By Tanya Lee
Many people like the idea of starting a business so they can set their own hours and work for themselves, but they are stumped when it comes time for deciding the type of company they want to start and what they hope to sell. It can be frustrating, but we are here to help. As a pillar of the community, we at Sun Times News want to see everyone succeed, so we have some tips for how you can assess your life and skills in order to come up with your perfect business idea.
Talk to Other Professionals
If you want to start a business but do not know where to start, then consider talking to other professionals and picking their brains. Ask how they got started and run your idea past them, and they may give you ideas on how to proceed. One way to find people to speak to and build your network is to go on social media sites like LinkedIn and join groups that align with your interests.
In addition to giving you great ideas, these experts may also be helpful to you as your business grows to new heights. For instance, if you talk to a photographer then they could take product photos or you could meet a graphic designer who can help you to set up your website. If you have some ideas for images and you have them all in a PDF, then you can use a PDF editing tool to add text and notes to your file so it will give the designer an idea of what you want. Put it all in one PDF to avoid the need to send a ton of emails.
Think About What You Like to Do
If you are still unsure of the type of business that you would like to start, then think about the things you enjoy doing and decide if a business can be made out of that idea. So, if you love playing the guitar, maybe you can start selling your services as an online tutor. Or, if you have a knack for the written word, then you could become a freelance writer or get into the marketing business.
Also, think about your skills. Are you good at convincing people to try products? If so, then maybe you can start a business as a sales professional. Maybe you have an analytical eye and a passion for design. If that is the case, then maybe you can work as a web designer. Once you have an idea, research the market and see if there is a demand for your services in your area.
How Much Time Do You Have?
Once you have an idea, you will also need to consider what type of time commitment it will require and if you have the freedom to accomplish your task. So, if you wanted to start a shoe company, then you would need to think about how much effort you would have to put into coming up with a design, if you have the time and resources to make a prototype or to start manufacturing the shoes, and how much time you would need to spend trying to sell them. If you currently have a full-time job then it may be wise to start with a less time-consuming endeavor, like the freelance writing business.
Consider Setting Up Your Business as an S-Corporation
Once you have decided on what type of business you want to start, you will need to decide how you will set it up. You have many choices, but if you live in the state, then experts recommend a Missouri S Corporation, which is great for beginners because it helps to establish your company, and instead of taxing at the corporate level, your taxes are reported on the income taxes of your shareholders. If you do decide to start an S-Corp, then you should know that there are many regulations that must be met. So, to avoid hefty lawyer fees, consider hiring a formation service to jump through the hoops for you.
As you can see, there are several strategies that you can try to come up with a business idea and get it off the ground. Talk to professionals, think about what you enjoy, and consider going with an S-Corp, and you will find the success you crave.