If the idea of starting your own business sounds appealing to you but you can’t decide what type of company to launch, you’re not alone. Many successful business people are serial entrepreneurs who make an excellent living by discovering fresh opportunities and starting companies. Take some tips on how to decide on the right business for you.
Time and Resources
Patience may be the greatest asset a business owner can have. Many corporations have been unprofitable for years while building an empire. Assess the amount of time and money you can pour into the business. Plan for slow times and points where you should divert the bulk of your capital back into the company instead of your pocket.
Choosing the right business structure can ensure you receive sufficient compensation during lean periods. For example, an S corp allows the owner to be classified as an employee and take a reasonable salary. Since an S corp has pass-through taxation, losses can be written off on your taxes, and you avoid double taxation. You also retain the benefits of limited liability, so your personal accounts and assets cannot be taken to cover business liabilities. A formation service can help you set up your S corp according to your state’s rules and is much cheaper than a lawyer. If you’re comfortable understanding the legalese of the documents, you could also file on your own.
Market Research
Surveys and anecdotal evidence can provide insight into what people desire. Look to industry data and publications for market research to find out where buying patterns demonstrate the most significant potential lies. Starting your idea as a side hustle to gauge response can prevent wasted efforts. Understand which business models work best in your industry and how you can create new benefits and efficiencies.
Skills Assessment and Experience
Use your experience to determine what work you genuinely enjoy and where you have expertise. Your connections can enlighten you to other details regarding startup costs and operational expenses. Dig into the data to learn what realistic revenue is.
You don’t have to have experience if you’re willing to educate yourself adequately. Video-sharing sites can provide complimentary education. Some universities offer free courses online, or you can pay to take a final assessment and receive a certificate.
Marketing Tactics
Creative marketing distinguishes you from competitors. You likely need to invest as much time and education into marketing your business as you do the internal operations. A fundamental piece of good marketing is making a scroll-stopping banner for your social media pages and website. Graphic designers work with you to craft an excellent banner. If funds are tight, use an online banner maker to create personalized banners for any platform. Essentially, this is an attractive panel to sit atop your website, YouTube channel, Twitter feed, and Facebook page. Pick one that fits your brand, and personalize it with animation or video to make it stand out. Include text, font, and colors to match your branding.
Studies show that many customers prefer short-form videos to make buying decisions. Increase your exposure and engagement by posting short videos on your social media and website. If you lack the time, Karen Repoli’s video creation services can assist you.
The free market opens numerous possibilities for bold and innovative individuals to launch lucrative businesses. Start plotting a path now to get a new idea on its feet.
(This week I take a break from writing and welcome back Guest Blogger, Lance Cody-Valdez.)
About the Author: A few years ago, burned out and miserable from his job in corporate marketing, Lance Cody-Valdez decided it was time to invest in himself. He quit his job the following day and used his meager savings to stay afloat as he built a career as a freelance writer and content marketer. He created Free Lance Now to help others use freelancing to escape the 9 to 5 daily grind.
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