There is nothing in the world like being your own boss and getting to set your own hours. This is one of the many reasons being an entrepreneur is alluring to many people.
Anyone can be an entrepreneur, but it takes work, good marketing, and persistence to be a successful one.
Building A Small Business
So how does one start a successful small business or make enough of a living as an entrepreneur?
In fact, there are even success stories like a stay-at-home-mom selling handmade crafts or people offering specific services-mechanics, construction, handwork, and so on.
If you have a product or service that is marketable, then you have the first step to starting a business down. The rest comes down to developing a good business plan, getting the proper licensing for your local area, setting a budget, and marketing your service or product.
However, if a physical business is too expensive, you can also run a business completely online. There are many platforms such as Shopify and Magneto that allow you to open an online store and sell products.
Working With Customers
If you deal with a lot of clients, you should make sure that they are happy with the service or good you’re providing. Follow up with customer satisfaction surveys and use an NPS calculator to encourage customers to promote your business. Take customer feedback seriously, and reward those who market on your behalf. Use this information to gauge how clear your mission or “brand” is reading to your clientele.
Hopefully, everything will go smoothly for your company. But sometimes accidents happen, customers react strangely, or vendors or work platforms don’t follow through on their end. These are not only headaches; they can be major drains on finances and time. Make sure you have insurance, and make sure you have a lawyer on hand. A local lawyer, such as these skilled attorneys in Hillsboro, OR, will have a good understanding of the community, which is useful in a small local business. You should also make sure your attorney does understand business law.
Buying and Selling Products
There is a growing market in the United States and Canada surrounding the buying and selling of various products.
To help you get an idea of what types of products sell, here are a few ideas:
Electronics and Computer Parts
There are many places you can check when buying wholesale electronics. Wholesale liquidators often have pallets of electronics that are overstocked. This means loads of brand-new electronics end up sitting in a warehouse waiting for buyers. This is where you can benefit, since you can sell these products at a lower price than box stores and make a decent profit.
Rare and Used Books
If you are a bargain hunter or have old books you no longer need, you can always sell them online for a small price. Also, if you come across any rare editions of books, you can auction them for a high price to any collectors looking to buy.
Clothes, Shoes, and Other Accessories
Fashion is a constant cycle of change. What was fashionable in the 50s, 60s, and 70s may be fashionable today and out of fashion tomorrow. In the meantime, you can still make a decent profit from selling any clothing you no longer use or fit–kids clothing is the most popular! And just like with electronics, you can find wholesale liquidators for clothing.
With rising trends in makeup and beauty products, selling cosmetics can be profitable. Make sure the products you buy from wholesalers are not only reliable but also safe. There are many websites and cosmetic databases that will help you determine whether a particular product is worth selling or not. For example, the best niche cosmetic market is for people with skin sensitivities and organic, cruelty-free cosmetics.
Best places to sell these types of items is through Amazon, eBay, flea markets in your local area, and online markets.
Sell Your Skills
If starting a small business isn’t your style or overall goal, you can always choose to do other forms of self-employment.
Freelancing is a rising workforce trend as the job market slowly transitions away from hiring full-time workers. If you have skills such as web developing, design, accounting, marketing, writing, and so on, then you can sell your skills to anyone who needs them. There are many online platforms, such as Upwork and Fiverr, that help freelancers find employers. All you need is a little persistence and a good resume/CV to get started.
Sell Your Knowledge or Ideas
Are you an expert on a specific subject? Have a solution or idea that people can benefit from?
There are many ways people can sell their knowledge – books, blogs, videos, tutoring/teaching, and more! Thanks to companies like Amazon Kindle, Lulu, Kobo, and Apple iBooks, you can easily publish an ebook. All you have to do is write, edit, and format the book to suit the e-book platform. If you are someone who loves to teach or a has teachable skill, you can make online videos or offer online tutoring services. Websites like Udemy, Teachable, and Skillshare offer a platform to create online courses and earn money teaching/tutoring students.
Recycle Scrap Metals
You do both nature and the economy a great service when you recycle scrap metal. You can also get a little bit of profit from it, if you know which metals to look for and where to look for them.
The most precious scrap metals tend to be of the non-ferrous variety. You can tell if you have a non-ferrous metal by taking a magnet and seeing if it sticks to the metal or not. If the magnet doesn’t stick to the metal, then you have a non-ferrous scrap metal.
The most common scrap metals that are highly sought after are:
Tungsten, like many non-ferrous metals, is one of the more sought after rare earth metals. It is heavily used in the manufacturing, industrial, mining, and construction sectors. Many companies in the United States, like Endurance Carbide in Saginaw, MI, need tungsten in order for them to produce various tungsten carbide machine parts.Where you can find this metal: lightbulb filaments, tips of ski poles and cleats, fishing weights, cutting and pulverizing mechanisms in recycling machines, surgical tools, jewelry, electronics, and more.
A metal that is often overlooked but just as valuable, aluminum is used in a wide variety of products both in and outside the home.
Where you can find this metal: aluminum cans, aluminum lawn chairs, pots and pans, window frames, aluminum gutters and siding, wire, rims and more.
This is an easy-to-find scrap metal that is commonly used in a variety of products.
Where you can find this metal: TVs, Computer monitors, electronics like VCRs, DVD players, laptops, cell phones, cameras, gaming systems, extension cords, refrigerators, freezers, dishwashers, washing machines, dryers, ovens, wires, copper tubing, and more.
When it comes to this sort of scrap metal you probably think of instruments like trumpets or tubas. Brass is used for a wide variety of things and can fetch a fair price per pound, depending on the day.
Where you can find this metal: old A/C units, heaters, brass shell casings, old pipes and brass fittings, and more.
There are plenty other scrap metals you can recycle, such as tin, lead, nickel, titanium, steel, and iron. You can even turn in old batteries and computer parts for profit!
Have any old A/C units, refrigerators, bicycles, broken cars, copper tubing, or stoves lying around? If so, then you have the beginnings of a scrap metal business. Not only can you recycle scrap metal for profit ,but you can also sell various types of scrap metal online via eBay or to specific buyers.
After all, plenty of people will throw away these items without thinking about the money they could get back from recycling. The best places to look for scrap metal are in apartment complexes, construction sites, auto repair shops, and even local businesses.Remember to check scrap metal prices in your local area daily, since rates of exchange often change every day.
All in all, there are many ways you can earn a living as an entrepreneur!