Tuesday, March 5, 2019

best small business to start

best small business to start

Be Your Own Boss: How to Start Your Own Business - Thrive Global

Posted: 04 Mar 2019 07:29 AM PST

Corporate America is definitely not for everyone. Poor job security, long hours, unsatisfactory pay and working for someone else isn't how a lot of people want to spend their lives. However, most people don't see any other option.

Starting a business sounds like a great idea, but it can be a daunting task for people who don't even know where to start. If you're new to entrepreneurship, then coming up with a business idea, developing a strategy and securing financing can sound intimidating.

If you're not interested in sticking with the regular 9-to-5 grind, here's what you need to know about starting your business.

Choose and Research an Idea

Of course, the first thing you need to do is pick an idea. This doesn't just mean choosing the type of product or service you want to offer; it also means deciding what type of business best suits your idea.  

Should you open a brick-and-mortar store or operate as an online-only business? Are you marketing to consumers or other businesses?

Be sure to carefully and thoroughly research your idea. Determine your primary audience, the costs associated with running this type of business and your competition.

Don't rush this process. Starting a business isn't a race. Take your time and be sure you are confident in your business idea before taking the next steps.

Develop a Business Plan

Once you are confident in the type of business you want to run, write a detailed business plan.

A business plan will be crucial when securing financing and recruiting experienced employees to join your new business venture.Your business plan should detail all of your goals over the next five or so years and how you plan to achieve those goals.

Additionally, your business plan should include:

  • Company description: Include information such as your ownership structure, registered business name and a quick description of what your business does.
  • Products and/or services: Describe the types of products and/or services that you offer, your pricing model and your target audience.
  • Marketing plan: Describe how you plan to market your business and increase brand exposure. Consider social media marketing and online advertising.
  • Financial projections: Potential financiers will be particularly interested in this section. It should outline your expected expenses, revenue and profits over the next several years. The idea is to demonstrate that your business will generate enough profit to pay off your loans.

Writing a clear and concise business plan can help you realistically assess your goals and expectations in addition to helping your business secure financing.

Register Your Business

Registering your business is the first step that turns your idea into reality. You should understand the different types of business structures and which one is right for you.

This process is very important, so you should seriously consider consulting with an attorney to ensure everything is done correctly. You may have to obtain permits and business licenses and abide by certain regulations, depending on your location. You'll also need to choose a business name if you haven't already.

Types of businesses include:

Research the pros and cons of each type of business structure and understand the tax implications of each one.

Secure Financing

Unless you're starting a sole proprietorship that doesn't require a lot of capital for materials, you likely will need to pursue financing. Aside from small-business loans, there are many options to choose from, including:

  • Venture capitalists
  • Angel investors
  • Business credit cards
  • Investments from friends and families

Of course, small-business loans are typically more favorable than these options. Depending on your needs, you can choose from equipment loans, SBA loans, term loans and many other flexible means of financing an emerging business. Be sure to review the different types of small-business loans to determine which option is the best for you.

Once you decide on a source for financing, you should be able to demonstrate how you will use the funds, how these expenses will benefit your business and how you plan to pay back your loan. Loaning money to startups can be incredibly risky, so you need to build confidence with potential investors to increase your chances of being funded.

Starting a small business can be an intimidating and difficult endeavor, but the advantages of being your own boss make it well worth it. These steps can help put you on the right track to starting a successful small business.

4 small and profitable business ideas in India: to start with minimal investment - YourStory.com

Posted: 04 Mar 2019 06:28 AM PST

The chase for arranging funds has been the most despicable aspect of any business entrepreneur's existence from times of yore. Many aspirants abandon their dream to assemble, make, and improve and easily succumb to the poor situation without understanding that a good business thought will eventually pool in the abundance once it has secured a strong place in the global market.

Your business idea will present to you your organization, your organization will bring the general people to you, and the general people will present to you a prominent name in the market as renowned business consultants among so many faces. Furthermore, as we all know, a smart thought has no fiscal esteem, only a ton of blasting potential. Today, the world's best business person like Bill Gates, Mark Zuckerberg, and Elon Musk may hold the possibility of building pyramids out of notes; however, none of them began at the highest point of the ladder obviously. Facebook was made out of a Harvard dormitory at the least little expense and Microsoft was formed two years after Gates decided to discontinue school.

The reason to stress on these striking innovative stories is just because that they give a vital lesson to every one of those like to embark on a similar journey– that a single innovative idea is the most essential step to make an innovative business. Sometimes it happens, if you really plan it out on a brilliant strategy, this idea can emerge in some renowned company, built within minimal investment while getting you the most elevated returns.

Here some of those ideas are penned down:

1. Travel agency :

The travel industry in India has seen a blast in the previous decade. Keeping to individuals' changing habits and their longing for a definitive 'wanderlust', the time is ready for hopeful business entrepreneurs to put their hard earning where the map goes. The most cost-effective measure to open up a locally established travel agency is by tying up with a host organization. Thus, you will get the advantages of pace (helping you get your ARC, CLIA, or IATA number quicker), comfort (they play out all the 'back-end jobs'), and help you to earn higher commissions and minimize your expenses. While the rates contrast as per the host offices, your principle costs that will fall in less than Rs 10,000.

2. Breakfast joint :

You must have noticed how those little breakfast and tea stores over your city are almost loaded up with customers. This is just because that food as a ware will always do well in the recent cut-throat market. To open up your own breakfast joint, you have to invest money in leasing space for it, after getting a legal license for it from the individual authorities. If the rent amount is less than Rs 5000 per month, you can commit whatever remains of your financial plan on purchasing basic needs and other raw materials like second-hand tables and seats.

3. Online confectionary :

While names like 'Ovenfresh' have taken long periods of diligent work, enlistment, and fund to achieve where they are today, it just demonstrates that the market is ready for online food service particularly in the domain of baked items.

·  Blogging

This is possibly one of the most creative fields to tap into in recent digitalized age. Proficient blogging requires just a minimum start-up expense. You just need to put resources on purchasing a domain name and hosting space – at the initial stage – which in its 'boundless' limit costs less than Rs 4000. To promote your web journals and blogs through the correct channels, the cost-free and unlimited expanse of the Web World is all you need.

Each of these business ideas certainly has its fair share of risk factors! It will be advisory to consultant some business consultants to be aware of the potential challenges in your niche. It completely depends on you and how you will take the less traveled path and make the difference.

Debunking 3 Myths About Starting a Small Business - Business 2 Community

Posted: 01 Mar 2019 01:04 PM PST

I started my translation agency BudgetVertalingOnline over seven years ago. It was very exciting, but naturally, I had many questions. Starting a small business may seem daunting. Luckily, you will find that it is not all that bad. In this blog post, you will see the results of a recent small business survey. Also, it debunks three myths about starting one.

'Debunking 3 Myths About Starting a Small Business' I started my translation agency over seven years ago. It was very exciting, but naturally, I had many questions. Starting a small business may seem daunting. Luckily, you will find that it is not all that bad. In this blog post, you will see the results of a recent small business survey. Also, it debunks three myths about starting one: http://bit.ly/SmallBizMyths

Little cash

Aspiring entrepreneurs who are considering starting a small business may find encouragement in recent survey results from Kabbage. This survey is from the U.S., but I feel these results could apply to other countries as well. Kabbage polled 600 thriving small business owners and found that the majority of successful entrepreneurs got started with little cash and short run rates. Its survey also demystifies the cash flow obstacles many aspiring entrepreneurs may perceive as reasons for not starting a small business.

Below are three myths debunked by Aditya Narula that aspiring entrepreneurs should know about when starting and building their company.

1. Myth about starting a small business: You need a lot of money

One of the biggest perceived barriers to starting a company is the amount of capital required. In reality, many successful entrepreneurs get started with surprisingly small amounts of money. According to new data, fifty-eight percent of small businesses started with less than $25,000, and one-third of successful businesses started with less than $5,000. I can say I started with much less.

While the amount of capital required to get started may be lower than expected, managing cash flow is critical to growing a company. Instead of old bank statements and dated tax returns, many small business owners have begun using online lending platforms. They look at a business' live performance data to approve funding. These innovations help small business owners who may not have long credit histories. They allow for faster and more flexible access to working capital.

2. Myth about starting a small business: Start one in the industry you know best

Forty-one percent of survey respondents started a business in an industry that was new to them. Despite this, eighty-two percent of respondents did not doubt they had the qualifications and experience to run a company successfully.

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While confidence is key, try to avoid mistakes. Aspiring entrepreneurs should find a mentor or advisor in their industry who can help them, keep an eye on long-term goals, anticipate upcoming expenses, and give objective advice about cash flow issues. For those searching for a mentor, try connecting with industry contacts on LinkedIn or join a trade association.

3. Myth about starting a small business: Being a business owner means doing it all

Another common misconception is that business owners should know how to do and manage every aspect of operating a business.

According to the survey, the areas of business in which entrepreneurs had the least amount of experience when they started their company was financing/bookkeeping, legal/compliance, and marketing/advertising. To free up time that could be focused on bringing in new customers, hire consultants or freelancers to manage tasks that you are unfamiliar with or that are time-consuming.

Hire a professional

For instance, I let somebody else do my finances, and I have someone who builds and maintains my website.

Also, I am often hired to help out with the marketing part as I am a translator. If you wish to go abroad with your product or service, you have two choices when it comes to addressing the foreign market. You can type up something yourself, or you can have a professional translator do it. That is where I come in.

Use technology

Small businesses can also benefit from using technology to automate different aspects of business operations. Technology platforms can help manage tasks like resource scheduling, inventory management, digital marketing, and customer service. Having the right tools in place can improve operational processes, reduce paperwork, increase efficiency, and even improve worker productivity. For instance, in What is the Best SEO Tool for Freelancers and Small Business Owners?, you can find several tools that help you improve your corporate website's SEO.

It is not about starting a small business. It is about growing it.

To be honest, starting a small business is easy. Growing it and making it successful is the hardest part. The first thing you need is a strong corporate brand. In How to Reach Strong Corporate Branding, you will find the difference between corporate branding and product branding. Also, one of the things that could really set you apart nowadays is using video content. As you can read in How to Grow Your Business with Video, video is a powerful and cost-effective medium that you should add to your marketing mix ASAP.

Entrepreneurial activity is up nationally but not in Philly. The good news: There are many resources to start - Philly.com

Posted: 04 Mar 2019 09:17 AM PST

One way to look at the data is that the high percentage of government, health-care, universities and financial organizations either headquartered or very active in this region are accounting for the lower number of start-up entrepreneurs – as compared with the entire population. In other words, there are more job opportunities from larger organizations per capita in the region, which may explain why entrepreneurs in this area were more apt to start a business by "choice" instead of "necessity," as compared with other areas in the country, according to the Kauffman report.

New untapped business ideas in Kenya 2019 - Tuko.co.ke

Posted: 21 Jun 2018 11:22 PM PDT

Have you been looking for a creative and innoovative business idea? It can't be easy to identify a business idea that is not already crowded. Luckily, we have some great ideas that will surely be of interest to you. Here are some innovative new business ideas in Kenya you can launch with either a very small or huge capital. A proper and right business idea will get you where you want to go. We believe that our innovative business idea article will help to enhance your knowledge about the best business ideas ever.

New untapped business ideas in Kenya 2019

Image: Unsplash.com
Source: UGC

Before starting a new business in Kenya, you need to do a detailed analysis of some legal requirements and the market feasibility. The entreprenurship sector of Kenya is an emerging market. It contributes about 75% of the GDP. Here are some latest business ideas in Kenya.

READ ALSO: 10 booming businesses in Kenya you can start right now

Small business ideas in Kenya

Small business ideas need low capital. Before investing a huge amount in a new business, it is better to invest a small amount of capital. The goal should be to grow it into something big. Low capital business ideas in Kenya are trending now. Here are the types of Business ideas in Kenya with small capital.

1. Small bakery

New untapped business ideas in Kenya 2019

Image: pixabay.com
Source: UGC

An example of a great business idea is opening a bakery. To get your business up and running, you would require good marketing skills. Use your small savings to start it at a small scale and reinvest to make it large. You will require raw materials (such as eggs, flour, sugar), baking equipment (pans, ovens, mixing equipment, cake decorating equipments and measuring equipment), raw materials (flour, eggs, sugar), consistent recipes, business permits and licenses.

For business registration and permits, consult a good lawyer. One basic requirement is passion for baking and great marketing skills goes without saying. This idea is not very new but with creative and new baking styles, you can definitely secure a great portion of the target market.

2. Fruit vending machine

New Business Ideas in Kenya 2018

Source: wikimedia.org
Source: UGC

Nowadays, everyone is going towards the healthy way of living. Across the globe, fruits are a healthy option. If you invest in a small fruit shop, you will never go wrong. This requires a knife, labor and blender and fruits. Persistence is the key here.

Find a good location and buy fruits from the cheapest outlets. Get a vending machine, where buyers can purchase their favorite fruits by inserting coins and select the options available without any hassle. This is one of the good business ideas in Kenya to start-off with.

3. Mushroom farming

New Business Ideas in Kenya 2018

Source: unsplash.com
Source: UGC

For high returns turn to this. It is one of the best business ideas in Kenya. It is the easiest and cheapest to start. For those who know how to market their merchandise, the market is easily available. You will require mushroom farming knowledge, substrate, room and spawn. For beginners, shiitake and oyster mushroom breeds are recommended. Competition is very low in this business.

4. Making beaded handbags and sandals

Unique business ides in Kenya

Source: wikmedia.org
Source: UGC

One kilogram beads costs Ksh 370 in Nairobi. For a handbag and sandals, a one kilogram of beads is enough. Selling cost of those sandals and handbag will range from Ksh 3500 to Ksh 4000. Training cost and costs of other equipment such as needles and string can be about Ksh 3000 and Ksh 600 respectively. This is one of the unique business ideas in Kenya which you can definitely opt for.

READ ALSO: Top 10 Highest Paying Jobs in Kenya

5. Professional cleaning service business in Kenya

Profitable business ideas in kenya

Source: unsplash.com
Source: UGC

Professional cleaning service is booming in Kenya. It is one of the profitable business ideas in Kenya. The minimum budget of this type of business is Ksh 150,000. Cleaning and organizing offices and homes will be the main objective of the business.

Cleaning agents and various types of innovative cleaning techniques re required in this type of business. In Nairobi, Kahawa Estates, Ruai in Kang'undo road and areas around Jomo Kenyatta international airport are good target areas for this cleaning service business.

7. Brick making business

New Business Ideas in Kenya 2018

Source: unsplash.com
Source: UGC

The real estate market in Kenya is booming. Because of this people of Kenya are looking for cheaper homes. Brick making business is one of the profitable business ideas in Kenya. Brick is the cheaper option rather than stone.

Spades, labor, sub oil and brick making machine are the necessary equipment for this business. The total amount of cost and the estimated budget of this business is approximately Ksh 100,000.

8. Event planning and party planning

Profitable business ideas in kenya

Source: unsplash.com
Source: UGC

Religious events, birthday parties, weddings and other events are taking place in Kenya every day, week, year or month. Holding parties and as well as the planning for the parties is very stressful. The fee of the event planning business depends on the size of the party. The business event management will require very low capital.

The initial expenses of this business can be divided into separate groups, such as initial marketing cost, registration expenses of the business, other equipments, a computer or laptop and a printer. Capital expenditure can be about Ksh 60,000. Cost of a computer should be around Ksh 30,000. Printer cost can be around Ksh 5000. Registration expenses of the business can be around Ksh 10,000. Marketing costs in the initial stage should fall within Ksh 10,000 and office supplies of the business may be around Ksh 4,000.

9. Wall paper selling

Viable business ideas in Kenya

Source: ckarchitecture.com

Selling wall paper is one of the viable business ideas in Kenya. Most of the people in Kenya live in houses with dull paint. Painting is basically done by their landlords. Many people will be happy if they get better interior looking. As a business man, you will be dealing with handy wall papers.

You can get this kind of wallpapers from the local wholesalers or get them by importing from other countries. Cost of ten meters wall paper roll can be around Ksh 1600. Including other expenses, the total expense of the business might be approximately Ksh 1800 to 2000. After getting the material you can sell that wallpaper roll for 3600Ksh including installation charge for Ksh 1500. It can generate double profit and more revenue.

READ ALSO: Creative business ideas for teens in Kenya

10. SEO or link building business

Good business ideas in Kenya

Source: allevents.in

In Kenya, internet related businesses are booming. Every day hundreds of websites are established. You can develop an online community, web page designing and SEO or link building services. Initial investment of this business will be less than Ksh 35,000 approximately. This business is one of the top business ideas in Kenya.

11. Recycled product business

Best business ideas in Kenya

Source: YouTube, @VOA News

People in Kenya believe in art and they do not want to waste product. Keeping thisin mind, businessman may introduce a new innovative business idea. Start up cost and the initial cost for this business is low. To create roofing tiles from waste plastics is the innovative idea. Small pieces of waste cans, old plastic buckets will help to make the roofing tiles. Initial investment for this business would be around Ksh 50,000 to Ksh 60,000.

12. Farming Chia seeds

Small business ideas in Kenya

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Kenyan market is a fast growing market. Nakuru, Western Kenya and Uasin Gishu are among the best places for growing the crop called chia. These areas are warm with well drained soil capacity. The cost of one kilo chia seeds is around Ksh 2000, farming cost of Chia seeds can be Ksh 6000. Initial total investment of chia seeds is approximately Ksh 10,000. After 3 months of processing 2 kilograms of chia seeds will give harvest of around 75 kilograms. The process can easily raise an estimated revenue of Ksh 150,000.

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Source: Tuko.co.ke

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