So you’re thinking about starting your own business? You’re not the only one! The past decade has seen a huge increase in the number of small businesses and entrepreneurship. A recent Forbes article stated that the U.S. had 12 million self-employed people in 2018, which was an increase from 8 million in 2007. While there is no official count of how many people work as freelancers, estimates range from 45-60% of the U.S workforce, with many more providing freelance services on top of their day job. Whether you want to go freelance or start a company, you may be wondering exactly what you should do.
With so much competition and uncertainty, it might seem daunting to start your own business and compete with larger companies and other entrepreneurs on your own. But we live in a digital age with so many different ways to generate income both online and in person, that starting a business doesn’t have to be as difficult as it seems. To start with, you need to have a clear idea about what exactly your business will be and what products or services you will be providing. And to help you, we’ve detailed some really interesting ways to get started.
1. Buy A Business
One of the first cool ways to start a business that you may not think about is buying a business! Buying an established business from a trusted marketplace can be beneficial in several ways. You get to buy a trusted company with existing brand recognition, stable earnings, and good customer relationships. This means that it’s already got a good relationship from the start and is likely to be a success, rather than you having to build it up from the bottom.
It also allows you to take advantage of the market’s current demand for your service or product while the company is still being successful. In general, you will have a better chance for success if you buy an established business. But there are no guarantees. If you want to see what you can expect from a particular business, then it’s best to do your research and be prepared for the worst case scenario.
2. Go With A Franchise
A franchise is a business model in which an entrepreneur sells a portion of ownership of that company to investors in exchange for some or all of the investment capital needed to start and grow the business. A franchise is an ideal way for people who do not have sufficient funds but are looking to own their own business.
This is similar to buying a business, but it can sit with your financial goals a little better. There are many reasons why you should open a franchise business. First, with the help of a franchise, you will have a reliable business partner who can take care of all the administrative duties for you. Secondly, if you are into franchise with your partner or family member, then together you can grow your own empire together.
3. Start A Side Hustle First
More and more people are starting a side hustle as a means of financial freedom. Some of these people might not even know what they want to do with their side business, but if done correctly it can lead to tremendous growth and opportunity. It’s not easy for people who want to start a side hustle to turn it into a full time business without taking on too much risk and growing too quickly. However, it can turn into a profitable business.
The benefits for those who start a side hustle are plentiful – from the personal satisfaction you get from being your own boss to building up professional experience and skills that will come in handy when you want to transition into a full-time position. It could be the start of something great.
4. Go Through The Investment Process
Finding an investor for your business can be a difficult and drawn-out process. There are a few methods to find investors for your business. Angel investors are the people who give up their time, money, and/or expertise to invest in the business that they believe in. Typically, they are willing to take on a minority share of your company for an investment of between $10,000 and $50,000. Angel investors vary according to what you are trying to achieve with your company – whether it’s becoming a buyout or working with an incubator program.
To find an angel investor you need to show your potential investor how much you’ve accomplished so far. It is important for entrepreneurs to be careful not to make initial assumptions about their potential investor’s interest or experience level. Asking the right questions can help determine if your business is a good fit for them.