Entrepreneurship is the ultimate career goal for many professionals dreaming about being their own boss. The reality of running a small business is that its hard work full of long days, little work/life balance, and endless self-motivation in the infancy stages.
An entrepreneur is responsible for all aspects of a small business unless working with a partner, which can mean added stress being solely responsible for every success and setback. 75 percent of startup businesses fail, but for those wannabe entrepreneurs who understand and accept the risks involved in being your own boss, starting a small business can be a rewarding experience.
What does it take to be a wannabe entrepreneur?
There are many elements involved in becoming an entrepreneur. First of all, starting your own business requires a profitable idea that you can build a business model around. Assess your skills, be honest about your expertise, and establish your niche. Research your niche market to understand your customer base, study how your competitors operate, and determine what you can do differently or better. Once you have narrowed in on a profitable idea, you need to see how viable your business model is by seeking feedback from family, friends, and professional colleagues.
With a profitable idea and a validated, viable business model in place you will need to move ahead will the essential business aspects. This includes drafting a business plan, handling all the paperwork and administration aspects of establishing a small business, determining a base for operations, securing funding if necessary, and bringing on essential pros like a business manager, web developer, and accountant.
Great Business Ideas for First-Time Business Owners
The arrival of COVID-19 has caused a shift in consumer purchase habits, with spending becoming more deliberate and shopping taking place online. The need to meet consumers where they shop and safely meet consumer demand for goods and services will drive the success of your small business.
E-commerce Store Owner
Starting an e-commerce store is a great idea if you have a hobby for creating, collecting, or curating specific items. A successful e-commerce business owner understands the value of customer service, order fulfillment, inventory management, and marketing.
Using the right innovative solutions is an essential part of being an e-commerce seller. 3pl companies like NewEgg Logistics provide industry-leading logistics and supply chain solutions for B2C and B2B operations. NewEgg Logistics tailors its value-added services to streamline supply chain management, distribution services, e-commerce fulfillment, and reduce inventory costs to grow your business.
Franchise Owner
A smart business model with a proven track record of success is to become a franchise owner. Franchisees essentially sell goods or services provided by the franchisor according to the franchisor’s quality standards. Research the market to find out what franchise opportunities exist and zero in on one that both interests you and comes with a franchise fee you can afford. Franchise owners enjoy the benefit of buying into an established brand and customer base, marketing and business support, working with reputable suppliers, and access to proprietary business methods.
With 5,000 locations throughout North America, The UPS Store provides an essential business franchise opportunity for franchisees who have done their due diligence. Franchisees have access to an established business model, comprehensive training, and flexibility of franchise opportunities. The UPS Store Franchise is a rewarding small business option perfect for the entrepreneur interested in taking over ownership of an established store or developing a new franchise opportunity in an open market.
Making the transition from wannabe entrepreneur to successful small business owner can be rewarding for the right person who has what it takes to stay the course and build a strong reputation doing something they love.
