If you’ve been seriously thinking about starting your own business for a while now, what’s keeping you in “thinking mode” and not in “doing it mode”?
For most of the people I work with, the #1 block to starting is fear. Fear of what people will say, fear of failure, fear of success, and a really big one is fear of not having enough money to start. When it comes to fear, the money one kicks butt. It’s a fact that many business startups fail because there wasn’t enough money to keep the business running until it got profitable but it's doable if you plan correctly.
For traditional businesses like brick-and-mortar and inventory-based businesses, there are many options available, such as loans, grants, and crowdfunding. The downside is that it can take a great deal of time to acquire the money needed to get started and because of some weird logic, many banks won’t loan you money unless you have the money. I know. Don’t get me started…
So, If money is an issue,(when is it not?), then maybe a service-based business startup is the perfect option for you!
With a service business, you can work from anywhere in the world, at any time of day or night, part-time or full. You don't have to worry about rent, utilities, or inventory. And you can scale your business up or down as needed, and the best part is, you don't need a lot of money to get started.
Just be careful not to get too comfortable working from home. You might start to forget what it's like to interact with other humans and working in your pajamas can be addicting.
| "A big business starts small." — Richard Branson |
But other than that, starting a service-based business is a great way to live the dream.
Need some convincing? Here are some thoughts:
Service businesses are typically less expensive to start than product-based businesses because they don't require as much upfront investment in inventory or equipment. For example, a web developer can start their business with a laptop and an internet connection, while a manufacturer would need to invest in machinery, materials, warehouse space, a lease, and more.
Service businesses tend to have lower overhead costs than product-based businesses. This is because service providers don't need to worry about things like rent, utilities, and insurance for a physical location. They can often work from home or out of a co-working space. This can mean becoming profitable sooner. Show me the money, right?
Finally, service businesses can be scaled sooner than product-based businesses. This is because service providers can add additional clients without having to invest in more inventory or equipment. As a result, service-based businesses can often reach profitability faster than product-based businesses.
Of course, there are also some challenges associated with starting a service business. For example, service providers need to be able to market themselves effectively and build relationships with clients. They also need to be able to manage their time and stay organized. If you experience a lot of "squirrel" moments a lot this may be tougher until you get your organization under control.
So, what kind of free or low-cost business can you start? Try these on for size.
1. Freelance writing. If you have strong writing skills, you can offer your services to businesses and individuals. This can include ghostwriting for books and articles and copy and content for blogs, and websites. You can find clients through online job boards, social media, or word-of-mouth.
2. Virtual assistant. If you have strong organizational and administrative skills, you can offer your services as a virtual assistant to businesses and individuals. You can find clients through online job boards, social media, or word-of-mouth.
3. Social media marketing. If you're good at using social media, you can start marketing businesses' products or services on social media platforms like Facebook, Linkedin, and Instagram.
4. E-commerce. You can start an e-commerce business selling products or services online.
5. Event planning. If you're good at planning and organizing events, you can start an event planning business. You can help businesses and individuals plan weddings, parties, and other special events.
6. Transcription. If you have good typing skills and the ability to listen carefully, you can offer your services as a transcriptionist. You can find clients through online job boards, social media, or word-of-mouth.
7. Consulting/ Coaching. If you have expertise in a particular area, you can start consulting businesses for individuals on that topic. (Hey, that's me!)
8. Writing business plans. Even if you're starting a small business, it's important to have a business plan. You can help other business startups map out their goals, strategies, and how they plan to achieve them. There are plenty of templates and resources available online to help you.
9. Blogging. If you have a passion for writing and sharing your thoughts with others, you can start a blog. Once your blog has built up a following, you can monetize it through advertising, affiliate marketing, or selling your products or services.
10. Web design. If you have experience with web design, you can offer your services to businesses and individuals who need help creating or updating their websites. You can find clients through online job boards, social media, or word-of-mouth.
11. Graphic design. If you have experience with graphic design, you can offer your services to businesses and individuals who need help creating logos, flyers, brochures, and other marketing materials. You can find clients through online job boards like Fiver and Upwork, social media, word-of-mouth, or through online sales accounts like Etsy.
12. Photography/ Videography. If you have a good eye for photography, you can offer your services to businesses and individuals who need help taking photos for their websites, marketing materials, or social media accounts. You can find clients through online job boards, social media, or word-of-mouth.
13. Proofreading. If you have an eye for detail and the ability to spot errors, you can offer your services as a proofreader. You can find clients through online job boards, social media, or word-of-mouth.
14. Research writing. If you have strong writing skills and the ability to research topics, you can offer your services as a content writer. You can find clients through online job boards, social media, or word-of-mouth.
15. E-commerce. If you have a product or service to sell, you can start an e-commerce business. You can sell your products or services through your website or an online marketplace like Amazon or eBay.
16. Drop shipping. If you don't have a product or service to sell, you can start a drop shipping business. With drop shipping, you don't have to carry any inventory. You simply connect with a supplier who will ship the products directly to your customers when they place an order from your website.
17. Affiliate marketing. If you have a website or blog with a good amount of traffic, you can start an affiliate marketing business. With affiliate marketing, you promote other people's products or services on your website or blog. When someone clicks on your affiliate link and makes a purchase, you earn a commission.
This is a lot but there’s even more. Being an entrepreneur is a lot of work, but it's also incredibly rewarding. If you're willing to put in the time and effort, you can achieve your dreams of being the boss affordably and profitably.
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Building your own business is only one of many paths to financial freedom but if that’s a path that intrigues you, reach out to me, and let's see what being your boss would look like for you.
Message me HERE Let's Chat!
I’m a certified Small Business Consultant, Life Coach, and Entrepreneur and I want to help you create a business and life where fun, security and financial freedom are the norms, not the exceptions.
Dave
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