Looking for lucrative business ideas to start with little capital? We’ve such business ideas one can start with little capital whether you’re in Ghana, FCT, Lagos, Benin City, Akure, Jos or any other parts of Nigeria
Lack of fund is the excuse many entrepreneurs give for not starting a business. But deep down, the problem is lack of idea. So, a lot of entrepreneurs are unknowingly looking for business ideas rather than funds.
Entrepreneurs have varieties of opportunities they can plunge into successfully; all they need is a good business idea. All good small business ideas require little or no capital startup. But, it needs thorough planning before investing. You have to give yourself time and have some good marketing plans in place before you jump in, to start the business.
Along with a business plan to attract investors, you need to have your business branding material in place. You need to create a logo (not your job but a designer’s job), label, flyers, packaging and everything necessary.
Operating and managing a new business anywhere successfully is a difficult task. According to fundera report, 20% of small businesses close down in their first year, 30% of small business close down in their second year, and 50% of small businesses close down after five years in business. In toto, 70% of small business owners close down in their 10th year in business. This is a huge failure rate. This should spur you in keeping vigilant on the steps you take to establish your own startup.
Many entrepreneurs chose the wrong business idea. This is one of the major reasons for the high rate of failure. Having passion as an entrepreneur isn’t enough if you are thinking of starting a business. You need to have the best business idea that is not only unique but also in high demand.
Now, that coronavirus pandemic (COVID-19) has forced everybody to sit at home, you can take this time to plan on a small business idea to start. So that as soon as the pandemic ends, you start up the business immediately.
We have come up with 55 lucrative business ideas with little capital you can consider starting.
- lucrative Business Ideas
- Profitable Side Business Ideas with little capital
- lucrative Home Business Ideas
These small business ideas are for a serious-minded entrepreneur. Let’s explore!
Lucrative Business Ideas
Here are some lucrative Small Business Ideas with low capital for entrepreneurs;
Dropshipping is selling a product you don’t have. Perhaps, it is the easiest way to make money online.
The average time it takes to start a business like this is 2 – 4 days. The principle behind this is really simple:
- You take pictures of products from suppliers.
- Advertise it to your customer on your blog, social media platform, eCommerce website or anywhere.
- You add your profit to the original price of the product.
- Once the transaction is finalized between you and your customer, and you receive the funds from the customer
- You buy the product directly from the supplier and give them the customer’s information.
- With the buyer’s information in hand, the supplier then sends the product to the customer.
You get the profit while investing little to no capital in the business or maintaining a warehouse. It can’t possibly get easier than this.
You can start selling shoes, textiles, bags and more in absolutely no time. If you’re thinking of starting dropshipping right now but don’t have a blog or social media page, register with Amazon and start advertising on E-commerce platform for free.
One popular form of drop shipping you can start with no investment capital is print-on-demand drop shipping. Print-on-demand allows you to advertise customized products such as bags, t-shirts, mugs, posters, and books without purchasing inventory. When a sale is made, the supplier creates the product for you, then ships it to your customer.
This business does not require any personal contacts. Therefore, you can start it right away from the comfort zone of your room.
Graphic designing is a great lucrative business idea with little capital startup. In today’s digital world, graphic designing has become a necessity. There are a lot of things to design. You can design Logo, banner, complementary cards, Invitation card, Wedding card, posters, flyers, and many more. Once you’re equipped with the necessary graphic designing skill, you’re good to go.
You can set up your graphic designing business online to reach millions of people who search for professional graphic designers. You can start graphic designing on a low scale and grow to a large graphic designing industry.
People who love to cook food usually dream to start a restaurant. If you have the initial capital and you love cooking, you can go into a restaurant business. Design your food menu list, employ one or two waiters and get started on a low scale.
With a low capital of $300 (N108,000), you can start a small restaurant your locality.
With an increasing number of football fans and those who enjoy watching sports and movie outside their home, viewing centres business has become a fast-growing business. You can start this business with low capital; two sets of Television, DSTV cable network, set of seats and tables are good for a start.
You can combine viewing centre business with Beer parlour business. The two businesses can be run concurrently. So, if you have the capital, start the two businesses at the same time.
Cybercafé business is a business that has sustained many businesses and jobs. Many Businesses are built online such as eCommerce business, online training, computer-based test, consultations etc. Cybercafé business sustains these businesses.
Again, Job applications are done online. During most job application, you have to scan your credentials and upload them. An average job applicant can’t afford to buy laptop worth of $300, scanner, printer and at the same time pay for internet connection just to apply for a job online. This made Cybercafé a good alternative for job seeker wanting to apply for a job online.
These made cybercafé business a lucrative one. Few things needed to start cybercafé business include;
- Few desktops (cheaper) or Laptop
- Set of tables
- Set of chairs
- Internet connection
Most busy people don’t have the time to wash, dry or iron their clothes. They resort to dry cleaner. You can start dry cleaning and Laundry service on a small scale. If you have a free apartment, you can use it as your office. Buy equipment such washing machine, GP tank for water storage, Generator, basins and hanger and you’re good to start. With $600 or less (that’s about N216, 000), you can launch small laundry business in anywhere.
People pay a subscription fee for monthly newsletters. Starting a newsletter printing company is a good way to start news and media company. You may need to register your company, hire content writers and professional editors.
Recharge card printing
Millions of people recharge their phones every day either by virtual, electronic (e-top up) or recharge card means. These three means of loading airtime on phones is not available in all countries. So, it depends on your country. If printing of recharge card is obtainable in your country then you can go into this business.
To start this business, you have to liaise with telecommunication networks in your country. To succeed in this business, you need a high volume of turnover.
Fast food joint
A Fast food joint is a profitable low-cost business idea that pays. Although the industry already has a lot of big fish like Emily, KFC, etc. But you can make profits if you’re in a good location and your food quality is great. Apart from your food quality, in order to draw the attention of customers, you need to have a unique logo design and packaging style. This business is thriving well in big cities like Portharcourt, FCT, Lagos,
People always look for new eating joints every day. They also search for the nearest food joint online for home delivery. All thanks to Google maps. With Google Maps you can easily locate the nearest fast food joint nearest to you. If eventually, you start fast food joint, make sure it is accessible via Google map.
Everybody wants to look cute. Beauty salons provide services such as skin health, facial aesthetics, foot care, nail manicures, aromatherapy — even meditation, oxygen therapy, mud baths and many others. So, if you have the skills, choose a good location and start-up this business. You can combine Beauty Salon business with cosmetics business.
If you don’t have the skill but you have passion for this business, you can go for some weeks training to acquire the skill or employ someone to help you start the business.
Traditional tailoring business is a thirteen-century small business idea that involves repairing, or altering clothing professionally, especially suits and men’s clothing. However, modern tailoring business includes designing and making men’s and women’s suits, trousers, coats, and similar garments, usually of linen, wool, or silk.
Before you start this business, you need to acquire the necessary professional tailoring skills. And to be more professional, you have to specialize in designing and sowing of either female or male cloth/wears.
To start this business, the few things you need are a sewing machine, measuring tape, pair of scissors and pressing iron. Three dimensions of tailoring business you may consider starting are;
- Local tailoring business
- Distance tailoring
- Traveller’s tailoring
Regular exercise is required to keep the body fit. Starting Gymnastic centre is a good way to provide body fitness centre for people. The gymnastic centre business is a cool way to make money. However, gymnastic centre equipment may be capital intensive.
To start this business, you can start with 2 or 3 gymnastic equipment and grow from there. This is the best way to start the business on a small scale.
Beer Parlor is one of the great small business ideas that are highly profitable. This business can be run alongside other small business ideas like point and kill fresh fish joint, restaurant business, pepper soup joint, roasted fish and chicken joint.
Young men and even ladies of these days enjoy drinking beer. If you’ve ever seen where young men (especially African young Men) brag about the number of bottles of beer they took for a day, no one will tell you how lucrative beer parlour business is.
Beer parlour business is a quick-to-start type of business. Rent a space and decorate it, buy musical equipment, chairs and tables, and then get the beer parlour loaded with beer drinks. You’re good to go!
Computer Business centre provides services such as computer training, typesetting, photocopying, printing, scanning and file transfer. You can start this business on low or medium-scale depending on your capital. If you have enough capital, you combine it with cybercafé business.
Adding basic, intermediate and advanced computer training packages is a good way to make money in this business. But you need to be grounded in these packages, first. Otherwise, you may need the services of a professional tutor.
With Yoga now widely known as a science and art of wellness. People from different parts of the world have started getting into yoga exercise for physical and mental fitness. Yoga studio is easy to start business.
You can be successful in this business provided you know all the moves perfectly. In order to make your Yoga business stand out from competitors, you need to regularly come up with something unique. And this can be anything – easy ways to do asanas or any extra
Image Marketing Agency
It is not easy to convince people about a brand and its product, especially new brands in town. Image marketing involves creating contents, images, videos that will influence people’s opinions about a company and its brands. The Image marketers leverage that influence to create customer relationships for the brand so that they want to buy the brand’s products or services.
If you have this kind of marketing skills, then you can start the image marketing agency in locality. You can create websites to reach millions of clients worldwide and make money online.
If you have skills of capturing sharp moving images on electronic media as well as the ability to stream media, then videography business is for you. As a videographer, you will produce video and do post-production. Videographer works with News broadcasters in live television to gather electronic news of local news stories and top stories.
Content Creation Agency
Content creation is a tasking job. Good content curators are professional writers and SEO experts. They are always updated on the current trend in search engine algorithm. If you think you meet up with these requirements, then starting content creation agency will be the best option for you.
It is most at times difficult to find a reliable and trustworthy travel agency in a country. If you’re honest and trustworthy, you have 90% chances of making money in this business. To start this business, you need to establish your online presence. Build a website and get a social media page. Put up your schedule time of takeoff on your site and social media page and maintain it. Make sure you get a permit for doing business in your country.
Career Coaching Agency (CCA)
Career coachers use a solution-oriented approach to give career advice to people. You can make it in career coaching if you have the skills. As a career coaching agency, you’ll be providing career counselling to your clients and help your clients manage their journey through learning, work changes and life in general. Get registered as an agency with appropriate authority and body. If you do know regulatory bodies in charge, seek for help.
Commercial vegetable farming is one of the small business ideas you can start from your backyard. Edible vegetable leaves such as spinach, pumpkin leaves, waterleaf etc. are well cultivated in tropical Africa.
Availability of fertile soil and water supply for irrigation are some of the challenges facing the vegetable farming business. All things being equal, this small business idea is lucrative and suitable for women, mums, housewives, unemployed and the retirees.
Poultry farming is a great profitable small business idea you can start on low investment. Poultry products are fast selling products. Restaurants, hotels, eateries and individuals buy chickens and eggs every day.
Starting a small Poultry farm is a good way to make money within a short time. However, poultry farming needs proper planning (draft a good business plan on poultry farming) and medical attention. You need adequate space, a good source of water and a reliable veterinary doctor to succeed in this business.
Small piggery farm
Piggery business is a lucrative business idea one can start on low capital investment. One adult female pig bought at the rate of $110 (that’s about N40, 000) can give birth to 8-12 piglets at once. Imagine, the profit you will make selling these 8-12 piglets at adult age. That’s a huge profit.
Snail farming also known as Heliciculture is lucrative Agricultural small business idea you can start with little capital from your home.
Snail meat is known for its nutritive value. Apart from the nutritive value of snail meat, a snail is also known for its medicinal value. It is rear mostly in tropical Africa. Snail meat is served in most popular local and international hotels and restaurants in the world.
There are different Modern Artificial techniques of rearing snail.
Wild Grasscutter meat is called “bush meat”. All a lot of people (especially Africans) like eating bush meat. Grasscutter farming is a cheap agricultural livestock farming business. The business does not require thousands of dollars before you can start it.
With $200 (about N75,000) anyone can start it. They are reared in cages and you can start this business from the comfort zone of your backyard.
Fish is a better substitute for animal meat. Considering the population of people that consumer fish every day, there is no doubt that fishery business is a lucrative business.
Rearing of fish requires expertise and experience. Proper handling of fingerlings is necessary in order to survive in this business. There are a lot of challenges in fish farming business ranging from water PH issues to disease control. Therefore, before you jump into fishery business, make sure you draft a business plan on fish farming and seek professional advice when necessary.
Fertilizer Distribution Business
With the recent revolution in Agriculture farming business, Organic liquid fertilizer with soil conditioner are now available. You can start the distribution of this type of fertilizer or distribute organic and inorganic fertilizer. The distribution of fertilizer is easy to start business. However, you need to ensure you obtain all the necessary permits and register your business.
To succeed in a fertilizer distribution business, you have to ensure you’re distributing quality fertilizer. Some countries like India, Nigeria, etc. the government subsidize the price of fertilizer to encourage and increase the affordability of fertilizer. In USA, fertilizers are distributed on credit to small-scale farmers.
Before starting this business, make sure you’re aware of your government policy on agricultural farming.
Carrot farming is one of the agricultural small business ideas that make millions for farmers every year. If you have fertile land and you enjoy farming, you can start carrot farming.
Looking fresh and smart is easy when putting on boutique clothing.
If you have a good background in retail sales and a passion for fashion, clothing boutique is a lucrative business idea for you. Prepare a business plan for your clothing boutique, and for wider coverage take the business online.
Photography is still a trending business in spite of the advance of mobile phones with powerful cameras. Taking Photograph is not just capturing pictures but emotions as well. Taking pictures has turned into a business.
In 2015, the digital photography market was estimated at $77.66 billion; it is expected to grow to $110.79 billion by the year 2021, according to a new digital photograph report from Zion Market Research.
From the statistics, you don’t need further evidence that photography business is among the most successful small business ideas.
Makeup Artist business is business for professionals with artistic skills and experts in the use of makeup to enhance the beauty and physical attributes. If you think you have this skill and passion for fashion, this type of business is for you.
Makeup Artist applies makeup to ladies who are about to Wed, people who about to take Photograph, fashion and prosthetics on others for theatre, television, film etc.
The makeup artist business requires low or no investment. All you need to start this business are the makeup equipment which is relatively affordable.
If you love children and you’re ready to take care of them then this business is the best option for you. About 90% of busy Mums and Daddy register their children with Daycare to allow them to complete their daily schedules. So, Daycare business is a lucrative business idea that can make you a millionaire within a space of time.
According to Bplans, Daycare businesses will see its fastest growth out of all industries through 2020. However, Fargo daycare, says it may soon go out of business due to the coronavirus shutdown. They advocate for the state to still pay daycares for the kids who aren’t in school and get their tuition partially paid for by the state through its childcare financial assistance program.
Get set to start this business idea. Everything will bounce back to normal soon.
In today’s business world, you hardly find companies that don’t have its own website even if it is a one-page website. Having an online presence has become vital for businesses. So, businesses are creating websites to align their business with the current trend.
However, you need to have a professional-looking website for you to beat your competitor. In order to build a professional and impressive website, you need a good website designer.
If you have web designing skills, then having a business of website design can be the best option for you. You can get lots of clients and hire a few professionals to meet your client’s requirements. This is one of the small business ideas, which has really worked well for many people.
Home Food delivery
Many years back, people prepare their own meal and take to their office for lunch. But today, the reverse is the case. People have busy schedules, no time to prepare food at home. The best alternative is to look for home-cooked food online and pay on delivery or monthly.
Food delivery companies have gained popularity. So, you can join this fast-growing business opportunity by starting a home food delivery company.
If you have passion for the food industry, then home food delivery can be one of the great business ideas you can venture into. At the initial stage, you can start with a short menu with the right food delivery vendor. And from there, zoom to large scale. Create a website for the business and reach more clients.
Textile designers create patterns and designs for woven, knitted or printed fabrics or surface ornamented fabrics and develop ideas for what fabric might be made of or how it is woven. Textile designers also create the structural component and look of the fabric. If you have the skills of creating designs and passion for home goods and the apparel or clothing industry, this business option is for you.
Interior Decoration is one of the most creative business ideas to explore. The trend of interior designing is growing. The industry has become so competitive and many individuals have started considering new business ventures in this niche.
When it comes to interior decoration, there are so many areas to get specialized in. Some areas to specialize are residential projects, workplace projects, commercial projects, etc.
Interior decoration business requires meeting new clients every day. When you meet a new prospect, you need to leave the prospect with a lasting impression. To do this, showcase and make a good impression of your business by giving the prospective client your impressive business card.
If you are an organized, idea-oriented individual who loves organizing events or shows then event planning is the right business for you. You can choose to specialize in a specific type of event (birthday parties, wedding, shows, company meetings, etc.) or you can do all types of events organizing. It all depends on your skills and expertise.
When you have an event planning company and your clients like the way your company organizes event you can get repeated clients and those clients may help you in finding new clients. You scan for clients on time by visiting churches, social event area etc. to beat your competitors.
Businesses are digitalized these days. Having an online presence has become a necessity for all businesses. Digital marketing helps in connecting businesses with their target market all around the globe via the internet. Digital marketing services are hot cake and it is one of the cheapest business to start.
To start digital marketing, you need a team of experts or professional and an office to start your business operations. To get clients in this business, you need to design an attractive presentation and build a website filled with quality content.
You can visit the best sites to buy Instagram followers. These sites or digital agencies assist businesses to grow their followers via tactics. Digital marketing is one business idea that is attractive and profitable
Currency trading is one of the most lucrative and fascinating small business ideas. If you are the type of person who is good with numbers, willing to work for some hours and ready to take high risk, this business is the right option for you.
You can become the boss of your own when you build a currency trading website.
You can combine this business with cryptocurrency trading. But you should know that the cryptocurrency market is highly volatile. So, it is a win-win game most at times.
Mobile Toilet business
During the busy days in cities, people are outside their home. Most times, they look for convenience to ease themselves but can’t easily. Starting a Mobile toilet business is a unique way to provide people with convenience. You can start low with 2 or 3 mobile toilets; in no time you’ll grow. It all depends on your capital. People pay-per-use. To succeed in this kind of business, you need a high level of hygiene and sanitation.
Private Hostel business
The proliferation and growing increase of small private schools without adequate hostels have made this business a lucrative one. This business will not be suitable for everyone though, but if you have the passion and the capital, you’ll make money in private hostel business. Investing in building private hostels is highly rewarding in the long run.
Borehole Water business
In most cities of the world especially undeveloped countries, people are faced with the challenge of adequate water supply. And Water is one of the basic necessities of man. Unfortunately, our government has grossly failed us in this area. They promise to provide us with tap water supply during their campaign yet they fail when they came into power. To bridge this gap, you can tap into this business idea of supplying borehole water to the people. Bore one or two holes for water supply to get started.
Most students are not fast learners. They’ll always need extra moral class for them to pick up. Tutorial class involve setting up extra moral lessons for students who are preparing examination or test.
If you have passion for teaching with excellent skills in academics, this small business idea is the best option for you. The most important things you need to start this business is space with good location, desks and tables.
Profitable Side Business Ideas with little capital
Ice Cream stand
If you are looking for a good side business idea to start, then this can be the best option for you. Ice Cream stand is a profitable side business idea with little capital. Starting an ice cream stand or a kiosk can make a huge profit for you.
You can have a bicycle, shopper or a fixed ice cream stand – it all depends on what works for you.
Cooking Gas stand
Cooking gas sells so fast when located on the roadside. So, when considering a small business idea to start as a side business, cooking gas can be an option. However, this business requires extra carefulness as cooking gas are volatile and inflammable.
People walk to a roadside coffee shop early morning with their love ones to take coffee tea. They can spend some quality time with their loved ones there, especially on cold weather. If you yourself a ‘coffeeholic’ you can convert your passion for coffee into a profitable business.
Take time to design your coffee shops menu list. But remember, ambience plays a very important role in this business.
Plantain chips business
Plantain chips are a popular small business idea with low investment. A side business idea, and a popular crunchy Nigerian snack made with either ripe or unripe plantains.
Starting plantain chips business is as easy as A.B.C. With a low capital of $30 (that’s about N10, 800), you can start plantain chips business anywhere. However, to overcome competition in this business, you need to have good packaging style and unique logo design.
Potato Chips business
Potato chips or crisps are thin slices of potato, deep-fried or baked until crunchy. The chips are served as a snack, side dish, or appetizer. Homemade potato chips are fabulous
Potato chips business is a fast-growing small business idea. Potato chips are in high demand in cities with primary and secondary students. Around the world, well-packaged potato chips are sold in a countryside inn.
You can take advantage of this and start potato chips as a side business idea in your country inn. Buy potato chips slicer or cutter, fryer, oil and other ingredients, employer a distributor to get started.
Starting a popcorn business, home-based business is a good option as far as small business ideas with little capital are concerned.
The common materials needed to start this business include; ideal space, popcorn machine, Kernel, butter, groundnut oil, sugar, leather bag for packaging, salt, flavour and Milk is optional depending on the choice of your customers.
The business is best suited around primary schools and colleges.
Home Business Ideas
Here are business ideas you can start from;
With your knowledge of a subject, you can start online tutoring with little or no capital. But, if you’re going to get specialists or professionals who can cover different subjects to assist you, your start-up capital may increase.
By starting online tutoring, you help thousands of students get better grades in school every day and at the same time you make money online.
We offer special online business training, you know more about that by checking our online training page
Online paid survey
An online paid survey is a good home business idea you can start with no capital. You work from the comfort zone of your home. All you need is a smartphone, laptop or desktop and a good internet connection.
In a paid survey, you actively participate in market research, give opinions and make money for taking part in that survey. You can sign up with;
- MOBROG Online Surveys
- Swagbucks Paid Online Surveys
- Triaba and so on. You google them!
In freelancing job, you work for yourself, rather than for a company. But you can take on contract work from a company. This contract work, you can carry out from home. If you have laptop, good internet connection and any of these skills;
- Search Engine Optimization
Just know there are many companies seeking for your freelancing services online. To start freelancing job, you can sign up with; Fiverr to create Gig, Freelancer, Upwork, Udemy, Cactus Editing Company, ENAGO, just to name few.
Blogging is a good work from home business idea and one of the best ways to make money online.
Starting blogging is very easy. Get a domain name and register it, choose good Webhosting company and blogging platform and you’re good to go!
In choosing a domain name, get a domain name related to your niche. The name must easy to pronounce and remember. Siteground is a good Webhosting company and WordPress is a good blogging platform.
You can make money online blogging through;
- Product review
- Technology review
- Product Sales
- Advert placement
- Affiliate marketing
If you’re a good typist and you can enter numbers or information into computer fast using devices such as a keyboard, disk, scanner, and voice. Then, this data entry job is the best option for you. The keyboards that are often used have special keys and multiple colours to assist in the task and speed up of the work
Mobile App development
With an increase in the number of people using smartphones, companies now find the mobile app more useful than the traditional desktops. To tap into this new income stream, a countless number of mobile app developers are emerging every day. There are about 2.53 billion Smartphone users worldwide, currently and the number is forecast to grow by 2.87 billion by the end of 2020.
One of the major ways of monetization mobile app is through digital advertising. A lot of app developers are optimistic in the industry. if you have good coding skills, then you consider mobile app development as one of the best business ideas to start in 2020. Scan clients, hire other developers to meet the requirements of your clients.
Having seen some of the small business ideas to start, watch this video;
It is inspiring and you’ll discover how to succeed in any small business idea you begin.
In addendum, you can get started with any of the great small business ideas above. The steps to take are below;
How to start a small business from home
Discover a small business idea
Start as a hobby
Draft a business plan
Decide on whether to run the business as sole-proprietor or LLC
Open a business bank account
Create a website for your business
Analyze/check if your business idea works well from home
Set up your room as an office
Discover a small business idea
The first step to start a business from home is to discover a business idea. This business idea must be unique and high in demand. You can test the profitability of the idea by designing a questionnaire seeking the options of your target market. The result from the questionnaire will be suggestive of how profitable the business idea will be.
I have earlier written 7 ways to generate new business ideas. You can check out that article to help you discover a small business idea you start from home.
Start as a hobby or side business
Think of something you love doing. Create an idea from it or start it as a business. It is easier to excel in something you love doing than copying someone’s else idea. For example, if you love dancing, you can start a dancing studio. If you love singing, start creating video clips on songs.
Draft a business plan
Draft your business plan once you’re ready to start the business. It will serve as a road map or blueprint for your business. With it, you can attract investors, seek bank loan (that’s if you care – Lol!) and beat your competitors. Your business plan should contain some of the following components;
- Executive Summary
An executive summary summarizes your business plan. It contains your business description, financial projections and profit margins through your first year of business to at least the third year.
- Mission and Objectives
This is the Mission statement and objectives of your business. And it needs to be explicit. Your business objectives must achievable within the stipulated time limit.
These are List of products you aim to produce or make sales on. You need to discuss these products in detail.
- Market Demand
What is market demand for these products? Are they in high demand or low? Give a proper analysis of the demand for the product or idea.
- Market Analysis, Customers and Competitors
Put down the result of your market analysis, your competitors, customers as well as your market segmentation
- Marketing Plan
Numerate your marketing plans, promotional strategies and how you will position your business in the market where there are numerous competitors.
- Technical Analysis, Management and Organization
You need to give details of technical Analysis, schedule of operation, management and organization, owner/manager, value and norms of your Company
- Legal, Environmental, Social and Regulatory Issues
Numerate the legal issues associated with your new small business and how you aim to fit in. Your environmental business permits and regulatory bodies should also be factored in
- Risk Analysis
A SWOT analysis carried out on the project should reveal the following;
- Exit strategy
Your SWOT analysis should reveal all these
- Store Financials
You store financials should be the summary of your project cost, fixed capital investments and working capital forecast
- Other Considerations and Conclusion
Other Considerations you need to include are economic justification and commercial viability
Decide on whether to run the business as sole-proprietor or LLC
You can run the business as a sole-proprietorship or limited liability company. Both have their advantages and disadvantages. The choice is yours! Decide or consult experts to help you if you feel you not experienced enough to take such decisions.
Open a business bank account
At this point, you need to open a business bank account. You’ll need the bank for all your business financial transactions. This bank account is specifically meant for business and nothing more. Without opening a business bank account, you can’t successfully operate the business.
You can know more about business, corporate and current bank account if you’re new to these banking account terminologies. That article gives a detail explanation of the 3 types of bank account.
Create a website for your business
You need a website or software to successfully run the small business from home. So, create a website or develop the software. If you’re not good at coding, you can hire the services of a professional website developer or a software developer. So many website developers are online. So, you can google them up!
Analyze/check if your business idea works well from home
You need to analyze to confirm if the business idea works well from home. If after your analysis the business didn’t perform very well, you need to quickly switch to another idea. In other words, you need to have a list of small business ideas you’re experimenting on.
Set up your room as an office
You need a conducive environment to operate your business. Since you’re working from home, you have to create a conducive office in your home. Consider using one of your rooms as an office. Set up your business in your home and operate from there. If you don’t have space there, you can rent an office nearby.
Hurray! This is the final step to start a small business from home. Start the work and work free from home.
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