“first steps to opening a small business how to start a small business consulting firm”

Choosing the path of entrepreneurship, and working on your side business idea, is without a doubt riskier than being content with holding a 9-5 job. It requires way more sacrifice. However, once you’re reaping the lifestyle benefits of being your own boss and hustling your way into making significantly more money with your business idea than you ever could at your day job, the hard work will have all been worth it. So, let’s talk business ideas.
Make sure there are no prohibitive costs, such as equipment which is too expensive to make the business profitable. For example, cars didn’t take off until Ford figured out how to make them cheap by building more efficient equipment.
Remember my earlier post about breakfast burritos? Making meals in advance is a great way to save money for yourself – but you can often prepare these for others as well and sell them for a markup. Prepare eight casseroles, for example, then sell six of them to cover your costs, and you’ve got two free dinners for your family (and maybe a bit more). You can grow this by taking orders from others and finding out what they like.
Be careful to only share what you’re ready to show the world, and always have a strategy when you post somewhere or reach out to someone. You may just wake up one morning and see your product on the homepage of your favorite website (that was a hell of a surprise).
All written content on this site is for information purposes only. Opinions expressed herein are solely those of AWM, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.
If you want to separate your personal liability from your company’s liability, you may want to consider forming one of several different types of corporations. This makes a business a separate entity apart from its owners, and therefore, corporations can own property, assume liability, pay taxes, enter into contracts, sue and be sued like any other individual. One of the most common structures for small businesses, however, is the limited liability corporation (LLC). This hybrid structure has the legal protections of a corporation while allowing for the tax benefits of a partnership.
From there, you need to learn which tools, resources, and feedback communities you can use to accelerate the pace at which you’re able to launch. Check out these 101 essential tools and resources I use to launch profitable side hustle businesses.
Now, before you go telling us that combining after school 12-year-olds and college 21-year-olds is a terrible idea, hear us out. We’re not suggesting a full on bar, simply a coffee shop that after 4 pm also serves wine and beer. The concept behind being a coffee shop that serves alcohol is that in the post-noon hours, coffee consumption begins to taper off significantly. If you’re looking to stay open later and need the cash, filling an additional need in your small community is the perfect business idea. Now you not only have a place for business meetings and freelancers, but also happy hours and first dates.
Pet grooming is becoming more popular as owners want to keep their pets looking their best. You could operate a mobile pet grooming business or from a stationary location. Despite the initial set-up costs, a pet grooming business would have relatively low operating costs and could allow for a good profit margin.
Prepare to hire employees, if needed. Having employees with the right attributes and skills for your business is critical for successful growth. There are resources to help you with employment planning, including Workforce Explorer.
When starting your first business, it’s not always the smartest idea to dive in head first, especially if you don’t have the money or expertise (yet) to dominate a brand-new industry. Luckily, there are great home-based businesses not many people take advantage of early on in their careers that can provide the perfect launch pad. Why not start out small to make it big?
T-shirts can be a viable path toward creating an automated side business idea that makes money for you while you sleep. Even Bloomberg and Forbes feature stories from entrepreneurs who’ve done just that. Want to learn how to make this side business idea come to life? You can find TeeSpring selling walkthroughs here, here and here.
Manage social media for businesses. If you have a knack for social media, you could potentially get paid to manage various platforms for others. Many businesses are too busy running day-to-day operations to stay on top of their Facebook, Twitter, and Pinterest accounts – and will pay someone with the knowledge and time to do it for them. To find these jobs, ask local amazon courses online and check sites like UpWork.com and Problogger.net.
Get a website. If you’re selling online, get your ecommerce in gear and either build a website, or have one built for you. It’s your storefront, so anything and everything you can do to make people want to visit, and want to stay, do it.
If you’re able to build up your own online network or audience related to a specific topic, you can start working with different brands as an affiliate and earn a portion of each sale you send their way.
Always start small, meaning start online, and only produce what you are sure you can sell. You can always make more if demand increases. Start by marketing yourself on social media, and start a virtual store front on a site like Etsy or eBay.
One of my friends developed a great retail business with several small gift locations inside of shopping malls. She taught herself to make mouth-watering candy by practicing up in her kitchen. Most of her candy she made herself, but she did compliment her offerings with a few products she bought wholesale.
I see two routes to success in this business: 1) Focus on artists with well- established followings that you are comfortable that you can sell or 2) Take on less well-known artists on a consignment basis, meaning you don’t actually buy the painting from the artist until the day you sell it. This can be a finicky business–people’s tastes can change and a gallery that is successful one year can find itself struggling enough. So, keep your overhead manageable and watch for changing trends.
There are varieties of ways you can use videography to create your own home-based business. There are numerous people wanting to become YouTube celebrities who do not have the abilities to upload high-quality, well-edited videos. Other services you could provide include:
This is an especially good idea for stay-at-home-parents who need to bring in some money. You’re already staying home with your kids: why not invite a few others to the party? Licensing for in-home daycare varies from state to state, but you will want to make sure you comply with your local regulations. Median salary: $19,300.
If you enjoy being outside and cleaning, a window washing business might be the right fit for you. You just need some cleaning supplies and outdoor equipment if you plan to work on multi-story buildings.