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One of the reasons why I decided to go to Business School was for my love of business. I’ve always been inspired by companies who literally started from the bottom and grew to major corporations. Take for example – Apple or E.L.F. Cosmetics. Business administration, operations, marketing and other facets of the business really intrigue me and motivate me to learn more.
Over the years, I’ve read a ton of articles, watched numerous presentations, read dozens of books and started to draw some parallels. There are so many ideas out there, as many great minds that want to jump on those ideas and start their own gigs. The main detractor of starting a business is cost.
Misconceptions About Starting Your Own Business
1. Too expensive
One of the biggest misconceptions about starting a business is that it must be super expensive, almost impossible. Well, it depends on how you approach it and the type of business that you want to enter. Of course, you may need a bit more capital to begin a new oil company than an independent consulting firm, as an example.
The start-up and operational costs vary business to business, and it may be worth looking up companies in the competitive space (especially public entities) to build a better sense of their costs. Why public? Because these companies are publicly traded and it’s typically the norm for them to make their financials available publicly on a quarterly bases.
2. Need an MBA
The other misconception is that you don’t have the experience to start a business. Well, think of all the YouTube hosts/gurus, running a channel is like running an independent business. I am sure that a large percentage of those individuals don’t have a finance, accounting or a business background!
There are just so many success stories of people who started a business without any formal background and succeeded. Ok, I’m not suggesting that it will be a smooth road or that operating a business is a simple task, but it’s totally doable with all the information available online.
3. It’s easy to maintain
Start-up companies definitely may make it look easy to bring their ideas to life and begin selling their products or services, but the reality of it is – there is a lot of work that goes on behind the scenes. Believe me, I work with start-up companies all the time and it’s not as easy as they make it look.
There is a lot of planning, operations, and execution that goes into the business, especially if you want to do things right. I am a big proponent of the saying “if you want to do things right, do it right the first time.” Building your own business efficiently and effectively will help you get to the financial independence you want, but you have to put in the work.
There are a myriad of other misconceptions and I’m happy to devote a separate post to that completely, so please let me know if this is something that you’d be reading about more.
5 Business Ideas in 2019
As I was brainstorming business ideas to share, it was very important to me that these are feasible and can be catered across the different interest areas. I appreciate the fact that other bloggers share their ideas, but I often find those cost barriers to enter those spaces are high and can be great detractors. While it’s great to share those ideas, I believe that people should feel that they’re achievable.
I’ll discuss the ideas below at a high level and if you want to learn more, please feel free to leave me a comment about your interest below. I have a great strategy for each, and happy to share for those that are interested.
1. Become a Seller
No, you do not need to develop a completely new product to sell on Amazon or Etsy. It does not need one of a kind type of product. I always thought that the sellers on Amazon had to be companies behind the scenes until I came across a video online. There was a couple that holds workshops teaching others how they’ve made hundreds of thousands of dollars selling items online.
Whether you invest in the product yourself and do your own fulfillment, or you do drop-shipping, it’s so worth it. If you are very innovative and want to customize certain designs – you can easily find a manufacturer (it’s very common that it’s in Asia) and work out a deal with them. I would recommend building some assets and experience from selling popular items online from your own shop first, before investing in innovative products.
2. Write a Book on a Topic You’re Passionate About
People love reading and listening to audiobooks. If you have the expertise or a strong passion for something that you love to talk about – write a book. There are so many different ways that are available to publish at almost no cost! With the increase in technology adoption, almost everyone has an e-reader, so definitely consider distributing your book online as well!
Writing and editing is probably one of the bigger challenges, but why not ask your friends and relatives to provide honest feedback? Try posting the book to writers’ forums and ask for feedback.
For publishing, Amazon Self Publishing allows you to create and publish books for FREE. Yes, FREE! Other publishing sites to consider:
You may decide to simply distribute it on Etsy, Amazon or Barnes & Noble. But if you have a blog, this is a great idea to help you monetize your blog and up your earnings!
My piece of advice for publishing books is that you should not linger and wait to publish, just do it! It will never be perfect, and there will never be that ideal moment to do a book release. Worst comes to worst, you have the option to release a second edition. But get your book out there as soon as it’s in a good place to be published, and start monetizing your effort!
3. Build an E-commerce site
Shopify is one of the most popular platforms that allows everyone and anyone to create an online e-commerce site. It no longer requires a team of programmers and a separate team of IT to maintain it, they will do everything for you. Decide what you want to sell, create the site using the templates that Shopify provides and make money!
First, figure out what you plan to sell. Will it be clothing? Gadgets? Maybe it’s parenting products? Whatever it is – you can do it! Find a manufacturer, domestic (US) or international, and take your idea to market. Here is a list of manufacturers to check out:
Alternatively, consider drop shipping, which I can discuss more about.
4. Open up a Franchise
The word Franchise is often associated with food businesses, like Subway and McDonald’s. However, this business model has expanded to a huge vast majority to other business types. People often underscore opening up a Franchise, and choose to open their own independent business.
I am all for the idea of opening up your own business. However, you do need to consider the market space in which you’re planning to compete. If it’s a food industry, it’s almost fully penetrated and new businesses have very slim chances of survival and in those markets, a franchise business will be your best bet.
How do you know whether it’s a fully penetrated market? Do a thorough market analysis by researching the heck out of the space in which you’re planning to open up a business.
Why choose a franchise model? Franchises have a huge advantage when starting a business. One of the largest advantages, which takes a long time to build for new businesses, is awareness and brand loyalty. If you’re looking for a short-cut into a business and would like to make quicker returns on your investment, I recommend that you consider opening up a franchise.
5. Become a Tax Preparer
Every year, every single American is up to file for their taxes. They’re always looking for reliable companies to trust their filing and they are happy to even pay you a fee to do this! Most of the tax preparer’s job is routine and you can get really efficient in how you can complete your work. Whether you decide to be a freelancer, work for a company or start your own company – there will ALWAYS be a demand for a tax preparer.
First of all, there are three types of people who can file taxes on behalf of someone (or a company):
- Certified Public Accountants (CPA)
- [IRS] Enrolled Agents
- Non-Credentialed Tax Preparers
In addition, there are state-specific requirements that you must meet before you can begin working with taxes, such as having a high-school diploma, getting a Preparer Tax Identification Number (PTIN), and others. Be sure to do your research and meet those requirements.
I wanted to share some resources with you as parting advice. There are 5 Books that I recommend reading while you’re planning, implementing and launching your businesses. They will give you inspiration about how to create your business, how to make yourself stand out and be remembered! Buy these on Amazon as audiobooks and read them while you’re in the car driving, or even when going on a walk with your dog. I guarantee that reading these books will be time well spent!
- The Lean Startup by Eric Ries
- Good to Great by Jim Collins
- Outliers by Malcolm Gladwell
- Compete Smarter, Not Harder by William Putsis
- So Good They Can’t Ignore You by Cal Newport
Running your own business is no easy task, but it’s very fulfilling to know that the effort that you put into something is paying off and all of that accomplishment is YOURS to keep! Be it financial, or just bragging rights, it’s very fulfilling to have your own business and being your own boss.
In this article, I discussed 5 feasible ideas to implement in 2019. There are many other opportunities out there, and I’m happy to delve into information about start-ups, funding, etc. if that is of interest. Please let me know!
Leave a Comment!
I love hearing from you and as always would love to learn your ideas, perspectives, and comments. You don’t know, what you don’t know and I am all ears to hear about what you have to say. And if you just want to say “hi” – would love to take the opportunity to say “hi” back!