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.
Now, before you decide event planning isn’t for you, I was looking at companies that hired employees. If you want to start your own home-based event planning business, you’ll have more flexibility regarding work hours, pay, and what background training and education you have.
If you’re starting your own business and work full-time in your own company, you can claim back the income tax you paid in the previous 6 years to invest equity into a company (subscribed as shares) engaged in a qualifying trade.
You can succeed with a specialty food store but it is tricky. You must be ruthless in your research, in both what the market can support, and which competitors currently have overlapping offerings. I would also look at what specialty food stores have succeeded in nearby markets.
Have a website. The world has moved online. Any business that wants to survive the next ten years is going to have a website. People will use it to contact you, find your location, learn your operating hours, ask you questions, make suggestions, and maybe even buy your products or services. In having a website and services which are available over the internet, you will be able to expand your service area out across your region or even the world.
Videos are becoming more and more popular. From Instagram and Snapchat Stories to Facebook Live video, videos will only continue to grow. If you’ve always loved the thought of being behind the camera, now is the time you can take an advantage.
Lots of businesses try to save money by hiring people as independent contractors rather than full-time employees. The IRS will impose large penalties on businesses that do not withhold and pay taxes for workers that it considers full-time employees rather than independent contractors. Here are some things the IRS will look at to determine whether a worker is an independent contractor or a full-time employee:
Operating an eCommerce business does not exclude you from needing certain business licenses and permits. Check with your city, county, and state to see what sorts of sales tax licenses or home business licenses you need, and get those approved before you start operating.
Another number of people growing in numbers are the parents with very hectic schedules, single parents included. This calls for a solution to a climbing child care problems. This is a business opportunity for those people who love taking care of kids and want to make money of it.
When setting up your website make sure to choose a shop name that customers will remember and that matches the type of clothes you are selling. It is important that it has a good presentation and is well organized. If you do not know how to do this yourself, you can contact professionals or use ready-to-use ecommerce platforms such as Quick2Host.com or Shopify.
Sometimes these are full-service firms that not only do the design but also perform the work. The closer your expertise and confidence allow you to get towards high-end landscape design, the higher an income you will be able to command.
Wedding photographers command premium rates. After all, you are capturing one of a couple’s most important life moments, making it a very lucrative side business idea. Many professional wedding photographers charge between $2,500 – $10,000 (or more) to shoot a wedding, so it’s realistic that this side business idea could quickly blossom into becoming a full-time endeavor with the right happy clientele base that’s willing to refer you to their friends and family. Check out the Complete Wedding Photography Experience over on CreativeLive to get up to speed on everything you need to launch a successful wedding photography business.
The great thing about the internet is that you can sell products/services you don’t actually have to deliver/fulfill. Look into commission junction, amazon and ebay and find some things you know a lot about. Sign up as an affiliate for products/services you feel comfortable selling. Create a blog, facebook page or simply try to get your friends to buy these products through your affiliate links.
If you’re the sort who takes apart the computer for fun, operating an electronics repair shop out of your home is a natural decision. In particular, repairing iPads and other tablets would provide you with a great deal of business, as many tablet users are looking for a less expensive way to fix smashed screens and other damages that can be costly through the manufacturer. Median salary: $49,170.
Put together a comprehensive marketing plan including signage, online and local newspaper listings, and neighborhood flyers. Don’t be shy about contacting everyone in your email database and trumpeting your event on social media!
Hi Dave, and the answer is yes, eventually. I can only speak from my experience, but in my world, things ONLY got done right when I supervised the work. Later, I just supervised the foremen, but I still had to get my own boots on the property. I don’t think you can just go hire a foreman + some workers and call it a day.
Do you have an extra room in your house or condo? You could rent it out by the day like the Airbnb model, or you could rent it by the week, or you could rent it by the month. Then maybe you could use the income to help subsidize your expenses as you start another business!
If you speak like James Earl Jones or Scarlett Johansson, quite a number of digital publishers (including game developers, animated film-makers, and training video producers) pay good money for voice talent and the time investment isn’t too intensive—making this a great side business idea. You can find these publishers looking for voice-over artists on sites like PeoplePerHour, Freelancer and Upwork, as well as their calls for talent directly on their websites or through voiceover agents. If you do pursue this as a side business idea, be prepared to invest for the long-haul as it can be a very competitive industry.
Listen to my interview with serial entrepreneur and investor, Michele Romanow about how she built an app that earned $500,000 in 3 months (as a side business idea outside of her day job) and how she eventually sold the company to Groupon. It’s seriously incredible.
If you know a thing or two about paid internet marketing and are comfortable with Google, a great way to make some extra income as a side business idea is to sign a freelance contract to manage a company’s Google Ad Campaigns, and gradually start bringing on more clients as your consulting business grows. Just be sure to brush up on all the right business slang and industry jargon that’s pervasive in the online marketing world before you launch unprepared into this side business idea.
The selling costs are remarkably low on the Etsy website. But you will be competing with some awesome looking crafts, so make sure you create some great stuff that is highly distinctive. Then take perfect photographs and write up snappy descriptions. Try to build a following by developing a related line of goods
When my book publishing business grew to the point when we needed forklifts, I was shocked by how expensive they were. So, we went to a used industrial equipment dealer and bought all of our forklifts there. Selling industrial equipment allows for specialization and it also allows for you to build up long-term relationships with customers. Furthermore, you can have add-on sales such as maintenance, supplies and repairs.
This is like a simplified version of a flower delivery service, but without an inventory that is constantly becoming obsolete! Plus, balloons suggest fun and light-hearted cheerfulness, perfect for many occasions!
Good advice Dennis. I agree with you that Craigslist is a good way to start getting clients. However, FAR more people will type in “lawn service CITY” into Google assuming (falsely) that the best companies will be at the top. In reality, the companies at the top are the ones that understand some SEO.
The reason to stress on these remarkable entrepreneurial stories is because they provide an important lesson for all those wishing to embark on a similar journey – that a single great idea is the most important step to creating a game-changing business. And sometimes, if you plan it well, these ideas can build you a company at the lowest initial-costs while getting you the highest possible returns.
One of my top employees started a laundry service while in college. He contracted with a local laundry matt who charged him a lower rate for the volume be brought them and made the difference in price. They laundry matt would pick up and drop off the clothes for him so all he needed to do was find the customers. They even paid him online through PayPal. Very low risk yet a great start.
Video production and post production services. The video production landscape has been transforming from big business to multitalented single operator ever since Avid produced its first low-cost Mac-oriented video editing program. In an age where feature films are being shot on iPhones (one of them by noted director Steven Soderbergh), don’t let equipment costs hold you back. Whom do you know who really needs a good video to advertise a service?
The value of SEO is incredible in the lawn care industry. In fact, it’s 100% of our marketing. Actually it’s more like 600% of our marketing because we generate so many leads we turn hundreds of them away every season! Both for summer lawn care and for winter snow removal (in our snowy Canadian region). Of course, your value from Google all depends on how many people are searching for lawn care services in your area. If no one is searching, ranking would be like plastering a billboard on the moon. Nice sign, no one going to see it. Hope that helps the budding online stars.
Can you estimate yearly salary of a small business of 2 people assuming that they’ll be doing mostly residential work and lawn care (no hardscaping). Would it be what’s left over after expenses? Or would our salaries be cut significantly since we would need the money to be redirected to the growth of our company?
I was actually shocked when I saw a gig on Fiverr where somebody will do something crazy and video himself and send the video to the customer. What?!?! I never thought doing something crazy can be monetized. Only on fiverr. lol.
The fact that you’re here reading this post, there is some entrepreneurial spirit sleeping in you. You just need to wake it up and work it out. You might not know, you’ll be the next big business tycoon in the Philippines.
This is a very simple way of taking your ideas and figuring out what is worth your time. As you can tell, you want ideas in the “Golden Goose” quadrant, one where there are lots of potential customers and a high price. Plotting your ideas on this matrix help you to not fall in love with your first idea, something we call “idea one-itis.”
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Rental businesses are not as easy of a way to make money as you might think, but there are many rental firm owners who have made a lot of money. It takes time to develop a steady patronage and iron out the operational issues of running the business.
I published a book by Don Dwyer who was the king of the carpet cleaners—having made many millions building a gigantic carpet cleaning business franchise system. This business isn’t glamorous, I remember Don talking about the best ways to get dog urine stains out of carpet, but the demand and the money-making opportunity is huge!