Becoming your own boss can be a dream come true, but it can also be a little terrifying. That fear can hold would-be entrepreneurs back from ever starting a new business, but this doesn’t have to be the case. Especially when you have this guide to getting started with minimal risk.
Potential Businesses for First-Time Entrepreneurs
Finding the right business opportunity can provide the confidence boost novice entrepreneurs need and these gigs could be a perfect fit.
What could be better than hanging out with pups for your very first small business? Plus, you can get started sitting after you have taken the proper steps to secure your home against those furry invaders. Be sure to lock up any cabinets, secure all garbage cans, and remove any hazardous items that could choke dogs or puppies. Being aware of houseplants that can be dangerous for dogs is also important, so be sure to remove these toxic plants from your home or at least keep them well out of reach of curious paws and noses.
Are you great at building websites for people? Chances are you can find freelance web design work through sites like Upwork or Fiverr. They make it easy to get started as a website designer, writer, or any other professional service that is in demand by other entrepreneurs and small businesses. You can create a profile and start pitching to potential clients in a matter of minutes, which makes freelancing easy for folks who are looking for a side gig. It’s also pretty easy to start with one, for example, on how to start on Fiverr.
If you want to open an e-commerce shop but aren’t sure what to stock, then dropshipping could be a perfect first-time business venture. Unlike other inventory-based small businesses, a dropshipping business does not require you to store any of the products you sell. Simply create your website, list your products, and take care of customers — your dropshipping service will take care of everything else. Now the tricky part of operating a dropshipping business is keeping up with product trends but with a little online research, you can make it less of a challenge.
Set-Up Steps for New Small Businesses
Once you know what sort of small business you would like to try out, you can start getting your idea up and running. These crucial steps will help keep you from feeling overwhelmed.
Write a Business Plan
Staying organized is important in ensuring success with any new business. So, even if you don’t plan on looking for investors, writing a business plan can provide a framework for setting up and running your new business. You can find business plan templates and guides online to help you get started, but be sure to leave some flexibility so you can make changes in the future.
Set Up a Home Office Space
Plan on working from home? You should avoid working from your couch if you want to be productive. Instead, build a home office space where you can focus and help your new business thrive. All you need is a small corner or a closet and you can create the home office of your dreams. Also, be sure to pick up some organizing tools, a desk, and a supportive office chair.
Set Aside Savings to Pay Taxes
If you have always worked for a company or organization, then you are used to having your state and federal taxes automatically deducted from your paycheck. When you own a small business, those taxes are not taken out automatically anymore, so it’s up to you to ensure that you have paid enough each year. The IRS allows self-employed taxpayers to prepay taxes, which tends to work best for first-time business owners, but you can also take it upon yourself to save up and pay before the annual tax deadline. You can even use apps to boost your savings.
Taking on your first business can feel like taking a huge risk. By using the tips above to just get your feet a bit wet, you can feel more secure about trying your hand at entrepreneurship.