This article is Part 2 of a 2-part series focusing on selling a business. While sales of businesses are strong, it is estimated that well over a majority of the businesses listed for sale do not close! The first step is to understand how much time an…
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Potential challenges: There are plenty of wedding photographers out there already, so you need a good business plan to stand out from the competition. It may also be seasonally dependent, with higher demand in warmer months.
Is your business idea really unique? What value will it generate? Is it something your target audience really wants? Or is it something you think they’d want? Getting answers to these questions is important to determine whether or not your idea works.
Every company needs content for their website to attract search engine traffic and develop a bond with their customers and potential customers. Hence the market for creating web-friendly content has exploded with both large firms and independent content marketers helping to fill the need. Specializing in the needs of a particular industry can help jump-start your business, but many companies are willing to hire content marketers who are good researchers and can write well, even if they lack specific industry expertise.
Having built one of the largest independent book publishers in the US, I can tell you that book publishing is not the easy road to riches that so many people think it is. Furthermore, I believe getting really rich publishing your own eBook can even be harder. For one the competition is insane…you will be competing with everybody and their mother, including people who are literally giving away their product. Furthermore, it is increasingly hard to get attention for books in the media, and it is hard to convert website visitors into book buyers. But hard is not impossible, and you could publish that rare book that makes a lot of money. Several of the book authors I published earned over a million dollars, and that was just from their royalties.
If you’re thinking about starting a business, you likely already have an idea of what you want to sell, or at least the market you want to enter. Do a quick search for existing companies in your chosen industry. Learn what current brand leaders are doing, and figure out how you can do it better. If you think your business can deliver something other companies don’t (or deliver the same thing, but faster and cheaper), you’ve got a solid idea and are ready to create a business plan.
If you love to travel and find yourself randomly searching for airfare sales or browsing Lonely Planet, why not carve out a niche for yourself as a private travel agent? Take my friend, Mark Jackson’s lead with what he’s doing to build a travel consulting side business idea. Start with word of mouth recommendations from friends who know they can count on you for the cheapest flights, create a Facebook or LinkedIn group to invite people who want to stay on top of the latest deals and eventually you could spin this business idea into a full-time consultancy teaching people how to make your dream trip a reality.
C Corp: The main difference here is that C Corps may have an unlimited number of shareholders from all over the world, and the corporation itself is required to pay taxes. Learn more about how to form a Corporation in California.
C Corporation: C-corps are organized in the same manner as S-corps, but there’s no limit to the number of shareholders you can have. A C-corp is the only structure that faces double taxation, meaning the business and the shareholders are both required to pay taxes on the profits.
Almost everyone uses Facebook, Twitter, and Pinterest these days, but did you know that many companies will pay people to help them manage their social media accounts — sometimes even part-time from home? To find social media jobs, you can start by contacting businesses with a social media presence and scanning sites like Upwork.com for opportunities.
#6 – ACD Direct is a call center company that provides work-at-home jobs, which involves answering calls from pledge campaigns organized by Non-profit organizations. They pay rate range from $0.25-0.30 per minute, which translates to $18 per hour.
LLCs are considered “pass-through” entities and do not ordinarily pay income tax directly. Nevertheless, some states require certain LLCs to report income for informational purposes. Ohio requires multi-member LLCs to report income and withhold income from members residing out of state.
CrowdFlower is a virtual workspace where you can earn money by completing simple tasks on your computer. Tasks include Internet research, data collection, data categorization, content creation, content moderation, surveys, etc. While I was unable to find any information on pay rates and how and payments are made, CrowdFlower does have an A rating on the Better Business Bureau website and has been featured on sites like Forbes, the LA Times, and Telecrunch.
Lionbridge hires social media evaluators to rate social media ads and content for quality and relevancy. Must have a smartphone, laptop, and be familiar with social media platforms like Facebook and Instagram.
Ask the bank if you will need to present certain documentation to open the account, such as your certificate of formation or business license. Banks in Texas may vary in terms of what they require for opening an account.
One of my friend’s mothers offered art lessons in her home after school. She had a steady clientele and they made some really cool art! You may already have an art specialty that you want to teach to others. Or you may find that you are better off learning the basics of a new art skill and teaching that, or offering a survey course covering a number of art skills—most of the market will likely be beginners anyway.
Now that you’ve got the legal and financial aspects of your business taken care of, it’s time to think about creating a brand. There are a number of things that affect your brand image, but two major factors are your business logo and website.
NerdWallet has rounded up some of our best information on starting a business, including structuring and naming your company, creating a solid plan and much more. We’ll help you do your homework and get started on the right foot.
I first learned about TTEC from the university I was attending. I thought it would be a great idea to get a job working from home while going to school. When I first started working for the company, I was a seasonal agent. This grew into a permanent agent position. TTEC has enabled me to earn a degree, provide support to my family, gain skills in communication and technology, and meet great people from different parts of the world. What a wonderful company to work for! Every day is a great day here at TTEC!
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.
Xerox – Read Review – It’s not uncommon to find data entry work from home jobs posted on Xerox. Type in “work from home data entry” on their careers page to see these listings. As with so many other data entry jobs, it may be location-based work.
Meal preparation services are booming and the Internet is facilitating this, making it easier to attract and service customers. The market includes the elderly as well as busy working people, who don’t always want to take the time to cook. Typically, these services offer just a few meal choices each day, but they vary the selection constantly. Especially if you can build up regular subscribers to your service, you can determine in advance exactly what your food needs will be, minimizing both food and labor waste.
Once you’ve gotten a better idea of what business planning entails, we highly recommend checking out some software solutions. Taking advantage of business planning software is the most efficient way to create a beautiful, thorough business plan.
Instead, at least for now, forget branding and unique selling propositions and all the business-identity stuff. And don’t worry about finding the perfect URL or website design or promotional literature. You’re putting those carts way before your business horse, too.
This step can be as simple or as time consuming as you want it to be. All you’re really doing is establishing your brand’s finances through two components: your dedicated business bank account and your accounting software. Once that’s in order, your books are building on autopilot, all clean and tidy in one place.
Many small companies and startups now outsource jobs that aren’t part of their core business (such as HR, admin, and accounting), which makes this skill set a great opportunity for starting a side business idea that engages your number prowess. Because companies always need to track their cash flow, freelance accountants and bookkeepers can really benefit from the increasing demand for part-time help.
Cover the financials. The financial statements translate your marketing and operational plans into numbers — profits and cash flow. They identify how much money you will need and how much you might make. Since this is the most dynamic part of your plan, and perhaps the most important for long-term stability, you should update this monthly for the first year, quarterly for the second year, and then annually after that.
Colorado doesn’t issue general business licenses, but there are a number of scenarios that do call for special permits, licenses and taxes on a local, state and federal level. Here are the best resources for each:
Kids are your future customers, so gaining their loyalty now isn’t a bad idea. According to Common Sense Media, three-quarters of kids have access to a mobile device. This spells a big business opportunity for anyone who can create products or design apps just for kids. And, if they also happen to be educational or promote good health, you’ll win their parents over, too.
Cover your startup costs. How are you going to finance your business initially? The bank, venture capitalists, angel investors, Small Business Administration (SBA), your own savings: these are all viable options. When you start a business, be realistic. You will probably not roll out of the gate making 100 percent of whatever you project, so you need to have enough ready reserve to fund things until you are really up and running. One of the surest roads to failure is under-capitalization.
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.
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!
Carpets make your home warm and cozy. But they also tend to gather dust, grime, stains, allergens and bugs over time. You can tap into this opportunity by launching a carpet cleaning side business idea or serving as an independent contract cleaner in your free time. Either way, you’ll need to invest in proper equipment such as vacuum cleaners, carpet brushes, and cleaning chemicals in order to launch this business idea. Look into the possibility of renting equipment for a full weekend and lining up 5-10 clients to service, to offset your rental costs. If you turn a healthy profit, you’ll eventually be able to invest in owning your own equipment and increase your margins, thus going from side hustle to serious business.
Live in a destination where travelers frequently visit? If you love meeting new people from around the world and also love the city you live in, starting your own local tour company is arguably the best business idea that will give you both of those perks. Take a unique spin on your local tour business like Erik from Vantigo. He was starting his VW van tour business in San Francisco as just a side business idea while he was still working a full-time job, and grew it to being a sustainable source of full-time income before quitting—now he’s running a multiple van tour company on the back of what originally began as a crazy side business idea.
This is very specialized and you need to have a good amount of expertise to get started. But what a fun way to make a living! Visiting clients’ homes, viewing and researching their art: what could be a more fun business than this?
Hack the Hood is a non-profit that introduces low-income youth of color to careers in tech by hiring and training them to build websites for small businesses in their own communities. Participants learn coding, design, and 21st century workplace skills, while gaining valuable leadership and entrepreneurship experience.
Totspot is a mom-to-mom mobile marketplace for buying and selling gently used or new children’s clothing. Totspot users can list clothing items for sale in less than one minute, and all transactions are handled in-app. Totspot then notifies the seller when their item is purchased.