Being your own boss is entirely possible, even if you don’t have much experience yet. Every entrepreneur has to begin somewhere when it comes to building business skills. Many of the entrepreneurs I meet at networking events are just starting to run their own businesses and are learning the ropes. Today’s new entrepreneurs can find inspiration in a variety of business models.
With so many options available, it’s important to choose the right business model for you. If you’re new to entrepreneurship, consider a model that has some of the work already done for you. Here are five great small-business ideas that can help you get started and build your entrepreneurial skills.
1. Franchise
A franchise is like a “ready-made” small business. For a fee, you get a fully branded, functional business that serves a specific area. This can be a big help for new entrepreneurs who don’t have experience with marketing, hiring, or planning. These things are often included with the franchise, helping you start with a better chance of success rather than building everything from scratch.
2. Subscription Business
More and more people are buying subscriptions for products and services. Think of services like Netflix, Dollar Shave Club, or NatureBox. The popularity of these models makes it a great option for new small-business owners. Subscription services collect money upfront, which helps with cash flow.
You can partner with other brands to offer their products in your subscription business or use your own products. If you outsource, find products or services that match your interests and will appeal to a target audience. Research the market carefully, negotiate with suppliers, and keep your overhead costs low.
If you’re offering your own products, you’ll need to decide on pricing, product amounts, and subscription levels.
3. Drop Shipping
Starting a small business can be tough, especially when it comes to choosing products and managing costs. A drop-shipping business allows new entrepreneurs to sell products without stocking them. You sell products made by other companies on sites like Amazon or eBay. This business model is great for beginners because you don’t need to build product trust or store inventory.
The products are shipped directly from the manufacturer, and you earn money on each sale. People often find these products through online marketplaces like Alibaba.
4. Mobile Businesses
Mobile businesses are simpler to operate and have lower costs, making them perfect for new entrepreneurs. Mobile businesses include options like food trucks, mobile spas, pet grooming, or catering. I know a couple of entrepreneurs who left traditional jobs to start successful food trucks.
If your mobile business does well, you can expand by opening a physical location or adding more vehicles. Before you start, be sure to check city regulations and make sure you have any required licenses or certifications.
5. Online Course Instructor/Developer
This idea allows you to use your knowledge and skills to create a business. You could create video tutorials on YouTube, start a podcast, or offer courses on platforms like Udemy or Skillshare. You can even create content for trade schools or colleges.
Teaching online can help build your personal brand and open doors for future business ventures. Plus, it allows you to connect with people who might be inspired to start their own businesses using what they learn from you.
