Small Amount Business IDEAS
Are you full of small business ideas? Are you itching to be your own boss? Many people dream of leaving their jobs with the drive to start a business that comes from their innovative idea or from a need in a particular industry. With the right tools, information, and education, you may be able to take your small business idea and transform it into a way to make a living. No matter what you’re passionate about, you can most likely find a way to turn it into a career, at least part-time. But sometimes coming up with the idea isn’t the hardest part—the hard part can come from actually finding out what steps you need to take to pursue success!
Small Business Statistics
First, let’s take a look at the facts and statistics of small businesses. Some people run their small businesses out of the home, which is a great idea if it’s the kind of business that doesn’t require a physical location for clients to visit (a web developer, for example).
Research by the Family Liaison Office found that there are over 18.3 million home-based businesses in the U.S., which is equivalent to if everyone in the five largest cities—New York City, Los Angeles, Chicago, Houston, and Philadelphia—had a home-based business!
More than half of these businesses were classified in the “service” category. So if your small business idea deals with providing a service to clients, you might want to seriously consider working out of your own home, at least in the initial months. Some other interesting fact about the state of small businesses from the Small Business Administration:
- US small businesses employed 56.8 million people, or 48.0% of the private workforce, in 2013.
- Small businesses created 1.1 million net jobs in 2013.
- Firms with fewer than 100 employees have the largest share of small business employment.
- in 2013 there was a 38.1% increase in minority ownership of small business'.
Considerations for Your Small Business Ideas
There are many important factors to consider when starting your own business. Here are just a few questions you’ll need to explore as you begin the transition to self-employment:
- Are there local, state, or licensure laws that apply to my type of business startup and operation?
- Should I establish myself as a sole proprietorship, a limited liability company (LLC), or a corporation (Inc.)?
- How will I market to potential clients—build a website, direct mail marketing, local advertising, word of mouth, professional and personal networking, etc.?
- Will I need a small business loan or can I begin working on a small amount of savings?
- If I plan on having employees, will I need to offer them health insurance and/or benefits according to state and federal regulations?
- Do I need to rent, buy, or lease equipment and does that factor into the cost to my client?
Being your own boss isn’t just about having great business ideas or even possessing business savvy. Your education may factor in more than you might think.
You also can’t expect the same 40 hour, 9am-to-5pm work week that many people have. When it’s your business and you’re the boss, you’re always on the clock!