How to Start a Service-Based Business
Many people dream of starting their own businesses, but relatively few go through with it. Coming up with a profitable idea and the money to bring it to fruition is no small task. But for those with a burning desire to control their own destiny, giving up is not an option.
When attempting to start a business on a budget, a service-based business is often the most viable option. There is no inventory required, and most service businesses can be run out of one's home. But as with any kind of business, a great deal of dedication and perseverance are required.
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Instructions
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Decide what type of business you are interested in starting. Choose something that interests you and offers great profit potential. If you like animals, consider a grooming or dog walking business. If you excel at keeping your home spotless, you could start a carpet cleaning or housekeeping business.
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Find out if you need any type of licensing or certification to run the type of business you are considering. Some service businesses require nothing more than a fictitious business name registration, while others have education and testing requirements. The Small Business Administration (SBA) or your local community college can tell you which, if any, licenses you need.
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Make a list of the assets you'll need to get your business off the ground. You'll almost certainly need some sort of equipment to provide the service. You may also need to purchase some office equipment and a separate phone line.
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Determine how you will finance your business. You will need money to get the necessary certifications, buy equipment and do some marketing, plus enough money to see you through until business picks up. If you do not have the money saved up, you may need to take out a business loan.
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Decide how your business will be structured. A sole proprietorship is the easiest way to set up a small business run by one person, because there is no paperwork required. But if you have business partners, you'll need to set up a partnership or some type of corporation. If you need help deciding, consult the SBA or an attorney.
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Write a business plan. This is simply a summary of how you will run your business. Include what your business will do, how it is set up, what assets you have and/or need and information about management and employee needs. A business plan will help you stay focused, and you may need it when applying for a business loan.
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Market your business. Purchase ads in the newspaper and Yellow Pages. Have some business cards and fliers printed and distribute them. Offer coupons and frequent customer discounts. These methods are not prohibitively expensive and they will help you get the word out about your new business.
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Resources
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