One of the first steps to starting your own business involves developing a plan. That initial plan does not have to spell out every single thing you need to do to launch a new business, but it should reflect some careful thought and a little bit of research into whether your business idea is feasible. The feasibility of your business strategy will depend on several key factors:
- Competitive factors: You need to ask yourself whether the marketplace is already saturated with other companies or entrepreneurs offering the same product or service on which you want to base your business.
- Your skills, experience, and talents: There are very few businesses that do not require the owner to have some sort of knowledge, expertise, or natural ability. As an entrepreneur, it’s your mission to identify your strengths and passions, and to apply those capabilities to the right business venture or enterprise.
- Available resources: While some businesses can be run on a shoestring budget by one energetic entrepreneur, others require thousands of dollars of investment capital and/or the involvement of partners, vendors, employees, freelancers, and others. Choosing the type of business that is the best match to your resources, capabilities, and target market is one of the cornerstones to business longevity, business survival, and growth potential.
Types of Businesses Other People Are Starting
If you’re at a loss for a specific business idea, here’s my latest list of 50 self employment ideas worth considering. Many of these business ideas are inexpensive to start and can be run by one person.
- Cleaning services [Download startup kit*]
- Lawn care, mowing, yard cleanup [Order lawn business success course*]
- Non-emergency medical transportation [Buy 322-page business manual*]
- Graphic design and/or website design
- Real estate [Helpful tools: marketing templates and real estate training*]
- Event planning
- Making/selling jewelry
- Pet sitting/ dog walking/ dog grooming/ dog training/ pet boarding
- eBay business or Amazon business
- Web hosting
- Franchise business
- Computer repair
- Clothing business
- Personal training
- Home health care
- Moving services, including small scale moves and senior citizen help
- Woodworking as a business [Order how-to book and audio tips]*
- Wedding planning
- Interior design
- Payroll services
- Tax preparation
- Medical Billing
- Transcription services
- Handyman services [Get tips on how to successfully run this business*]
- Vending machine service
- Marketing services
- Transportation: Limo services, party bus rental, taxi services
- Carpet cleaning
- Daycare services
- Virtual assistant services
- Interior or exterior painting
- Creating and selling crafts
- Recycling business
- Mobile oil change service
- Property preservation
- Junk removal
- Make and sell candy bouquets [259-page illustrated guide tells how*]
- Start a gourmet kettle corn business [Get startup materials*: business plan, training videos, wholesale order form template, label templates]
- Blogging [Learn how to monetize your blog*]
- Baking: cupcakes, cookies, cakes, bread, dog treats
Other than the main ingredients of a successful business startup, which may include a good business idea, the resources to get it off the ground, low-to-moderate competition, and relevant knowledge, business success also hinges on good people skills, organizational abilities, and problem-solving skills.
Stay tuned to this blog for more tips, strategies, and ideas for starting and succeeding as a self employed entrepreneur!
Freelance writer, blogger, affiliate marketer
*Disclaimer: I am a compensated affiliate of the products, services, and software featured on this blog.