setting up a small business | how to start my own company

The traditional model of entrepreneurship that continues to be taught today is to write a business plan, raise capital, source manufacturing, develop marketing materials, and fulfill and distribute orders — to do it all yourself. Clearly though, not everyone has the time, financial resources, experience, or even the desire to start and run a business. And what about those who have many ideas for new products? Not every idea needs to become a business.
5. Capture the big benefit of your concept using a few highly impactful words. This is what I refer to as your ‘one sentence benefit statement.’ It needs to pack a punch! Your goal is to pique the receiver’s curiosity quickly. Yours should make the receiver think: “I want to know more about that.”
Many people simply don’t enjoy cleaning their homes and are willing to pay a reasonable price to have someone do the work for them. This is a great way to earn extra money in a flexible way, particularly if you have time off during the workweek. And since you will be working for yourself, you can often choose your own hours, terms, and pay.
For many people in suburban areas, cleaning up pet yard waste is a real hassle – it’s disgusting, for one. Instead of cleaning it up themselves, they might hire someone to do it regularly, two to three times a week. There are several such services in our area, actually.
Many small business owners cover their start-up costs entirely through loans, with the expectation that they will begin paying back the loans with the profits from their new business. New businesses can take months or years to generate a profit, however, and loan payments can really become a millstone around the neck of a fledgling operation.
Your county or city will require a business license. The form takes minutes to fill out. Use your EIN instead of your Social Security number to identify your business (for privacy reasons if nothing else).
Stay focused on central goals. This may sound contradictory to what we just discussed, but it’s not. The point here is to avoid chasing after every marketing idea that comes into fashion. It’s better to invest a significant amount of time and money into one or two stellar marketing ideas than to spread yourself too thin.
Lack of funds, should not deter you from pursuing your entrepreneurial dreams. With confidence in your idea and a clear vision of how you are going to execute it, you can do it. Once you have that covered, getting the funds to support your dream may not be as difficult as it seems.
You require money to start your business, but how much do you really need? Without a clear idea you run the risk of coming up with an unrealistic valuation of your business, which will put off investors and get your loan application rejected.
I like sporting goods. It is a good local business. If you can go out and connect with local sports teams, you can further solidify your franchise. And you can further bolster your business still more by also selling used equipment.
Have you cracked the code for landing higher paying jobs at the drop of a hat? If you have a knack for helping your friends or co-workers navigate the process of finding their dream job, nailing an interview, negotiating a better salary or getting a raise at their current day job, other people would be willing to pay for your help too—making this a great side business idea that doesn’t take too much time. Get started by sharing your advice on a personal blog and becoming a career coach on platforms like The Muse and Coach Me where there’s already an existing audience of people looking to make a move in their careers. From there, keep your focus on helping people get real results, building case studies to support this side business idea, and eventually charging for the results you’re delivering clients.
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.
Virtual Office Temps offers professional business services: clerical support, administration, creativity, management, sales support and personal services. Apply to be a home-based virtual assistant and make $10 – $35 per hour based on the project.
Potential challenges: Starting a food business can be complicated, as you’ll have to deal with permitting requirements and health department regulations. Other obstacles include securing a desirable location and fierce competition, although these factors may depend on your local market.
Current market trends in Dubai offer plenty of opportunities for foreign investors to tap into imports and export of commodities, as well as taking advantage of the growing tourist traffic of the city for an almost unlimited number of potential clients and customers going your way.
State: If you plan to be an employer within the coming fiscal quarter, you will need to file for a Business Identification Number (BIN). Log into the Oregon Business Registry, click Start, then Get BIN. Follow the prompts from there. If you do not plan to be an employer or do your own payroll, you do not need a BIN unless you are otherwise required to have one. Learn more about payroll basics from the Department of Revenue..
Find an audience for your passion or hobby and you’re all set to monetize something you love via a niche website as a side business idea. That of course, is easier said than done, something not intended for the faint of heart. Prepare to invest a lot of your time, but if you can hurdle the steep challenges and positively answer a few key questions on whether the website business idea you’re thinking about is profitable, then you can begin building it.

Translator’s Town – Read Review – Open worldwide. Pay rate varies — this is more of a project bidding site similar to oDesk or Elance. Pay is handled between you and the person you’re doing translations for.
Build your own social following and create a personal brand for yourself like Matt Nelson, founder of WeRateDogs has done (thus growing his following to more than 2.8 Million people), and countless opportunities will come your way for turning this side business idea into a full-time business.
NerdWallet’s interactive small-business loans tool allows you to find financing that meets your individual goals. Enter the age of your business, your credit score, the amount of money you need and how you’ll use it. The list of lenders is based on factors including trustworthiness and user experience.
My wife is quite handy with a sewing machine and often hems and modifies our children’s clothes. She could easily take this a step further and offer her services to others, doing basic garment repair and modification for a small price on lazy evenings.
Know someone who rents out property to others? Perhaps they could use a hand managing their property. If so, you can make a decent amount of money on this side business idea with relatively little work on your part (most of the time). It’ll take some hustling and the willingness to be flexible with your schedule, as you’ll be responsible for collecting rent checks, managing repairs and improvements, and simply being on call for emergencies. But, a property manager is essential for most real estate investors that have a large enough portfolio, so there’s definitely merit to this business idea.
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]
If you love pets, this home-based business could be a good fit. You can either care for pets in your own home or care for your clients’ pets in their homes. You’ll need to be reliable and have a flexible schedule to meet the needs of your clients.
This is a nice little niche business with a strong personal service element and a market that’s not just looking for the cheapest product. Netting for railings, cabinet door catches, safety coverings for electric outlets, door locks…there are lots of safety elements that need to be changed to make houses safe for babies and toddlers. Do your research carefully and make sure you are not missing any safety elements.
A tenancy contract must be concluded. If you’re aiming to start a small-scale enterprise, then the basic amenities, like telecommunication, storage, and space inside the establishment is the basic concern that must also be satisfied. Other services available in the commercial property can vary greatly.
For help with this step, a Business License Service is a good resource too. They determine everything required on federal, state, county, and municipal levels, get the forms, and provide step-by-step filing instructions.
Twice I have heard Jim Koch, founder of Sam Adams beer, talk about how he started his business. I find this to be a tough business. First you need a brew master with deep expertise. Then you have to get your beer taste to be very distinctive and very pleasing. You need consistent quality. You need to stand out versus the many other small brewers, build a clientele, and arrange for transportation. Nonetheless the market is huge and because of the success of micro-breweries, established beer distributors are increasingly willing to take on smaller labels.
As a translator, you would be converting one language into another language via either spoken word, written word, or audio. This is a work from home job many people are able to do from that can additionally be very, very flexible and of course non-phone.
From the inside looking out, I want to see the world as clearly as possible. And so do a lot of homeowners and particularly office managers. Now that creates a demand for window cleaners to step into this business idea, especially if you can land a contract cleaning windows for an office building. If you want to try it out as a side business idea, here’s a step-by-step guide on how to start a window-washing business at home.
If you have a talent for helping people look their best, and know how to mesmerize with eyeliners and turn heads with lipsticks, consider using your beauty skills to pursue this easily profitable side business idea. For under $2000, you can start your own make-up artist business which can make for the foundation of a potentially lucrative side business idea that turns a profit largely by referrals and word-of-mouth from your happy customers.
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.
Check with your Secretary of State or Department of State official website. In Oklahoma the name of the company shall contain either the words “limited liability company” or “limited company”, or the abbreviations LLC, LC, L.L.C., or L.C. The word “limited” may be abbreviated as Ltd., and the cord company may be abbreviated as Co. (OK Title 18, Section 2008).