If you're looking to launch your own venture or simply want to know what kind of company is best suited to you, there's plenty of information out there on how to go about it. But if you've never done anything like this before, don't worry – we'll help you along the way! With so many different companies to choose from, finding one that fits with your needs can be difficult. That's why we put together an article outlining all of the biggest options available for entrepreneurs today.
We've broken down the various categories into four major groupings, which will give you some idea as to what type of business you should consider when starting up. We also offer an overview of each option, including their pros and cons, plus guidance on where to begin in order to find success. So let’s get started…
There are four basic ways to run a business depending on personal preference: Sole proprietorship, partnership, corporation, and limited liability company (LLC).
Sole Proprietor - This means you solely own the business, without any partners or shareholders. It's essentially just you running things by yourself. You may be able to hire employees to assist you, but these workers would not be considered owners of the business. If you decide to sell the business at a later date, you could potentially face legal issues due to the fact that you technically sold off part of your life's work.
Partnership - With a partnership, two people share equal shares of profits and losses. The only difference between sole proprietorships and partnerships is that you must file paperwork with the state government stating who owns what percentage of the business. Partnerships come with more risk than sole proprietorships because you could end up losing control over your business, especially if both parties don't agree on everything going forward.
Corporation - Corporations are similar to partnerships except they are created through incorporation rather than formation. In other words, corporations are legally separate entities that allow individuals to manage their finances and property independently. They often require additional paperwork, however, making them a bit more complicated than a simple partnership.
Limited Liability Company (LLC) - LLCs are another form of business organization that allows multiple members to pool resources. Each member typically has his/her own individual interest in the business, but the primary goal is to create a single entity that benefits everyone involved. Unlike corporations, LLCs do not need to register with the state. However, all transactions made within the business still fall under federal law, meaning taxes can become tricky.
Now that you know about the basics of owning a business, here are five of the most popular choices based on the number of new startups per year.
Mobile Food Truck - These fast-food style eateries are perfect for outdoor events such as festivals, fairs, and concerts. While mobile kitchens used to be reserved for large chains, more recent advancements have allowed smaller operations to take advantage of this opportunity.
Car Wash Service - Car washes aren't nearly as common anymore thanks to self-service washing machines, but they remain highly sought after during busy seasons such as summertime. When choosing between high quality versus low cost carwash services, look for reviews online to ensure you receive outstanding results while minimizing costs.
Electronics Repair & Repairs - Electronics repairs are becoming increasingly important as smart phones and tablets continue to gain popularity among consumers. There are several reasons for this trend, ranging from the convenience offered by apps to the ability to customize devices according to specific user preferences.
IT Support Services - Whether you're trying to fix an issue on your computer, tablet, or smartphone, having someone knowledgeable on hand can make a world of difference. Many tech professionals charge hourly rates, but others provide free consultations and advice throughout the entire process.
Once you understand the differences between the above options, you can narrow down your search even further by deciding whether you'd prefer to operate solo or as part of a team. Here are three of the most popular forms of working alongside others.
Drop Shipping - Instead of selling products directly to customers, drop shippers act as middlemen between vendors and buyers. This is great for those wanting to stay away from retail sales altogether, or anyone who wants to focus on something else besides inventory management.
Affiliate Marketing - Also known as affiliate programs, these arrangements usually involve partnering with brands to bring traffic to their website. Once the customer makes a purchase, you earn a commission fee in return. Depending on the size of the payout, this might be enough income for you to quit your day job.
Online Teaching Businesses - Online teaching is gaining momentum due to its flexible nature and the ease of connecting students to teachers via video chat platforms. Some instructors may pay out a stipend to cover expenses, while others expect students to invest time and money into learning materials. Either way, building a lucrative side hustle requires patience and dedication.
Before getting too far ahead of ourselves, you first need to identify what kinds of opportunities you feel drawn towards. Below are three of the most popular options based on the average amount of new startups launched annually.
Home Based Business - Running a small business from home doesn't necessarily mean doing so from your bedroom. Most home-based ventures entail offering goods and services related to hobbies, skills, interests, and passions. Examples include tutoring, freelance writing, web design, graphic arts, photography, and crafting.
Business To Go - Operating a small business outside of traditional office hours isn't always feasible, yet many people desire flexibility in their jobs. A solution is provided by B2G outlets, which cater specifically to commuters seeking quick meals or snacks.
Virtual Assistant / Virtual Office - Providing administrative assistance to clients remotely is easier said than done, but it remains a viable option for independent contractors who wish to avoid commuting long distances every morning. As technology continues to advance, virtual assistants will likely grow in demand as well.
So now you know exactly what kinds of businesses are currently booming, but you might wonder how much effort goes into creating a successful enterprise. To answer that question, read on below…
Small business ownership comes with inherent risks, particularly since most startups fail. Fortunately though, there are dozens of proven strategies that can greatly increase your chances of success. Here are ten of the most promising ones.
1. Mobile Food Trucks
As mentioned earlier, these vehicles are ideal for catering to crowds during outdoor events. Although the industry is growing rapidly, you shouldn't expect huge returns right away. Startups tend to struggle financially until they establish themselves as reliable sources of revenue.
2. Car Washes
Although these services have declined somewhat, they still draw in plenty of customers during peak times. Since they're generally easy to set up, you won't spend a lot of capital either.
3. Home Based Business Ideas
Starting a small business from home offers numerous advantages, including the ability to scale quickly and keep overhead costs lower. Even better, you can maintain complete independence over the course of the operation.
4. Electronic Repair And Repairs
You probably already use computers regularly, so it stands to reason that you'll be comfortable fixing problems on other electronic equipment. Plus, repairing items instead of buying replacements keeps your budget intact.
5. Internet Marketing
This method involves promoting websites and digital content using social media sites like Facebook and Twitter. As long as you build trust with potential customers, you can generate substantial revenue.
6. Tutoring
Whether you teach English, Math, History, Science, or whatever else, tutoring provides you with ample opportunity to interact with students in person. Students love the chance to learn from someone who genuinely cares about helping them succeed.
7. Freelance Writing
Writing articles, ebooks, blog posts, etc., gives you exposure to a wide audience, allowing you to develop relationships with readers. Not all writers are paid equally, however, so you'll want to research compensation packages beforehand.
8. Graphic Designing
Offering professional graphics services helps brands stand apart from competitors, increasing brand awareness and driving traffic. For freelancers, designing logos and images can supplement existing incomes from writing and consulting gigs.
9. Photography
Taking pictures is fun, and can lead to lucrative careers involving travel photography, wedding photography, documentary filmmaking, fashion photography, fine art photography, etc. Professional photographers sometimes charge thousands of dollars for services rendered, but independent models can enjoy steady earnings without breaking the bank.
10. Crafts
The internet has opened countless doors for crafters, providing access to markets across the globe. Selling crafts online gives you the freedom to craft whenever you please, regardless of location. You'll also save money compared to brick-and-mortar stores.
If you're looking into starting your own business or already running one, it can be difficult to know where to begin in terms of what kind of business is best suited for you and your skillset. The good news is that there's plenty out there to help make this decision easier, as well as some great resources on how to go about getting started.
So today we'll look at the various kinds of small businesses available, which ones tend to be more popular, and finally offer up some tips on just what these different types might mean when thinking about opening a new company. As always with such things though, there's no "one size fits all" approach here - each person has their own needs, so if any of those suggestions don't suit your lifestyle then by all means move along! Below are ten small businesses you should consider trying before settling down.
Small businesses range widely across industries. They could involve something like selling homemade baked goods online, or working as an independent contractor helping others design websites for them. There are also many opportunities for someone who enjoys working alone, whether they prefer to keep busy during the day while staying at home, or enjoy being around people and interacting with customers.
Here are some examples of small businesses you may find yourself considering if you're a creative type:
- A web designer
- An illustrator/artist
- A photographer
- A personal trainer
- A makeup artist
- A dog walker
- A tutor
- A freelance writer
- A fashion stylist
- A bookkeeper
- A seamstress
There are lots of other possibilities too, depending on what you do and what you love doing. It really depends entirely on what inspires you and makes you happy. If you're not sure yet, try asking friends or family members what they think would work for you. You may even discover another passion altogether.
A quick Google search will reveal hundreds upon thousands of lists touting the benefits of certain types of businesses over others. Some of these lists will simply tell you what you need to get started, while others will give you specific advice based on years of experience. In order to narrow it down however, let's take a closer look at some of the most popular small businesses out there right now. This includes both traditional brick and mortar stores (like clothing shops) and companies operating online.
1. Food truck
Food trucks are becoming increasingly popular among consumers who are eager to eat healthy foods with minimal effort and expense. These mobile eateries usually serve fast food items like burgers, hot dogs, tacos, pizza, etc., and operate using gas grills instead of ovens. Many of them are operated by entrepreneurs who use the money made from sales to fund startup costs. Others sell franchises, allowing investors to earn income without having to actually run the business themselves.
2. Carwash service
Car washes are often considered part of a larger service industry because they require employees, vehicles, and equipment. However, anyone can open a car wash business and turn a profit regardless of whether they have access to a fleet of cars or not. Depending on local regulations, you may only need a permit to operate a car wash and set up shop. All that said, if you decide to build your business around a car wash you're likely going to see better results than if you choose some other option.
3. Auto repair
Auto repairs are generally seen as a lower risk venture than say, owning a restaurant franchise, due to the fact that there isn't much competition in this area. That doesn't mean they won't take time to learn and grow, though. In addition to learning everything they can about automotive technology and maintenance, mechanics must become familiar with a wide array of tools and parts used to fix vehicles. For instance, you may not realize until after taking a job that you'd need to understand basic chemistry to perform oil changes properly.
4. Electronics repair
Electronics repair involves fixing computers, cell phones, tablets, TVs, cameras, gaming consoles, and anything else electronic related. Because there aren't a lot of competitors in this field, you'll probably spend less time searching for jobs than if you were repairing appliances or furniture. Still, there are several steps involved in making a living off of this skill, including obtaining proper training and licensing requirements.
5. Home improvement
Home improvements are perhaps the easiest way to enter the world of entrepreneurship, especially since they typically come with very low capital investment. Since there are few barriers to entry, this niche offers a huge amount of opportunity to individuals looking to break away from the 9-to-5 grind.
6. Tutoring
Tutors help students prepare for exams, complete homework assignments, study for tests, or otherwise provide assistance to children and adults alike. While tutors can come in all shapes and sizes, they almost always require extensive background knowledge in their subject matter.
7. Freelance writing
Freelancing is pretty similar to consulting, except that freelancers aren't hired to solve problems on behalf of clients. Instead, they create content (articles, blog posts, white papers, presentations, etc.) to meet client demands. Although many freelancers may charge per word or hour, they still rely heavily on client satisfaction to stay afloat financially.
8. Bookkeeping
Bookkeepers are responsible for keeping track of financial transactions between multiple parties. Even accounting firms hire outside contractors to handle this task in large organizations. Small business owners who manage bookkeeping duties on their own may be able to save money by hiring professional accountants instead, although it comes with its own challenges.
9. Pet sitting
Pet sitters care for animals left behind by homeowners whose pets died unexpectedly. Most pet parents leave instructions detailing exactly what they want done, so pet sitters can easily communicate directly with animal lovers through text messages or phone calls. Like many small business ventures, success hinges on finding enough paying customers to sustain the workload.
10. Drop shipper
Drop shippers focus on delivering products purchased by third party retailers to end users. Unlike regular retail outlets, drop ship vendors never touch the actual merchandise sold on Amazon, eBay, Walmart, Target, Best Buy, and countless other sites. Rather, they merely arrange shipments and collect payments once orders reach fulfillment centers.
As mentioned above, there are dozens of ways you can launch a small business nowadays, ranging from physical locations to virtual operations. Here are five of the most common options:
1. Franchise
Franchises allow you to capitalize on existing infrastructure built up by previous operators. Franchisors charge upfront fees, royalties on profits, and ongoing expenses associated with maintaining the brand.
2. Service provider
Service providers provide solutions for another organization, offering expertise in areas like software development, advertising, social media management, website design, SEO, graphic design, and more.
3. Consultant
Consultants advise companies on matters relating to finance, strategy, product development, human resource issues, legal concerns, customer relationships, leadership styles, branding strategies, and more.
4. Distributor
Distributors sell branded products to retailers, wholesalers, manufacturers, and other distributors. Distributors may also act as agents for brands, handling logistics, manufacturing, warehousing, and distribution.
5. Online retailer
Online retailers buy, store, and sell digital downloads, eBooks, games, videos, music, apps, and many other forms of entertainment content. Online retailers often leverage affiliate programs to generate revenue, whereby affiliates receive payment based on sales generated by referrals.
All told, there are tons of potential business models out there that you can tap into to bring a little bit of cash flow into your life. Start with these six, and explore the rest later. Of course, it's important to remember that every entrepreneur goes through ups and downs, so don't expect overnight success. Just stick with it for a while and watch your bank balance increase.
If you're thinking about starting your own company, there's some good news – it doesn't take much money or time at all. The problem with this idea is that everyone has one in mind already, so how do you choose which ones will work best for you? It depends on what kind of business you'd like to start and whether or not those businesses are currently popular.
For instance, if you were looking into opening up a restaurant, then you might consider these options because they've been around quite a while (or even forever), and they can be very lucrative. On the other hand, if you wanted to open a boutique clothing store, then you could try out new designs instead. Here we'll go over ten different types of small businesses that you should look into before deciding on one yourself.
1) Food truck: This type of business requires you to drive around town offering people "food" by selling hot dogs, hamburgers, tacos, etc. There are two main ways to run a food truck. You either rent a truck permanently or lease a space temporarily. Either way, you need to invest both cash and time in buying equipment such as a grill, tables, chairs, plates, napkins, cups, etc., plus gas and insurance. If you decide to purchase a permanent vehicle, make sure to check its mileage limit first!
2) Car Wash Services: With this option, you simply offer people an affordable service where they can get their cars washed without having to shell out thousands of dollars. When choosing a location, keep in mind that you'll also need to buy supplies such as soap, shampoo, towels, rags, etc. Plus, think about how many customers you expect to come through each day. Do you plan on doing this for just 1 hour per day during lunchtime, or would you prefer setting aside 2 hours every morning after school starts?
3) Auto Repair: For this type of business, you don't actually fix any cars, but rather sell parts and accessories. In order to set up shop, you'll need to spend lots of money on tools and supplies such as wrenches, hammers, screwdrivers, air compressors, grease guns, paint brushes, etc. Keep in mind that you may only see sales on weekends since there aren't enough hours in the week between now and when summer comes around again. However, you won't necessarily need to put in long hours once you begin making profits.
4) Electronics Repair: People often find themselves needing repairs done on their smartphones, computers, tablets, TVs, stereos, and more. This means that you can help them save hundreds of dollars by fixing these devices for less than retail prices. To get started, you'll need to purchase replacement parts, test cables, batteries, chargers, adapters, etc. Also, know that some items require specialized skills in order to properly install them.
5) IT Support: Similar to repairing electronics, you can provide computer troubleshooting services to individuals who are still using outdated technology. Some things you'll need to acquire include software programs, printers, scanners, monitors, keyboards, mice, external hard drives, memory cards, flash drives, routers, Wi-Fi access points, servers, networking hardware, etc. Once you gain experience working with various operating systems, you can charge anywhere from $10-$100 per hour depending on your skill level.
Small Business Example: My name is James Brown and I'm the owner of a web design firm called JB Web Design. Before I opened my doors to clients, I had never designed websites. After researching online tutorials, I found that designing sites was relatively easy and fun. Nowadays, I create custom WordPress themes which can be used for blogs, eCommerce stores, portfolios, landing pages, social media profiles, and more. And yes, I am indeed self employed.
A small business is something that sells goods or offers services in exchange for payment. Small businesses differ greatly from large corporations due to their size. They typically employ fewer employees and have smaller budgets compared to companies with similar revenue levels. While this makes it easier for entrepreneurs to launch a venture, it does mean that competition is fierce and margins are tight. A small business must compete against larger competitors in terms of price, quality, reputation, customer satisfaction, and overall performance.
There are three basic types of small business models. These are sole proprietorship, partnerships, and incorporated entities. Sole Proprietorships operate under the same rules as regular unincorporated businesses. Partnerships allow owners to split ownership duties evenly among partners. Corporations represent a form of legal entity that separates personal assets from corporate assets. By incorporating, you become responsible for paying taxes and maintaining certain organizational requirements.
To learn more about running a small business, check out our article titled How To Start Your Own Business From Home.
10. Car Wash Services
Car washing can be quite lucrative if done right. For example, the average person spends $1,400 per year just maintaining their vehicle.
The key to making money off of car washes is to create an attractive space where people want to go. To make money from car washes, you need two things – customers and equipment. You'll also need to have a plan for marketing your service as well.
"How did you get started?" "I used social media." "Social media?" "Yeah, I saw someone else doing it and thought I could probably do it too." "Oh…"
This may sound great but if you don't know anything about running a car wash then it won't end up working out very well. If you've never even washed anyone's car before, you should definitely hire somebody who does. This way, you won't have to deal with messy cars yourself and you can focus on getting more clients instead.
There are lots of different types of car washes available. Some require no special knowledge while others might involve dealing with chemicals that aren't ideal for kids or pets. Also, certain kinds of vehicles are easier to clean than others (for example, SUVs). So when choosing a type of car wash, consider these factors first.
Once you've decided on which car washes would fit your needs, it's important to figure out how to market them effectively. A lot of companies use Facebook ads to connect with potential customers and can sometimes pay upwards of $100/day. However, advertising isn't always enough. In order to attract new customers, you
Just follow our battle-tested guidelines and rake in the profits.