Achieving financial freedom and a better standard of living are desired by millions of people. According to data from the New York Post, long working hours and low wages are enough reasons for 62% of Americans to consider entering the world of entrepreneurship.
Entrepreneurship is a task that requires great effort, hard work, and even more time than working for a company. The big difference is that the results will be reflected in your pocket, and you will have more satisfaction.
If you want to be part of the 582 million entrepreneurs in the world, according to Oberlo data, take into consideration some relevant aspects that you must have before starting the path of entrepreneurship. If you don’t have start-up capital, learn about Camino Financial Microloan programs and get the support you need to achieve your dreams.
Things you need to consider before starting your own business
Don’t just sell products or services, solve problems
According to the Failory platform, the main reason for the failure of new companies is that they sell products that do not satisfy a real market need. Focus your efforts on addressing the problems you identify in your environment and have the possibility of growing through Microloans.
Success does not come overnight
According to LinkedIn data, the standard time to reach the profitability of a business is three to four years. Entrepreneurship is a medium and long-term project, if you are looking to solve your economic problems from one moment to the next, this is probably not the way to go.
Find a value proposition for your business
All ventures must have something that differentiates them from the competition. It can be your service, your operational processes, the product itself, or even the way you relate to your customers, to name a few.
Top 5 business ideas with a profitable future
- Pet Care: According to Grand View Research, the global pet grooming services market reached 7.6 billion in 2019, and annual growth from 2020 to 2027 is expected to be 6.4%. It offers home-based services and sells specialized and exclusive products. Accessing Microloans can give you the capital to start a low-investment business.
- Virtual assistant: This business-to-business opportunity offers owners of companies help for office work without including personnel in their payroll. Consolidating a base of workers and coordinating them to offer eventual services is a good business opportunity. Consider that the average hourly wage for a personal assistant is $19 and can go up to $21, according to Zip Recruiter.
- Consulting: If you have legal, marketing, financial, or human resources knowledge, your expertise can be helpful to other companies. Consider that the global market value of consulting services is 160 billion dollars, according to Statista data.
- Cleaning services: Starting a business in this sector requires a minimum investment that you can get through Microloans. Market opportunities include house cleaning, workplace cleaning, car cleaning, and you can even venture into selling products for other companies.
- Elderly care: According to The New York Times, by 2030, there will be 72 million people over 65 years old. This sector requires help to perform simple activities such as going to the supermarket or taking care of their homes, without the need for professional studies, you can provide a well-paid and highly satisfying service.
How to make your small business idea more successful with a greater future projection
Entrepreneurship in any industry or sector requires a vision for the future. Keep yourself informed about new trends in relevant aspects such as sales schemes, service formats, customer service, and marketing strategies. One of the most important keys to success in entrepreneurship is constant training; knowledge will allow you to understand more clearly the needs of consumers and the mobility of industries.
Don’t wait any longer, turn your dreams into a reality, working in something you are passionate about is the only way for your work to stop being an obligation and become a pleasure. Remember that financial independence is achieved with hard work, effort, and an accurate plan that you are willing to work on from sunrise to sunset. Raise capital through Microloans and improve your life and the lives of your loved ones.