Many would-be entrepreneurs find it difficult to take that first step into starting their own business because they believe they need a million-dollar idea or considerable startup resources in order to succeed. However, starting your own business requires only an entrepreneurial spirit and the drive to put in the hard work. If you can’t wait another day to be your own boss, then consider these three new business ideas that you can start working towards immediately with only your own talent and dedication required.
Freelancing is a great way to start a new business because you don’t have to worry about leaving your current job to get started. You can easily start building your client base on the side and then make the jump to full-time when you’ve got a comfortable amount of work coming in. Many companies hire freelancers and contractors for a variety of different services, from creative work like writing and graphic design to technology jobs like coding, IT, and website development, and even jobs that are traditionally in-house, such as administrative services, accounting, or even sales and marketing.
The only barrier to entry with starting a freelance business is finding clients to work with—and that’s not an aspect that ever goes away. Freelancers constantly have to network and look for job opportunities to keep their business thriving. However, if the idea of working with many different people in a variety of different fields while being your own boss excites you, then freelancing might be the right endeavor for you.
Become a Franchisee
Franchises are a fantastic opportunity for new entrepreneurs because you’re operating from a tried and tested business model that has already proven to be successful. There’s less risk involved with a franchise because you’re working with an established brand, so you don’t have to worry about building a name for yourself.
The one downside to franchising is that there is little freedom for an entrepreneur as they have to work alongside franchisors to maintain brand integrity. However, many franchisees like this arrangement because it provides them with a business mentor. Having a business mentor can lead to greater success in your future endeavors because mentors challenge you, point out your weak spots, and provide valuable business insight.
Sometimes it’s not what you can do, but what you know that has value. Consulting allows anybody with an area of expertise to start their own business—no matter what the expertise. Many businesses hire consultants to improve operations, recruit viable employees, run marketing campaigns, or upgrade IT security. But consultants can conceivably work in any field; from Instagram consultants who help their clients get more likes to wedding consultants who help couples plan their happily ever after.
Like freelancing, consulting requires you to hit the pavement and build up your client base; however, you can do so while still working a day job. It’s also not enough to just say you’re an expert in a given field—you’ll have to have credentials to back you up such as work experience, education, or certifications.