If you’re an individual with an entrepreneurial spirit, there is little anyone can do to deter you from starting your business. While it is true that all businesses require an investment of time and capital to take off, not all of them are made equal. In this article, we’ll explore various business ideas which are easy to execute, can be funded through bootstrapping, and are scalable.
Professional pet caregivers are responsible for the animal’s wellbeing while its owners are away. This can include, feeding, walking, play, bathing, and more. If you’re someone who loves animals and has the experience of being a pet owner, this is a business you can excel at. According to the U.S. Bureau of Labor Statistics, the job prospects in this sector are expected to grow by 33% in the next decade, which is higher than most other occupations.
This is a popular option among first-time entrepreneurs as it is low risk and affordable to set up. Dropshipping involves selling products through your online store. However, you do not need to uptake the responsibility of manufacturing, inventory, and shipping, as it is outsourced to a wholesale partner. Your core focus will be on creating a brand, marketing products, making sales, and providing exceptional customer service. As reported by Oberlo, using Shopify makes it extremely easy to set up a store and get your business off the ground in no time.
This business involves leveraging your subject matter knowledge to provide quality service to clients. An important decision you’ll need to make is choosing a niche, which can include:
- Teaching a language
- Test prep (SAT, ACT, etc.)
- College application
While some niches may need an educational qualification, others will require you to showcase experience and control over the topics.
If you have in-demand skills such as content writing, graphic design, web development, UI/UX design, etc. strive to build a business around that. However, as the competition in this space is as high as it has ever been, your focus will need to be on providing quality rather than attractive prices.
For example, rather than taking up all writing projects that come your way, decide on a niche, such as writing e-books, and work for numerous clients until your services become known in that field. This will allow you to create a scalable business and perform better than the competition.
Irrespective of the type of business you choose, here are a few important prerequisites to keep in mind:
Conduct Market Research
Invest time in learning as much as you can about your industry. This includes customer behavior, competitor performance, market trends, etc. Based on this research, try to find areas where you create a competitive advantage.
Create a Business Plan
This will serve as an all-encompassing roadmap for your business. It should cover your goals, services/products, future goals, funding requirements, and utilization.
Register Your Business
Establishing your business as a sole proprietorship or a Limited Liability Company (LLC) are the two best options. An LLC will provide the added benefits of paying lower taxes, liability protection, and greater flexibility in management.
Along with having an entrepreneurial drive, you will also need to develop the skills of financial management, communication, marketing, delegation, strategy building, and much more. The perfect way to learn these skills is to pursue an online MBA degree from a reputed institute such as the University of Phoenix.
An online program will allow you to balance running your business and completing the degree simultaneously. The knowledge you acquire from your degree will help you overcome real-life scenarios presented by your business. Additionally, an online MBA costs only a fraction compared to traditional degrees, resulting in you having more funds to invest in your business.
All the ideas we mention above require little to no start-up cost but have the potential to scale and allow you to earn profits in the long run. The only thing left to do now is to get cracking and launch your first business!
This is a guest article written by Dean Burgess from Excitepreneur