starting a business for dummies | what do you need to own a business

Business plans are important for all businesses. Thank you for this blog. There are thousands of articles about small business ideas I enjoyed reading your article. May I request please write about Small Business Problems.
Another important step in planning a business startup in Dubai is to determine the most suitable location for the business. Setting up a profit-based enterprise in the city wouldn’t do you much good despite the growing economy if you’re customers or clients can’t reach you.
You might excel at search engine evaluation if you’re great at internet research, up on pop culture, media, current trends, and you know your way around the computer. You do not necessarily need any past experience to do these jobs, but all of these companies will require you to complete a rather lengthy test prior to accepting you.
Have more than the minimum. You may determine it will take $50,000 to start your business, and that’s fine. You get your $50,000, buy your desks and printers and raw materials, and then then the second month arrives, and you’re still in production, and the rent is due, and your employees want to be paid, and all the bills hit at once. When this happens, your only likely recourse will be to pack it in. If you can, try to have the reserves for a year of no income.
You could start a baking business where you create dessert items at home and sell them wholesale to local bakeries or restaurants. You’ll need to learn first about regulations in your community for commercial food preparation, however
There’s a lot of money out there in grants, but writing grant proposals can take a lot of time, especially if you are not experienced at it. Like so many other fields, specialization will help get business, and it will allow you to charge much higher fees. And, as you build a track record of successfully securing grants, you will also be able to charge more.
ABC Fundraising® is currently looking for highly motivated people who are interested in working from home. This can be an extremely fun job for the right type of person and allows you to set your own hours! Your main responsibility will be to contact high schools, churches and non-profit organizations in your state and around the country promoting our unique and highly profitable fundraisers. We even supply you with names and numbers of people who need fundraisers! Yes…FREE Leads!
#49 – ETS is a testing company that pays you to score various tests for different educational institutions. The pay can go up to $20 per hour depending on the tests. Payment is twice a month via check and is tax deductible.
If your business will have employees, you will, at minimum, need to purchase workers’ compensation and unemployment insurance. You may also need other types of coverage depending on your location and industry, but most small businesses are advised to purchase general liability (GL) insurance, or a business owner’s policy. GL covers property damage, bodily injury, and personal injury to yourself or a third party.

Motivational speakers can earn a lot of money for even a short presentation. But you need to be awesome! And you need to market yourself. I’ve hired motivational speakers for large group business retreats, and I can tell you that once you start giving stand-out presentations that word of mouth travels quickly!
Think of some of the biggest success stories in recent times, such as John Lennon and Paul McCartney; Bill Gates and Paul Allen; Steve Jobs and Steve Wozniak; and Larry Page and Sergey Brin. In every case, the partnership brought out the best in both sides of the equation.
Tradesy helps women turn closet clutter into cash, allowing users to sell items clogging their closets by handling the transaction from the time a photo of the product is uploaded to its delivery to the purchaser’s door. Tradesy brings white glove customer service to the fashion resale space.
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!
Now, before you go telling us that combining after school 12-year-olds and college 21-year-olds is a terrible idea, hear us out. We’re not suggesting a full on bar, simply a coffee shop that after 4 pm also serves wine and beer. The concept behind being a coffee shop that serves alcohol is that in the post-noon hours, coffee consumption begins to taper off significantly. If you’re looking to stay open later and need the cash, filling an additional need in your small community is the perfect business idea. Now you not only have a place for business meetings and freelancers, but also happy hours and first dates.
1. Study the market. When a product idea dawns on you, first you must situate it. I recommend searching through Google Images and Google Shopping. Do similar products exist? Study them carefully. What benefits do they offer? Consider your point of difference. Does it offer a benefit consumers truly need or want? Read Amazon product reviews for further insight. Search for prior art as well. (Your goal is to understand the history of innovation as it relates to your concept, not to prove it’s never been thought of before.) If you find your idea in a patent but not on the market, do further research. What happened?
More and more health-conscious and time-strapped Americans are looking for quick food on the go that is healthier than the soda and chips you usually find in vending machines. This has spawned a whole new industry of wellness-oriented, specialized vending companies that offer franchisees the chance to own and service vending machines with better foods and beverages.
With services-based businesses, “time” is your inventory and your biggest investment. You’ve only got a limited supply of hours in your day. However, that makes it easier to get up and running if you’ve got skills that are in demand.
You might notice these trucks at specials events like fares and parades, but I think you would do better trying to find steadier income and more consistent clientele, at office parks or other city locations where workers are congregated.
I love being part of TTEC@Home because the setting is both personal and professional and I don’t have to commute in traffic or poor weather. I have an office environment that I created, designed, and nestle into. And TTEC provides strong support, ongoing training, benefits, company perks, and advancement opportunities.
Dogs are amazing. But, owners aren’t always at home to take them for a walk. If you’re a canine fan like I hope you are, this great side business idea can net you a regular profit by just taking some adorable pups for a stroll around the park. With pet-crazed, yet busy Americans having more pooches around, dog walking services have become a thriving industry in some U.S. cities. In fact, there’s already an app called Wag that links up dog walkers who want to exercise this business idea with the pet owners who need a helping hand.
#8 – Pleio – Read Review– is a call service company that seeks to hire workers who can call patients and remind them to take their medications. The process of hiring involves undergoing a screening process, taking a test and doing a mock call. Pay is $15-$20 per hour.
One of my friends sold off his large family business that made industrial goods, and then embarked on a new career as an artisan furniture maker. He studied furniture making in a full-time study program and focused on very high wood furniture. He would display his furniture at shows and promote open studio nights. Clients were wealthy individuals and some high-end boutique hotels.
Not only is Airbnb a great way to make money by renting out your spare bedroom or living room couch as a legitimate home-based business idea, but you also have the benefit of meeting new people and making new friends if that’s your kind of thing. You can even rent out an entirely new apartment just to manage as an Airbnb side business idea, but don’t make the mistake of thinking this will be a passive source of income—you’re on call whenever you have a guest and you’ll always need to keep the place clean for incoming visitors. On top of just renting on Airbnb, you can take this business idea to the next level by offering your guests add-on and personalized experiences for an extra charge. Take Lauren Gheysens’ Airbnb-based side business idea, Royal Day Out in London, England for example—where she gives visiting tourists a local’s only tour of the city, complete with bespoke 18th century costumes.

Join the Conversation

6 Comments

  1. The antique market is not as lively as it used to be. But there’s still money to be had from the industry if you love rare old stuff and possess the skill of restoring them to their former glory. To start an antique refurbishing business at home, you’ll likely need a few thousand dollars to build out a basic workshop and stock it with all of the right treatments and materials in order to truly excel with this side business idea. Start small by borrowing around what you can, and learning the basics of the trade as a side hustle before investing in a ton of equipment.
    Assess your financing needs. While starting a business from home can be more affordable than starting a traditional business, you will still need money to get started. As you form your home business idea, think about how much money you will need to buy inventory, buy your production equipment, or cover any other initial costs. If you don’t have a lot in savings, you can also get a business loan to get started, but this would mean qualifying for and then subsequently being responsible for a loan, which can be difficult for a new business. Consider your financing options carefully as you set up your home business.
    Any business that does not require a storefront would be suitable for a home business. That is, any type of professional service, small-scale manufacturing, or something like that would be great. However, a restaurant or auto-parts store would not make a good home business.
    Young professionals or people who haven’t job hunted in years often look for assistance when compiling their resumes. You can offer some assistance and feedback to clients working on things like resumes and cover letters.
    Take Action: We know picking a spot can be tough if it doesn’t somehow happen naturally through your personal/professional networks. If you’d like to brush up on everything that goes into making this decision, refer to our friendly guide on How to Choose the Perfect Location.
    Yes, I had a couple golf lessons–but you’d never know it to watch me play! I don’t think I had the right personality for this sport–relaxing and being patient isn’t my thing! But if you have some talent at this challenging game, you can charge some good money and bring your gift to others. Golf is an excellent lifetime sport and people are willing to pay to try to master it!
    Profit is, after all, the ultimate goal of any successful small business. You should examine your business’ expenses (rent, materials, employee compensation, etc.) and then figure out how much you will need to sell to cover those costs and start generating a profit. This is known as a break-even analysis.
    Each year, thousands of LLCs are fined or unknowingly dissolved for missing an important state filing, such as an annual report. When this happens, LLC owners risk loss of limited liability protection. A registered agent service can help prevent this outcome by notifying you of upcoming filing deadlines and submitting reports on your behalf.
    Every town, big or small, needs (and deserves) a few good restaurants. Your local pizza castle won’t suffice for all occasions and events. But much like owning a bakery, opening a restaurant is not something to go into halfheartedly. You need to have the passion, the drive, and the obsession of both a great entrepreneur and a chef (or at least a hard-core foodie).

  2. Potential challenges: You are responsible for the safety of children, and you should plan for accidents to happen — that’s why insurance is crucial. This can also be a stressful business to operate, so the ability to handle or cope with stress is vital.
    When you’re searching for B2B partners, you’ll have to choose very carefully. These companies will have access to vital and potentially sensitive business data, so it’s critical to find someone you can trust. In our guide to choosing business partners, our expert sources recommended asking potential vendors about their experience in your industry, their track record with existing clients, and what kind of growth they’ve helped other clients achieve.
    Skyword – Read Review – May be open worldwide. Some of their assignments pay very well, between $50 and $100. However it can take a long time for editors to review your work in order for you to get paid.
    I mean come on, who wouldn’t be interested in this side business idea? Getting paid to take care of a cute pup sounds like a dream. The prevalence of unattended pets is another side effect of busy life, creating job business ideas and opportunities for people with time, patience, and affection to spare. Just check out DogVacay and Rover to see what I mean. Would the payout be worth it if you try? One person in New York earns $3,300 a month just pet-sitting for busy animal lovers as his side business idea.
    Who will lead, and who will follow? Define your organization, from the receptionist up to the CEO, and what part each plays in both function and financials. Knowing your organizational structure will better help you plan your operating costs, and fine-tune how much capital you will need to function effectively.
    Believe it or not, this freelance bike messenger makes more money than some people glued to their office desks. You won’t rake in a whopping $50,000 as this guy does by just doing this in your free time as a side business idea only, but you’ll surely get a piece of the action. Even Uber is trying out a blueprint for a delivery service, and companies like WunWun and Amazon are stepping up their efforts to expand same-day delivery, increasing the demand for more to jump in on this business idea. If you have a decent bicycle, those pair of pedals might just earn you a healthy side hustle income.
    The business ideas we’ve covered might be easier to run when it comes to logistics, but that doesn’t make them easy. There are at least three things you should keep in mind as you consider your options, no matter what you decide to start.
    If you’ve developed valuable skill sets or certifications within your industry over the years, consider putting your skills to use in your free time by offering your consulting services to local business owners as a potentially lucrative side business idea. Whether you’re an expert marketer, business strategist, or manufacturing aficionado, there’s likely a local business owner who’s willing to pay you to help them solve an issue with their company—if you can craft an effective cold email that convinces them to hire you. Start with this 18-step checklist to becoming a local business consultant as a side business idea, from Karyn Greenstreet. When you’re ready to get serious about becoming a consultant, check out all of my picks for the best online business courses to keep building your skills and learning how to land your first consulting clients. Personally, I think this is one of the best business ideas you can get started with today.
    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.

  3. It’s messy, dirty work that must be meticulously done, and done by someone dependable. That means it can be a high margin business. I would start this business by taking on very small jobs and working my way up.
    VarageSale is an online marketplace for families who want to sell their unwanted items to people in their neighborhoods. Once approved for a community, members can sell and buy everything from children’s clothing to cars at a fraction of the retail price. An added bonus: members meet and develop closer ties with their neighbors.
    Convergys hires home-based call agents to provide customer service support. This company offers paid training, hourly wages, as well as benefits like, paid time off, 401k retirement plan, life insurance, medical, dental, and vision. Convergys only hires home-based agents in the US.
    Investment: You can keep your startup costs lower by operating from your home and starting with part-time hours. Costs may include educational supplies such as toys and books, furniture such as cribs and mats, outdoor playground equipment, cleaning supplies and insurance.

  4. Protect your LLC status: Having an operating agreement makes your LLC more “legitimate” in the eyes of the court, especially if it is a solely owned LLC. Because there are many different types of business structures, you want to make sure that your LLC is recognized as an LLC and not something different. The formality of an operating agreement insures that your LLC will be seen as an LLC. [19]
    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:
    Register the assumed business name with the County Clerk. If you’re going to operate your business as a sole proprietor and you’re not using your complete legal name (First and last name) as your business name, you will need to register your business name as an “assumed name.” This used to be called DBA (doing business as); however, it in now referred to as assumed name.

  5. 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.
    Before you do any estimating, it’s important to understand how start-up costs are categorized. All start-up costs (meaning costs in the period before you start generating income) include two kinds of spending: expenses and capital expenditures.
    When you don’t have money to start your business, it’s essential you find the right people who can help. You may attend events and trade shows where you can find potential investors. You may also join various online forums on social networking sites where you can find useful tips and resources to bring your business to life.
    Car flipping can be a fun way to turn your love for cars into a quick side business idea if you have the capital and a stomach for the inherent risk. Buying and selling cars is similar to other “buy low, sell high” business models, but the profit potential per hour invested can be very high. According to Jeremy Fisher at 3HourFlip.com, the trick is to learn how to make car deals come to you, so you can minimize your time invested and maximize your profit on each flip with this side business idea.
    There will also be some restrictions based on things like your location, business size/type and the amount of funding you’re seeking. Before diving into crowdfunding, microloans, social lending or any of the other options, make sure you fully understand their implications. We discuss all of these funding methods and more in our guide to financing a new business.
    This is a boom or bust business. One relative went into this business out of college and just couldn’t get any momentum going. Whereas a friend of mine who had sold his retail store business has quickly become hugely successful at commercial real estate. My friend is highly charismatic, he could carry on a conversation with a tree, and he is always meeting new people. He also worked for an established broker for a year or so before going on his own, which is a typical path in this business. While it can be difficult to build momentum initially, the potential upside is much higher than selling residential real estate.
    But that was 2007, and quite a bit has changed since then. Where a side business was once a novel idea, it has since become much more mainstream. According to the Bureau of Labor Statistics, freelancers now make up around 15% of the workforce, compared to only 7% in 1995. And the trend isn’t expected to stop here. The BLS reports that freelancers and self-employed individuals may comprise 20% of the workforce by 2020.
    #43 – Testing Time is a business opened to a global audience looking for an opportunity to share their opinions and get paid $50 per study made. You must have access to a Skype account and work a minimum of 90 minutes. The payment takes almost a week to process.
    I “accidentally” came across this great post. Several of my clients are actually doing business with many of the ideas listed here. My business is to help their business by providing a smorgasbord of services in ONE convenient, trustworthy location. Please visit Jen Williams International at JenWilliamsIntl.com. We’d be more than happy to help!

  6. 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 are really want to be your own boss and build a highly successful business, I am sure that you will find an idea that you really like on my extensive list! And once you have chosen your idea, check out our guide explaining the 5 critical steps you need to follow to start your own business.
    Similar to wedding coordinators, event planners work with clients to plan and organize the various aspects of their events. You can work with an even bigger array of clients by being open to the types of events you’ll work on.
    This is a big business with lots of opportunities. It is largely a do-it-yourself hobby, so you make money by selling supplies, expertise or services to scrap bookers. You could give courses or hold events on scrap booking. A common way to break into this business is to hold “scrapbooking” parties. You invite friends and acquaintances to your house, tell them all about scrapbooking, and try to sell the supplies they will need to get started.
    Chances are you’ve probably watched a couple of youtube videos online. And if you haven’t you’ve definitely watched TV. With that said, have you ever thought about how much video you consume? Now imagine if you were paid for all the videos or TV shows you watched. Well you can!
    But even if you don’t need an EIN, get one anyway: It’s free, takes minutes, and you can keep your Social Security number private and reduce the chance of identity theft, because if you don’t have an EIN, your SSN identifies your business for tax purposes.
    Several of my friends have done this both as a side business and a main business. The ones doing it as a side business have actually done better. I think that is partly because they have waited patiently for better deals to buy.

Leave a comment

Your email address will not be published. Required fields are marked *