5 Ways to Hatch Your Next Business Idea

Experts say that over 80 percent of workers dream of being their own boss, and it's almost a surprise that the number isn't higher. After all, why not? Making your own hours and being in control of your own financial future holds a definite appeal for nearly everyone. But some people have no idea where to begin when it comes to starting their own business. In this post I outline 5 Ways to Hatch Your Next Business Idea.

5 Ways to Hatch Your Next Business Idea

They imagine that successful entrepreneurs are all Steve Jobs or Mark Zuckerberg types - people with revolutionary ideas about technology and the internet. But that's not true at all. Most successful entrepreneurs are regular people with drive and determination who carved their own niche in their industry. Here are some ideas you might consider if you're thinking about striking out on your own in the world of business.

1. Start a Catering Business

Cooking is something many people already have experience at, and if you're particularly skilled in the kitchen, you might want to think about getting into catering. There are lots of different kinds of catering businesses. Some sell pre-prepared lunches or cater meetings for local businesses, while others are more focused on parties, weddings, and other special events. You can operate a catering business from your own home or invest in a business location, but either way your facility will need to be improved by the health department and you'll need all the permits that go along with food preparation in your state. As long as you are talented with recipes and have a strong grasp of what it takes to prepare a variety of dishes, catering can be a fun and profitable idea.

2. Become a Landlord

Renting out your own houses can require a good amount of start-up capital, but it is also one of the most straightforward ways to make a large amount of money. If you decide to look into mortgages for buy to let landlords, you can get an idea of properties that fall within your budget range and are also in a good location. Landlords typically have to worry about repairs, maintenance, and making sure they select tenants that will pay the rent on time. It can involve drawing up paperwork and setting policies, as well as having a strong grasp of the housing market. If you're lucky enough to invest in the right property and land some reliable renters, you'll get steady income rolling in with little effort required, plus a lot of profitable tax breaks.

3. Start a Bed and Breakfast

If you live in an area that attracts tourists, the idea of running a bed and breakfast establishment could seem exciting and romantic, not to mention very profitable. A business like that can be a serious lifestyle change, so you have to be ready to entertain guests in every season. Some people use their own home as a bed and breakfast and others choose to renovate old buildings, but either way you have to comply with the local zoning board and find out if there are any restrictions in your area as far as food and services. If you decide to expand your bed and breakfast, you will find yourself hiring staff and registering with a reservation service agency. It can be demanding but fun world.

4. Become an Event Coordinator

You've probably heard of people making a good living as event coordinators, but not everyone typically understands what that profession involves. Many people with a background in marketing work as professional event planners for companies, but it's also common for coordinators to start their own business. To advertise your event coordinating skills, you need to be a strong networker. You'll probably want to work organizing events for businesses as well as private events like weddings and parties. You need to know how to find a venue, secure entertainment, and sometimes acquire a liquor license and other permits required for a specific occasion. Event planning can be a highly varied and very exciting career.

5. Start a Personal Training Business

Fitness is more important than ever these days, and if you're familiar with the gym or consider working out to be an area of expertise, you might want to think about getting paid to teach others how to exercise. In order to be a professional trainer, you need to be accredited and have an insurance policy. It's always a good idea to look into the guidelines for your state before you start advertising, which is another important element of the fitness business. You'll need a website and a good head for marketing. Some trainers give free seminars to increase their visibility in the community, and others trade services to businesses that are willing to promote them to their clients.

Starting a business is all about finding what you're knowledgeable about and using it to your advantage. You'd be surprised how many of your personal and business skills could be making you money, especially in today's world, where searching for services happens with one click. There are way fewer obstacles than you think to making your financial dreams a reality.



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Wednesday, 24 July 2019
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