Many entrepreneurs are embracing the "lean startup" model, in which operations are kept simple and overhead remains low. Few businesses are run leaner than those without any employees. A good "solopreneur" reaps all the benefits of the business, but also has to do all of the legwork. For some, this is the ideal arrangement.
Here are seven ideas for a business owner who wants to go it alone:
If you have a particular skill, be it writing, graphic design, coding or anything in between, building up an independent network and offering your services as a freelancer is a great way to translate side hustle into full-time business. Easily started on the side of a 9-to-5, these types of arrangemetns can quickly blossom into full, one-person operations once a solid network and reliable body of work develop. In a few short months, a freelancer can often build up several regular clients; the aspiring solopreneur will find in this an opportunity to launch a business.
Freelancers launching a full time company often incorporate their business as an LLC, which is a pass-through entity. This means that income is taxed at a personal level, rather than the corporate level. The wage or salary the solorpreneur takes, in other words, is subject to the personal income tax. [Curious about freelance opportunities? Here are the fastest growing freelance jobs right now.]
Virtual Health Coaching
Are you educated in nutrition but are still looking to get your career to go in the right direction? Turn your healthy lifestyle choices and education into lucrative business decisions by becoming a virtual health coach. You’ll be aided in your efforts by the myriad new health-related apps and devices being developed to help clients keep track of fitness goals and weight loss.
Chore/Errand Service for Seniors
Anyone with aging loved ones knows how hard it can be to care for them without extra help. Elderly people living in their own homes need help with lots of routine chores like cooking, cleaning, grocery shopping and yard work. Why not start a business that offers senior citizens and their families the help they need to maintain their households without breaking their budgets? With word-of-mouth endorsements and social media targeted at the overworked baby-boomer set, you could get this business off the ground in no time.
Want to turn your love of beer into a viable occupation? Why not jump on the microbrewing bandwagon? With the popularity of craft beers on the rise in the U.S., the demand for innovative breweries is growing. Take a page from the successful owners of Brooklyn Brewery and start by focusing on branding and distribution of your beverages. With some thirsty investors and a few barrels of persistence, you could have your brewery up and running faster than you can say "cheers!" Learn more about starting your own craft brewery in this Business News Daily guide.
With employers and corporations looking to decrease health care costs and a greater awareness of diseases associated with obesity, America is looking to get fit. Freelance personal trainers make their own schedules and work for a diverse range of clients. If you're a fitness guru with a head for business, this might just be the right idea for you. Learn more about how to become a personal trainer.
Whether it's a bouquet of flowers in celebration of a wedding anniversary or an ice cream cake delivery for a child's birthday, there's a need for businesses that carry out long-distance requests on behalf of those whose loved ones live far away. With the right website and a PayPal account, you could start building your reputation as a "special delivery" courier today.
Are you business-savvy with years of experience, and willing to pass that knowledge on to others? With the right marketing tactics, a strong personal network and a great website, it's simple to become a business coach on your own. Work with small business owners or startup-hopefuls to carefully craft business plans, and advise those who need that extra motivation. If you know you can be a good motivator and not just a "yes man," their investment in you will have great returns.
Additional reporting by Shannon Gausepohl and Elizabeth Peterson.