We’ve all been there — sometimes you wish you could leave your 9 to 5 job for good and spin a wheel to figure out the type of startup or business you want to open. It’s not always easy, but sometimes it’s worth a try! We have provided a list of common businesses that you can try. The choice is, however, unlimited.
Whether you want to open a beauty store offline or online, you may want to look into licensing rules in your state and focus on a few certifications. Keep in mind that beauty industry, just like food industry, is also about health and cleanliness, so a private room that looks like a war zone is not an ideal place to introduce to your clients. Start-up fee for most beauty franchise is inexpensive. Remember, this business has a lot of potential because beautifying skin, nail and hair is a $20 billion industry.
If you are an expert in what you do, whether it is accounting, management, IT or real estate, your startup can be based on that particular job. Consultants mostly work out of their home office. If you are expecting more than a handful of clients to your location, it is better to dedicate an office outside your own home for the purpose. Some of the challenges you may have to overcome at the initial stage include finding clients, billing appropriately and maintaining client and service provider relationship.
The home health care industry has grown exponentially in the past decade according to US demographic census. And more and more people are reaching their senior status. Some of them need care on a daily basis, others need long term care weekly or monthly. Currently, more than seven million people in the United States receive home health care services from various firms. You can be one of the service providers. The cost to start this service may vary; certification and other licensing requirements may be necessary depending on where you live.
Personal Trainer/ Fitness Startup
This one is a broad category and there is no limit to how much you can earn in this field. Many people who choose fitness business begin with a franchise. There is a wide range of areas to choose from, such as nutrition, weight training, yoga, gymnastics, body building, sports and so on. To succeed in this business, you will need a network, strong communication and people skills and be able to market your business well. A lot of resources are available on the internet to get you started in the fitness industry. The startup cost depends on the type of category you choose, running anywhere from $500 to $50,000 or more.
Whether you want to start this business from the comfort of your home or in a commercial setting, the choice if yours. You can either manage property for someone else or buy and rent your real estate dealings. Nevertheless, it is crucial that you understand the tax rules and local laws. Also important is to know how to screen and choose tenants successfully and deal with the problematic ones. A typical property management firm will make sure that everything is in order from leasing to move out. Setup for this type of business is minimal. Usually all you need is a couple of software, a dedicated phone line and space to store records.
Preparing For Startup
There are many other startup ideas to explore. And then there are plenty of reasons why you should go for one. For most people, starting on their own provides a sense of security assuming they are lucky enough to overcome the initial hurdles and challenges. It is also their primary source of income. Of course, if you have a means to get health insurance, dental benefits, vacation days and pension flags for the initial days, startup can be an attractive option. If you are not obligated to support anyone immediately and in love with your business concept, by all means go for it. Whatever your situation is, we advise that you do some basic financial projections. Estimate the total cost of living for a year and make a budget based on unforeseen expenses as well. If you have savings account that will pay for it, you are in a better position to focus on the future business. There are no set guidelines to determine the right mix, but make sure to factor in all possible scenarios – good or bad.
Startup business owners who are tight on budget can get some relief knowing that there are plenty of free stuff available on the internet. If you are looking for advise from experienced entrepreneurs, such services are offered from a few, free of cost, who believe that giving away ideas for free is a great way to promote their business. It works this way – users are attracted to an idea, they click on the ads and each time they are doing so, they are marketing the thoughts to others and earning money for the advisers. What you gain from this setup is the availability of plethora of information that you need to be confident with your venture. Then there are free emails, blogs and software to perform various tasks relevant to your startup. Instead of storing big boxes of records of your current and potential clients, everything can be stored online in the cloud – that is cyberspace. Some of the cloud programs give you free word processing, spreadsheet, storage for documents and photos. And if you are looking to have customer feedback, you can avail free survey websites for personal or professional insights.
Paying Yourself And Others
Online payment systems make it possible for anyone with an account or email address to make payments from around the world. These systems are encrypted and safe to use. Some of them enable the use of credit cards and most of them are free or have low fee structure to send or receive money. In other words, for your startup, these payment systems offer a simple and straightforward way to accept payments without hassles. So if your business revolves around receiving payments from clients, sending money to vendors and service providers, these systems can come handy.
The big question is – how will you get the fund needed to start your own business? The answer is, many ways. Money can come from your savings account. It can be obtained with credit cards just like how half of nation’s startups are funded. If you require a great deal of capital, banks and financial institutions can lend you money based on your business projections and credit rating. That rich family member of yours who is interested in your business concept may want to help. People around you who want to invest in your business can let you borrow money as well. In the latter case, however, your business entity should be able to accommodate others’ investment. This also means giving up portion of your ownership interest to investors.