Quick Overview of 3 Money-Making Business Types

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Deciding that you want to start your own business is just one small step in the larger context. The next steps you take will determine the type of business you will be running. There are a few other steps to take before you call yourself a business owner.  

Consider these tips, courtesy of Mills Way, as you figure out which path to owning your own business is right for you. 

Choosing Your Idea: Easiest Types of Businesses to Start 

The first thing to do is to choose your business idea. There are some who already have an idea of the path they will take, but anyone coming from a different angle may need some help in figuring out which are the easiest businesses to start. 

Catering Services 

The catering sector is a $12 to $13 billion industry that faced hardship during the pandemic due to supply chain interruptions. As more people craved food variety or a break from the tedium of daily cooking, catering rebounded. Provided that you maintain good hygiene practices and regulatory compliances, catering can be a great business to start.  

Freelance Writing 

This is one of the easiest businesses to start because it requires the ability to write and a computer. Additional training can come later once you figure out what you’re good at. Overall, freelance writing demand is rising, because of a variety of factors including increased technology usage. There are dozens of niche opportunities to choose from, including copywriting and social media specialists. The freelance medical writing sector alone has seen a 50% rise in demand for qualified candidates. 

Virtual Assistant Services 

Just like freelance writing, virtual assistant (VA) services are an easy business to start from home because they cut business operating costs by about 80%. Equipment needed includes a computer with a good internet connection and high-quality noise-canceling headsets. The range of services you can offer to support a business goes beyond just taking phone calls. VAs do research, manage social media accounts, and do bookkeeping for a business.  

These are only a few of the types of businesses you can start. Once you’ve chosen your idea or niche, there are a few other steps to take. 

Crucial Steps Towards Business Ownership

  • Do your research. Conducting market research and competitive analysis is crucial to understanding your place within the niche. It can not only give you insight into your competition, but it also draws a more accurate picture of your ideal customer. It may be a good idea to look into direct marketing agencies that can help you connect with the right customer base.
  • Write a business plan. Depending on your business type, a business plan can be a deep document. If you find that you’re having trouble writing it, hire a professional writer to help you put one together.  
  • Financing. For businesses that require more overhead, they may need financing to acquire operational assets, for example, or to overcome a growth plateau. Being able to approach the bank with a complete business plan or a loan proposal increases the chances of getting what you need. 
  • Register your business. Form a corporate entity and make it official by registering your business with the state. Formalizing comes with additional benefits. 

Getting Started 

As a prospective business owner, there are several easy-to-start business types you can pursue, depending on your interests and acumen. Creating a business plan and officially registering your company opens up many professional avenues. 

Thanks, Julie Morris for the above great info. You are good.

Mills Way is more than financial freedom — it is a way to help people have choices in their life and map out their own route to financial freedom and happiness.

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As always, I am not giving you any Financial Advice and you should seek advice from your Professional Advisors to see what is best for your situation. See my Disclaimer at MillsWay.com. This is for entertainment only.

If you need more help, I can help with my Coaching service. I just want to help people have less stress about their Financial Future or their Retirement plans and spend more time enjoying life.

“The definition of insanity is doing the same thing over and over again, but expecting different results”. By Albert Einstein. I would also say the definition of insanity is believing you can live a financial responsible life without tracking how you are doing, having a budget and goals. I like following others who track their finances to compare our also. I enjoy helping people with their finances and goals.

We want to give our boys the best chance to have their money last them thru their retirement years and have them reach their Financial Freedom goals. They need to live somewhat with a frugal mindset and spend less than they make so they can Invest towards their Financial Freedom goals. The boys will need to maybe put off Net Flix or buying a New Video game or going to the movies until they are on the path to Financial Freedom.

Here are some positive quotes I like;

“Get your Money to Work for You… As hard as You Work for it.” By Napoleon Hill

“1. Make Money. 2. Use the Money to Make More Money. 3. Repeat the Process.” By Warren Buffett

“There is no way to happiness; happiness is the Path.” By Buddha

“Change Your Thoughts – Change Your Life” by Wayne W. Dyer

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Let me know your thoughts about this blog and let me know of others you would like me to do in the future. I feel we can all learn from each other. That is why I am in the helping people retire early, enjoy life more and be more successful. Also, please see my Disclaimer page.

Don’t give up on your dreams; don’t let others talk you out of your dreams. Make your dreams happen. Make it happen today.

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Wake Up –  https://www.amazon.com/dp/1694989585

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