You need a marketplace or a specialty. Even if at first you have access to a lot of unrelated items for good prices, try to develop some focus. You will get to know what sells and what doesn’t sell; you will learn what sells quickly; you will learn how you should price and describe your wares; and you will learn what to expect from customers. With a specialization, you can ideally acquire some repeat clientele, developing a good reputation and building word of mouth and confidence in the process.
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Instead, at least for now, forget branding and unique selling propositions and all the business-identity stuff. And don’t worry about finding the perfect URL or website design or promotional literature. You’re putting those carts way before your business horse, too.
You will, of course, need to spend extra hours and work harder. But the transition from being an employee to a business owner will be far smoother as you won’t have additional expenses to worry about.
Take credit cards. Very few people consistently pay for products or services with cash any more. It will be much easier for your business, as well as records keeping and accounting, if you accept credit and debit cards. If you want to save yourself ridiculous fees or keep your business more mobile, consider using the Square. This device plugs into a smartphone or tablet and lets you swipe customer’s card.
Your target market. Who are you selling to? Don’t be afraid to get mega-specific here. Age, gender, location, income level — all of it’s relevant, and the more specifically you can define your market, the more effectively you’ll be able to sell to them.
If you no longer wish to conduct business with your LLC, it is important to officially dissolve it. Failure to do so in a timely fashion can result in tax liabilities and penalties, or even legal trouble. To dissolve your LLC, there are two broad steps:
It’s not impossible to compete with the mammoth retailers out there—the success of the various “Dollar” store chains shows this—but it is very, very difficult. You especially need a very carefully developed strategy that clearly differentiates your business and gives shoppers a clear reason for choosing your store.
Service businesses can have very high profit margins and you should be able to reach break-even much sooner than with other types of businesses. For example, I helped my sister set up an employment agency and we reached break-even in just 90 days.
SEO (Search Engine Optimization) refers to getting a website to rank higher for certain “search terms” in search engines like Google. When a website ranks higher, it gets more relevant traffic and in turn, can make more revenue.
The benefit here is that you don’t have to risk buying up stock in a product and losing money if it doesn’t sell. The entry barrier is lower and you don’t have to invest nearly as much to get started.
If you’re good in any musical instruments, why not make business out of it? You can make business while doing the things you love specially with today’s technology! Here’s a list of business you can do as a musician:
With Amazon, you can self-publish a book fairly easily, and really make money from it. There are some simple and inexpensive guides like this one to help you write your book AND have it generate consistent income.
This is one of the top businesses that will never get old. There are a lot of ways you can market a t-shirt business. Designs are endless and there are a lot of ways to customize it. You can make Couple Shirts, Company shirts, Campaign shirts, and all kinds of shirts! Just make sure you got good designs and your base t-shirt is of good quality, you can make a living out of this business.
There is more to finding a good product (size, weight and price is also important), but we don’t need to go into that much detail right now. If you’re interested you can bookmark this post and come back to it later.
Another way to hold onto your competitive edge is to stay proactive. If you know that your business is going to face challenges or encroachment by a competitor, don’t wait to react — plan ahead and you’ll stay ahead.
If you know a thing or two about paid internet marketing and are comfortable with Google, a great way to make some extra income as a side business idea is to sign a freelance contract to manage a company’s Google Ad Campaigns, and gradually start bringing on more clients as your consulting business grows. Just be sure to brush up on all the right business slang and industry jargon that’s pervasive in the online marketing world before you launch unprepared into this side business idea.
The sale of clothing doesn’t require a special business license. An online clothing boutique requires essentially the same licensing as a brick and mortar store. You will want to officially form a business in your state. You can check out the U.S. Small Business Administration (SBA) website for help registering with your state in order to collect sales taxes. If you expect to be storing a large inventory of products, you might have to check out your local lease or zoning codes. However, this can be avoided by using drop shipping. This is a fulfillment method where you don’t hold any inventory. Instead, when a customer buys a product, you ship it directly from a third party manufacturer to the customer.
Entrepreneur.com reports the startup costs of freelance bartending at “under $2,000.” But you can keep it under $100 if you start with clients who have the necessary equipment or by bartending for parties where expectations are minimal. Entrepreneur.com says you can make “up to $300 per day when you tally up your wages and tips.”
I don’t want to disclose all of my ideas here because I’m also planning to setup my own business using Uber’s business model. I want you to think of your own and do your own research on a particular market.
Depending on what hosting service you decide to go with, the initial cost can potentially be as low as $5 a month. On average though, purchasing a single domain name and setting up a basic wordpress site shouldn’t cost you more than $10, leaving you with just enough to invest into your site’s design.
A common mistake that many people make when it comes to validating their business idea is that they’ll need to invest hundreds or thousands of dollars developing an MVP. You actually want to spend very little at this stage.
My good buddy Steve Chou from MyWifeQuitHerJob.com has created an online course that walks people step-by-step through building their own online store. His wife was able to quit her job, and together their online store produces in the six figures. If you’re interested in learning more, check out his course: Profitable Online Store.
We all know that the traditional print media—newspapers and magazines—have been devastated by online advertising competition, so why not focus there? Isn’t everyone starting an online blog? How hard can it be? Well, it’s easy to start an online blog. But it is nearly impossible to make any significant money at it.
At this point, I was confident that people were searching for these parts and decided that we needed our own website. I contacted a few local web developers who all came back with quotes ranging from £4,000 to £8,000. Being a proud northerner, it was more than I was willing to gamble and I decided to put the whole thing on the backburner. Searching the internet one wet afternoon I discovered a hosted e-commerce solution for just £20 per month.