If you’re a business-minded individual, you’ve likely considered becoming an entrepreneur and starting your own small business.
Entrepreneurship brings many benefits such as schedule flexibility and more control over your career path. However, successful entrepreneurs aren’t built overnight. Success starts with a great idea.
Vet your ideas
Ideally, you have already considered turning a topic you’re knowledgeable and passionate about into a business. These two factors play a key role in keeping yourself motivated.
A baseline level of knowledge will make getting started easier while passion will keep you pushing forward when the going gets tough.
Passion and expertise are certainly important, but they’re only the first step in solidifying a successful idea.
Do your due diligence and research the gaps in the market you’re trying to enter. How can your small business fill them?
If possible, go the extra mile and legally protect your idea through patents, copyrights, and trademarks.
When you legally protect your business idea, there is a smaller chance a potential competitor takes your place in the market.
Unique small business ideas
With the right small business idea, you can jump start your journey towards entrepreneurial success. Thankfully, as e-commerce expands and traditional markets become more modernized, there are many unique ideas to choose from.
Social media influencer
Influencer marketing is expected to grow to a $13.8 billion industry. Companies need savvy social media personalities to get the word out on their products and services.
If you work hard to build a following or expand upon your existing followers, becoming a social media influencer could be a lucrative option. Likewise, the startup costs are relatively low since the two main requirements are a smartphone and internet access.
Online dating consultant
Despite the rise of dating apps, the amount of single adults around the world seems to be rising.
Dating can certainly be daunting for the average person. Therefore, there’s a niche to be filled for those who are knowledgeable about building an attractive profile and optimizing their own results.
E-commerce store owner
If you have items you want to sell without the confines of a physical storefront, becoming an e-commerce store owner may be the right choice.
Whether it’s clothing, home decor, or a product you created from scratch, there are many avenues you can take. Keep in mind, you’ll still need to securely house and organize your inventory somewhere.
It’s no secret we’re living in the digital age. Many existing businesses rely heavily on the internet to reach their target audience. If you have agency experience or extensive SEO knowledge, try your hand at building your own digital marketing business.
Most people nowadays are using a smartphone loaded with apps to organize their finances, calendar, photos, and other day-to-day essentials. If you’re tech-savvy and enjoy creating intuitive solutions for user needs, app development may be for you.
How to start your small business
Once you’ve narrowed down your idea and given it a competitive edge, it’s time to put together a business plan. This is the basic roadmap for your business, so fleshing it out in the early stages is imperative. The basic elements of an effective business plan include:
- Executive summary
- Business model
- Market conditions
- Products and services
- Operations and management
- Marketing and sales strategy
- Financial plan
Once you have your business plan ready to go, you’ll want to have a legal structure for your business. Small businesses are typically classified as a Limited Liability Company (LLC) or a sole proprietorship.
After all this, you’ll want to open a bank account for business use. Organized finances are essential for success when starting a small business.
Likewise, a business account will be a great place to keep track of any funding received through loans, investors, or self-provided capital.
Aside from all of the administrative needs for your small business, you’ll want to define your workspace so you have an established place to get all of your work done.
Having a dedicated workspace helps keep your work-life balance in check by giving a physical separation between your personal life and your business life.
If you plan to own a storefront, you already have this box checked. However, if you plan to start an online business, consider carving out a space in your home solely for work purposes.
Although entrepreneurship is very rarely an overnight success story, a little hard work, dedication, and the right idea will get you well on your way.
Remember to find your competitive edge and follow all the necessary steps for starting your small business.