4 smallbusiness ideas en route to entrepreneurship
Maybe you’re looking to supplement your fulltime income with a side business. Or perhaps you’re finished with the 9to5 and ready to be your own boss. In either case, coming up with a killer smallbusiness idea is the first step on the path to entrepreneurship.
Focus on your strengths, skills and experience.
You can perform at a higher level earlier on if there’s less of a learning curve.
And starting a business that you have passion for gives you a better shot at success and lowers the chances of burnout. A detailed business plan will help, too.
If you’re handy
1. General handyman business
Some people are just good at fixing stuff.
A handyman business helps people with nearly any type of task around the house, from large projects such as kitchen or bathroom remodels to smaller jobs.
h Investment: Depending on where you live and the services offered, you may need to obtain a business license or be registered with your state. The startup costs could run high if you need to purchase tools and a work truck. While word of mouth and referrals are a great way to grow this type of business, advertising may be necessary in the early stages.
h Potential challenges: You risk getting injured on the job, so you’ll likely need to get insurance. Low demand for your services due to heavy competition or seasonal dips can also pose challenges.
2. Appliance repair
If you have specific experience working on appliances such as washers, dryers and dishwashers, this could be a better business idea for you.
h Investment: Similar to a general handyman business, you’ll likely need to purchase a work truck or van and tools to fix appliances, and you may need to get a business license to operate.
h Potential challenges: Insurance is a must with this business, given the risks of injury to yourself or employees, or the possibility of damaging appliances. You might also face competition from established appliance repair businesses.
If you’re techsavvy
3. Smartphone repair
Experience fixing broken smartphones is required, and you’ll need a good marketing strategy to reach customers.
h Investment: If you don’t require training, you’ll likely only need to purchase some parts and tools to get started, and you can operate the business from your home.
h Potential challenges: You will likely run into serious competition from repair shops and phone provider service programs, such as Applecare.
You can lower these risks by offering your services at a lower cost.
4. Web development
Small businesses and entrepreneurs need to establish an online presence to reach customers, but many don’t have the time or patience to create a website.
You can work with clients from all over the country, and you can start from home parttime and meet with customers virtually.
h Investment: Startup costs are low. You just need a computer and internet access to get started, and you’ll want to create your own website to market your services.
h Potential challenges: This business has plenty of competition, a challenge when you’re starting out. You also need to build a strong portfolio of projects to draw in new customers.