So you’re looking for the easiest business to start. While you’ll find lists and lists of ideas for starting a business, the answer is simple:
The easiest business to start is the one you’re most excited and passionate about.
One of the biggest reasons businesses fail is that they aren’t businesses of passion. Maybe the owner started the most lucrative business he could find…only to realize that he wasn’t excited about running it. You may know someone who has made millions with their restaurant, but if you’re not in love with the idea of constantly buying food inventory, hiring and firing staff, and dealing with customer complaints, you won’t follow in your friend’s financial footsteps.
The Importance of Passion
There’s a reason I write so much about passion: it’s the keystone to the success of your business. You’ve got to be able to love your business, for better or worse, through good times and bad. Sounds like a marriage, doesn’t it? In a way, it is. Your business will be around until you’re ready to close it down or sell it, so you want to enjoy the work you do in it.
That being said, do you know what your passions are? If you’re still in the research phase of figuring out what kind of business you want to start, make a list of the things that really get you excited.
- What industries do you have experience working in (you’re not limited to these)?
- What would you do even if you didn’t get paid for it?
- What are your hobbies?
Answering these questions can help you figure out what the easiest business to start will be for you. And your answer will be different than anyone else’s.
Types of Businesses to Start
There are a few types of businesses you’ll want to consider:
- Retail – If you want to sell products, a retail store or website (or both!) is the way to go. You’ll interact with customers daily, and get to select the high-quality products that will represent your brand. You’ll likely need to hire help, since you need to focus on backend operations while your staff handles sales.
- Personal Services – Hairstyling, dog grooming, and couriers are all examples of personal services. If you like helping people, this could be a good fit. You’ll be paid for your time offering these services. See what other companies are offering services like the ones you’re considering in your town, and see what need you can fill that’s being ignored.
- Business Services – Accountants, coaches, and consultants all offer business services to other companies. This is considered B2B — business to business — and provides you with the option to either work solo or build your team to service even more people.
Physical vs. Virtual
These days, technology makes it possible that many businesses don’t need a physical location. This gives you lots of great options when exploring business opportunities. Virtual gives whole new meaning to the easiest business to start and opens up a world of opportunities.
If you want to sell your writing services, there’s no need for you to meet with clients in a fancy (and expensive) office. If you sell products online, you can do so out of your home. On the other hand, if you want to have a local retail store, physical space is essential, as it is for certain services, like hair salons.
As you can see, you’ve got some decisions to make about what business you want to start. But these are fun decisions that you’ll enjoy! Once you pinpoint which business you will start, let CorpNet help you incorporate your new business or form an LLC.