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- THIS is the Type of Business You Should Start
THIS is the Type of Business You Should Start
Read Time: 2 Minutes | 4-2-24 Subscriber Count: 1,215
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There is one business type that is easiest to start, regardless of age / experience.
Start a service business.
Here are five reasons why.
1. Low startup cost
Don't have a lot of money to start? Not a problem!
With services, you don’t need to worry about stocking up on inventory or spending thousands developing a prototype. There’s a good chance you’ll only need a couple hundred bucks to purchase advertising materials and other materials needed to conduct your service.
2. Profitable from Day 1
Who doesn't like making money?
Often with a service business, you make money right from the beginning. For example, you can rent a power washer from Home Depot for $75 and charge $150 to clean a driveway. Boom, $75 in your pocket!
3. Proven business model
Instead of trying to create / educate consumers on a new offering, it’s substantially easier to make money launching a company with a proven business model. Sell them something they already know, and something that currently makes money for other businesses.
People often try to create the “next big thing”, only to burn cash and fail. Your odds of success will be much higher if you do normal things, extraordinarily well.
4. Great “starter” business
If you’ve never been a founder, starting a service business is a great way to dive in. You’ll learn everything from operations to leadership, from budgeting to marketing, etc. Your skills will develop extremely fast.
5. Low barrier to entry
On top of not needing a lot of cash, there isn’t much standing in your way. There is probably little competition, little-to-no regulation, and no risk of infringing on patents.
This is your sign to make the leap!
Best of luck on your entrepreneurial journey!
Whenever you’re ready, there are 3 ways I can help you:
The Startup Toolkit: This comprehensive course provides you step-by-step directions for how to launch and grow your startup. Through trial and error, I’ve developed these methods to grow my startup to $518,201 annual revenue.
1-on-1 Startup Consulting: Serious about launching / growing your startup? Get the personalized help you need.
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Cheers,
Collin Rutherford