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How To Start A Profitable Business In 2020
Did you say 2020 will be your year that you start a profitable business? Do you have tons of ideas but you just can’t seem to put them together? When I first started my business years ago, I was all over the place and I must admit, it drove my then-husband crazy!
According to Small Biz Trends, most businesses are started at home from their kitchen table. When I tell you every day, my then-husband came home, I had a new idea that I wanted to talk about. I wanted to do it all and for a while, I was until I reached my burn-out moment. I was doing so much that I was not taking care of myself and it landed me a trip to the emergency room. It was an eye-opener, to say the least. (Post originally posted in January 2018 and updated April 15, 2020)
What kinds of things do you find yourself doing that you could probably do it in your sleep? My very first business was The LaTersa Diaper Cakes and I must say for the first year in business, I was not structured nor did I have a plan other than making money.
I ended up that year in the -$3,000 because I was spending so much money and not realizing that I wasn’t even making money. Those numbers won’t lie to you and that is why it is so important to know your numbers in your business.
I’m going to give you my simplest ways of how to start your business today with little to no money upfront. These are some of the things that I wish I had known when I first started my entrepreneurial journey.
How Can I Start A Business With No Money
Start A Strong Foundation
When starting your business, you want to make sure you understand your WHY. How is your product or service going to help your potential clients? You need to establish your core values and what you believe to be true about yourself and your company.
Taking the time to answer these questions, will ensure that you secure a strong business foundation. As you continue to thrive in your business, you will still have to adapt to the ever-changing things in business.
Pick A Niche
See as a small business owner, you can’t afford to be a jack of all trades. You have to pick an audience that you feel will benefit from your products and services.
It’s not wise to try and sell to everybody because it will only disappoint you in the long run. Ask yourself who is your potential client and why you want to work with them.
Do you have any back story or experiences that qualify you to share your tips and knowledge? Will you enjoy writing and creating products for this audience? When you answer these questions, it will better help you to build your business.
Make Your Business Legal
Before you move into furthering your business, please make sure you get your business incorporated. Whether you decide to become a Solepreneur, establish an LLC (Limited Liability Corporation) or an S-Corp. My advice is to speak with a legal attorney.
When you start your business, you want to protect your personal assets. You can get an EIN number for free at irs.gov. Make sure you do this before you move any further.
Also, when you are starting a money-making blog, there are certain policies and agreements that must be on your site. This will protect you from getting your site shut down.
Get Your Business License
Depending on your location, you might have to get a business permit. Check with your local city hall or where ever they issue out business licenses.
If you are serious about your business, eventually you will need to establish which business entity you will take.
Can I Make Money In My Business?
Absolutely! When you first start your business, the money will not come right away. You have to hone in on your craft and keep learning. Be willing to put in the effort and time to better yourself.
Now, I’m not saying you won’t make any money, what I’m saying is you have to be willing to invest in the knowledge to make yourself a better business owner. Start off with something small to test the waters out.
Figure Out What You Will Sell
Pick 1-2 things that you will sell at the beginning and see how that goes. It’s not wise to create products and services before you even know who you are targeting. If you don’t have any products of your own, you can sell affiliate products
That’s why it’s important to find your ideal audience from the very beginning. Here is what I did, and I recommend that you don’t. I was just all about making a sale and I wasn’t educating my audience.
Build Your List
In order for you to make any money, you have to have a list. Don’t wait to build your list, start at the very beginning to build your list. One way to build your list is to offer a freebie; This can be a free ebook, worksheets, workbook or video series.
No matter what you decide to offer. Just make sure that it can help your audience. You want to build the know like and trust factor right off the back. People only do business with those they know like and trust.
You can have the best product on the market, but if no one knows or likes you; it will be very hard for you to make any money.
Find a support group
Let’s be clear, so you won’t be surprised when your family and friends don’t support you; a lot of time, they don’t understand what you’re doing but that doesn’t mean you still can’t let them know.
In my earlier days, I can’t tell you now, my then-husband didn’t have a clue what diaper cakes were, but when I made money, he sure was happy! I created The Mommy Mavens Group to continue to support you.
I hope these tips help you to start your business!
What Is A Good Business To Start In 2020?
- Sell Online courses: You can create digital courses. You can use sites like teachable to host your courses. These courses don’t have to be too long or anything. Think about what you are good at and create a 10 step to do this or 5 steps to do whatever that you have knowledge.
- Affiliate Marketing: This is where you will sell other people’s products for a small commission. If you want to learn more about affiliate marketing, this course will definitely help you.
- Sell your handmade gifts: If you love crafts and you enjoy making handmade items such as blankets, gift baskets, or anything of that nature, you can make money from home with this. You can sell your handmade gifts or printables on sites like Etsy.
Related post: 5 Ways to make money selling your crafts
- Start a blog: Now, let me put a disclaimer out there: starting your blog will not make you money right away, but with the right investment in great courses and strategic instructions, over time, your blog will make you consistent money. Please know that you will need to make your blog legal and have the right policies and terms within your site.
- Coaching and Consulting: Why not take your knowledge to help people by getting on the phone with them. Share your expertise with your audience by coaching them and consulting with them. Set your fee and advertise it on all your social media platforms.
- Virtual Assistant: You can use your organizational skills to help other small business owners. You can do tasks like taking calls, managing their social media platforms. You can use your expertise to make other businesses function better.
Related small business articles
- 13 Small Business Ideas For Beginners
- 5 Mistakes New Entrepreneurs Make & how to avoid them
- How to start a blog
- 45 ways to make extra money
- 26 Ideas To Work From Home
- 21 Work At Home Jobs
Create a budget
You will need money to grow your business, so it is wise to set aside some extra cash for expenses in your business. It takes little to no money to start your business, but you will definitely need money to grow it!
If you are still working your 9-5 job, set aside some money from each check-in a separate account. Find courses or programs to invest in that will help you move your business forward. Please be mindful of who or what you invest your hard-earned money with.
Do your research when it comes to investing in your business education. I can’t tell you how many times I’ve invested my money with a coach or a program only to be left more confused than when I initially started the course.
Seek out a mentor/coach
To avoid making the mistakes that all new small business owners make, do this immediately. I would love to mentor you!
You will need to reach out to someone who has been where you want to go. Research, research, and more research when it comes to investing your money. Make sure that whomever you decide to coach with that they genuinely want to see you succeed within your business.
I would love to mentor you so you can see success within your business. The Mommy Maven’s Group is all about helping you make money from home and to start your business. I look forward to seeing you there.
Small Business Conclusion: As you begin and follow these steps, take your time. There is no need for you to rush the process. If you get stuck at any stage, feel free to reach out to me. Starting a business with the right foundation is very key to the success of your business. I believe in you and I know that your business will thrive and become profitable.
How To Start A Profitable Business In 2020