Starting a small business is a lifelong accomplishment for many people. While some people have struck out on their own and have started a business such as owning a restaurant or running a dry-cleaning business, other people wish they could but simply don’t know where to turn for help in getting started.
Some doubt they could ever become successful at owning a small business. Statistics such as the U.S. Small Business Administration's (SBA) assessment that 50 percent of small businesses fail within the first five years are intimidating for the person considering launching a small business.
So how does the small business owner get started, and what does it take to succeed?
Business Opportunities for Starting a Small Business
In the past, business opportunities were limited to brick-and-mortar deli shops, hardware stores, restaurants, dry cleaners, and the like. But given today’s broadband internet and web technology, business opportunities have become more numerous and accessible.
Generally speaking, business opportunities include starting a small business in such fields as interior design, accounting, restaurant, law, healthcare, hospitality/bed and breakfast, advertising, graphic design, and marketing. Small business loans may be necessary to start small businesses such as these.
Examples of business opportunities abound for starting a small business. If the person is experienced in a creative field such as interior design, technical writing, advertising, or graphic design, he or she can start a consultancy firm and contract out their services.
Other small business ideas include HVAC, construction, maid services, handymen, plumbers, electricians, landlords, automotive shops, farming, and movers.
If the person would rather not take the risk of starting a business from the ground up, owning a franchise is a great option. With a franchise, the business plan, marketing, name recognition, and daily operations are already established.
Some people find fulfillment in other business opportunities such as opening a specialty store or restaurant along the beach; opening up a bed and breakfast; or even moving to another country and setting up a small business with a unique line of products and/or services.
Starting a Small Business: What Business Owners Need to Know
The first question most people have when considering launching a small business is where to start. Considerations include the business plan; financing; health, business, and other types of insurance; legal issues; licensing and permits; location and leasing; accounting; and sales and marketing.
An excellent resource for the small business owner is the U.S. Small Business Administration (SBA). The SBA provides small business owners just starting out with more information on how to start their businesses, how to prepare a business plan, and even how to take free classes.
Another highly useful web resource in starting a business is MyOwnBusiness.org. MyOwnBusiness.org provides a comprehensive, totally free web-based course in starting and operating a business. My Own Business, Inc. is a non-profit organization dedicated to helping small businesses succeed.
Small business owners must be able to tolerate hard work, long hours, and significant risk, particularly during the first few years. But with the right approach and lots of help from resources such as the SBA and MyOwnBusiness.org, starting a small business can be both fulfilling and profitable at the same time.
See related articles, “How to Become Self-Employed,” "4 Websites that Offer Work At Home Virtual Jobs," and "How to Work At Home.”
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