When researching the types of businesses that are easiest to launch, keep in mind your skill sets and your interests. Different businesses have their own unique pros and cons, so you’ll need to do some advanced research and give careful consideration as to what represents the best venture for you. Aardvark Writing shares some invaluable tips!
If you want to go into business for yourself but don’t want to start from scratch, consider buying a pre-existing operation. Companies that are interested in selling typically have a formula for how they value what the company is worth, which is usually based on accounts receivable for the previous several years. Buying an existing business means there’s already a reputation established and a client base in place. According to Robin Grayson, if there’s a financial reason behind why the company is selling, it could mean there’s either a problem with finances, structure, customer interest, or product appeal that you need to be wary of.
Much like buying an existing business, buying into a franchise means you have the opportunity to take advantage of a recognizable name and an established system of doing business. Franchise opportunities can range from a few thousand dollars to hundreds of thousands to buy into, which, according to Franchise Gator, can provide paths for people with different budgets and skill sets. One of the nice things about a franchise is that lending institutions will likely be familiar with the company and may be more likely to lend because there are existing financial projections to draw from.
Hot Gig Businesses
Many people are turning side hustles into full-blown business operations after realizing there’s a serious demand for a product or service. If you’re simply looking for a money-making opportunity, research the most in-demand products or services in your area and see if there’s a way to get established in the market. For example, are you in a rural area with no ride-sharing services? Do locals complain about not being able to find a reliable landscaping company? Maybe there are no after-school enrichment programs for young kids. Look for where you can fill a niche, or take a business that’s local and expand it into an online offering – for example, selling artwork, both in a local shop and online.
Go With Your Passion
If there’s something specific you want to do as a business owner, like building an enterprise based on your education, training, previous professional history, or even a hobby or passion, you’ll want to ensure your idea is marketable. This includes doing some basic market research and putting together an agenda that fully vets all of the different operational functions necessary to get a business going. A business plan can also help you apply for small business loans, either through government lending agencies, or local banks that focus on small business services.
Establishing Business Fundamentals
No matter what type of business you decide to launch, there will be some basic items to take care of before you can get underway. This includes writing a marketing plan, registering your business and securing a business license, and getting on social media.
You’ll also need to create a business financial system, like a bank account, and be mindful of cash flow and how you’ll track expenses. An invoicing system can help you keep pace with accounts receivable. Software for expense tracking and billing can save time and reduce the potential for mistakes by allowing you to create invoices quickly and efficiently.
Starting a business requires a lot of time, patience, and dedication to putting in the hours to get the company moving forward. In addition to your pre-planning tasks, you’ll also want to establish a comprehensive advertising plan. This might include developing direct mail, email, and mobile campaigns.
Whether you need professional writing services or help with your startup’s social media, Aardvark Writing is here to help! Reach out to us today to find out more.
A few years ago, Sean Morris left his job as a social worker to spend more time with his kids. Today, he writes for LearnFit in his spare time.
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