Updated: May 18, 2019
The rising cost of housing in combination with innovative technology have led to the creation of a surprising new trend. Many, especially Millennials and individuals with young families, are starting businesses as a side hustle with the intent to to leave the corporate world behind. This allows them to achieve a better work-life balance with more control and flexibility to do what they love while making money. As a result, there has been an increase of the following type of companies:
Ecommerce: In regards to retail boutiques and clothing sales in particular, entrepreneurs are able to buy wholesale on demand and sell out without huge startup costs. You do need to test your sales techniques and discuss products with your friends and family first. However, take care not to burn them out. Consider offering free or discounted merch in exchange for their input about the product. It’s also important to avoid MLM sales tactics. It’s a tricky balance to achieve, but if you stay true to your unique sales strategy, price fairly, and produce really good products, people will naturally flock to your brand. It’s important to remember to have fun while doing it as well! Check out AvenueBe on Jane.com for an example of how to succeed with a boutique ecommerce site.
Consultants: If you have marketing, technology, or life coaching skills, you have a great business opportunity on your hands. These fields offer a flexible lifestyle where you set your own hours and can work mainly from home. All you need is a laptop with a good mic and a solid internet connection. When going into business in these fields, you need to keep in mind that it takes time to build reliable clientele. However, if you are patient and take the time to develop your website and social media accounts, you will build credibility and attract the attention of new clients. It’s best to start these kinds of businesses after accruing experience. At minimum, you will need a degree to back up your authority and reliability. A great example of a self-made consulting business is Flourish Wellness Consulting
Freelance: Many businesses, small and large, rely on graphic designers, photographers, writers/bloggers, website developers, and tech support to keep their companies running. Individuals with these skills can start a successful freelancing business so long as they have a great looking portfolio, competitive pricing, and a good turn-around time. Freelancing does require skill and experience. Gaining clients may take time; a good way to expedite this process is to do some pro bono/discounted work for friends/small businesses that need help. This can help you garner positive reviews/testimonials to catch the attention of future clients. These reviews are also great for sharing on social media or your website. Check out Kristy Cefalo Photography’s Instagram page to see a freelancer in action.
Blogger/Influencer/YouTube Giant: These don’t just happen overnight. If you already have a large following for your physical location or website, you can harness the power of your social reach. However, if you decide to use your voice in this way, make sure that whatever you say stays true to your brand identity or the message you espouse. For example, if you have a huge following talking about how to make dresses for dolls and you suddenly decide to tell people about which cheese they should buy, your target market is different and they may not be interested in following your new direction. If, however, you have an already successful and full Martial Arts studio, a sweet family that loves to take vacations and do nice tricks, and you start a Martial Arts TV Show on YouTube where you film different locations you’ve been, you’re more likely to experience success. This was the case for one of my previous clients, Ninja Kidz TV. Check them out here. Careful, these kids are talented and the episodes are addictive!
Food Truck/Snack shop/Quick eats place: If you think you have a good idea for the foodie market, a food truck is a lower cost way to start. You can easily attract a social media following and “pop up” wherever you want to market test which areas will be good for you. After a year of testing, if business has been great, consider one or two brick and mortar stores in your most successful areas. Check out San Diablo Churros for a great example!
No matter what you decide to do, you will need some money to get started on strategy, marketing, website/technology, and high-quality pictures. Best of luck to all you entrepreneurs! Let GBS know your chaos so we can help you strategize the most affordable and streamlined way to be successful in 2019!
What are your success stories? Share in the comments section below!