You will also want to gather a network of business owners and resource people. These people could include a business mentor, another entrepreneur in the same industry or profession, and additional business owners or leaders you meet at local organizations’ meetings or through Internet groups. These people may also be sources for future outsourcing work or collaborative ventures.
The German Economist Schumpeter once said that there are “no original ideas”, only new combinations of old ones. Curation of curiosity-fueling content is an intriguing and little-known business model. One of the best success stories out there is Brainpickings – a platform that describes itself as “an inventory of cross-disciplinary interestingness, spanning art, science, design, history, philosophy, and more”. The subscription-based model and successful utilisation of affiliate links have turned the blog into a self-sustaining business.
We all wear clothes (at least some of the time). Which, of course, makes the business idea of cleaning soiled laundry an obvious hit. In fact, the self-service laundromat industry in the US is worth more than $3 billion, with many related businesses such as a mobile app laundry service, a real rolling mobile laundry service, and home laundry pickup & delivery services springing up each year. Here’s one way you can cash in on the trend as a side business idea.
Create a flier outlining your services. Before you do that, you need to know what those services will be. Do you want to simply do bookkeeping for a small business? A more involved level of accounting would be do actually work up balance sheets, income statements, and other financial reports on a monthly, quarterly, and/or annual basis, depending on the needs of the business. Other specializations can include tax accounting, a huge area of potential work. Service companies like Due.com assisted freelancers with payments. Many owners don't mind keeping their own day-to-day bookkeeping records but would rather get professional help with their taxes.
Do you love woodworking? Even without a huge workshop, you can create some of the more popular crafts and sell them. And like most things, your success in business isn’t necessarily related to how skilled you are as a woodworker. So if you can figure out which products consumers want and just create those, you could have a good business plan. Etsy.com and farmers’ markets are a great place to start selling.
I find that a lot of people want a turn-key business – one that doesn’t require a lot of capital to start and maintain. Unfortunately, the majority of the businesses listed here either require significant start-up costs because in a lot of them you need liability insurance, licenses, money to buy the inventory to start the business, and or a physical location in order to operate.
#4 is killer important. So, so very. In fact, until I got into Fizzle at the beginning of this year, I hadn’t done the hard work of figuring out the “different” and the “better” as it applied to my business, even though I knew I really, really needed to, and even though I fully knew it was hurting my business not to get this sh*t figured out — in the form of price-shoppers and less than ideal projects and so on.
Then you can move on to more immersive sales education through online courses like Sales Training and Prospecting on Udemy, The Guide to Pitching and Selling Clients on CreativeLive. Once you're ready to put your selling skills to the test, check out Angel List and see if any sales position opportunities align with your interests—the last thing you want to do is get stuck selling products or services you're not interested in. However, by starting out your sales career as a side business idea, that gives you the flexibility to easily change courses if you ever need to.
The prospect of working from home has gained credibility over the years. Home offices can now compete with small commercial businesses and save on rent in the process. It may also be possible to tax deduct some of your home expenses while running a home based business. Faxes, high speed internet connections, dedicated home telephone lines, and cell phones help to make a home-based business a reality. Earlier home businesses had been where families lived on the second floor of their house while converting the first floor into a store, where upon close of business they would secure the first floor and retire to the upper floors. This type of home business is still done in some rural areas. Many home businesses are started off in a much smaller capacity whilst the owner is still employed elsewhere, and then expanded once they are proven to be profitable.
Taylor works with up-and-coming designers and asks as many as possible to link to her site to help with link building and add her URL to as many posts as possible to help increase SEO visibility. ‘It was also really important for my site to be mobile optimised, so we built the site to appear perfectly on the top 15 mobile operators – I now use analytics to see what the site is being viewed on and optimise accordingly.’
Remember to avoid cheap web hosting services that seem to be so attractive. There are so many disadvantages that come with cheap website hosting. I have had so many clients that were enticed into hosting for like $27 (Ush 100,00) per year and later discovered security vulnerabilities, no customer care and very slow websites. So be careful when choosing a web host.
Mechanical Turk operates much like TaskRabbit and GigWalk: it’s a corner online where Amazon gathers tasks to be done, people willing to do them, and people willing to pay for them. On Mechanical Turk, you get to do the oddest jobs you can imagine as an online business idea, made possible by a parallel online universe that runs on hits, visits, surveys, reviews, pins, likes, CPCs, reads, and other metrics. But don’t get too ambitious. The small sums being paid out to human Mechanical Turk users rarely add up to anything seriously substantial, even if you invest most of your spare time into it. It's a better opportunity for internationally-based people with internet access and lower costs of living than in the US. Here’s one person’s account of his former life as a Mechanical Turk talking through how he got started with this business idea and what the experience was really like.
Your home office also must be your principal place of business if you want to claim the deduction. Some small business owners fear that taking the home office deduction will trigger an IRS audit. While even tax pros don’t know exactly how the IRS decides whom to audit, most agree that small business owners should not worry about the home office deduction bringing the IRS to their door.
When I set out to start in on a new business idea, I always make sure it aligns with both my core competencies and my interests. It starts with learning how to discover your strengths as an entrepreneur, and it's how I make sure I'll be engaged, even when the going gets rough. I learned this the hard way when I decided to start a freelance business a few years ago to offer my freelance content marketing services.
If you want to start a business, a great strategy might be to run your business from home first. Some solopreneurs do so with the safety net of a full-time job before they decide to cut the “reliable paycheck” cord. Starting a home-based business is an ideal way to save money and enjoy a more convenient, flexible schedule while you learn how to build a profitable company. After a few years, once your business is more established, you can expand the footprint of your company by renting office space or warehouse space or by creating a retail storefront — but especially in the early days, by using online sales technologies and by keeping your overhead costs low, your home-based business might be your best route to long-term business success.
Great article, Im fully agree that building internet business solo is a mistake, you need a team of people who have business plan , who work together and move forward making checkpoints. You can always see good internet business examples at https://flippa.com/. I have just recently started learning this field, made fitness blog so far http://testozilla.com/
Derek Halpern has built a really strong personal brand. He’s the founder of a software and business training company called Social Triggers and makes a LOT of money teaching people how to sell what they know best. And what he knows best is how to sell. If you’ve got some serious expertise, start making money out of it by selling online courses or simply teaching online.
The key to success in this business is being very disciplined in buying. Limit your car buying to popular models that you can turn over quickly, models that you have a strong understanding of current local pricing on, cars that you can buy at a significant discount to the price you believe you can fairly sell them for, and cars that are highly unlikely to need major work.