Years ago, if you wanted to start a ma and pop business, you could just about hang up a shingle for just about anything. Unfortunately, those days are long gone and you’ve got to be a little savvier before jumping onboard and investing your hard earned money on a startup.
The number one mistake most up and coming entrepreneurs make is they get on board too late. Once a trend is already in motion, the market is going to soon be flooded.
A while back, for example, growing high end organic produce was hot, after all, you don’t really need much more experience than doing little home gardening and all you needed just a little land. It wasn’t long though, that the market was flooded, because every guy in Birkenstocks and holding shovel was calling himself a “farmer.”
You’ve got to be original and most importantly, you’ve got to first.
Here are some hot tips to give you an idea.
Contract work is when one party “contracts” another to perform a designated task. Most often it’s writing in some capacity, but it can also be consulting, bookkeeping or just about any other field.
Many companies have a need for a temporary specific assignment that they turn to the independent contractor to complete for them. This may range from writing a press release to data collection and analysis, to perhaps teaching an online course.
An independent contractor can fulfill that need.
This can be perfect for a person who may have the life experience and knowledge, but not the degree to back it up.
There are many different freelance contract work sites available for just about every field.
Real estate is almost always a winner for the up and coming entrepreneur and is tailor made for people like single mothers or for those who are looking for retirement work.
Although, real estate sales do fluctuate with the economy, the upside is it’s also a very low overhead business for the upstart. Many real estate agencies are operated right from a home office so you’re adding the additional bonus of tax-deductions for this space, as well.
Home sales are at an all-time high right now and there’s a desperate need in most places for real estate agents and brokers.
In most states, you must first work through an established broker to take classes to learn about the various state laws governing real estate requirements. After you obtain a realtors license and get some sales under your belt, you can apply for what is known as a “broker’s license.”
Once you obtain a broker’s license you are set to open your own office and area of specialty.
Tax preparation is something that takes minimal training and at a minimal cost.
It doesn’t matter what you do for work, everybody needs to file taxes and many require the special services of a professional tax preparer. More and more people are working for themselves and require a little more skill than just filling out a simple 1040EZ.
The tax laws are continually changing at a rate that is difficult for the small business owner to keep pace with.
With a little training and a small investment for the classes and the required software, you can prepare taxes.
Another great aspect is that tax preparation is a high “word of mouth” industry where once you’re established and proven to be a refund generator, the work will come to you.
Although, it does require some startup funds, the commercial equipment rental business is another good business for the upstart.
Equipment rentals that cater to the contractor can’t go wrong. While relying on the general public for a rental business is high risk prospect, commercial rentals are not. Every hardware store in the country will rent a home owner a power drill, but it’s the contractor who is the bread and butter customer.
Contractors have many, many temporary needs for a specific piece of equipment that they may use occasionally, but not enough to make purchasing it worthwhile. However, there’s a limited supply of rental operations for them to choice from.
Contractors are also are steady, reliable customers that can be counted on for repeat business.
Tech implementation consultation
If you’re one of those people friends turn to whenever they have a tech or computer issue, IT support might be for you. A qualified IT specialist will find no shortage of work in today’s industry.
Most of today’s new startups are tech driven and every business relies on some sort of technology. When this technology fails, they need fast support to keep operating smoothly.
Technology is also rapidly changing at a pace many businesses can’t keep up with, so they turn to the IT specialist or consultant to help them.
With minimal extra training and a small cost to become certified, IT can be a lucrative low overhead startup.