Starting your own business is a tempting idea if you want to make money and make a difference. Owning your own business will not only help you earn a great living but will also give you the freedom you need to do things your own way.
The biggest challenge to becoming an entrepreneur is not a lack of opportunities–because there are literally hundreds of ways you can make a living without asking someone for a job. Instead, the real challenge is an internal one. It’s your mindset. If you’ve been an employee for most of your working life, you’ll be a little surprised at how much planning a business owner has to do to keep things running smoothly.
The good news is that there are plenty of ways to start your own business. Here are five ideas to help you figure out what you might like to do:
1. Start a franchise
You might be attracted to the idea of franchising because you can be in your own business without having to create the entire business model from scratch. The secret to success is to join a franchise that has a strong brand and a solid track record. The public often thinks of fast food joints when they think of franchises because these are ubiquitous. However, while many well-known franchises are fast food restaurants, this is only one niche in a giant industry.
If you’re interested in some kind of retail business but don’t want to have to deal with numerous government regulations to protect public health and safety, you might want to think of something like owning a UPS store. All things considered, UPS franchise profitability can be high because the company has an excellent reputation for supporting its franchisees and showing them how to create a high-volume store.
2. Start a screen printing business
Although t-shirts are an old business model, you can tweak it for a new generation with live t-shirt screen printing. People love shirts and they love them even more when they’re made right in front of their eyes with customized designs.
If you have enough orders, your automatic press machines can print between 100 to 200 shirts per hour. Since the price of each shirt falls between the $5 to $10 range, you can see how your profits can quickly add up. Because you will be buying your shirts in bulk you’ll only pay about $2.00 a shirt and you can then sell each shirt for, say, $7.00. It’s possible to print 70 shirts in a half-hour and make $490.
How do you get large orders? Find corporate clients who want to build their brand. Often they place large orders when they send their representatives to trade shows. The cost to start the business would be about $200 a month, which would be like making a monthly car payment—however, unlike owning a car you’d be making money from your machine, not losing it.
3. Start an event planner business
If you’re the gregarious type who just loves getting to know people, then you might love throwing parties and organizing local events. Well, you could turn your passion into profit by becoming an event planner.
According to the U.S. Bureau of Labor Statistics, “The median annual wage for meeting, convention, and event planners was $46,840 in May 2015.”
They also have a highly favorable job outlook: “Employment of meeting, convention, and event planners is projected to grow 10 percent from 2014 to 2024, faster than the average for all occupations.” The reason for this optimistic prediction is that increasing globalization is pushing the demand for professionally planned meetings.
This business model will be ideal for you if you have a background in hospitality management because you have worked at a hotel or resort in a managerial position.
4. Start a home-based food business
If you love to bake or cook, there are a number of ways you can monetize your interest in creating delicious food. You could start your own home-based bakery. You could work as a personal chef for a movie star or business tycoon. Or you could start your own catering business.
One thing to keep in mind is that this line of work is heavily regulated by government agencies, so you should find out what regulations you have to comply with for your city and state.
5. Start a home day care business
In most states, you will not need a license to offer babysitting services from home if you keep a headcount below a specified level. This can be a highly rewarding opportunity for someone who is a natural caregiver and just loves kids.
Besides the emotional rewards of nurturing little ones with safe toys and healthy treats, you won’t find it difficult to get clients, as single mothers or families where both parents have professional careers will be eager to use your services. This type of work is ideal if you’re a mother who needs to stay home with her kids while still make a living.
In closing, the nice thing about being an entrepreneur is that you won’t be conforming to an established routine dictated by someone else and there is no cap on how much you can earn. However, since you’ll be making up your own schedule and be wearing many hats. In the beginning, you might be doing almost everything from making sales to managing your online presence, so you’ll need to be thoroughly organized and self-disciplined to stay on top of everything. Still, if you love the idea of exercising your personal freedom while making a handsome living, this will be a perfect outlet for your creative energies.