Starting up a business means that you are going to need to get everything together before you launch. Starting a new business is never easy, but there are ways to make it easier, and one of these is to be prepared.
In this article, we’re going to be taking a look at some of the things that you are going to need when you start a business, so keep reading down below if you would like to find out more.
What is the cheapest type of business to start?
The cheapest type of business to start is an online business that offers services. This is because you won’t have to pay for any product or spend time creating products for your business. Instead, the most that you’d do is create a website and start working towards getting found through online marketing.
Here are some of the cheapest online businesses that you can start right now:
- A blog or website (here’s my tutorial on how to start your own blog)
- Become a virtual assistant
- Offer errand or concierge services
- Become a social media consultant
- Create online courses or tutor kids
- Teach a new language to students
- Offer graphic design services
While there are more options, these are some of the top choices that are easy to start, that are cheap, and also great money makers.
Related: The Pros and Cons of Owning a Small Business
What businesses are in demand?
As of 2022, the top four in-demand businesses are:
- social media services,
- graphic design services,
- computer programming,
- and web development.
As you can see, all of these businesses are based heavily on computer use, so you’ll need to be well-versed with technology. But they typically don’t require any special equipment or capital.
Related: Best Freelance Jobs and Where to Find Them (Build Your Portfolio EASY!)
Which business can I do from home?
Besides the businesses that we mentioned above, there are other businesses you can do from home too. It all depends on what you want to offer.
If you want to sell products (either homemade or from other companies) you could…
- Open an Etsy shop (Derek has done it! Check it out! :))
- Sell thrifted or crafted items on eBay and Facebook Marketplace
- Make candles, jewelry, pet treats, or any small item and sell them at a local farmer’s market
- Create art, either printable options or items that you ship
- And so much more!
But if you’d rather focus on services, here are a few other options…
- Dog sitting/walking
- Daycare/pre-school prep
- Cleaning services
- Personal trainer
- Event planner
Some of these may require certain licenses or education, but they’re typically much cheaper than going to college for multiple years or buying a turn-key business.
Related: How To Start A Home-Based Business Online (And Be Profitable!)
Is it legal to run a business from home?
Most businesses require a general business license to operate. And some will need professional licenses if you’re offering services like a daycare. But yes, it is legal to run a business from home.
Just remember to check and see what your city, county, and state require!
Related: How to Become a Millionaire by 40 (It’s Easier Than You Think!)
Do I need a license for a home-based business?
That depends on where you live and what type of business you’re starting. But typically, yes, you need a license to start a home-based business. Be sure to talk to your local chamber of commerce and check out the U.S. Small Business Administration to see what you’ll need.
Can I start a business by myself?
Absolutely! And many people do. You could be a sole proprietor or even have an LLC if your state requires it (or you want it). But you do not need to have a business partner to start a business.
Related: Innovative Ideas to Make Money As a Content Creator
What is the best title for a business owner?
There are many different names you could use, including CEO, President, Owner, and Founder. But it doesn’t matter which title you pick, as long as you like it and you can explain what it is that you do.
Starting A New Business Checklist
Now that you know about the possibilities of starting a new business, let’s talk about what you’ll need to get it off the ground.
Have The Right Technology
The first thing that we are going to look at is technology. Do you have the right technology to remain competitive on the market? If you don’t, then you need to hold off on launching your company until you do.
If you don’t have the correct tech, then your business stands no chance of seeing success in an already crowded market.
Over 20% of startups fail within their first year already, and if you don’t even have the technology on hand to fulfill orders, offer customer service, provide FAQs, and everything else, it’s basically impossible to thrive in today’s society.
Related: Essential Tech Tools That All International Businesses Need
Have Some Money On Hand
Another thing that you’re going to need in order to start up a business is money. You’re not going to get very far if you don’t have the financial backing behind you. No, you don’t need hundreds of thousands of dollars. But you do need a safety net (especially if you’re doing this full-time) and some money to actually get everything up and running.
You may want to fund the “big” things, like a co-working office or garage space, and even basic things such as stationary such as staplers and envelopes.
Most people choose to use an investor because they don’t have the money to put up for this themselves.
There are other options such as:
- bank loans,
- crowdsourcing,
- and so on…
…but most people typically stick to having someone financially backing them.
You just need to find someone willing to take a gamble on your business if that’s the route you choose to go.
Related: Support For Your Business – Should You Choose A Line of Credit or Loan?
Look Into Getting Help
The final thing that you need is help.
While you can run a business solo, it may not be sustainable at a certain point, or if you don’t know how to do certain things (like website work). Because of this, avoid burning yourself out and just hire someone to help you.
Not only will it make your life easier, it makes your business more productive, and it gives you someone that you can count on rather than trying to do everything on your own.
But of course, if you want to do things solo more often than not, you can also hire contractors when you need them. That way you aren’t responsible for “employee” work, but can also get a few extra hands to help!
Related: Why Your Business Needs to Outsource These Important Tasks
Starting A New Business: It’s Easier Than You Think!
As you can see, there are many things that you’ll need when you are starting up a business. It’s not an easy thing to do when it comes to running the day-to-day, but it’s easier to get started than you may think.
And if you’re prepared for what is coming, then you’ll have a higher chance of success!
Are you ready to start a new business? What type of business will you be going into?
AUTHOR Kimberly Studdard
Kim Studdard is a strategy consultant and course launching expert. When she isn’t spending time with her daughter and husband, or crying over This Is Us, you’ll find her teaching other mompreneurs how to scale their business without scaling their workload.
