Starting and running your own business doesn’t have to be a complex, time-consuming endeavour. Countless people do it on the side while working full-time, often as a hobby or just for some extra spending money.
You could do the same. Once the ball gets rolling, you could scale it into something bigger, if you like.
In this article, Awareshala covers businesses that are simplest to start, and provides some tips on launching your own venture:
What businesses are simplest to start?
The business-type easiest for you to start will depend on your skills, talent, personality, time, available funding, location, and related factors.
Essentially, it’s different for everyone, and what others find easy may be hard for you – and vice versa.
However, it’s true that some businesses are inherently quicker to launch and easier to run than others.
These are typically one-person operations requiring a minimum of funding, knowledge, and skills. Small businesses and lifestyle businesses are good examples of the same.
Below are some easy-start business ideas that have a minimal time, money, and energy investment:
- Pet sitting
- Cleaning services
- Lunch box prep
- Fitness classes
The simplest for you would be something that leverages your unique talents and experiences. If you’ve done it before or have some training, in other words, you’ll be comfortable in that niche. Additionally, your aptitude and personality also matter. If you enjoy doing it, long-term sustainability and success are easier to attain.
Steps for starting your own business
Before you begin launching your own business, we recommend coming up with more than one idea. You’ll be “stress-testing” those ideas – if they aren’t up-to-par, you will need to toss them out and start over from scratch.
What about if you have your heart set on one idea or niche that’s not so profitable or sustainable?
You could still launch a lifestyle business, with the goal of doing something fulfilling as opposed to making a truckload of money. Sure, you won’t be as successful financially as other businesses, but happiness is its own reward. The choice is yours.
After you have a handful of ideas, you’re ready to actualize your business. Here’s how:
1. Do thorough market research
Market research is a critical first step. It gives you an overview of the market conditions locally. You can find out who the big players are in your niche, how they operate, and how you could possibly surpass them. Furthermore, it allows you to pinpoint the supply-demand dynamic and your ideal customer type.
2. Test your business idea
Testing your business idea is how you determine its viability, says the U.S. Chamber of Commerce. Businesses are a serious investment in time, if not money. You could save yourself months and years with some initial testing.
Create a test product or service, engage with customers and ask them to give it a whirl, and gather feedback. Check and double-check how well it’s received, and evaluate its money-making potential.
3. Understand your entrepreneur profile
Being an entrepreneur is no walk in the park, as you may be aware. You have to be responsible, driven, ambitious, persistent, and open to learning.
It’s not a way to get rich quickly and often requires serious sacrifices. AlleyWatch advises a quick self-assessment before you launch. Be honest with yourself.
4. Consider acquiring relevant business skills
If you don’t have the entrepreneur mindset or skillset yet, you could acquire both through formal education. Pursuing an MBA degree is a popular, worthwhile option.
MBA coursework teaches you core skills like business, management, and strategy. You also learn leadership, self-assessment, and self-awareness.
There are online programs that allow you to study at your own pace while teaching you the ropes.
5. Write a business plan
A business plan is a document that outlines the structure, goals, funding, and other important details of your venture. Preparing such a document gives insight into your operation.
It’s easier to make strategic decisions, find weaknesses, showcase your offering to stakeholders, and just get organized.
6. Gain funding
If you need money to launch your business, you may need to woo investors. You can approach some, show them your business plan, and hash out an agreement with interested parties.
Of course, this is easier said than done. Other options to raise money are crowdfunding, acquiring a business loan, or simply getting help from friends and family.
7. Stay on top of your finances
Being in control of your finances, as much as possible, is the key to business success.
Learn about working capital, managing expenses, budgeting, economic sustainability, scaling, making a profit, and other financial areas to be financially healthy.
Minimize debt and make optimal use of resources.
8. Improve efficiency with software
The software can be your best friend. It can automate many critical business functions (like bookkeeping and budgeting), educate you, boost your competitiveness, and generally make you more profitable for less investment.
Take stock of your business processes and see if you can automate them with software. You can research the top productivity tools and trends for inspiration.
9. Find good employees and delegate
Your hiring practices can make or break your business. Good employees can enrich your business with their unique skills and experiences, shoring up your weaknesses and complementing your strengths.
Find good employees and delegate tasks – it’s how you will free up the time you need to succeed.
10. Market effectively
Last, but not least, market your new venture. Target your ideal customers with marketing campaigns and focus on making as many connections as you can.
Brand yourself, get on social media, set up a professional-looking business website, and put yourself out there to make your mark on the market.
Rome wasn’t built in a day, and neither are successful businesses. It could take a while – often a few years – to gain some traction and make money.
Be persistent. Only the entrepreneurs who have a plan and commit to their long-term vision build successful businesses.