They say that all of us have a book in us but it’s also true that all of us have an idea in us. Nearly everyone will have at some point had an idea for a business, for a product, for an app, or for a service. We all have ideas that we think could make money, maybe even have a positive impact on the world.
The problem is that we don’t have the know-how to make it happen, or the time. Or the money.
So, the question then, is how you take that chance and how you build a business even if you don’t just so happen to have a ton of experience, financial backing and all the right contacts. Let’s take a look at what you need to do…
Start Now!
The first thing to do, is to start your business right now. Too many of us mistakenly make the assumption that we need to quit our current jobs and then put all of our resources, time and effort into our businesses. It’s ‘all or nothing’ and there’s no way you can start a business half-heartedly…
Except that’s not true. In fact, there’s no reason that you can’t start your business in the evenings and weekends. Even if you just start a ‘shell’ of your business, it’s better to test that the idea has legs before you invest a lot of time and money into it.
Start a website in the evenings, start buying and selling shirts in small quantities with a small budget. Just start now and only once you know you can earn a full-time salary do you need to consider quitting your current job.
Bootstrap
Another reason a lot of people hold themselves back from starting a dream business is that they don’t have the funds that they believe they need. If you’re planning on selling a product you invented for example, then you will probably make the assumption that you need to invest in a large order (called the MOQ – Minimum Order Quantity) to start.
In fact though, you can once again get by without doing that. One way around the problem is to start your business with two revenue streams, or maybe three. Find a way to start raising capital through your other services or products and then only once you’re making more money do you invest into R&D or large bulk orders.
For instance, you might sell a hand-made product and use that money to invest in manufacturing!
Otherwise, you can also get funding in a range of other ways. Foundations such as the Dwoskin Family Foundation and others will help new businesses with research grants. How about Kickstarter? This way you can generate funds from the web and not even need to give away any of your equity! Or how about a PayPal loan which won’t impact on your credit score?
Fail Fast
Another tip is to create an MVP – or Minimal Viable Product – and to start trying to make money from it as soon as possible. This is simply a way to test your business model before you invest too much in it. Don’t make the mistake of investing in an idea that you have no proof will work and don’t put off getting your business up and running. You can refine once you’re live!
Sad though it surely is, most of us do not end up in the jobs that we dreamed of when we were younger. In fact, most of us won’t end up with jobs that are even close to being as exciting or as inspiring as the ones we used to tell people we wanted when we were five or six.
When we were young and we believed anything could happen, we wanted to be astronauts, rock stars, the owners of huge international businesses, action heroes, superheroes…
So the question then becomes: why are so many of us stuck working in offices? Why are so many of us entering data into spreadsheets? Why is it so common for us to work late hours in jobs we hate? Why does ‘success’ mean more responsibility but no more job satisfaction?
How did this happen?
The Unfortunate Story
The answer varies from person to person but unfortunately there are a few consistent elements that seem to hold true across the board. Many of us will go through essentially the same story that will lead us to the same end destination.
It starts early when we’re at school and we’re forced to start specializing and choosing. Which course at school is most likely to help you to become a bestselling author? Or a pop star? Hmm. We end up biding our time by doing something that we enjoyed at school – history or geography maybe.
Then we go to college and we study that course for a year or three, only to find ourselves back at home living with our parents and without a job when we leave. If we want to get back our independence, then we’re going to need to take on a job just to pay the bills.
So we start working for our friend’s Dad’s company. Or we work in a supermarket. Or maybe an estate agents.
Then we get a few promotions and we find ourselves climbing the ranks – actually, we’re on an okay salary.
And it’s just as well too – because our responsibilities are beginning to increase as we find ourselves with partners, maybe wanting to buy a house, maybe with children.
And before you know it, you’re ‘area manager’, or you’re ‘director of logistics’, or you’re an estate agent.
They’re not bad jobs but they sure aren’t exciting and they sure don’t fill you with impassioned excitement. But you have kids on the way and you really need the money: now is not the time to do something foolish like starting your own business, or changing jobs, or taking out a loan. And nor do you have the time in the evening to do the things you want to do…
It Doesn’t Have to End This Way
But here’s the good news: the story isn’t over yet. You can still be the things you’ve always dreamed of being. In fact, with more money behind, more experience and more contacts, it’s more likely than ever. All it is going to take, is for you to acknowledge just how important it is to you and to decide that you’re not going to settle for the way things turned out.
With unemployment on the rise this year and hours being cut, we are all looking for alternative ways to bring in additional income. If you are thinking of starting your own business, but you are unsure what route to take, you have come to the right place. We have listed start-up ideas that will hopefully inspire you to start your own and earn that extra income you need. Take a look at our list below.
Online
Internet Business
More and more people are looking to create a first, second or third income stream from building a business on the internet. There are online platforms that can help you to establish your own internet-based business to generate a six or seven-figure income from $100,000+. You can even look at consultancy services that offer do-it-for-you programs.
YouTube
In recent years YouTubing or Vlogging has become increasingly popular, with many ‘Youtube stars’ earning on average roughly £1750 per one million views. If you have a hobby or an interesting topic and don’t mind being in front of a camera, then this might be the right route for you. As YouTubing is so popular, it can be hard to build up your page so don’t expect instant results. You will need to be consistently posting videos and engaging with comments. Once you gain enough traction, you may get approached by companies asking you to promote their product. Although this could be a good money maker, ensure that you believe in the company and product you are advertising and that it is relevant to your branding.
Blogging
If you are camera shy but still want to talk about your hobby or lifestyle etc. then blogging is the way forward for you. Blogging was the first business model to grace the internet and it is still going strong today. Create your website on a platform such as Wix or WordPress and make sure you have a good understanding of analytics, keywords, search engine ranking and online marketing etc.
Virtual Assistant
If you have the skills of being an assistant, why not offer your services online as a freelance virtual assistant. With more companies making their employees work from home this year, now could be a good time to research companies that might need help with their admin. Once you build up a rapport and your workload becomes too much, you could expand your business by either employing someone or outsourcing your extra work. Or you can Run A Successful Virtual Assistants Business while helping other business owners you can establish other income streams and not just rely on just one!
Writer
If you think of yourself as quite the writer, then think about becoming a freelance copywriter. Earn money, writing blogs and website content. It would help if you had a good level of English be able to come up with content ideas. You could even become a ghostwriter for authors and corporations that will pay anything from $25,000 to utilise your talents.
Social Media Manager
Every business should be on social media, but when businesses are busy they can lack their social media presence. This is where you could come in and offer your services managing their social media. This means posting, following marketing campaigns and knowing who the current influencers are etc. You need to have good knowledge of all social media platforms.
Business Ideas
Make and Sell
There’s always a new idea to be had when it comes to the world of shopping. As the world evolves- so does the need for specific products. Having the skill and creativity to make new things, you can turn your hobby into a business. Venture Capital represents brands and investors. You never know how much your idea for consumer products VC could earn you in the future. Start off by selling your products online on websites such as Esty, Not On The Highstreet, local flea markets, or advertise your e-commerce on social media. Make sure to take some time to do some research into the rules that apply to the products you’re trying to sell.
If you find yourself as a crafter, then why not sell your creations. With the right marketing and selling platforms, you could turn your hobby into a business. There are many online sites you could sell from such as Etsy or Not on the high street or you coils sign up for local markets and sell your goodies there. Make sure you do research on what rules apply to your product when selling.
Franchise
Franchising is good as someone has already done the business model for you. Franchising is when you buy and pay fees to use an existing companies business model, trademarks and systems. Popular franchises include McDonald’s, KFC, Pizza hut, etc.
Open A Coffee Shop
If you love coffee and have experience as a barista, then opening a coffee shop might be right up your street. For a lower risk option, purchase a coffee shop that already exists or a franchise one. If you are up for the challenge, then consider opening your own coffee shop. This will take a lot of research and educating yourself about running a barista business. When opening a coffee shop, you need to think about more than just coffee, how you take money is very important. With everything no becoming cashless, you need to make sure you are prepared with a wireless tap to pay and apple pay card machines, this company shows a good variety of what your business can choose from.
Dog Walker
Although many people will be working from home, they might not find the time to walk their dog. If you are good with animals and enjoy the outdoors, then this could be good for you. Make sure you have the necessary insurance in place.
Real Estate Investing
There are all kinds of avenues available to those that are considering real estate as a likely method of investing in the future. And why on earth shouldn’t you? This is one way that millionaires around the world will agree to build a massive fortune quickly. Many entrepreneurs and executives are focused on real estate investing around the world for its apparent opportunities which include global citizenship, tax planning, superior education and healthcare.
Technically, an online business is not a digital or virtual extension of an existing traditional business. An online business is a digital enterprise where the primary forte of the company is in the virtual world. However, for the purpose of inclusivity, we shall include the digital or online extensions of existing traditional businesses. Here are five benefits to starting an online business.
Reasonable Investment
Most online businesses cost a fraction of what a traditional or conventional business demands. Compare the cost of launching an online store or eCommerce site and an actual retail store. The difference will be a small fortune. It is true that starting an eCommerce site or global marketplace like Amazon or eBay will require much more money than starting a convenience store in a neighbourhood but not every online store needs to be an Amazon or eBay.
Easy Startup
An online business can be launched in weeks, if not days. Once the business plan is in place and all the products or services are ready to be rolled out, it takes days to start an online business. For those who don’t need to rely on website designers or a multipurpose agency, the ball can be set rolling in less than a week.
High Returns on Investments
The investment is low to begin with. The returns are high anyway when you assess the ROI. However, given the scope of expansion and exponential growth that one can encounter, the returns on investments are exponentially higher than conventional or traditional businesses. A traditional business can only reach out to an immediate audience. Online businesses can transcend geographical boundaries, cultural and social barriers to emerge as a global phenomenon.
Automation
Online businesses can be automated, almost entirely. You should conduct the reviews, assess the performance and make changes as and when needed but you don’t need to personally or physically intervene at every stage. Everything from compliance to sales, customer service to upgrades can be automated. Digital entrepreneurs will have more time at their discretion which can be used to diversify, to expand the business, to venture into new endeavours and to indulge in a plethora of leisures.
A Myriad of Freedoms
Online business owners can work from anywhere, at any time, for as long as they want and there’s the elusive financial freedom. Online businesses are truly empowering. Online businesses also help entrepreneurs to find that quintessential balance between work and life.
Establishing yourself as an expert in your field will help you gain both recognition and respect. Luckily, that recognition and respect transfers directly to your company. If people trust that you truly know what you are talking about, they will feel good about investing in your product.
A website is the best place to start. Build a professional looking site with sound and informative content and you’ll have a source of expert information to direct customers to. Remember that it is okay to give away some of your precious knowledge free of charge. Offer the customer something useful up front and they will label you as a legitimate source to go to for whatever your company may offer.
Article marketing is an especially effective method to achieve that expert status because it gives you the ability to distribute a small number of articles to a huge number of content-rich sites. The more places your name pops up, the more people will be exposed to your site and product. Another way to show your expertise is through online forums and blogs. This is a bit more casual than article writing. It allows you to remain in the first person and talk candidly with interested web surfers. The conversational tone used in such settings will put many potential customers at ease.
Not only will they view you as an expert, they’ll also feel connected to you as a real human being. Also, such places give customers the opportunity to ask questions and give you the opportunity to back up your product in the face of criticism.
Find the right places to gain recognition. Put yourself out there and command respect through that exposure. Highlight your achievements and successes. Branding yourself as an expert is all about getting other people to recognise something about you that you already know.
People toy with the idea of starting a small business at various stages of their lives. Some think of starting a small business after their educational career is over. Some think of starting a small business because of unpleasant or unhappy situations they have encountered in their work places. There are also others who think of starting a small business, because that is the only way they will be able to work again following a break from work for reasons such as health or redundancy. Let’s hop on a call to talk business startup.
Toying with the idea is one thing, but if you are taking positive steps to get started, then certain myths associated with starting and running a small business should be dispelled from your mind.
1. Starting a small business might appear to be an easy option to many who are desperate to get out of a situation but running a business is not as easy as it appears to be.
2. The general impression created in the minds of many people is that you can make a lot of money by running a small business. A few people do make a lot of money by running a small business. On the other hand there are many people who loose a lot of money unfortunately due to lack of proper research and planning.
3. Another myth is that you are the Boss, so you can work when you want, relax when you want and go on holidays when you want. You are the Boss that is all to it. The rest simply does not happen because of other factors that come into play which will need your presence and attention most of the time.
One major blunder made by many small business entrepreneurs is that they never made any self assessment before starting. It is absolutely important that you do a self assessment to find out whether you possess the following qualities and capabilities that are necessary to operate a successful small business.
1. You must be of sound health.
2. You should be able to work on your own most of the time.
3. You should be self motivated and dedicated.
4. You should possess an outgoing personality and have the ability to get along with other people.
5. You should have the ability to work under pressure.
6. You should preferably have some knowledge about your business.
In addition to the above the following factors have a very important and significant impact in the success of your small business.
A good support system such as your spouse or members of your family.
Contacts in the business world who could help you with advice and help you promote your small business.
Good financial assets to help you start and develop your small business and sustain you during the early months.
Since they are popularly known as small businesses, many would be entrepreneurs are under the impression that it could be run in a slip shod manner. Most of the inputs necessary to operate a large business successfully are also necessary in the small business venture too.
Success does not come overnight. There could be disappointments and failures during the early months.Those who cannot withstand these pressures should not contemplate starting a small business.The ability to withstand all these pressures and remain motivated is absolutely necessary to succeed.
I’m Lena Benjamin—global growth strategist and author of NIFTY, expanding into sustainable fashionand film. With 25+ years of experience in over 30 cities, I advise on UK buy-refurb-sell property ventures and have worked with startups, corporates, and SMEs. From Amazon interest to FT recognition—let’s unlock your next move.