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Practical New Business Ideas (and Tips for Starting One)

 In Business, Business Advice

Guest Post by Gwen Payne

Many people desire to start a business but either delay their dream or never get around to it. More times than not it’s because they think it will require too much money and present too many obstacles to overcome.

Launching and growing a business is not easy. But there are many types of businesses that you can start for less than $1,000 (or $500). And as long as you dedicate the time to prepare, you can become a successful business owner whether or not you have previous experience. Solomon Bruce wants to help you set the stage for success!

Brainstorm Business Ideas

First, you will want to explore the many business ideas out there that can prove viable. Consider your interests and expertise, then choose an idea that you believe you could thrive in. Here are some examples to get you started:

  • Freelancer writer
  • Freelance web designer or developer
  • Social media manager
  • Online seller
  • Dropshipper
  • Virtual assistant
  • Virtual consultant or educator
  • Pet sitter
  • Landscaper
  • Repair professional

Create Your Brand

No matter what type of business you start, you will need to present it as a brand to your audience. This means creating a logo, name, and other branding elements that will set you apart from competitors. The ultimate goal is to establish a brand that people associate with quality and consistency.

If you would rather not spend money on having a professional design your logo, consider doing it on your own. With Adobe Spark, you can create a logo that’s attractive, unique, and will help your company stand out in the industry. All you have to do is choose a style, icon, and text for your logo. The program offers a plethora of logos that you can adjust until you have the perfect product.

Make a Business Plan

Once you have your business idea and brand established, write a business plan that details any relevant information that can help you attract investors and make decisions going forward. Your plan should include your mission statement, core values, target audience, marketing strategies, financial needs, milestones, and so on.

Get Legal

There will be several legal tasks that need to be handled before your business is official. Set aside time to choose a business structure, register your business name, and obtain an EIN. You may also need to acquire licenses and permits to conduct business in your state, county, or municipality. And if you want the flexibility to branch out to other services or products, getting a DBA can help.

Shop for Funding

Unless you are going to bootstrap your business, you will probably need funding to pay for startup costs and other expenses. Consider starting a crowdfunding campaign or asking people you know to help you get started. Other options include applying for small business loans or grants and pursuing investment opportunities from angel investors or venture capitalists.

Work With a Consultant

Finally, one of the best investments you can make as an entrepreneur is to hire a business consultant. Along with helping you solve problems that you are currently facing, a consultant can help you plan for the future and ensure that your company is headed in the right direction. Don’t hesitate to contact Solomon Bruce if you are ready to go to the next level!

Just because you’ve never been a business owner doesn’t mean that you can’t become one. Research the plethora of ideas out there that have the potential to bring in a sustainable profit. And follow the tips above to lay a firm foundation for a company that succeeds long-term. Then, you will be ready to develop your product or service, build a website, and promote your brand to the masses!

Would you like to read more helpful content or learn about our business consultancy services? Visit SolomonBruce.com today!

Image via Pexels

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