If you’re looking to dive into the world of business for the first time, you might not have an idea of what you want to do. The number of things you can make a business out of is near limitless. In fact, it’s because of the sheer number of possibilities that it’s not uncommon for people to feel overwhelmed at first. We’ve compiled some of the best starting options for new owners-to-be, so you can get started as soon as possible.
Trucking Company
If there’s one type of business that’s overshadowed, it’s definitely trucking companies. When people think about their first business, you usually think about a small store or tutoring services. But perhaps you’d rather manage your own fleet of big rigs and offer services to companies who need it. Surprisingly, opening your own trucking company is simple. However, what makes it seem so difficult is the cost. Trucking companies are one of the most expensive businesses you can open. Excluding the equipment you’ll need, starting can cost as much as $15,000 on average. Granted, this does depend on the size of your company. Smaller trucking companies can cost at least $6,500.
Then, you have to factor in the cost of the trucks you need and this is where most of your money is going. On average, you can expect to invest $10,000 or more per truck. It’s recommended that you start off with at least three to five trucks to start off. Once you obtain them, you then have to equip them with the proper technology. This includes ELDs, AI dash cams, and tachographs. It’s also in your best interest to invest in GPS tracking systems. These allow you to manage your fleet regardless of their location. It’s an excellent way to improve fleet tracking for your company and prevent unwanted theft.
Shopify Store
The e-commerce sector has seen an enormous amount of attention over the past three years. Some would argue that every small business needs a Shopify website regardless of niche. Many have found a bit of success opening a store on Shopify even without having another business. Shopify is an online platform that lets you sell merchandise with just a few mouse clicks. Despite the simplicity of this and how it’s far cheaper than opening a trucking company, you still have to put in the effort to make it known to the public. You also have to invest your own money into the inventory as well as any advertisements and employees you bring on board.
Babysitting Services
Another business venture you should look into is babysitting. In this current cost of living crisis we are experiencing, babysitting can be a great business to start, or even just a side hustle. However, if you plan on branching out your services to more than just friends and family, you need to look into getting the appropriate licensing. You also need to establish a base of operations in which you need to choose business structure. It’s recommended to become an LLC since you’re new. This structure protects you and your assets from liability claims. You can choose to be a sole proprietorship, but bear in mind the responsibility you have will double.