Are you tired of working your regular 9-to-5?
Does the thought of spending another day at a job you hate make you cringe? If this is the case, you have probably thought about stepping out on your own. You might be ready to consider starting your own business.
For some, the idea of building a company can be daunting — after all, people like Elon Musk and Steve Jobs make it look so easy, right? However, it doesn’t have to be overwhelming. There are several different types of businesses you can start on your own.
What You Should Know Beforehand
Before starting a business, there are some important factors that you must consider. While every business is different, there are elements that apply to most types of companies.
Obtaining funding is one of the most important factors for many types of businesses. Funding can come in the form of investors or loans. Of course, sometimes it is possible to fund your own business. Either way, you must make sure you have enough capital to keep your business operations afloat.
You also must consider the legal aspect. There are many different factors that figure into the legalities of running your business. Here are some of which you should be aware:
- What type of legal structure should you use (Corporation, LLC, or DBA)?
- What types of contracts will you need to have?
- What are some of the common legal pitfalls that are present?
The answers to each of these questions will vary depending on the type of business you start. It’s best to consult with a corporate attorney who can help you navigate the legal minefield that comes with building a company.
You also need to ensure you understand how taxes work with your type of business. The last thing you want is to get in trouble with the IRS. An accountant can give you the guidance you need to make sure you are managing your finances appropriately.
Businesses You Can Start Tomorrow
Web Design
Web design is a field that is steadily growing. Almost every type of company needs a web presence to attract customers. If you have experience designing websites, you can make good money helping businesses establish their online presence.
The great thing about web design is that you don’t have to offer a “one and done” solution. Building a website is just the first step. Companies need someone who can also maintain and update their site continually. Becoming a freelance web designer can become even more profitable if you grow your business to the point where you can start hiring other designers to do the work for you. This will allow you to take on more clients and earn more profit.
If you don’t have experience in web design, there are plenty of online courses that can teach you the techniques you need to know to build quality websites. Udemy is a great place to start if you want to develop the right skills.
Online Courses
Do you have knowledge that people need? If you’re a living, breathing human being, the answer is “yes.” Everyone is an expert in something. It’s just a matter of choosing to teach skills that are in demand.
Chances are, you have valuable knowledge that many would be willing to pay for. If you can package your expertise in a form that is easy to consume, you can make a lot of money. This is where online courses come in.
Yes, it does require a lot of work at the beginning. You need to build a website, develop content for your courses, and make sure your website ranks high in search engines. However, if you’re willing to put in the effort, you can create an informational product that people will be glad to spend money on. The key is learning how to consolidate your knowledge in a way that helps people learn the skills they desire to learn.
Day Trading
If you’re into playing the stock market, you might benefit from starting a day trading business. For people who prefer to work mostly alone, this is the perfect type of enterprise to pursue.
Put simply, day trading is the practice of buying and selling the same securities on the same day. Successful day traders are not as concerned with investing as they are capitalizing on the various fluctuations in the stock market. If you’re willing to put in the time, you can learn how to use the stock market for your own benefit.
Day trading might be difficult to master at first, but there are plenty of courses you can take to learn the craft. Also, there are different types of software that can make it easier to manage your day trading business. If you’re the analytical type, day trading might be the business for you.
Freelance Content Writing
Freelance writing can be a lucrative field if you’re a proficient writer. As long as websites exist, companies will need content writers. There are several different types of content that companies need for their websites:
- Blog posts
- eBooks
- Copywriting
- Landing pages
Freelance writing can be a difficult field to break into; it takes time to build a reputation and clientele. However, if you’re willing to put in the effort, you can earn a lot of profit from writing. It is important to understand search engine optimization and how to write sales copy if you’re going to start a freelance writing business. Fortunately, as with other types of online businesses, there are plenty of courses that can help you learn the right skills.
Business Plan Writing
Similar to freelance writing, business plans are a must for many different types of companies. In many cases, entrepreneurs need a solid business plan if they want to gain funding for their enterprises.
If you have business acumen, you can make a decent living writing business plans for entrepreneurs. Since there are various aspects of writing a business plan, you can charge different fees for different types of plans.
Along with writing your customer’s business plan, you can also offer to provide a certain number of revisions as well. If you’re going to start this type of business, make sure that you have samples of the different types of business plans you can create.
Wedding Planner
Are you into love and romance? Do you cry at weddings? Well, if you’re the mushy type and you want to start a business, you might consider becoming a wedding planner.
Sure, it might be annoying to deal with guests and bridezillas, but in the end, you can make a lot of money. As a wedding planner, you will need to stay up-to-date on the latest wedding trends and fashions. You will also need to use your creativity to set your business apart from your competition.
Starting a wedding planning business will also mean that you will need to become an expert networker. Planning weddings requires you to know different types of professionals. These can include:
- Florists
- Photographers
- Owners of clothing shops
- Caterers
The more people you know, the better you can position yourself as an authority in the field of wedding planning. This will make prospects more comfortable with working with you.
Conclusion
Starting a business isn’t easy, but it can be done. If you’re willing to work hard and learn the skills you need, you can create a stream of income that will keep you from having to depend on your day job to make a living.
Wedding Planner Photo via Shutterstock
This article, “6 Types Of Businesses You Can Start Tomorrow” was first published on Small Business Trends