While there are certainly expensive services out there that you can use to create your ebook, you can actually do it yourself for free with tools like Google Docs, Microsoft Powerpoint, and Canva. Armed with nothing but these tools, you can easily create a well-designed eBook lead magnet.
Even after you create your company’s name, do not omit these identifying letters on marketing materials, advertisements, or business transactions. Doing so may lead to unintended consequences. For example, if you leave “LLC” out of your name while doing business, a judge may find that you entered into a business deal as an individual, and not as an LLC. If this happens, you may be found personally liable and may not receive the limited liability shield you anticipated.
The member-managed LLC, where all the owners participate in running the business. This is the most commonly utilized structure, in large part because most LLCs are small businesses without a need for separate management.
Choosing the path of entrepreneurship, and working on your side business idea, is without a doubt riskier than being content with holding a 9-5 job. It requires way more sacrifice. However, once you’re reaping the lifestyle benefits of being your own boss and hustling your way into making significantly more money with your business idea than you ever could at your day job, the hard work will have all been worth it. So, let’s talk business ideas.
Busy schedules can stress people out. It can also disrupt family life to the point that busy parents and homework-laden kids barely have time to prepare decent dinners and weekend meals. Hence, the surprising demand for part-time family chefs as a business idea. If cooking healthy and delicious meals is your thing, then this lucrative side business idea can supplement your regular income by helping feed busy homes. Hear Gaby Dalkin’s story of going from side business idea to full-time blogger while she was a part-time personal chef right here on my podcast.
Everyone wants their small business to be successful, with multiple locations, lots of employees and loads of revenue, but you have to learn to walk before you can run. Don’t spread yourself too thin or take on too many expenses at the beginning, especially if your income might take a while to catch up to your ambitions.
Also be sure to create an “at-will” relationship with your employees. Employers can terminate at-will employees for any reason, which is essential if an employee isn’t working out. There are many ways to make it clear that the employment relationship is at-will, including in employee handbooks and through offer letters. Don’t make any promises to employees about the length or terms of their employment, as these could become binding on you later.
Similar to selling on Amazon, eBay is a place to make money selling just about anything you can think of as a side business idea, with the added excitement of using the auction selling model to sometimes get way more than you expected for that antique baseball card you picked up at a local street fair. To turn your eBay selling into a legitimate business idea, look for opportunities where you can buy in-demand products at a discount—and later sell them for a profit.
Though this is basically the same as above, it does deserve its own description. Finding someone to regularly watch children during off-hours, like second shift, weekends, or very early mornings, can be extremely difficult for parents. Offering care during off-peak hours means that you can command a higher fee.
This is one of the most-clever businesses I have seen! Here you get to have your own art gallery with no overhead! You arrange with a restaurant or bar to host your pop up art gallery at no expense to you. The venue benefits from selling food or drinks and the publicity your event will bring. The paintings or other art you obtain on consignment so you don’t lay out any cash for that either. Then you arrange the promotion. They key to this business is building your email list and social media contacts so that are able to build up a regular clientele without having to own a storefront or spend money for advertising.
Marketing gluten-free products. Companies such as Whole Foods have already picked up on this fast-growing market segment. Is there a way you can combine Page’s #7, online subscription services, with gluten-free products?
If you’re passionate about the business world or able to influence and encourage others in your own unique way, you may want to consider marketing your services as a business or life coach. Use your passion and expertise to give advice and suggest actionable steps people can take to improve their professional and personal lives.
It’s not up to them to approve of your idea or let you know whether starting a business is right for you. Only YOU can do that. This is very different from what we were taught as kids. Starting in kindergarten, we had to raise our hand. “Mrs. Kundle, can I go to the bathroom?” “Yeah, you can go to the bathroom, Timmy.”
Even in this digital age, there remains a huge market for independent sales reps who sell the products for a number of different companies to other businesses. You will typically work on a commission basis which means income will start slowly, but established manufacturer’s reps can make a lot of money over the years.
Always start small, meaning start online, and only produce what you are sure you can sell. You can always make more if demand increases. Start by marketing yourself on social media, and start a virtual store front on a site like Etsy or eBay.
MultipleStreams’ Jeremy Page is an internet entrepreneur with a brief but impressive record of success. In 2017, he compiled his own list of the 22 best small businesses. Unsurprisingly, they tilted toward internet enterprises, which are also prominent in the Forbes list. Page’s list, unlike some other top 10 lists, really does feature businesses you can start on a shoestring.
Many a starry eyed entrepreneur have thought that they could start a mowing service because “how hard could it be? I know how to cut my own grass.” Unless they have no money to start a lawn service, after spending thousands on commercial equipment they soon find that having a good cash flow and making a profit in the low baller lawn care market is not that easy. After a season or two they realize their mistake and sell their accounts and equipment. The best advice I can give about getting into this businesses, and can pay cash, is that buying an existing company is the best way to go. You will pay far less for the used equipment and the existing client accounts will provide some immediate cash flow.
You require money to start your business, but how much do you really need? Without a clear idea you run the risk of coming up with an unrealistic valuation of your business, which will put off investors and get your loan application rejected.
The web allows for knowledge repurposing at an incredibly low cost and arguably low barrier to entry. Take an e-book as an example; a collection of resources and ideas around a subject (i.e. chihuahuas)…assessing target market size, distribution channels, and setting up a website/e-commerce destination can be done for cheap, but still requires front to back planning and execution.
Seek venture capitalists or angel investors. Angels are high net worth individuals and venture capitalists are companies. Both fund a promising high risk venture for a stake (partnership) and often bring experience, management expertise and contacts to the table. They usually work through a network or association.
Yes, you can start your own clothing line with just a few items, be successful and have a lot of fun along the way! Look at Ralph Lauren who started by selling a couple neck ties and then built that into a multi-billion-dollar empire. Contract out the manufacturing which is the really hard part of the work. Then focus on developing eye-stopping designs and talking it up with potential re-sellers, or sell the items yourself online!
My brother makes around 50K a year running a “We Pull Weeds by Hand” business as a lot of people don’t want herbicides sprayed in their flower beds. He also does some mulching, flower planting, etc. All it take is a truck or van and some hand tools.
Apply for an employee identification number (EIN). An EIN is an assigned number for IRS purposes, similar to a social security number. EINs are used for small business and corporations to account for employee tax withholdings. However, an EIN is not required if you do not have any employees and you are a solo member LLC. If this is the case, you can simply use your Social Security number instead. Another option, aside from hiring employees and applying for an EIN, is to hire only independent contractors. Independent contractors are not considered employees and therefore no EIN will be required. If you do plan on hiring employees, you can apply for an EIN by:
If you want to maintain full control over your business, seeking an angel investor may not be the right route, since oftentimes they’ll want partial control of the company. If you don’t have any high-value assets you can part with, selling assets to fund your business wouldn’t be the right fit for you.
A money broker is basically someone who arranges short-term loans to people. A common variant on this is “pay-day lending” where businesses lend money to people who are typically looking for funds to hold them over to the next paycheck. These are usually storefront locations, closely regulated and not allowed in all states. This can be a solid business, but the regulatory climate is shifting against these businesses, so evaluate the risk of future regulatory changes, before hanging out your shingle.
Zoning and parking: There may be restrictions on where you can park your truck, so make sure you research that before setting up shop. There could be commercial versus noncommercial zoning restrictions, parking time limits or distance restrictions from other establishments. The city and local motor vehicle department will be able to help.
It’s also important to pay your regular debts in a timely fashion. If you get a reputation for stalling on a debt, you could find it difficult to form business relationships in the future. Plus, if you stay current on your debts and pay them as you incur them, it will help you avoid being overwhelmed by cash flow problems if several debts come due simultaneously.
Another huge issue in the rental business can be cyclicality. When the business is booming, it can be great. When the economy turns, it can be a disaster. I know a highly experienced construction equipment operator who couldn’t pay his bills and nearly went under during the last economic downturn. Eventually, however, he survived and became hugely successful. Another friend did very well renting out Dumpsters in the construction industry even though he had no experience whatsoever when he started.
To get into this field, you should be able to score reasonably well on whatever tests in which you will be specializing. If you haven’t aced your favorite test yet, then you could be your own first client and practice up. If you can send your own scores through the roof, you can then boast about the results!
You need to start out with a good location and you need to do some marketing to get going. This business may also end up being more work than you envision. Something will often need repair, every guest will seem to have a special request, and there will frequently be some renovation or upgrade project you will want to work on. But if you like meeting and entertaining new people, and have lots of energy, this can be good solid business.
That being said, creating your own product is an incredibly fulfilling experience. Several friends from service businesses told me from time to time how much they wish they were in a product business.
People on your email list are not only more likely to be customers, but you can use the power of email to help nurture a lead by regularly sending them quality content through something like a newsletter.
We do this all the time. We see a famous CEO and point out how “he took 5 companies public and got a Harvard MBA.” We see a successful children’s book author and point out how “she already knew 4 publishers, so her book got published immediately.”
Food safety: You’ll need to comply with local food safety requirements, just like any other restaurant in the area. Contact the local health department to find out more information, such as if you need to prepare all your food in a professional kitchen or if you can use your own facilities. [Read related story on our sister site, Business.com: Restaurant Food Handler Certification Guide]
My cousin worked for a jet ski rental firm in Sarasota Florida. Was that a fun job! Problem was that now and then when people panic on a jet ski, they will run it right into another boat! So, try to avoid renting jet skis in a busy boat anchorage and make sure your customers are confident operators before you set them loose!
Have some extra space in your home? Turn that extra bedroom into a “bed and breakfast” room. If you live near any sort of tourist destination, you can try your hand at renting out a room through Airbnb or CouchSurfing.com. You may also find paid hosting opportunities in your community: Sign up to host exchange students, visiting professors to a nearby college, or hospital patients receiving long-term treatment.
There are a lot of opportunity if you know how to capture beautiful photos of many different types. What you need are just decent SLR camera, set of lens, photography skills, skills in photo editing, and you’re ready to go.