What Type of Business Should I Start?

action-3435773_640

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:

  1. 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.
  2. 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.
  3. 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.

Online-Slate-200x200

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.

  1. Cleaning services [Download startup kit*]
  2. Photography
  3. Consulting
  4. Lawn care, mowing, yard cleanup  [Order lawn business success course*]
  5. Non-emergency medical transportation [Buy 322-page business manual*]
  6. Landscaping
  7. Construction
  8. Graphic design and/or website design
  9. Real estate [Helpful tools: marketing templates and real estate training*]
  10. Catering
  11. Retail
  12. Event planning
  13. eCommerce
  14. Making/selling jewelry
  15. Pet sitting/ dog walking/ dog grooming/ dog training/ pet boarding
  16. eBay business or Amazon business
  17. Web hosting
  18. Franchise business
  19. Computer repair
  20. Clothing business
  21. Trucking
  22. Personal training
  23. Home health care
  24. Moving services, including small scale moves and senior citizen help
  25. Carpentry
  26. Woodworking as a business [Order how-to book and audio tips]*
  27. Wedding planning
  28. Interior design
  29. Payroll services
  30. Tax preparation
  31. Medical Billing
  32. Bookkeeping
  33. Transcription services
  34. Handyman services [Get tips on how to successfully run this business*]
  35. Vending machine service
  36. Marketing services
  37. Transportation: Limo services, party bus rental, taxi services
  38. Carpet cleaning
  39. Daycare services
  40. Virtual assistant services
  41. Interior or exterior painting
  42. Creating and selling crafts
  43. Recycling business
  44. Wholesaling
  45. Mobile oil change service
  46. Property preservation
  47. Junk removal
  48. Import/export
  49. Make and sell candy bouquets [259-page illustrated guide tells how*]
  50. Start a gourmet kettle corn business [Get startup materials*: business plan, training videos, wholesale order form template, label templates]
  51. Blogging [Learn how to monetize your blog*]
  52. 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!

coffee-cropped

–Joel
Freelance writer, blogger, affiliate marketer

*Disclaimer: I am a compensated affiliate of the products, services, and software featured on this blog.