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100 Business Ideas for You to Become Your Own Boss

100 Business Ideas for You to Become Your Own Boss

For most of us nine-to-fivers, the idea of working for ourselves is a dreamy one indeed. Who doesn’t want to be one’s own boss, and to have a few employees to boss around instead? Okay, just kidding. But the idea of working and earning for yourself, doing what you’ve always dreamed to do, and not having to the toe the line to another’s whims and fancies in what we all secretly fantasize about – especially on the days we hate our jobs. And frankly, with a little planning and some hard work, your business ideas can indeed germinate into full-fledged businesses indeed.

Choosing The Right Business Ideas For You

Frankly, there’s so much you can do when it comes to running your own business in this ever-expanding world. That said, many entrepreneurs would advocate that you start a “side business” while you are still working a full-time job so as to not put a drain on your finances. Also, businesses take time to grow so putting your eggs in just the business basket may not yield you the desired results. While a full-time job and a side business may be difficult to run and demand plenty sacrifices, remember that it can be done [1]. Here are some points to remember.

  • Divert your hobbies into business ideas: Our professional qualifications need not define us – business ideas can come from our hobbies too [2].
  • Use all available resources: What you have with you can often be turned into business ideas. Brainstorm and use your earthly possessions to help make you a business owner [3].
  • Use your profession to augment your earnings: Sometimes the easiest business ideas come from what you already do [4].

100 Awesome Business Ideas For You

  1. Sell DIY art: Art or beauty is pretty subjective but if you can make reasonably pretty stuff, there’ll always be buyers for it.
  2. Sell impressions: If you have always been able to copy painting, hue for hue, offer people impressionist art.
  3. Create handmade jewelry: Your talent can earn you plenty.
  4. Run a pet hotel: The open space of your large home can easily be converted into a pet care facility for travelling pet owners.
  5. Become an art coach: People want to be artistic – so charge them to teach them the skills you have.
  6. Sell tailor-made cakes: Fancy yourself a chef? Well, use your talents to bring joy into birthdays by making made to order cakes, and earn money doing it!
  7. Sell cookies: If your live around young millennials who stay away from home, your home-made cookie selling business ideas may find many takers
  8. Offer cooking classes: Put your kitchen skills to good use and teach people to be better cooks.
  9. Offer a homemade packed lunch service: Far too many Americans are headed towards being obese – offer a healthy packed lunch service that gives them taste but saves the calories.
  10. Start a catering business: Your small kitchen and individual skills can turn into catering business ideas.
  11. Beer brewery: Tipples always remain great business ideas so if you know a thing or two about brewing amazing beers – there’ll always be parties to cater to.
  12. Freelance as a graphic designer: If you love to play around with logos and designs, people would love to pay for that.
  13. Become a wedding photographer: If people love your couple clicks, start freelancing as a low-cost wedding photographer and slowly build-up prices and clientele.
  14. Offer child photography services: Being good with kids is an added advantage for a business like this, and everyone loves happy pics of their kids.
  15. Become an online photography coach: Your serious camera skills can earn you some serious money.
  16. Become a handyman: Know your plumbing or electronics? Become a part-time handyman.
  17. Become a niche travel agent: Niche travel always works better than generalized ones. So how about you offer something that’s close to your heart and helps people have better travel experiences?
  18. Become a freelance writer: Your writing skills can become a good side business for you.
  19. Offer ghostwriting services: The best of companies needs good writers to sounds the best they can be – that could be you.
  20. Write for greeting cards: If your witty one-liners have been a hit, write them for greeting card companies and turn your humor into business ideas.
  21. Design Tees: Your one-liners can also be turned into awesome t-shirts.
  22. Write erotica: There’s nothing like fetish erotic writing to make you money on the side, and have fun along the way!
  23. Become an eBook writer: Beauty tips or yoga tips, kiddie stories or erotic tales – there’s always room for another eBook.
  24. Embroider custom gifts: Nothing conveys love more than a custom, handmade gift so put your needlework skills to good use.
  25. Offer astrology skills: Start your own astrology website if you know all about stars and signs – and people may just flock to your excellent predictions.
  26. Become a happiness consultant: Vastushastra or Feng Shui – if you know your home science, run a consultation service.
  27. Start a dance class: Online or studio, your excellent dancing skills can do more than just impress.
  28. Do portraits: If you are an excellent sketcher, offer people an online portrait service.
  29. Make and sell seasonal decorations: Spread Christmas cheer by turning your famous homemade ornaments into business ideas.
  30. Become a voice-over artist: If public speaking and a great voice talent is your thing, moonlight as a voice-over artist on the side.
  31. Become a pet-toy seller: Known how to make great pet toys? Sell them online
  32. Become a toy maker: Your homemade toys may have been great gifts – now is the time to turn them into business ideas.
  33. Tailor some business ideas: Love clothes and stitching? Then think about a part-time tailoring, refurbishing or alteration chop shop.
  34. Offer customizable art: Sometimes people want art to best reflect their life – offer them custom painting s or sculptures at reasonable costs.
  35. Make custom furniture: You furniture-making hobby can become part-time business ideas.
  36. Teach some tunes: If notes are your key, let them flow into business ideas and teach some music – instrument or otherwise.
  37. Become a dating consultant: So if love to set people up, and are successful at it – you can turn your skills into business ideas.
  38. Start a niche blog: Your hobby ideas can become business ideas with a blog, that you can monetize later.
  39. Run a motel: Have a largish house with far too many rooms? Convert a floor or two into a B&B.
  40. Become a dog walker: If you tend to be an early riser, use that time to become a dog walker for your neighborhood – get paid to take in the fresh air as well.
  41. Offer babysitting services: If your job allows flexible hours, or is more of a work from home variety – babysit to increase your income in your free time.
  42. Sell hand-painted clothes: Plain tees can look amazing when hand-painted – offer people wearable art – each clothing customized to their taste, a unique piece indeed.
  43. Start a pet spa: A license, some equipment and plenty of pet love is all you need to start this rather money-making venture.
  44. Become a caregiver: Plenty of experience and know-how in caring for the elderly – become a part time caregiver to augment your income.
  45. Join online gigs: Places like Fiverr give you an opportunity to earn money from what you are good at, and sell your customized gigs.
  46. Rent your car: If you have a vehicle you no longer need, rent it out to Turo or a similar taxi service and let the car make you bucks.
  47. Start an auto-service garage: Have a state of the art garage? Convert it into an auto service, or paint shop.
  48. Start a nursery: A large backyard can actually be converted into a nursery, or even a garden center of sorts.
  49. Start a tuck shop: Have realty that sits on a hiking trail? Convert it into a tuck or goods shop and make some money off it.
  50. Rent out extra properties: Left with a realty legacy of sorts? Rent or sublet these properties and let them make money for you.
  51. Become a property manager: If you have experience managing your own properties, you can do this for others as well.
  52. Become a virtual assistant: If you are great at time management and organizational skills, offer your services as a virtual assistant.
  53. Play the stock market: Have money to spares? The share market can generate many business ideas – start small though.
  54. Consult for local business: Moving from a bog city to a small one – people would be eager to pay you bucks for any specific expertise or know-how you might have.
  55. Teach, what you no longer do: Have any old skill that never got used professionally? Offer coaching/teaching for the same and utilize what you know.
  56. Become a party planner: If your parties are always the talk of the town, become an official events or party planner.
  57. Become a wedding planner: Successfully planned all the weddings in your family? Take it to the next level by freelancing as one.
  58. Clean-up services: Inherited a junk yard? Or really large trucks? Become a clean-up crew.
  59. Mobile laundry services: A decent pick-up or van is all you need to become a mobile laundry service – just tie up with the local laundry for a cut, and all you need to do is the pick-up and the drop.
  60. Rent your vehicle as a billboard: A garishly painted and branded car may call for sacrifice, but will pay the rent.
  61. Become a human billboard: Extreme yes, but if you are cool with being one, there’s plenty of money to be raked.
  62. Become a model: Print ads are always looking for that different face, or that beautiful body part. See if you can land a gig.
  63. Offer translation services: Your multilingual skills can finally come in handy.
  64. Fill out online surveys: Not too much to be earned but hey if you are free, might as well make some money.
  65. Become a fitness coach: Be it personalized at the gym you hit, or an online one, your fitness skills can be converted to effective business ideas.
  66. Become a marathon mentor: Marathons are in, and if you are a regular at them, you can mentor other people to win them too.
  67. Turn your home gym into a limited membership gym: If your fitness quest has left you with a home gym, convert it into a limited membership gym and let that equipment earn you money.
  68. Become a fitness equipment seller: A small space in your home can be converted into fitness / sports equipment shop made all the more popular with your knowledge.
  69. Offer online classes: All that yoga can make you an excellent online instructor.
  70. Run a fitness studio: Yoga, barre or Pilates – you could offer weekly classes in all that you are good at.
  71. Become a morning coach: Your morning run can be converted into business ideas – simply get hired as a morning run coach and help people achieve their physical goals.
  72. Officiate games: Your passion for a game can help you become an officiator for local contests and earn you money as well.
  73. Coach a local team: Played in the big leagues? Become a part-time coach for your local team and earn money while you are at it.
  74. Become a helper: Websites like TaskRabbit let you earn while running errands for others.
  75. Drive for Uber: Free weekends can be utilized by driving for well-paying taxi services like Uber.
  76. Buy & Sell: Your penchant for digging treasures out of junk can make you a successful seller on sites like eBay.
  77. Become a tax consultant: Your tax knowledge can helps so many people file and save on their taxes.
  78. Coach on the side: Good with computers? Or numbers? Or anything? Become a subject-specific online coach for the same.
  79. Become a copywriter: If you are a great writer, launch a website offering copywriting skills to help brands build up their paraphernalia.
  80. Become an affiliate sales marketer: If you already have a heavy-traffic blog, all you need to do is join up an affiliate sales and marketing program to further monetize it.
  81. Become a licensed product distributor: Not instant sales no but licensing a foreign product for sale domestically can lead to big bucks down the line.
  82. Freelance editor: Already a writer? Use your proof-reading and editing skills to help people become better writers too.
  83. Become a start-up consultant: Your experience in launching start-ups can be turned into business ideas – offer consultancy services around the same.
  84. Become a freelance software developer: You IT skills can help you run a cool side business.
  85. Become a website designer: Put those coding skills to use and freelance as a web designer.
  86. Become a web/app developer: Even more killer coding skills can be used to make apps and even more complicated websites.
  87. Become a real-estate consultant: Realty may have stung you when the market when down but with everything on the rebound, your skills can be put to good business ideas.
  88. Offer computer literacy: Not everyone knows their way around computers so if you have the knowledge and the teaching skills – you got a business.
  89. Open a computer repair shop: If you know your computers, turn what you know into business ideas.
  90. Start a home cleaning business: Your housekeeping skills can come in handy to start something like this.
  91. Analyze data: Your data analysis skills can earn you some serious money on the side.
  92. Refurbish electronics: Start a seconds’ electronic store – buy stuff that’s been junked, refurbish and sell it for a neat profit.
  93. Become a counselor: If talking people into better lives is your forte; become an online counselor on the side.
  94. Offer online consultancy: A medical degree or an advocates license – your profession can help you become an online consultant for many a website.
  95. Interior design consultant: Your eye for beautiful houses may just land you gig as an interior design consultant, all you have to do is advice.
  96. Travel consultant: Again, your experience as a traveler or even in a travel agency means you can become an independent travel consultant.
  97. Social media manager: With so much happening on the online front, become a social media manager for someone on the side and put your skills to good use.
  98. Teach English, remotely: The world goes around with English so if you have native knowledge, become an online tutor.
  99. Become a college essay writer: If you are a writer and have a way with words, there are plenty websites looking for creative college essays
  100. Do what you love: Finally, anything that you would love to do, or have been wanting to do, or are really good at – can be turned into business ideas. A little research, some hard work and plenty perseverance is key. [5].

Reference

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Published on December 13, 2018

How to Start a Company from Scratch (A Step-By-Step Guide)

How to Start a Company from Scratch (A Step-By-Step Guide)

If you’ve ever thought about starting and running your own business, you’re not alone. Being your own boss, having flexibility with your schedule and keeping more of the financial rewards that come with business ownership are all good reasons to own your own company.

But as you might expect, it’s not all vacations and fat bank accounts. According to the SBA, 2/3 of businesses survive at least 2 years and approximately 50% survive 5 years.[1] So why is the failure rate so high? At least for the businesses that fail early on, lack of, or poor planning can be a major factor.

So how to start a company?

Starting a business from scratch doesn’t have to be hard or complicated, but it does take planning and work. Here are the first and most important 9 steps to take when your are starting a company from scratch.

1. Do an Honest Evaluation of Yourself

Do you work better in a structured or unstructured environment? Does a daily routine reduce your anxiety? What kinds of things are you good at? Does public speaking or making presentations make you nervous? Are you good at accounting and numbers? Can you handle the rejections you’re bound to get when selling or cold calling?

These are all important questions to ask yourself, in fact it’s a good idea to get other peoples opinion about their perception of you in each of these situations.

Whatever the answers you come up with for your evaluation, remember that’s all it is, an evaluation of where you are now. Think of it as a way to identify both your areas of strength and weaknesses.

You maybe good at public speaking which can help when raising money, but bad at accounting which just means that you’ll need to find some kind of help with that area of the business.

2. Evaluate Your Idea

If your business idea involves a new product or service (or even an enhancement to an existing product or service), it needs to be evaluated. This is technically called market research.

There are firms that specialize in doing market research for new products, but if you are on a tight budget, you can do this yourself.

First, if you can build a prototype for people to use, touch and look at that’s the best option. If a prototype is not possible or it’s a service business, then offer a highly descriptive presentation of the business plan complete with it’s unique benefits and how it’s different from the competition.

Then listen! Remember that this is not about others liking your product, this is not your baby that they are talking about. You want honest market research that gives you the best chance for a successful business. Take notes, when someone tells you that they didn’t like a feature or some aspect of your idea tell them ‘Thank you”.

After several rounds of market research with different groups of people, you should see patterns emerging about things that they both liked and didn’t like. Use this information to tweak your product or service and do another round of market research.

Keep in mind that you’ll never come up with a universally loved product, your job is to produce a product or service that appeals to the broadest range of your target market.

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3. Make a Business Plan

I know, I know this isn’t the “fun” part of starting your own business, but it is an very important step in creating a successful business!

Basically, you can think of a business plan as an outline or blueprint of your business. A good business plan should have the following elements:

  • Executive Summary – This should lay out the businesses product or service and the problem that it solves for the consumer.
  • Market Evaluation – This should talk about the market you are serving. Is it an expanding market, and how does your product better fulfill the consumers in that market.
  • Market Strategies – How are you going to penetrate the market and sell your product.
  • Operational Plan – How will the company run from day to day? Who are the key employees and what are their specific rolls. Do your key players have specific goals set for them in advance?

A final word on making a business plan: while lying is never acceptable especially when you are using the business plan to raise money, it is acceptable to “put your best foot forward”.

Playing up the positives while minimizing the negatives is almost expected in a business plan.

Besides, banks as well as professional investors will both do a more in-depth analysis before investing any money into your idea.

4. Decide on a Business Structure

You have many options here, and discussing them with your accountant or financial adviser is really the only way to know what’s right for you. But just to give you a quick rundown of the types of business entities and their pros and cons we will briefly go through them:

Sole Proprietorship

This is a common way for small businesses to get started.

The pros being:

Relatively low costs to set up (usually a business license and sales tax license).Owners normally do not have to set up a special bank account, they are allowed to use their personal one. Any income earned can be offset by other losses (check with your state!). You as the sole proprietor have complete control over all decision making. 

Finally, sole proprietorship’s are relative easy to dissolve.

The cons of using a sole proprietorship include:

You as the sole proprietor can be held personally responsible for the debts and liabilities of the company. Some benefits, such as health insurance premiums, are not directly deductible from business income.

If you need to raise money, you are not allowed to sell an equity stake in the company. In that same vein, hiring key people maybe more difficult because you cannot offer them an equity stake in the company.

Partnership

A partnership is formed when two or more people decide to start a business. Although there is no legal requirement for any documentation to form a partnership, it is my advice that you never enter into a partnership without having a partnership agreement. (Remember, spending $1500 now can save you $150,000 in legal fees later!).

The pros of a partnership include:

Being relatively easy and inexpensive to start. Hiring key employees can be easier as you are allowed to give equity ownership to as many partners as you want.

For tax purposes, partnerships are relative simple as any income is treated as “pass through” meaning that each partner pays tax on their individual portion of the partnerships income (As of this writing, always check with your tax adviser).

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As far as the cons go:

It can be difficult for some general partnerships to raise capitol. Because it is a partnership, the actions of one of the partners can obligate the entire organisation. All profits must be shared according to the partnership agreement regardless of the amount of work done by any single partner.

Some employee benefits may not be able to be deducted on income tax returns.

Limited Liability Company (LLC)

This is a very popular business entity for small to medium sized businesses. The reason for this is the cost of set up is not prohibitive and there is a separation between the owners and the company.

The pros of an LLC include:

Limited liability for the partners, unlike sole proprietorship’s and partnerships where the owners are held responsible for all of the companies debts and liabilities, an LLC provides some protection against certain debts and liabilities that are solely the companies.

Simple taxation, just like the sole proprietorship and partnerships, income is considered “pass through” and is only taxed once on an individual level.

There is no limit on the number of shareholders in an LLC. An LLC requires fewer fillings and administrative requirements than a corporation.

Corporation

A corporation is much more complex and expensive to set up. And a corporation is legally considered an independent entity that is separate from its owners.

The pros of a corporation include:

Complete separation between the owners and the company. Because the corporation is considered its own legal entity, owners can not be held personally responsible for any debts or liabilities of the company.

A corporation can raise capital much easier just by selling more shares in the company.

Cons of corporations include:

Much higher administrative costs than any other business entity. Corporations generally have a higher tax rate. Dividends are not tax deductible for corporations. Income paid in dividends is taxed twice, once by the corporation and again by the shareholder.

Again, this is just a short summary of the pros and cons, always check with your tax adviser about what will work best in your situation.

5. Address Finances

Again, not one of the “Sexier” parts of starting your business from scratch, but very important nonetheless.

So, you’ve done your business plan and an estimate of your start up funding should be included. It should include the amount of funding you’ll need to get you through your first full year of operations.

Now, how do you get that money?

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Self Funding

If possible, self funding is the easiest. You won’t have to go to banks and investors with hat in hand, or give up ownership or control of your company. But as we know, this is not a reality for most people. But don’t worry, there are still plenty of options available.

Friends and Family

They can be a good source of funding your business if they can see and understand your vision.

Remember that business plan? Pass them out to everyone you know. Then follow up, be prepared to tell them the total amount of money you expect to raise, the minimum investment you are looking for and what you will give in return for the investment.

For example, you give a friend your business plan and follow up with him/her a few days later. You can explain that you have secured funding for $80,000 of the $100,000 you need. You are selling a 2% share in the company for every $2,000 investment. How many shares would he like?

And when he/she tells you no, thank him/her and ask if he/she can think of anyone off the top of his head who might be interested? Tell him/her you really appreciate his/her time and if he/she does come across someone who might be interested to let you know.

Banks

These guys are happy to lend you money when you don’t need it, but all of the sudden they get stingy when you actually need a loan! This is where preparation comes in.

It’s a good idea to go over your business plan with an expert and maybe even have it rewritten by an expert before you approach either a bank or professional investor. Both will want to go over your business plan with a fine tooth comb, verifying all the numbers and data you provide.

You should also brush up on everything in the plan so that you can answer any questions they have with authority.

Crowdfunding

Finally, there is crowdfunding through sites like Kickstarter or GoFundMe. Crowdfunding helps to build interest, community spirit, and a customer base. It’s also an efficient way to raise funds. You can take a look at these tips to find out more:

6 Crowdfunding Tips To Get Your Project 100 Percent Funded

6. Register with the Government

As stated earlier, different types of business entities have different filling and administrative requirements. At the very least, you’ll probably need a business license as well as a state sales tax license.

Unless you are forming a corporation, there are many good resources on the web that will do everything for you at a minimal cost.

7. Assemble Your Team

Remember when we evaluated your strengths and weaknesses? Here is where we fill in the gaps!

Do you hate sales and cold calling? Great! There are people who love selling and wouldn’t want to do anything else.

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Bored to death with accounting? There are a ton of small accounting firms out there that will take care of that for you.

What about marketing? You can hire someone in-house or out-source that too.

Your job is to keep on top of all the different aspects of the business to make sure they are all running smoothly and getting the results you need. If not, it’s your job to figure out the problem and implement a solution.

Check out this guide and learn how to delegate effectively:

How to Delegate Work (the Definitive Guide for Successful Leaders)

8. Buy Insurance

No matter what kind of business you start, you need insurance! Yes, I know, no one likes to buy insurance, but it can literally be the difference between having a minor inconvenience and declaring bankruptcy.

We live in a very litigious time, even a minor slip and fall at your place of business could bankrupt you without insurance. If you need help finding a good agent, check with your local trade organizations or fellow business owners.

9. Start Branding Yourself

Has anyone ever ask you for a Kleenex or a QTip? We all know what they are because of branding, Kleenex is just a brand of tissue and QTip is just a brand of cotton swab. It doesn’t have to be as widely known as Kleenex or QTip, but you can make your brand a common name within your niche.

I once owned a manufacturing company that developed a product that was so popular that my competitors started co-opting my brand name for their products.

If you aren’t sure how to kickstart branding yourself, check out these ways:

5 Ways to Build your Personal Brand & Make More Money

The Bottom Line

Starting a business from scratch can be one of the most rewarding experiences a person can have.

But do you know what’s even more rewarding? Having a business that succeeds, is profitable and provides a good source of income for you, your employees and their family’s.

More Resources About Entrepreneurship

Featured photo credit: Tyler Franta via unsplash.com

Reference

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