding, allowing you to act as your own boss. Careful forethought and strategic planning will help make your entrepreneurial endeavour a success. Remember, you’re never too old to follow your dreams.
This article is brought to you by The Chalfont Bookkeeping Service Limited, where being certified to the highest standard in the profession enables us to give you a premium service now and in the future as your business grows. In understanding the challenges faced by your business, we can help your business add real value. By keeping on top of financial transactions can help with cash flow and the ability to foresee any potential issues. For more information, please contact us today!
"Article by Sarah Bull from Economymom.com"