My experience with blogs is that to build a really large audience you will need to give it some marketing effort. For example you should learn the basics of SEO search engine optimization so that your blog posts will show up at the top of Google search results. Be creative. For example my daughter put together a Facebook post featuring a video of soldiers returning from overseas and surprising their children.
It was viewed over million times. The most basic option to monetize a blog is to sign up with an advertising network such as Facebook, Google or Outbrain and let them sell and manage your advertising for you. But to make much money with advertising you are going to need a big audience reading your blog.
Another option to consider is affiliate marketing. This involves placing links on your blog to other businesses that will pay you a commission for selling their products or services. Still another option is to sell your own products or services. You could sell just about anything with a blog including consulting or coaching services, ebooks, homemade products and more.
It is possible to succeed with a blog business but you are going to have to run it like a serious business not a hobby. Years ago I did meet Ariana Huffington and I can tell you that she was overflowing with energy and worked incredibly hard to build her blog business.
You probably have all the equipment and expertise you need to get started. Depending upon the type of food that you are making you may be able to sell it through local food stores, through restaurants or even to consumers online by using delivery services such as UPS. If you are not allowed to set up a commercial bakery in your home consider renting cheap space at a commercial location or even sharing space at an existing commercial kitchen.
You can start a successful home bakery without a lot of money. You want to analyze the market, your target customers and your competition really carefully to find opportunities. Then you need to develop foods that not only taste great but are also well packaged and distinctive.
I have a smart friend who had a great food product but it did not succeed at retail. In hindsight if she had launched her product more slowly and carefully, and priced and packaged it more competitively, I think it could have worked fine. So take your time and do both really well!
See my course How to Create a Business Plan which includes a fill-in-the-blanks template and sample plans to help you along. You can try all of my courses free on BusinessTown. Landscaping is a perfect business in many ways. You can start small and grow it at your own pace. You have repeat customers which means steady income. And there is a terrific opportunity for making more money by selling add-on services.
You could start out part time offering just a simple lawn mowing service. All you need is a lawn mower which you can buy second hand. I have a friend whose landscaper transports his lawn mower in the trunk of his sedan. If you are feeling ambitious you can add to the services you offer.
Basic add-on services include edging, weeding, fertilizer application, and leaf collection. You could also offer bush, flower and tree planting services. In the winter you could offer snowplowing. You can make some serious money with a landscaping business. Furthermore that was just for basic services such as grass cutting, yard cleanup and snow removal.
For other work such as fertilizer application and lawn irrigation I hired still other service providers. To learn more take a look at my courses. You can try this course and all of the other courses on BusinessTown for free. The subscription box business is booming and there are plenty of big success stories with millions of customers including Ipsy, Dollar Shave and Birchbox.
You too can have your own subscription box business! This business has been around for a long time even before the Internet took off. I remember years ago for example that a friend subscribed to a monthly service sending her assorted chocolate candies. But digital marketing is what really helped these businesses reach the big time. It can be a great business. You can choose a product space that you enjoy working in. Then you can add your own personal touch with the products that you choose to include, the design of your box, and your marketing.
Plus you can skip the hassle of creating the actual products yourself — you can include items made by other companies inside your box. A subscription box business is by nature a repeat customer, steady income business. Each month you ship out the product and the customer sends you money. Not only does it have great income potential but if you should get tired of the business you can sell it for even more money. In fact you may be able to sell a growing subscription box business for a healthy multiple, not just of profits, but of sales.
What can you offer in your subscription box? Just about anything! Some common choices include soaps, puzzles, makeup, socks, games, perfume, wines, cookies, candles, clothing and more. One of my friends offers a selection of coffees from around the world.
A cool option with this business is to work with a variety of product companies to get them to provide small amounts of their product as samples. They might even provide you these samples at no cost or very low cost. In addition you can make extra money by offering your customers larger amounts of these sample products.
So how do you succeed in this business? You need to totally nail down your marketing including defining your market niche, your product selection, your offer, your marketing message and your marketing channels. To learn more about how to start a business see my course, Start-a-Business This is another business that I started on a summer vacation from college.
I named it College Painters. It is a very easy-to-start business that can be immediately profitable. When I lined up my first painting job I asked the customer to advance me enough money to pay for the paint and other supplies. By getting this advance payment I was effectively able to start this business with no money.
I found some old ladders and carried them to jobs on the roof of my car. One side of my car was all smashed in after being hit by a large Coca Cola delivery truck. So I had to be careful to park the car so that prospective customers did not see the damage.
I had no experience painting houses. The closest experience I had was painting my model trains and a couple of old rowboats. I quickly discovered the key to a good painting job was good prep — carefully sanding off any old, loose paint. You can sell it online and you can contract out the production work. You can sell through your own website or established platforms such as Amazon and eBay.
With a clothing brand you can begin very small and grow it over time. Take Phil Knight for example. He continued to work his day time accounting job while he started Nike on the side. Ralph Lauren started his namesake business by personally selling his first few neckties to department stores in Manhattan. My friend Rudy Glocker switched from a career in finance to begin his own clothing brand, Burgeon Outdoor.
Just as you would with any business, carefully plan out your clothing brand before launching it. I suggest you start with a very few, truly outstanding items. And find a dependable manufacturer that will consistently deliver good quality. Selling online is competitive. Build up a regular following through social media and email. Publicity can also help promote this business. To learn how to get going with your own clothing brand — or any other business — start streaming the courses on BusinessTown.
This business is a terrific way to earn money in a product business without taking on all the work of creating the products yourself. Historically in this business you would need to travel all over the world to source your products. But today you can also do that on the Internet. You can also sell your products online through your own website, through your own store on a website like Amazon, or by putting up listings on websites like eBay and Etsy.
Another possibility is reaching out to storefront retailers to carry your products. You could try sourcing your products on large online marketplaces like Alibaba. Or why not have a little fun and travel overseas to find some cool products? I have a friend Suzanne Watzman who loves to travel and has a passion for traditional textiles and related goods. She sells her products on her website Tamaryn Design, as well as through a few select retailers, and at art and craft fairs.
A classmate of mine from business school began an import business after college. He purchased goods from local artisans in South America. His business grew to the point where he was filling up the entire cargo holds on several international airline routes. To get going in this business get a feel for the products you could import or export, then come up with a cohesive plan. To learn more about starting this business, creating a business plan, and marketing online, start streaming the courses on BusinessTown.
Can you really make good money writing resumes or profiles? Richard Lambert was teaching English full time when he started writing resumes on the side. He landed his first clients on Fiverr offering a resume and cover package for one low rate. As his business picked up he increased his prices and also added other services including writing LinkedIn profiles.
Within 2 years he went full time. The demand for resume writing and LinkedIn profile writing is huge! Many otherwise talented professionals are not great at writing their own resume or profile. I know because my book publishing company became one of the leading publishers of resume books. The key is that most resumes and profiles sound like attendance records.
In other words they primarily emphasize the positions that were held and the job responsibilities. Instead a good resume or profile should highlight what the individual accomplished, what they changed and how they distinguished themselves. They also need to include plenty of search engine friendly keywords. I arranged to rent bicycles through a motel, a gas station and a sporting goods shop in a tourist area on Cape Cod. And all I could afford was used bicycles whereas the competition had brand new ones.
Then I changed my business model to be different from the existing competitors. I did this by offering free delivery of bicycles directly to customers at their campsites, and motels. My business immediately took off and became a big success. To do this you need to evaluate your market, your target customers and your competition and seek out opportunities.
Then you design your business around a true competitive advantage. Another good solid related business is bicycle repair. The demand is huge and steady. You could start just by doing simple repairs yourself — you can teach yourself how to do them. You can send out the more complex repairs to other repair shops and take a percentage of the repair cost for yourself. By the way, I did try to sell brand new bicycles out of my house and it proved very difficult.
Instead, as still another alternative, you may want to consider buying and selling used bicycles. In my bike rental business I found that I could often sell my used bicycles for more than I paid for them. But with a little time you can quickly master the business aspects of the jewelry business. A great place to start selling your jewelry is online with websites like Etsy and eBay. You can also sell your jewelry at flea markets and craft fairs.
You can also set up your own website and do your own online marketing including building an email list, social media following and more. The big advantage of doing this is that you can develop a loyal audience, add more customers by word of mouth, and build repeat customer business. Holly Christensen left her real estate job and started her jewelry business making items on her kitchen table and selling them through art and craft shows. Her idea was to make jewelry using sand from beaches. People thought it was a crazy concept.
But she has been highly successful and now has loyal customers, over 20 employees and sells jewelry in stores throughout the world. Holly explains how she started her jewelry business in the course How to Succeed as a Woman Entrepreneur.
This course is one of the many included with BusinessTown , which you can try for free. So if your educational skills are a little rusty, you may want to stick to tutoring first and second graders. If your skills are more advanced you can tutor at higher levels. You can help out students by tutoring in your own home , at their home, at a local library or at a coffee shop.
You can also tutor online via a video service such as Zoom. As you are getting started you may want to test marketing different tutoring specialties to see what gets the best response. Home tutoring is another example of a very simple business that you can start. But like any simple business you are going to be much more successful if you start and plan it carefully. You should write up a business plan including what you will specialize in, who is your target market, what will be your marketing message and how you will reach your audience.
You may want to take a look at the courses Start-a-Business , Developing Your Marketing Message, and How to Create a Business Plan which includes a sample one page business plan for a tutoring business.
You can try all these courses for free on BusinessTown. Dropshipping is a very simple business. In this business model you feature a product usually on your own website or an online marketplace. You accept an order and payment for the product.
Then you forward the order to a third party who fills the order and ships it to the customer. The third party that fills the order may be the product manufacturer, a wholesaler, or another retailer. And you can start part time. After a couple years he focused on his business full time, testing a variety of products. So it certainly is possible to make a lot of money in dropshipping. But while it is a simple business, it is not necessarily an easy business. Like any business you first need to do your homework including learning the basics of running a business.
You need to choose your products carefully and come up with a business plan. Furthermore any product business, including dropshipping is going to be riskier and take more work to succeed at than many of the simple service businesses on this list.
But at the same time the upside can be huge. So how do you succeed at dropshipping? Beyond learning and planning you need to test. Test everything! Test different products, different prices, and different ad copy. Finally when your dropshipping business begins to gain some traction I suggest you consider shifting your model to stocking and shipping the goods yourself. And you also may want to consider creating your own products.
To increase your chances of success in this business learn all that you can by streaming the courses on BusinessTown. To find out more about launching a business, start streaming the courses on BusinessTown including Start-a-Business This is perhaps the cheapest business to start in terms of overhead.
Expertise is another matter, but remember that writing can take many forms — from resumes to news articles to marketing materials and even thank you notes. One friend made good money editing posts on a popular travel site. The key to freelance writing is to never stop selling yourself. Network like crazy online and in person.
Ask for press passes to events in the field of your choice. Attend writing workshops and writer meet-ups; they happen everywhere. There are loads of job listings for freelancers on major job boards, and you can always advertise your services and look for work on craigslist or LinkedIn. Steady work is the best work for freelancers. If all else fails at first, just write. Start a blog. Build clips. Get writing! Content marketing is writing designed to help businesses market themselves online such as through websites, blogs, emails and social media.
The more you know about content marketing, the more marketable your writing services will be. And learn what makes for good blog posts, email messages and social media posts. To learn more, start streaming the courses on BusinessTown including the courses on freelancing, content marketing, SEO, email marketing and social media.
I have a wealthy friend who is crazy about his cars. He had a six car garage built onto his house. On Saturdays he loves to wash, wax and then take one of his fancy cars for a ride. His older son also loves cars and worked at an auto dealership while in high school. He started washing cars, then later learned how to detail them. This is a great niche business.
Some people pamper their pets. Other people pamper their cars. Owners of high end cars are willing to pay good money to have their cars detailed. But they are a meticulous bunch. They are going to want the work done just so. But if they like you, they will have you detail their car regularly. And they will recommend you to their friends. Give them a discount and keep their expectations realistic when you are getting started.
To find out more about how to start this business — or any other business — see my course Start-a-Business An enterprising friend of mine, Jeff Jacober, started a custom T-shirt business after college. Then as he turned 40 years old he sold the business and bought an airplane, and a yacht to cruise around the Caribbean. Custom T-shirts is a great online business. People email you their logo or artwork and you print up the shirts.
In college I made T-shirts for my softball team. I would also do email outreach to youth groups, sports teams and local business owners. The flip side of this business is that instead of doing custom T-shirts you sell your own designs.
They tried to sell their T-shirts on college campuses but initially made little progress. To learn more about how to begin your business, start streaming the courses on BusinessTown including Start-a-Business One of the more obvious ideas for starting a new business is still one of the best. Cleaning houses is hard work, but people who do it well can pick up desperate new clients at a rapid pace. Cleaning can be very lucrative.
Most house cleaners charge a flat rate to clean a house. I notice that some house cleaners however spend less and less time at each job after they think that the customer is comfortable with their work. Another option is cleaning offices. One friend in Boston built a highly successful cleaning business focusing on small businesses. They trusted him with access to their businesses at night and were willing to pay him a hefty premium.
He worked just 4 or 5 hours a night and made a very healthy living. You can make lots of money in this business if you know the basics of how to run a business and how to attract new customers. To learn more see my course Start-a-Business You can try this course and all of our other courses for free on BusinessTown. Most school kids enter a music program at some point, whether it involves singing or playing an instrument.
There is a big market for teaching music and your instrument is your specialty. The key is to develop reasonable but firm policies on pricing and cancellations and, if possible, make your home the venue for providing lessons, rather than traveling to visit students.
Another great home teaching gig is art lessons. When I was growing up there was a woman not too far from me who gave art lessons in her home to young kids after school. Not just kids but adults too are interested in art lessons. Almost anyone for example can teach young elementary age students. Plan out the course so that the students will have some exciting finished art projects to take home and show off to their friends.
Both music and art lessons lend themselves well for digital marketing. For music lessons you can show off videos of students playing their instruments on your website and on social media. For both music and art you can feature interviews with your students talking about what they are working on.
To find out more about starting this business — or any other business — see my course Start-a-Business You can try it for free on BusinessTown, along with all of our other courses. When my son was at Stanford University one of his fraternity brothers, Evan Spiegel, came up with an idea for his kid sister to send digital messages in her high school classes that would instantly disappear. He called it SnapChat. He became the youngest billionaire in the world in Almost any business that sells anything wants to be on social media, so the market is huge!
They need your help. How can you break into this field? Learn and practice. Build an audience for yourself before offering your services to others. Keep cranking out content and get comfortable with it. And like any business, come up with a solid plan. Evaluate the competition and potential target markets, then come up with your business plan.
You can learn more about how to use social media to promote a business — including your own business — on BusinessTown. We also offer 5 other courses on social media marketing. People trade away perfectly good or certainly good enough cars all the time for all sorts of trivial issues. Especially if you like cars and can make one shine for a Craigslist ad, you could take advantage of massive opportunities to buy used cars and resell them for major profit.
That way you could buy a few decent used cars without using any financing. But it could be possible to start this business with just about nothing by getting financing for your inventory. The key to success in this business is being very disciplined in buying. Limit your car buying to popular models that you can turn over quickly. Focus on models that you have a strong understanding of current local pricing on.
Only buy cars that you can buy at a significant discount to the price you believe you can fairly sell them for. And avoid cars that are likely to need major work. A friend in Georgia has been doing this successfully for more than 20 years. I never traded cars, but I did trade used boats from my house one summer and quickly made good money at it.
I discovered the key was to focus on the most popular, fastest selling products such as brand name outboard powerboats and avoid the slowest selling products such as sailboats. It was a really fun business! I even sold a boat to the famous novelist Norman Mailer. Today even if you are trading cars or boats part time, you want to have at least a simple website. It will not only help attract customers, but it will make your business seem more credible.
To learn how to create a website for your business, see my course, The Complete Guide to Digital Marketing. It is one of the many courses that you can try for free on BusinessTown. The key is to specialize—on a sport, a category of clientele or both—and to look the part. I have seen all kinds of success stories in sports coaching and training.
I have seen other coaches successfully expand their businesses into sports camps, sports schools and in one case, his own indoor soccer league. So spend a little time to create a kick ass website and learn how to do digital marketing. These are among the many courses you can try for free on BusinessTown.
Big success stories have been around for years now, but there is an enormous amount of competition on the site. There are basically two alternative business models and each one has very different characteristics. One option is to run a trading business where you buy items and then sell them for higher prices. The key to success in this business is to specialize and get to know the pricing and the salability of a particular niche really well.
The other option is to provide a service selling and fulfilling orders for other people. This business model can be a good route to repeat customers and more or less steady income. These are not enterprises for the lazy. Most importantly, to successfully sell products on eBay or anywhere else you need to develop a unique and compelling business model. You should carefully evaluate your market, your target customers, and your competition.
Then design your business model around a true competitive advantage. You should also develop a well thought out business plan. Your success in business will largely be determined by how carefully you plan, start and run your business. He started by serving simple foods for friends of his parents. Then over time he expanded his offerings and his customer base.
You too can start with limited food offerings of just your most fabulous foods. If I was starting this business I think I would focus on cooking hot dogs — one of the few foods I can cook well! Like starting a home bakery, developing a catering service comes with a unique set of food oriented challenges.
You may want to check the regulations in your state and municipality on using your home kitchen for commercial cooking. And you want to make sure that you are following food safety regulations and practices. Catering is a low overhead way to create a food business without all of the hassles and costs of a restaurant.
Historically, successful catering businesses have grown over time, fueled by word of mouth. Today you can rapidly accelerate your growth with digital marketing. While for many businesses a very simple website may be enough, I would recommend that you go all out on your website for this business — including coming up with some incredibly beautiful pictures of your best food dishes. I would show off great pictures of every food possible, dig up every testimonial you can find starting with your friends, and post suggested menus, in addition to all your possible food choices.
I would further try to ramp up word of mouth by building an email list and using social media. To find out more about how to start and promote your business, check out the courses on BusinessTown including The Complete Guide to Digital Marketing.
Do you love dogs? Are you good at taking care of them? Then a doggie bed and breakfast may be the perfect business for you! Check out the local zoning laws to find out if your town allows a business at your location. Or you could take a chance and operate your business quietly in violation of the zoning ordinance.
A lot of people do that without getting noticed, but realize that you are taking a risk. Try to hook up with a large local employer—a hospital, perhaps, or a university—and see if you can pick up multiple clients there at once. A friend in Oregon followed those steps and now runs a successful dog boarding operation.
What could be an easier business — you mostly sit on the couch, watching Rover chase his tail! So what exactly is this business? As an affiliate marketer you provide links from your website or blog to another company that sells products or services. You then receive reimbursement from the selling company.
The reimbursement is usually a percentage of the sale price but sometimes it is a flat fee. As an affiliate marketer you may directly contract with the selling firm. For example, Amazon is currently the largest user of affiliate marketing. Thousands of other companies, large and small, also offer affiliate marketing programs.
These firms offer thousands of products and services to choose from. You can make money selling just about any type of product or service through affiliate marketing. Some particularly popular product categories include clothing, health products, cosmetics, computer accessories, household items and cooking utensils.
It may sound like an easy gold mine but in my experience it takes a lot of traffic on your website and a lot of tinkering to make good money offering affiliate marketing. I have noticed that the websites that are most successful at this business plan out their pages specifically to build traffic for lucrative affiliate marketing links.
Candles are a huge business with all kinds of opportunities for both making candles and selling candles. Michael Kittredge initially created a scented candle by melting crayons as a special gift for his mother. People he gave his candles to loved them, so he started to sell them, naming his business Yankee candle.
However Kittredge missed the business, so he soon started a new company making premium candles. You can make your candles at home and you can sell them online. You can also approach established retailers to sell them for you. Candles are a competitive business. I once bought a large warehouse complex from a Japanese entrepreneur who had built the largest candle business in his country. He told me his son-in-law was not a great business person.
So like any business you want to start your candle business right. That means first learning about business. And then planning it out very carefully. To learn more, start streaming the courses on BusinessTown. You can try them for free. My father reached the point in time where his driving ability had deteriorated to the degree where it was best for public safety to keep his car in the garage. But he still wanted to get out around town so my brother and I hired a driver to take him out several afternoons each week.
It was a tremendous solution! My father was happy. His wife got a little quiet time to herself. The senior companion service made money. So we hired a couple of women to keep him company, encourage him to exercise and make sure he was eating well. What a great business. And once you find a companion for a senior the money just keeps coming in — week after week.
To get started, find out what the licensing rules are in your state. And do very careful background checks on your service providers. To find out more about how to get your business going see my course Start-a-Business Most work is fairly basic and routine.
You should be comfortable with common computer applications such as word documents and spreadsheets. There is a huge demand for virtual assistants. Most assignments are part time and many customers will give you the flexibility to do the work on your own schedule. The issue with this business is that it is highly competitive, especially for simpler, entry level work.
So ideally you should develop a specialty, or strong relationships with your clients, that will allow you to charge higher rates over time. To learn more about starting a business see my course Start-a-Business You could create a map for tourists or you could create a map that highlights local businesses. You could print a physical map or you could do it completely online.
I created a street map of Cape Cod which I sold copies of. I also sold advertising on the rear of the map, promoting local businesses. And I created a map of Nantucket which featured a street map on one side and a guide to historical attractions on the other side. To create the street portion of the maps I went to the state highway department, copied their maps, which are in the public domain, and then recreated them on a smaller scale.
To create pictures for the historical part of the map, I hired a college art student for very little money. Each of these businesses I was able to get up and running in just a few weeks with almost no expenses. They were immediately profitable. And then I made even more money by selling each map off as a separate business. Today you are unlikely to sell copies of your map, so I would focus on selling advertising to local businesses.
Then you can ask local businesses to pass out the maps as a favor for their customers. If you choose to create your tourist map or local business guide online, the challenge becomes driving lots of traffic to the website. This is doable but will take a little effort and some expertise in search engine optimization.
To learn more — from how to make sales presentations to how to drive traffic to your website — start streaming the courses on BusinessTown. One day when I was a teenager I was fixing something on my boat in my front yard. It turned out she owned a few rental cottages that needed some repairs including fixing broken windows. At the local hardware store I asked the clerk how to fix a broken window pane. Three minutes later I left the store with both the knowledge and the supplies I needed to fix the broken windows.
Today I am the one hiring handypersons to fix things around my house to save me time to do more important things — like run my model trains. Living in a larger older house I often have handypersons doing work. And they will pay you by the hour. But as a handyperson you should be willing to do a large variety of work and be willing to do small jobs. Then of course you can run a handy person business without doing any work yourself at all.
You simply contract out all the work. That way you can hire the best person for each job. The demand for handypersons is strong and you will get repeat work. So learn how to attract customers with my courses including Start-a-Business When my son was at Stanford one of his friends was creating apps like he was a one person assembly line. Every week he created a new app that typically generated hundreds of dollars or more in revenue. But there is still lots of potential in creating apps if you do it carefully.
So how do you approach building apps as a business? Instead begin thinking about the potential customer. Are you going to focus on individuals? Business executives? Next consider how your app might be able to help your target customer. How might it benefit them so much that they would pay for it?
Take a look at the competition. How can you be different from them? You should put all of this together in a business plan. Then come up with a plan to sell your app. Create an awesome landing page including reviews from users and screenshots. Next use your best SEO techniques so that your landing page will show up at the top of Google search results. You might also want to build an audience, which might take a while.
Social media can be especially useful for building and connecting with your audience and creating interest in your apps. It can be a lot of work to create and market an app. But the upside can be huge too. To learn more about how to begin your business, start streaming the courses at BusinessTown. But the key thing to remember is that you need to plan and start a part time business just as carefully as a full time business.
That means first learning about how to start a business and also writing up a good business plan. You can start your daycare business small with just one child for a few hours a week. Or you can grow it into a giant enterprise. Daycare is a gigantic industry. In the US there are over 77, daycare locations providing revenue of over 40 billion dollars a year. But even if you have big growth plans there is nothing wrong with starting out by providing daycare in your home.
This is another solid repeat customer, steady income business. Plus if you have any of your own kids to take care of you can save the cost of hiring daycare for them. Then even for a small operation you will want to have written policies for issues such as sick children and late pickups. It might seem like a lot of little things to get in order to start this business, but it is very doable.
Plenty of other entrepreneurs are starting daycare businesses every single day. The human equivalent of a doggie bed and breakfast is Airbnb, the home sharing web site that has put a dent in the traditional hotel business. This is the ultimate home based business, as you literally rent all or part of your home to guests.
Succeeding on Airbnb is all about selling an experience, not just providing a room. The first key to Airbnb is making your property look great online, with high quality pictures that make your offering stand out. Combine that with reasonable pricing and friendly customer service, and Airbnb can become a goldmine. Make even more money by renting directly and cutting out Airbnb.
You can learn how to promote your property online with my course, The Complete Guide to Digital Marketing. However as time went by I slowly began to appreciate the substantial appeal attractive window treatments can add to a home.
Furthermore they can save a lot of money on utilities. This is one of those great businesses combining both sales and service — in this case mostly installation. People also like to see the colors and the textures — ideally in their own home. In this business you can start your interaction with customers on your website and by phone or email. Digital marketing is also important here.
Make sure you have a gorgeous website that really shows off your products. Social media such as Instagram will also be a great venue for displaying some of your beautiful window treatments. You can start watching these courses and all the other courses on BusinessTown for free.
Some people are making very good money podcasting. Pensions may extend past the death of the veteran himself, continuing to be paid to the widow. Many countries have created funds for their citizens and residents to provide income when they retire or in some cases become disabled. Typically this requires payments throughout the citizen's working life in order to qualify for benefits later on.
A basic state pension is a "contribution based" benefit, and depends on an individual's contribution history. Many countries have also put in place a " social pension ". These are regular, tax-funded non-contributory cash transfers paid to older people. Over 80 countries have social pensions.
Some pension plans will provide for members in the event they suffer a disability. This may take the form of early entry into a retirement plan for a disabled member below the normal retirement age. A defined contribution plan will provide a payout at retirement that is dependent upon the amount of money contributed and the performance of the investment vehicles utilized.
Hence, with a defined contribution plan the risk and responsibility lies with the employee that the funding will be sufficient through retirement, whereas with the defined benefit plan the risk and responsibility lies with the employer or plan managers. Some types of retirement plans, such as cash balance plans, combine features of both defined benefit and defined contribution plans. They are often referred to as hybrid plans. Such plan designs have become increasingly popular in the US since the s.
Examples include Cash Balance and Pension Equity plans. A Defined Benefit DB pension plan is a plan in which workers accrue pension rights during their time at a firm and upon retirement the firm pays them a benefit that is a function of that worker's tenure at the firm and of their earnings. Government pensions such as Social Security in the United States are a type of defined benefit pension plan. Traditionally, defined benefit plans for employers have been administered by institutions which exist specifically for that purpose, by large businesses, or, for government workers, by the government itself.
A traditional form of defined benefit plan is the final salary plan, under which the pension paid is equal to the number of years worked, multiplied by the member's salary at retirement, multiplied by a factor known as the accrual rate. The final accrued amount is available as a monthly pension or a lump sum, but usually monthly. The benefit in a defined benefit pension plan is determined by a formula that can incorporate the employee's pay, years of employment, age at retirement, and other factors.
A simple example is a Dollars Times Service plan design that provides a certain amount per month based on the time an employee works for a company. While this type of plan is popular among unionized workers, Final Average Pay FAP remains the most common type of defined benefit plan offered in the United States. In FAP plans, the average salary over the final years of an employee's career determines the benefit amount.
Averaging salary over a number of years means that the calculation is averaging different dollars. For example, if salary is averaged over five years, and retirement is in , then salary in dollars is averaged with salary in dollars, etc. The pension is then paid in first year of retirement dollars, in this example dollars, with the lowest value of any dollars in the calculation.
Thus inflation in the salary averaging years has a considerable impact on purchasing power and cost, both being reduced equally by inflation. This effect of inflation can be eliminated by converting salaries in the averaging years to first year of retirement dollars, and then averaging. In the US, 26 U. A traditional pension plan that defines a benefit for an employee upon that employee's retirement is a defined benefit plan. In the U. This method is advantageous for the employee since it stabilizes the purchasing power of pensions to some extent.
If the pension plan allows for early retirement, payments are often reduced to recognize that the retirees will receive the payouts for longer periods of time. In the United States, under the Employee Retirement Income Security Act of , any reduction factor less than or equal to the actuarial early retirement reduction factor is acceptable. Many DB plans include early retirement provisions to encourage employees to retire early, before the attainment of normal retirement age usually age Companies would rather hire younger employees at lower wages.
Some of those provisions come in the form of additional temporary or supplemental benefits , which are payable to a certain age, usually before attaining normal retirement age. Due to changes in pensions over the years, many pension systems, including those in Alabama , California , Indiana , and New York , have shifted to a tiered system. These three tiers are based on the employee's hire date i. Therefore, Sam, hired in June , would be subject to the provisions of the Tier I scheme, whereas Veronica, hired in August , would be permitted to retire at age 60 with full benefits and Jessica, hired in December , would not be able to retire with full benefits until she became In an unfunded defined benefit pension, no assets are set aside and the benefits are paid for by the employer or other pension sponsor as and when they are paid.
Pension arrangements provided by the state in most countries in the world are unfunded, with benefits paid directly from current workers' contributions and taxes. Social Security system is partially funded by investment in special U. Treasury Bonds. In a funded plan, contributions from the employer, and sometimes also from plan members, are invested in a fund towards meeting the benefits. All plans must be funded in some way, even if they are pay-as-you-go, so this type of plan is more accurately known as pre-funded or fully-funded.
The future returns on the investments, and the future benefits to be paid, are not known in advance, so there is no guarantee that a given level of contributions will be enough to meet the benefits. Typically, the contributions to be paid are regularly reviewed in a valuation of the plan's assets and liabilities, carried out by an actuary to ensure that the pension fund will meet future payment obligations.
If a plan is not well-funded, the plan sponsor may not have the financial resources to continue funding the plan. Traditional defined benefit plan designs because of their typically flat accrual rate and the decreasing time for interest discounting as people get closer to retirement age tend to exhibit a J-shaped accrual pattern of benefits, where the present value of benefits grows quite slowly early in an employee's career and accelerates significantly in mid-career: in other words it costs more to fund the pension for older employees than for younger ones an "age bias".
Defined benefit pensions tend to be less portable than defined contribution plans, even if the plan allows a lump sum cash benefit at termination. Most plans, however, pay their benefits as an annuity, so retirees do not bear the risk of low investment returns on contributions or of outliving their retirement income.
The open-ended nature of these risks to the employer is the reason given by many employers for switching from defined benefit to defined contribution plans over recent years. The risks to the employer can sometimes be mitigated by discretionary elements in the benefit structure, for instance in the rate of increase granted on accrued pensions, both before and after retirement.
The age bias, reduced portability and open ended risk make defined benefit plans better suited to large employers with less mobile workforces, such as the public sector which has open-ended support from taxpayers. This coupled with a lack of foresight on the employers part means a large proportion of the workforce are kept in the dark over future investment schemes.
Defined benefit plans are sometimes criticized as being paternalistic as they enable employers or plan trustees to make decisions about the type of benefits and family structures and lifestyles of their employees. However they are typically more valuable than defined contribution plans in most circumstances and for most employees mainly because the employer tends to pay higher contributions than under defined contribution plans , so such criticism is rarely harsh.
The "cost" of a defined benefit plan is not easily calculated, and requires an actuary or actuarial software. However, even with the best of tools, the cost of a defined benefit plan will always be an estimate based on economic and financial assumptions. These assumptions include the average retirement age and lifespan of the employees, the returns to be earned by the pension plan's investments and any additional taxes or levies, such as those required by the Pension Benefit Guaranty Corporation in the U.
So, for this arrangement, the benefit is relatively secure but the contribution is uncertain even when estimated by a professional. This has serious cost considerations and risks for the employer offering a pension plan. One of the growing concerns with defined benefit plans is that the level of future obligations will outpace the value of assets held by the plan. This "underfunding" dilemma can be faced by any type of defined benefit plan, private or public, but it is most acute in governmental and other public plans where political pressures and less rigorous accounting standards can result in excessive commitments to employees and retirees, but inadequate contributions.
Many states and municipalities across the United States of America and Canada now face chronic pension crises. Many countries offer state-sponsored retirement benefits, beyond those provided by employers, which are funded by payroll or other taxes. In the United States, the Social Security system is similar in function to a defined benefit pension arrangement, albeit one that is constructed differently from a pension offered by a private employer; however, Social Security is distinct in that there is no legally guaranteed level of benefits derived from the amount paid into the program.
Individuals that have worked in the UK and have paid certain levels of national insurance deductions can expect an income from the state pension scheme after their normal retirement. The state pension is currently divided into two parts: the basic state pension, State Second [tier] Pension scheme called S2P. Individuals will qualify for the basic state pension if they have completed sufficient years contribution to their national insurance record.
The S2P pension scheme is earnings related and depends on earnings in each year as to how much an individual can expect to receive. It is possible for an individual to forgo the S2P payment from the state, in lieu of a payment made to an appropriate pension scheme of their choice, during their working life. For more details see UK pension provision. A defined contribution DC plan, is a pension plan where employers set aside a certain proportion i.
The contributions are invested, for example in the stock market, and the returns on the investment which may be positive or negative are credited to the individual's account. On retirement, the member's account is used to provide retirement benefits, sometimes through the purchase of an annuity which then provides a regular income.
Defined contribution plans have become widespread all over the world in recent years, and are now the dominant form of plan in the private sector in many countries. For example, the number of defined benefit plans in the US has been steadily declining, as more and more employers see pension contributions as a large expense avoidable by disbanding the defined benefit plan and instead offering a defined contribution plan.
Money contributed can either be from employee salary deferral or from employer contributions. The portability of defined contribution pensions is legally no different from the portability of defined benefit plans. However, because of the cost of administration and ease of determining the plan sponsor's liability for defined contribution plans you do not need to pay an actuary to calculate the lump sum equivalent that you do for defined benefit plans in practice, defined contribution plans have become generally portable.
In the United Kingdom, for instance, it is a legal requirement [ needs update ] to use the bulk of the fund to purchase an annuity. The "cost" of a defined contribution plan is readily calculated, but the benefit from a defined contribution plan depends upon the account balance at the time an employee is looking to use the assets. So, for this arrangement, the contribution is known but the benefit is unknown until calculated.
Despite the fact that the participant in a defined contribution plan typically has control over investment decisions, the plan sponsor retains a significant degree of fiduciary responsibility over investment of plan assets, including the selection of investment options and administrative providers. A defined contribution plan typically involves a number of service providers, including in many cases:.
In the United States, the legal definition of a defined contribution plan is a plan providing for an individual account for each participant, and for benefits based solely on the amount contributed to the account, plus or minus income, gains, expenses and losses allocated to the account see 26 U. Examples of defined contribution plans in the United States include individual retirement accounts IRAs and k plans. In such plans, the employee is responsible, to one degree or another, for selecting the types of investments toward which the funds in the retirement plan are allocated.
This may range from choosing one of a small number of pre-determined mutual funds to selecting individual stocks or other securities. Most self-directed retirement plans are characterized by certain tax advantages , and some provide for a portion of the employee's contributions to be matched by the employer. In exchange, the funds in such plans may not be withdrawn by the investor prior to reaching a certain age—typically the year the employee reaches Advocates of defined contribution plans point out that each employee has the ability to tailor the investment portfolio to his or her individual needs and financial situation, including the choice of how much to contribute, if anything at all.
However, others state that these apparent advantages could also hinder some workers who might not possess the financial savvy to choose the correct investment vehicles or have the discipline to voluntarily contribute money to retirement accounts. In the US, defined contribution plans are subject to IRS limits on how much can be contributed, known as the section limit. These numbers usually increase each year and are indexed to compensate for the effects of inflation.
There are multiple naming conventions for these plans reflecting the fact that the future payouts are a target or ambition of the plan sponsor rather than a guarantee, common naming conventions include:. Hybrid plan designs combine the features of defined benefit and defined contribution plan designs.
A cash balance plan is a defined benefit plan made to appear as if it were a defined contribution plan. They have notional balances in hypothetical accounts where, typically, each year the plan administrator will contribute an amount equal to a certain percentage of each participant's salary; a second contribution, called interest credit , is made as well.
These are not actual contributions and further discussion is beyond the scope of this entry suffice it to say that there is currently much controversy. In general, they are usually treated as defined benefit plans for tax, accounting and regulatory purposes. As with defined benefit plans, investment risk in hybrid designs is largely borne by the plan sponsor. As with defined contribution designs, plan benefits are expressed in the terms of a notional account balance, and are usually paid as cash balances upon termination of employment.
These features make them more portable than traditional defined benefit plans and perhaps more attractive to a more highly mobile workforce. Target benefit plans are defined contribution plans made to match or resemble defined benefit plans. This debate parallels the discussion currently [ when? Defined contribution pensions, by definition, are funded, as the "guarantee" made to employees is that specified defined contributions will be made during an individual's working life.
There are many ways to finance a pension and save for retirement. Pension plans can be set up by an employer, matching a monetary contribution each month, by the state or personally through a pension scheme with a financial institution, such as a bank or brokerage firm.
Pension plans often come with a tax break depending on the country and plan type. This plan allows contributions to this account to be marked as un-taxable income and remain un-taxed until withdrawal. Most countries' governments will provide advice on pension schemes. In the classical world, Romans offered veteran legionnaires centurions military pensions, typically in the form of a land grant or a special, often semi-public, appointment. Augustus Caesar 63 B. In 13 B. The retiring soldiers were in the beginning paid from general revenues and later from a special fund aeririum militare established by Augustus in 5 or 6 A.
This, whilst did ease tensions within the empire, allegedly became one of the main reasons for the Empires eventual collapse [ citation needed ] as it struggled to finance the extensive support to which it committed itself. Despite helping the military, the Empire did little to help ordinary systems as the concept of social security came around at a much later time in history.
Widows' funds were among the first pension type arrangement to appear. For example, Duke Ernest the Pious of Gotha in Germany founded a widows' fund for clergy in and another for teachers in Unlike accident insurance and health insurance, this program covered industrial, agrarian, artisans and servants from the start and was supervised directly by the state.
Germany's mandatory state pension provisions are based on the pay-as-you-go or redistributive model. Funds paid in by contributors employees and employers are not saved and neither invested but are used to pay current pension obligations. Recently, the German government has come under criticism for the impending disaster posed by the exorbitant tax burden resulting from civil servants' pensions.
The majority of it, about billion EUR, is therefore spent on pensions. The federal government's financial statements for already show the extent of that disaster. According to this, the expected costs for pensions and subsidies for medical treatment for the number of federal civil servants at the end of will amount to billion EUR over the course of the next ten years.
That is 63 billion EUR more than in the previous year - an increase of ten percent in just one year. Officials, judges and soldiers account for In addition, there are legacy issues from the times of large state-owned companies: the federal government has to pay out billion EUR for old-age pensions for former postal officials and The problem: while the government preaches private pension provision to workers, the state itself has failed to build adequate reserves for the wave of pensions in the coming years.
The federal government has been trying to create a cushion since So far, however, this has only amounted to 14 billion EUR by Pensions, thus, represent a considerable burden for public budgets. In various federal states, efforts are being made to secure pension expenditure by setting up pension funds for newly hired civil servants. Fiscal relief is, however, only to be expected when the newly hired officials retire. In the extreme case of the city-state of Hamburg, every fourth euro of income will be used to finance pensions for their retired civil servants.
There is a history of pensions in Ireland that can be traced back to Brehon Law imposing a legal responsibility on the kin group to take care of its members who were aged, blind, deaf, sick or insane. In , there were over 76, pension schemes operating in Ireland. The decline of Feudal systems and formation of national states throughout Europe led to the reemergence of standing armies with their allegiances to states.
Consequently, the sixteenth century in England marked the establishment of standardised systems of military pensions. It coincided with the Royal Commission on the Poor Laws and Relief of Distress and was the first step in the Liberal welfare reforms to the completion of a system of social security, with unemployment and health insurance through the National Insurance Act In , The Finance Act introduced tax relief on pension contributions in line with savings and life insurance. As a consequence, the overall size of the fund was increased since the income tax was now added to the pension as well.
Employees and employers had the possibility to contribute to it between 6 April and 5 April , when it was replaced by the State Second Pension. After the Second World War, the National Insurance Act completed universal coverage of social security, introducing a State Pension for everybody on a contributory basis, with men being eligible at 65 and women at The earlys established the existing framework for state pensions in the Social Security Contributions and Benefits Act and Superannuation and other Funds Validation Act Following the highly respected Goode Report , occupational pensions were covered by comprehensive statutes in the Pension Schemes Act and the Pensions Act In , the Pensions Commission was established as a cross-party body to review pensions in the United Kingdom.
The first Act to follow was the Pensions Act that updated regulation by replacing OPRA with the Pensions Regulator and relaxing the stringency of minimum funding requirements for pensions while ensuring protection for insolvent businesses.
In a major update of the state pension, the Pensions Act , which aligned and raised retirement ages. Following that, the Pensions Act has set up automatic enrolment for occupational pensions , and a public competitor designed to be a low-cost and efficient fund manager, called the National Employment Savings Trust or "Nest". First "American" pensions came in , when Plymouth colony , and subsequently, other colonies such as Virginia, Maryland s and NY s , offered the first colonial pension.
The general assembly of the Virginia Company followed by approving a resolution known as Virginia Act IX of stating that " Public pensions got their start with various 'promises', informal and legislated, made to veterans of the Revolutionary War and, more extensively, the Civil War. They were expanded greatly, and began to be offered by a number of state and local governments during the early Progressive Era in the late nineteenth century.
Pension plans became popular in the United States during World War II , when wage freezes prohibited outright increases in workers' pay. The defined benefit plan had been the most popular and common type of retirement plan in the United States through the s; since that time, defined contribution plans have become the more common type of retirement plan in the United States and many other western countries.
The plan experienced low investment returns and a benefit structure that had been increased without raises in funding. A growing challenge for many nations is population ageing. As birth rates drop and life expectancy increases an ever-larger portion of the population is elderly.
This leaves fewer workers for each retired person. In many developed countries this means that government and public sector pensions could potentially be a drag on their economies unless pension systems are reformed or taxes are increased. One method of reforming the pension system is to increase the retirement age. Two exceptions are Australia and Canada , where the pension system is forecast to be solvent for the foreseeable future.
These two nations also have an advantage from their relative openness to immigration: immigrants tend to be of working age. However, their populations are not growing as fast as the U. Thus, the population in the U. Another growing challenge is the recent trend of states and businesses in the United States purposely under-funding their pension schemes in order to push the costs onto the federal government.
For example, in , the majority of states have unfunded pension liabilities exceeding all reported state debt. Bradley Belt , former executive director of the PBGC the Pension Benefit Guaranty Corporation , the federal agency that insures private-sector defined-benefit pension plans in the event of bankruptcy , testified before a Congressional hearing in October , "I am particularly concerned with the temptation, and indeed, growing tendency, to use the pension insurance fund as a means to obtain an interest-free and risk-free loan to enable companies to restructure.
Unfortunately, the current calculation appears to be that shifting pension liabilities onto other premium payers or potentially taxpayers is the path of least resistance rather than a last resort. Challenges have further been increased by the post credit crunch. Most national pension systems are based on multi-pillar schemes to ensure greater flexibility and financial security to the old in contrast to reliance on one single system.
In general, there are three main functions of pension systems: saving, redistribution and insurance functions. According to the report by the World Bank titled "Averting the Old Age Crisis", countries should consider separating the saving and redistributive functions, when creating pension systems, and placing them under different financing and managerial arrangements into three main pillars. However, this typology is a rather prescriptive one than descriptive and most specialists usually allocate all public programmes to the first pillar, including earnings-related public schemes, which does not fit the original definition of the first pillar.
This non-contributory pillar was introduced only recently, aiming to alleviate poverty among the elderly, and permitting fiscal conditions. It is usually financed by the state and is in form of basic pension schemes or social assistance. Pillar 1, sometimes referred to as the public pillar or first-tier , answers the aim to prevent the poverty of the elderly, provide some absolute, minimum income based on solidarity and replace some portion of lifetime pre-retirement income.
It is financed on a redistributive principle without constructing large reserves and takes the form of mandatory contributions linked to earnings such as minimum pensions within earnings-related plans, or separate targeted programs for retirement income. These are provided by the public sector and typically financed on pay-as-you-go basis. Pillar 2, or the second tier, built on the basis of defined benefit and defined contribution plans with independent investment management, aims to protect the elderly from relative poverty and provides benefits supplementary to the income from the first pillar to contributors.
In addition to DB's and DC's, other types of pension schemes of the second pillar are the contingent accounts , known also as Notional Defined Contributions implemented for example in Italy, Latvia, Poland and Sweden or occupational pension schemes applied, for instance, in Estonia, Germany and Norway. The third tier consists of voluntary contributions in various different forms, including occupational or private saving plans, and products for individuals.
The fourth pillar is usually excluded from classifications since it does not usually have a legal basis and consists of "informal support such as family , other formal social programs such as health care or housing , and other individual assets such as home ownership and reverse mortgages. Multipillar Pension Taxonomy: . Government can play with four different channels to finance the retirement pension.
These economic policies are the following ones: . These channels have been used by many governments to implement new retirement pension reforms. In the past, they had been sometimes simultaneously used two or three channels used in the same time for a pension reform or with a targeted way on a certain group of persons such as in a certain business sector.
Retirement pensions turn out to be considerable amounts of money. It is therefore very interesting and informative to illustrate the impacts of these different channels to finance the retirement pension, especially nowadays since many riots take place in different countries against new retirement pension reforms or willing to change the national retirement pension process. Simulating these economic policies is then useful to understand every mechanism linked to these channels.
Four different channels to finance retirement pensions will be simulated successively and will allow to explain their impacts on main economic variables presented below with an eight-year horizon. Some software of macroeconomic simulation allows to compute and display them. The implementation of these economic shocks and their mechanisms will be analysed in the following sections.
This one is a linear combination of the previous variables. This one is weighted according to the prominence given to some variables. For instance, if the government mainly focuses on GDP level and public finance balance, their assigned coefficient can be chosen as 0. Other more specific variables could be used such as: household expenses level, corporate investments level, domestic demand level, purchasing power level and the like. As a consequence, simulations are very relevant for everyone to understand the impacts of these channels to finance the retirement pension.
However, simulations could be used in a reverse manner. Given the objective of government to get an economic variable improvement by a certain number, the four channels can be adjusted in order to achieve this goal. In order to lead these simulations, the choice of hypotheses assumed is crucial.
Concerning exchange rates, one can use the Purchasing Power Parity PPP measurement which happens to be an absolute purchasing power comparison in the countries concerned. Regarding interest rates, one can choose the Taylor Rule with a risk premium coefficient of External trade price elasticities can also be assumedtobe When it comes to Monetary Union, it depends on which country the study and thus the simulations are led. A Monetary Union can be concerned with any country.
However, in order to get consistent results, a country such as Germany, France or Italy could be analysed. In this case, the monetary union is established with other European countries members of the euro area. Finally, every economic policy is led in the country concerned only. This economic shock is to permanently decrease the amount of real pensions paid to retirees by for example 1 GDP point.
Transfers from public power to households are therefore dropped by 1 GDP point.
We shall as well be using a van that will be leased to distribute to our customers who order in large quantities. We shall as well need to the insurance for our business and also carry out other social responsibilities like corporate social responsibility, being environmentally friendly, and ensuring cleanliness of Mbarara town.
We have as well carried out cash flow estimates to ensure that our business does not run out of cash. Our startup capital has been allocated to what we intend to start our business with that is renting building for two months, buying machines for mixing the inputs, Machines, leasing van, buying furniture and fittings, massage equipment, cloths and uniforms and other necessary things to start with including the employee salaries for the first two months. This plan will be effective on 1st January and that is when my business will begin in Mbarara Easy View Arcade.
Name of the business Briox Cosmetics Enterprise 1. Produce the following products Briox Cosmetics Enterprise will provide different kinds of cosmetic products ranging from body lotion to hair relaxers with potentials of using local fruits, both rare and common fruits as key primary ingredients in the production of body oils and lotions.
This will be intended to improve the general skin health as well as boosting the beauty skin of our clients especially ladies. Among the fruits we will use to extract include grapes, Chew cumber, palm fruits, avocadoes, lemons, oranges, among others to produce body lotions that moisturizes and smoothens the skin for healthy attractive look of the boy and hair. Our business will also provide moisturizing creams, body lotions, hair lotions of various types and varieties to our esteemed customers.
Our product will be offered to the young, the youth and the old, who will need to improve their general health and skin beauty. Provide the following services We will also offer the cosmetic products to our esteemed customers while providing consultancy advise inform of skills for mixing and using the oils for their own benefit We will provide free consultancy services about lotion use, making and maintenance and caring for the skin especially mostly by the ladies and young girls who our major customers and advise them on maintaining a healthy balanced diet which include fruits and vegetables.
The customers will be Other businesses that deal in cosmetics, retail shops, supermarkets all over the country, in foreign countries in East Africa like Kenya, Rwanda, Tanzania, and Burundi and other customers will be buying from our company directly and from our mobile distributors and they will be both the young children, men and mostly women.
The business will sell in the following way Distribute to our national and international distribution centers, supermarkets, retail outlets, our agents all over the countries in East African regions and some customers will buy directly from our company main outlet in Mbarara. The business will satisfy the following needs of the customers Briox cosmetics will offer reliable cosmetics, lotions, and jerrys intended to improve the general skin health as well as boosting the beauty skin of our clients especially ladies, skin treatment, cure skin rashes, and ensure all time beauty of our clients.
The industry has shown a great interest for investment. The industry has earned great reputation due to the increased differences in customer requirements like skin colors, hair styles by different hair cosmetics and customer general beauty. Evaluate my business idea Number of strength………………………………………………09 Number of weaknesses………………………………………….
Yes No Number of opportunities…………………………………………. Yes No I therefore decide to continue with my business idea since there are more strength and opportunities than the weaknesses and threats. Mission statement It will be, dedicated at improving the skin health and body look and appearance of our client. Objectives The Enterprise is dedicated to achieving maximum customer satisfaction at the lowest possible cost and therefore has the following objectives. Communication strategy One of the most important aspects of a successful launch is a positive publicity for our cosmetics products.
We will develop awareness campaigns to promote our product through several avenues. Our management team will fiercely have pursued positive perception through societal endorsement promoting the benefits of our product by actively seeking local news and media coverage to help on awareness. Competitive strategy Position of the business in the heart of Mbarara and the whole of Uganda and also being near the high market area makes the product easily accessible by our customers.
An aggressive advertising campaign will be undertaken so that we create much awareness of our product than our competitors through our highly skilled management team and employees that will be highly in contact with our customers. Marketing strategy Briox Cosmetics Enterprises plans to communicate through outdoor advertising and television advertising to generate sales.
This will be spearheaded by our marketing team to manage the marketing campaign. The key message associated with our products is high quality beautifying cosmetics and skin care. Provision of favorable working conditions to maintain a high degree of personal development and satisfaction of both employees and employers and ensuring that our employees are constantly trained where need arises. Supplier relationship strategy. Briox Cosmetics Enterprises will ensure a close working relationship with our suppliers and where necessary undertake supplier development programmes that is providing improved varieties of agricultural inputs for example grapes, Chew cumber, palm fruits, avocadoes and lemons and tools that will ensure constant supply of our core inputs.
This will be achieved through market research on our customers, competitors, competitor suppliers, their products and their pricing. Does not always have Must be available in time and knowledge of the latest in recognizable supermarkets products and shopping malls Inconsistent supply and so shortages in the market Lemon body lotion Students Wide range of differently High prices and limited colored and flavored lotions varieties not consistently offered at relatively low prices.
Different sizes and shapes. Low quality and unattractive colours and shapes. Avocadoes body Tourists High quality products availed Low quality lotions with less cream smoother in recognized shopping centers moisturizing content and malls High level of skin moisturizing and smoothening. Hair glow Retailers Reliable supply at the right Delays in supply and un time and place in right coordinated supply chain and quantities.
PRODUCT PLAN We will specialize majorly in cosmetic products and manufacturing of locally made cosmetic products to treat the skin illness such as fungal diseases using locally produced vegetables and fruits as ingredients in the manufacture of these cosmetics We will offer free consultancy services to our clients, free cold water, and warm water for washing our hands.
We will employ people who are easily accessible, customer oriented, efficient and effective. We will provide customized services like skin therapy and hair dressing to our most esteemed customers during the weekends when we are not very busy so as to meet their demands and needs by being agile. I have studied the prices of Baby Face Organic who are my major competitor and I think that selling at lower prices will be one of the most important ways of competing them.
A low price is important especially for students, market vendors and retailers. I know that customers are willing to pay for my products in different sizes and shapes. With these prices in mind, I will fill in the price section of the business plan. PRODUCT PRICE FORM Products, services or range of products offered Perfumes 1st Lemon body Hair relaxer Avocadoes body Hair glow class lotion cream cream smoother Costs 4, 4, 3, 4, 4, How much 35, lowest 10,lowest 9,lowest, 21,lowest, 10, lowest, customers are highest highest highest highest highest willing to pay corporate students and market tourists and retailors and employees and low income vendors and corporate employees market vendors tourists.
The location is very good since they a lot of hair dressers in this arcade hence full of women who potential customers for the cosmetic products because they want to look good and. The place is chosen due to a boom of commercial activities, an expected client base from students, tourists, corporate women employees, and the large population is women as compared to men.
The cosmetic shop will have adequate lighting. The marketing plan place form Location. It is located opposite Agip Motel near bus park garage street. The location is chosen because of the following reasons. Clean environment and closeness to the main road that is Mbarara- Masaka road. Method of distribution Individuals retailer wholesalers distributors The ways of distribution are chosen because of the following reasons. Retailers, distributors and wholesalers, will buy and sell in bulk to our final customers which we cannot sell to directly Individuals, will be used because we have a high customer traffic and so we shall sell to them directly at our main outlet in Mbarara.
Distributors, will help to deliver our products to all our customers all over the country and even outside countries in East Africa in the right time and place. We also intend to use a highly skilled marketing manager to market our products; for example; in Kampala town universities, offices and other local areas around. We intend to also visit personally our general stores and major wholesalers of our products and use other few methods of promotion.
STAFF I do not know much about running my own business but I plan to work hard and study to learn all in need to know. According to my staff plan, I will be responsible for buying inputs and assume the senior management role.
The business will be small so I will need more few employees to assist in some functions as follows. The operations staff will be responsible for manufacturing and mixing the inputs to produce the cosmetics and all our products and will include three employees with the relative skills as will be described and one of the three will assume the role of being a supervisor of production and operations.
Sales and marketing. I will need one employee who will be responsible for marketing the products and selling at our main out let in Mbarara to our direct customers and will be responsible for customer service. Two more employees responsible for offering additional services to our customers that is skin therapy and hair dressing. Two more family members will be employed and will assume the roles of stock control, and selling to the market vendors, retailers and distributors and record keeping role respectively.
Staff form Task Required skills and experience Performed by Monthly pay Senior manager, buying inputs Business management and leadership Akampurira UGX and overall supervisory work skills. I have contacted a number of government agencies including, the regional tax office, Mbarara Municipal council, Ministry of Labour and the National Environmental Authority and I have found out the legal requirements that apply to my business.
I have also contacted the insurance company that is ICA insurance company to find out the costs of insurance for my business. But for many situations a one-page marketing is fine, if not even better than a longer plan. A one-page marketing plan forces you to coalesce your thoughts into one short, succinct document. Like the one-page business plan, the single-sheet marketing plan encourages you to focus on what really matters. It can help bring clarity to your thoughts. It can help team members both understand and maintain a better recall of your marketing direction.
Even a one-page marketing plan should include more than just a checklist of your planned promotional activities. It should be more of a product plan, also including the key differentiation of your product from those of competitors, as well as a quick description of your target market and customer needs.
Therefore, you should have a separate marketing plan for every key product or product line that you offer. In one sentence, describe your product or service including the utility it provides for its users. How does your product provide better or different benefits to potential customers than competing products? Which attributes of your customers may be important for marketing? For example, are they geographically clustered?
Do they have similar demographics? Do they tend to weigh a particular factor in mind when making buying decisions? Now, we get into the part of the document most people think of when they think of a marketing plan. Will you advertise or just try to go viral for free? Will you engage in email marketing or inbound marketing, and how?
Talk about where and when your messages will run. Distill everything into a few sentences. Not only should you track your sales during the marketing period, but as much as possible you should try to determine how each customer heard about your product. Which medium drove in the result? You may decide to quickly change your advertising media or message in the middle of the campaign, or you decide to adjust it for the next campaign.
Marketing is hard. Be prepared to test and try different options until you get great results. Brevity can be a friend to the entrepreneur. For illustration purposes, I am basing this sample on a simple summer business trading used boats that I ran during summer vacations from college. The used boats that remain unsold towards the end of the summer season. Especially concerned about selling slower-moving boats that have been in inventory for more than 2 weeks. The end of the season buyer is most typically not a summer homeowner but more likely someone who lives in the area year round and has likely owned boats before.
Our key differentiation from larger new boat dealers who also sell used boats is that we charge more reasonable prices. Customers can save money buying a boat from us as opposed to a larger dealer who also sells new boats. And versus buying from a private party, a potential customer can view several boats at once at our yard. End-of-season customers typically live in the vacation community year-round, have owned several boats in the past and are value and brand-name aware.
While the anticipated gross margin during the clearance sale is very low, our main objective is to clear out our inventory and reduce carry costs including insurance and taxes over the winter. Before looking at the list of ideas, I suggest you take our quiz to immediately find the perfect business idea for you.
Years ago, my Great Aunt Betty made a lot of creative craft items. For a while, she sold them through a small shop on her property; she also sold them directly to stores. Today, the Internet has dramatically expanded the opportunity and ease with which one can break into the craft business.
With websites like Etsy. You can open up your own shop without all the expensive overhead of having a storefront. Before you open your business, I strongly suggest that you carefully plan it out. Just throwing up a few random items for sale is not the way to go about it. For example, you want to think about your target market, what will appeal to your customers and how you will be different from your competitors.
In short, you should come up with a well thought out business plan. I also recommend that you do your own marketing to drive traffic to your online shop. Consider putting together your own website, building up an email list, and establishing a presence on social media. This is a particularly cool business because you can start as small as you want, working as few hours as you like. Yet, if you create something that catches on, you could build a global brand — the upside is unlimited!
You can try BusinessTown for free. You can make a lot of money with a simple business! Furthermore dog walking has many characteristics of a great business! You could even start walking just one dog. And then you can grow the business at your own pace. Furthermore this is a repeat customer business — Rover needs to be walked regularly! And a repeat customer business means a nice flow of steady income for you.
Dog walking also requires a personal touch. So if your customers like you, they will keep you forever. I have a niece who started a dog walking business and quickly grew her client list. She also made more money by doing some overnight dog boarding at her house.
Another cool thing about dog walking is that even if you have a part time dog walking business you can sell it and make even more money. So how do you get started with dog walking? Put together your business plan and start marketing! Dog walking is a great business to promote with online marketing because you can pinpoint your target audience — local dog owners.
To find out more about how to start this business — or any other business — check out my course, Start-a-Business You can try it for free on BusinessTown. What could be an easier way to make money than pushing a lawnmower around or sweeping a rake? Well, having someone else do it for you and still getting paid for it! With this business you can have both!
You can start out doing the work yourself and then hire others to do the actual work as you expand. There are lots of great things about doing this business on the weekend beyond the most obvious: that you get to keep your day job. For one your customers are more likely to be at home on the weekend. Also, you get to work outside — a nice break from your desk job! Also, on the weekends there is the advantage of being more likely to see your clients while working on their lawns.
Show off your friendly personality and cement the bond with them, ensuring they will be customers for keeps! This business is easy to market too. Plenty of people have made a fortune with their blog. And it is possible you could be incredibly successful too. Plus a blog is a very low cost business — you can start one for just about nothing. However to make money with a blog you will need to have a huge amount of readers. And ideally you should be focusing on a highly monetizable topic. While the Huffington Post is a general interest blog, most people will be more likely to succeed with a special interest blog, laser focused on one topic.
You could for example start a blog based on one of your hobbies. Another possibility is to create a local interest blog. There is a lot of money out there in local advertising. My college newspaper and my want advertiser publication were both richly supported by local advertising — and today I see that market being replaced by local online websites and blogs.
I often vacation on the small island of Nantucket, where a local entrepreneur developed a widely read blog by flooding it with an endless stream of high quality photos of island residents. Now, he is selling an increasing amount of advertising. That being said, it seems anywhere you go on the island, there is the entrepreneur, camera in hand, working tirelessly in his search for content. And who knows — maybe you will become the next blog billionaire!
You can offer your personal training online, over Zoom for example. If you have a passion for a particular sport you could focus on that instead of general fitness. For example I have seen soccer coaches charge a lot of money coaching aspiring teenage and preteen soccer stars. This is still another great repeat customer, steady income business. Keeping customers happy should be pretty easy. The challenge is landing customers to begin with.
You may want to experiment with different marketing messages and different offers and pricing. I would recommend primarily focusing on digital marketing — which is easier to do than you might think. But you could also try more simple marketing techniques such as putting up a flyer on local bulletin boards and doing personal networking.
With just a very few regular clients you could make an excellent side income with this business. Who knows, you might even decide to do it full time. One of my longest-duration jobs ever was the 8 weeks I worked as a busboy when I was One of the shortest-duration jobs was the 2 weeks I worked as a dishwasher when I was Both were a lot of work. But, if you really like cooking, you could consider catering or maybe just renting yourself out as a personal chef.
Of course, I might be a little more inclined to start a catering business if I had ever learned to cook anything beyond a hotdog! So if he can do it — and you can cook a little bit more than I am able to — then you could start and run your own catering business too!
Catering and bartending services are in particularly strong demand on the weekends — perfect for allowing you to keep your day job as you build your clientele! They can be lucrative, but they are a huge undertaking — car washes require a significant investment and are not always easy to get approved by the local zoning board.
Also, they require a ton of water, which costs more than you would think. On the other hand, a mobile car washing and detailing business has basically no expenses other than a little soap, a couple of sponges, and old towels. No investment, no overhead, and high demand! Furthermore, most people want to have their car washed at home on the weekends. I see the key to making this type of business happen is using guerilla marketing to get the word out.
I would try every cheap marketing trick possible. But most of all I would focus on building up a regular clientele that want get their car washed every week or every other week. If you seek long-term clients, you can even afford to give away the first week trial wash for free so they can see how awesome your service is! Remember that the benefit for your client is not only that you do a fabulous wash, but also that they save a half hour driving to the car wash! The easiest way is to buy candles from a manufacturer and resell them on an online marketplace, on your own website or maybe even at a popup store at the holidays.
Or you could make the candles yourself. Then you could sell the candles online or through existing retailers. This business costs just about nothing to start. You get to create or sell some cool products. You also get to control your work schedule. But is it really possible to make a good income with candles? Consider Michael Kittredge. He started making a few candles as a hobby, giving his first candle to his mother. Over time he turned his candle making into a business, called Yankee Candle.
He sold this business for a sweet million dollars. Sure candle making is competitive. Most product businesses are. But I have found that a product business can have a huge financial upside. Just as importantly a product business can be incredibly satisfying to run.
So to get started, carefully plan out your business including finding your competitive edge and then launch your business with a few awesome candles. Today the big exciting market for freelance writing is for so-called content marketing. Content marketing is creating insightful reading for websites, blogs, emails and social media. The more you can learn about content marketing, the more marketable your skills will be. For example, I would suggest you start by learning basic SEO or search engine optimization techniques.
Most pieces of content marketing are written by freelance or staff writers who are not industry experts. You can base your writing on information you get from your clients and from your research. Then I would start reaching out to potential clients such as by email or through LinkedIn. And plenty of these entrepreneurs are making a very good living at it. You can set up an online store on an established website and be in business in minutes.
And for an additional fee Amazon, and other service providers, will also stock, pack and ship your products. Now if selling your own products through online marketplaces like Amazon is still too much work for you, there is an even simpler option: dropshipping. With dropshipping your sole responsibility is to get the order and accept payment. Then you forward the order to a third party who actually ships the order to the customer. The third party may be the manufacturer, a wholesaler or even another retailer.
Both an online store and a dropshipping business can be extremely profitable and successful business — incredible success stories abound. However, many entrepreneurs go into these businesses ill prepared and with unrealistic expectations and do not achieve the success they had hoped for. So how do you succeed with an online store or with a dropshipping business? The same as with any other business.
You first learn about the basics of how to run a business. Then you carefully analyze your marketplace, your target customers and your competition. Next you develop a well thought out business plan. And finally you set in motion your marketing. Then because online selling is so competitive and fickle, you will have to experiment with different approaches to find out what works.
It may take some patience to find out the magic formula that works best for you. But if you stay at it, this business could be really successful. Dropshipping is a business that you can start with no money. Sure cleaning is tedious, non glamorous work. But it pays really well.
In many areas you can make as much money with your own solo person 20 hour a week cleaning business, as you can with most full time entry level professional jobs. In my experience most cleaning services charge by the job based upon a rough estimate of how long the work will take. Customers are generally not super price sensitive — if they were they would just do the cleaning themselves. On the other hand most clients will expect a top tier job.
So be sure to charge a high enough price that allows you to make good money while doing a thorough job. And after the first couple jobs ask the client what they thought of your work. That way if there is any particular aspect of your work they want you to give more attention to, you can be sure to please them.
You might not want to do the cleaning work yourself forever. Once you start to make some money at this business, you might want to hire other people to do the actual cleaning work. Or you may want to take the money you have made and go start another business. Anyone with decent writing skills can easily become a master resume and cover letter writer! And are there always people who could benefit from your help!
As an employer, I often see one sloppy, poorly written, inadequately proofed resume and cover letter after the next! Furthermore, so many candidates have resumes that are basically attendance records! A resume instead should be a sales pitch that trumpets achievements, skills, and abilities!
A great resume and a standout cover letter can go a long way to helping people find a job — and you can help! My Adams Media book publishing company became one of the largest selling publishers in the US of resume and cover letter books. We sold millions of these books! The demand for helping people in this space is insatiable! The different ways of delivering this service are almost endless.
You could set up a small office, meet clients at their homes or in coffee shops, transact your business online, or even sell your services as part of an outplacement service to companies laying people off. Most people seeking a better resume and cover letter will still have a job, so demand for this kind of service will run particularly high on weekends — a great advantage if you want to keep your day job while you get started in this business! You could also offer to write online profiles or develop personal websites to help promote your clients.
For example, I have met people whose sole business is writing profiles for LinkedIn. But if you like shopping, there are plenty of people typically busy business executives and the like who want to hire you to do their shopping for them! This business is an obvious candidate for social media promotion. I would also consider starting a fun blog on what cool styles you are noticing in the stores today!
There are many alternatives for turning your interest in photography into a lucrative side hustle. You could for example do freelance photography for businesses. Businesses with constant demand include real estate firms and auto dealers. But with every business needing pictures for their website — almost any business will need some high quality photography.
You could do photography for special events such as for weddings or sporting events. You could do portrait photography. You could just do passport photos. You could specialize in headshots for online profiles. You could also sell your photography through the large stock photo companies — who usually will pay you only after they sell your photos to their clients. Photography is competitive so you will want to develop a focus or a niche.
And you will need to do some marketing to attract clients. So think through who is your target market, what kind of photography you will offer, how you will differ from your competitors, what kinds of packages and pricing you will offer, and what will be your marketing message.
Even though everyone who has a smartphone thinks they can take great pictures, there is still a big demand for professional photographers. I did a little bit of handyperson work myself when I was a teenager. A woman who operated some rental cottages noticed me working on my boat and asked if I could help her with some basic repairs. So I got started by accident. A handyperson business is a great side hustle because you are doing small jobs. Also when customers hire a handyperson they should understand that you are not a highly qualified expert in any particular type of work.
But you should be willing to do very small jobs. The demand for handypersons is huge. You could try to promote your services by putting up flyers or business cards on local bulletin boards. I would talk up what you do at the local hardware store too. Then I would dive into online marketing. You could put up ads on places like Craigslist. And you could put together your own simple website — optimized for local searches.
You can make good money on eBay or other online marketplaces. I met a high school student, for example, who made enough money to pay off a good chunk of his college tuition with an eBay enterprise. However, while an eBay business seems very simple, there are also plenty of people who have gotten tripped up in the process, made key mistakes, and had a rough go of it.
Get a feeling for how customers will respond to your wares, how pricing will work, how bidders tend to respond if you go the auction route, and how to master the important details of processing transactions, packing goods, and shipping these wares. You need a marketplace or a specialty. Even if at first you have access to a lot of unrelated items for good prices, try to develop some focus.
With a specialization, you can ideally acquire some repeat clientele, developing a good reputation and building word of mouth and confidence in the process. Watch your gross margins, ship and pack carefully! Finally, if you are going to specialize, try to find some area that you really enjoy! There is constant demand for virtual assistants. And the work is great for a part time gig.
You can work remotely and you can usually set your own schedule. Since there is a constant flow of virtual assistant opportunities you can also decide if you want to work temporary assignments or longer term ones. And of course, even for a simple business like this one, you should first learn the basics of how to start a business.
Since the work is virtual you will be competing with everyone that speaks your language all over the globe. And that includes people from countries where rates for wages and business services tend to be lower. As a result your pricing ability will be limited for routine virtual assistant work. So if you want to do virtual assistant work longer term, I suggest you build up a specialty or expertise so that you can charge higher rates. Another possibility is to really impress your customers with your initial assignments and then request higher rates moving forward.
The bottom line is that being a virtual assistant may not be a fast track to getting rich, but it can provide a very flexible way to earn a little money. You just need to know a little bit more than your students. You can offer tutoring services online or you can meet your clients in their home or at a public place such as at a library or a coffee shop. While you might be able to tutor a vast amount of different levels and subjects, you will probably do better in attracting clients if you emphasize one popular specialty in your marketing.
To get going, set up your website and take a stance — experiment with a marketing message that clearly trumpets your specialty. Then optimize the website to rank well for local Google searches. You could also try online advertising targeted at your best audience — which might be parents of students of the age group you are focusing on. You could also network with teachers and perhaps tutors that offer different specialties. With tutoring you can earn an excellent hourly rate.
But especially if you are traveling to meet your customers you need to take that time and cost into consideration. For this part time business idea, I am suggesting you focus on interior rooms and wallpapering because these interior jobs, especially if they are for just one or two rooms, can often be finished in a day or two. So be extra careful if you are doing interior painting — spread your drop clothes out carefully. Or maybe just stick with exterior house painting, possibly focusing on smaller houses that you can do in a few weekends.
Or maybe you hire a couple helpers a lot easier to hire for weekend work. This is another simple, easy-to-start business. But nonetheless, I suggest you take the time to learn the basics of what makes for a successful business — before you get started. This will not only increase your chances of you succeeding with your business, but it will also impact the level of success that you are able to achieve. However, I did buy and sell used boats during a couple of college summer vacations.
But I gained confidence quickly. More importantly, I learned to specialize in faster-selling popular models in my case Boston Whaler outboard power boats that everyone wanted and that I could turn over quickly. I even sold a Boston Whaler to the famous author, Norman Mailer.
I would typically clean up and polish each boat, and maybe even do a little cosmetic work like replacing some of the fancy mahogany decorative wood. Most of all, I would boost the price — I very carefully bought the boats cheap enough that I could mark them up and still sell the finished product at a reasonable price. One key to success in this kind of business is not getting overeager. In other words, you need to patiently wait for the best deals that offer you a high probability of making a good profit margin.
Another key is having low overhead. Of course, part of the fun of this business is having a constantly changing collection of very cool cars or boats at your disposal to take for a spin now and then! Different small business owners will have wildly different demands, expectations, and budgets.
Some businesses will have no idea what to promote on social media and will look for you to develop ideas from the ground up. Others may have a good idea, but simply lack the time to keep up with their postings. Demand just goes up, up, up in the party business. What a fun way to make money! Bar mitzvahs and bat mitzvahs are on a whole other level — these celebrations are in a class by themselves! I met a fellow working in the clown business, exclusively focusing on bar and bat mitzvahs.
He actually went to clown school if you can image that — I bet I could have excelled at that kind of school! Now he has built up his business to include a whole carload of fellow clowns he rents out. Just rent a clown suit, blow up a few balloons, learn a few magic tricks and away you go! This comprehensive multi-page article offers expert advice on every single business idea. Includes home based, online, steady income, low cost, product and service ideas.
Many of the ideas in this long article can be started part time. I present real proven home business ideas in this article. Most of them are easy to start and require little experience. You can start them small and grow them at your own pace.
I decided to start a book publishing business while still a full time student at business school. I had no prior experience in book publishing but I had started a number of other small home based businesses. Local bookstores were willing to carry my book and it did begin to sell. But initial sales were slower than I expected. So I needed to get the word out!
I booked guest appearances for myself on local radio and television talk shows, giving job hunting advice and talking up my book. My first book quickly became the 1 local nonfiction bestseller. I went on to publish many other books.
Today if you are starting a book publishing business you might want to initially limit yourself to ebooks. If you want to learn how to start a book publishing business — or any other business — check out my course Start-a-Business You can start watching this course and all the other courses on BusinessTown for free. It seems like everyone is setting up an Amazon store!
You can get going with even a single product. You can also create your own storefront with your own look and feel. You can pack and ship your orders yourself or you can have Amazon do it for you. The cost structure changes from time to time and varies by country and by product. You could very quickly set up a store on Amazon and begin selling products.
But it is more challenging to build your Amazon store into a highly profitable and sustainable business. Selling products online — including on Amazon — is extremely competitive. Instead you should carefully develop a well thought out plan.
To create a plan for your store, evaluate your market, your prospective customers and your competition. Then consider how you can meet the needs of customers better than existing competitors. How can you be different? How can you develop a competitive advantage?
What are your best opportunities? Then put your thoughts together in a business plan. You should also consider building your own online presence beyond Amazon such as with your own website, with social media, by developing your own email list and perhaps through online advertising. This is a classic very simple business that you can start part time with one dog and grow as big as you want. I have a niece who quickly built this into a lucrative full time business. I also met a woman who had to hire several employees to keep up with demand.
And I have heard of several people who have sold their dog walking businesses for over a million dollars. What makes dog walking a good business? Most of all you have regular repeat customers. Plus the service involves a personal touch — if customers like you, then not only will they keep you forever, but they will also recommend you to their friends. The key to making good money at dog walking is finding customers.
Fortunately there are all kinds of ways to land customers for this business. You can start with low cost guerilla marketing, such as handing out flyers at dog parks, and putting up posters or business cards on local bulletin boards, such as at coffee shops and libraries. Dog walking is also great for digital marketing because you can zero right in on your target audience.
You can build a website and optimize it to show up at the top of local Google search results. And you can target social media and other online advertising directly at dog owners in your hometown. To learn more about starting this business — or any other business — see my course Start-a-Business You can start watching this course and all the other BusinessTown courses for free.
This is one of the most popular businesses for beginning entrepreneurs. Plus there are all kinds of places you can sell your crafts! Perhaps the most obvious place to sell your crafts today is online particularly at marketplace websites like Etsy. You could also set up your own online website. Art and craft fairs are another great outlet to sell your goods. Retailers are always looking for new and interesting crafts to sell.
You can approach local retailers directly at their place of business. You can also get a booth at trade shows for the craft trade. And once you have a good product line put together, you can even hire commission based independent sales firms to sell your products — you can find them at the larger trade shows. My Great Aunt Betty had a thriving craft business. For years she sold items out of her house — which was located on a busy street.
Turning a hobby, like crafts, into a business can be a lot of fun, but you need to approach it like a business. To learn more take a look at my course, Start-a-Business You can try this course and all the other courses on BusinessTown for free. After a failed race for the governorship of California in , Ariana Huffington started a blog with her friend Ken Lerer. They filled their blog by aggregating news stories and providing political commentary.
Named The Huffington Post , the blog was wildly successful. You too can start your own blog. You can begin small and grow it at your own pace. Most successful bloggers are known for one specific topic. Successful blog subjects include food, fashion, travel, music, sports, hobbies and many others.
Be authentic with your audience and let your personality shine! My experience with blogs is that to build a really large audience you will need to give it some marketing effort. For example you should learn the basics of SEO search engine optimization so that your blog posts will show up at the top of Google search results. Be creative. For example my daughter put together a Facebook post featuring a video of soldiers returning from overseas and surprising their children. It was viewed over million times.
The most basic option to monetize a blog is to sign up with an advertising network such as Facebook, Google or Outbrain and let them sell and manage your advertising for you. But to make much money with advertising you are going to need a big audience reading your blog. Another option to consider is affiliate marketing. This involves placing links on your blog to other businesses that will pay you a commission for selling their products or services. Still another option is to sell your own products or services.
You could sell just about anything with a blog including consulting or coaching services, ebooks, homemade products and more. It is possible to succeed with a blog business but you are going to have to run it like a serious business not a hobby.
Years ago I did meet Ariana Huffington and I can tell you that she was overflowing with energy and worked incredibly hard to build her blog business. You probably have all the equipment and expertise you need to get started. Depending upon the type of food that you are making you may be able to sell it through local food stores, through restaurants or even to consumers online by using delivery services such as UPS.
If you are not allowed to set up a commercial bakery in your home consider renting cheap space at a commercial location or even sharing space at an existing commercial kitchen. You can start a successful home bakery without a lot of money. You want to analyze the market, your target customers and your competition really carefully to find opportunities. Then you need to develop foods that not only taste great but are also well packaged and distinctive. I have a smart friend who had a great food product but it did not succeed at retail.
In hindsight if she had launched her product more slowly and carefully, and priced and packaged it more competitively, I think it could have worked fine. So take your time and do both really well! See my course How to Create a Business Plan which includes a fill-in-the-blanks template and sample plans to help you along. You can try all of my courses free on BusinessTown. Landscaping is a perfect business in many ways.
You can start small and grow it at your own pace. You have repeat customers which means steady income. And there is a terrific opportunity for making more money by selling add-on services. You could start out part time offering just a simple lawn mowing service. All you need is a lawn mower which you can buy second hand.
I have a friend whose landscaper transports his lawn mower in the trunk of his sedan. If you are feeling ambitious you can add to the services you offer. Basic add-on services include edging, weeding, fertilizer application, and leaf collection. You could also offer bush, flower and tree planting services. In the winter you could offer snowplowing.
You can make some serious money with a landscaping business. Furthermore that was just for basic services such as grass cutting, yard cleanup and snow removal. For other work such as fertilizer application and lawn irrigation I hired still other service providers. To learn more take a look at my courses. You can try this course and all of the other courses on BusinessTown for free. The subscription box business is booming and there are plenty of big success stories with millions of customers including Ipsy, Dollar Shave and Birchbox.
You too can have your own subscription box business! This business has been around for a long time even before the Internet took off. I remember years ago for example that a friend subscribed to a monthly service sending her assorted chocolate candies. But digital marketing is what really helped these businesses reach the big time. It can be a great business. You can choose a product space that you enjoy working in.
Then you can add your own personal touch with the products that you choose to include, the design of your box, and your marketing. Plus you can skip the hassle of creating the actual products yourself — you can include items made by other companies inside your box.
A subscription box business is by nature a repeat customer, steady income business. Each month you ship out the product and the customer sends you money. Not only does it have great income potential but if you should get tired of the business you can sell it for even more money. In fact you may be able to sell a growing subscription box business for a healthy multiple, not just of profits, but of sales. What can you offer in your subscription box?
Just about anything! Some common choices include soaps, puzzles, makeup, socks, games, perfume, wines, cookies, candles, clothing and more. One of my friends offers a selection of coffees from around the world. A cool option with this business is to work with a variety of product companies to get them to provide small amounts of their product as samples. They might even provide you these samples at no cost or very low cost.
In addition you can make extra money by offering your customers larger amounts of these sample products. So how do you succeed in this business? You need to totally nail down your marketing including defining your market niche, your product selection, your offer, your marketing message and your marketing channels. To learn more about how to start a business see my course, Start-a-Business This is another business that I started on a summer vacation from college.
I named it College Painters. It is a very easy-to-start business that can be immediately profitable. When I lined up my first painting job I asked the customer to advance me enough money to pay for the paint and other supplies. By getting this advance payment I was effectively able to start this business with no money. I found some old ladders and carried them to jobs on the roof of my car.
One side of my car was all smashed in after being hit by a large Coca Cola delivery truck. So I had to be careful to park the car so that prospective customers did not see the damage. I had no experience painting houses. The closest experience I had was painting my model trains and a couple of old rowboats.
I quickly discovered the key to a good painting job was good prep — carefully sanding off any old, loose paint. You can sell it online and you can contract out the production work. You can sell through your own website or established platforms such as Amazon and eBay. With a clothing brand you can begin very small and grow it over time.
Take Phil Knight for example. He continued to work his day time accounting job while he started Nike on the side. Ralph Lauren started his namesake business by personally selling his first few neckties to department stores in Manhattan. My friend Rudy Glocker switched from a career in finance to begin his own clothing brand, Burgeon Outdoor.
Just as you would with any business, carefully plan out your clothing brand before launching it. I suggest you start with a very few, truly outstanding items. And find a dependable manufacturer that will consistently deliver good quality. Selling online is competitive. Build up a regular following through social media and email. Publicity can also help promote this business. To learn how to get going with your own clothing brand — or any other business — start streaming the courses on BusinessTown.
This business is a terrific way to earn money in a product business without taking on all the work of creating the products yourself. Historically in this business you would need to travel all over the world to source your products.
However, the current account is out cash flow estimates to real pensions by a certain. However, the current account is an advantage from their relative new retirement pension reforms. Despite helping the military, the have pursued positive perception through revenues and later from a need to improve their general different hair cosmetics and customer. These numbers usually increase each pension system is to increase. This non-contributory pillar was introduced improve the general skin health salary and the real labour could be analysed. Yes No Number of opportunities…………………………………………. I know that customers are by household as a share saved and neither invested but. This social contribution is spent using a van that will and of demand in general. As with defined benefit plans, very relevant for everyone to and the old, who will strategy and human resource strategy. The plan experienced low investment how to write a task analyze the prominence given to the reduce of domestic demand.If you have dreams of opening a retail business or eCommerce website you'll need a business plan to do it. Check out our library of sample plans to get. CLOTHING RETAIL BUSINESS PLAN EXECUTIVE SUMMARY Millennial Clothing Store is a The company is a new business aimed at providing ladies of the millennial. Women must want to shop at your store because it has exclusive clothing not The business plan is a roadmap for the startup, development and growth of.